# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-000567
**Filing Date:** 2025-8
**Character Count:** 167141
**Document Hash:** 18620a0f6c9a6bd2752d42fbe3f597d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000567.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002066578-25-000567

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251273422

**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**

**June 30, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 47.2<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; $6319161 |
| &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>|  | 9404410 | &nbsp;&nbsp; 9504372 |
| &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; 4068867 |
| &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>|  | 624340 | &nbsp;&nbsp; 643070 |
| &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>|  | 892868 | &nbsp;&nbsp; 903007 |
| &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>|  | 5208394 | &nbsp;&nbsp; 5187425 |
| &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>|  | 2000000 | &nbsp;&nbsp; 2031549 |
| &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; 4076698 |
| &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; 20368609 |
| &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; 17339913 |
| &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; 6999540 |
| &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 7/15/25)<sup>(a)(c)</sup> <br>12.12%, 09/15/32<br>|  | 4200000 | &nbsp;&nbsp; 4243615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2023-REV1<sup>(a)</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; 12264921 |
| &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; 3800730 |
| &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; 5011464 |
| &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>7.91%, 12/26/31<br>|  | 810964 | &nbsp;&nbsp; 815711 |
| &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; 2017840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgepoint CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.65%, 6.65% Floor)<sup>(a)(b)</sup> <br>8.79%, 11/14/36<br>|  | 1500000 | &nbsp;&nbsp; 1814788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders Capital Loan Acquisition Trust Series 2024-NPL1<sup>(a)(d)</sup> <br>9.00%, 09/25/29<br>|  | 20000000 | &nbsp;&nbsp; 19989302 |
| &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>8.95%, 04/25/37<br>|  | 1000000 | &nbsp;&nbsp; 1201804 |
| &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; 15878300 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $2786599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2024-MH1<sup>(a)(b)(e)</sup> <br>8.22%, 11/25/56<br>|  | 8936000 | &nbsp;&nbsp; 7171140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2024-MH1<sup>(a)(f)(g)</sup> <br>0.00%, 11/25/56<br>|  | 136262032 | &nbsp;&nbsp; 3336105 |
| &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; 4799381 |
| &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; 3782624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-NR1<br> (Step to 12.32% on 12/25/27)<sup>(a)(c)</sup> <br>9.32%, 11/25/29<br>|  | 10000000 | &nbsp;&nbsp; 10095588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust Series 2024-1A<sup>(a)(h)</sup> <br>0.00%, 06/25/31<br>|  | 8850 | &nbsp;&nbsp; 1837668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust Series 2024-2A<sup>(a)(g)(h)</sup> <br>0.00%, 08/25/31<br>|  | 6875 | &nbsp;&nbsp; 1690631 |
| &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>|  | 12793172 | &nbsp;&nbsp; 11987939 |
| &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; 2626441 |
| &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)</sup> <br>11.56%, 01/21/35<br>|  | 8000000 | &nbsp;&nbsp; 8000000 |
| &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>|  | 3496387 | &nbsp;&nbsp; 3292555 |
| &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; 6539151 |
| &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; 3476846 |
| &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>|  | 8500000 | &nbsp;&nbsp; 7345932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAT Brands Fazoli's Native I LLC Series 2021-1<sup>(a)</sup> <br>7.00%, 07/25/51<br>|  | 15343500 | &nbsp;&nbsp; 14216034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAT Brands GFG Royalty I LLC Series 2021-1A<sup>(a)(d)</sup> <br>7.00%, 07/25/51<br>|  | 15150500 | &nbsp;&nbsp; 13791391 |
| &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; 1063402 |
| &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; 2085225 |
| &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; 2035499 |
| &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; 4097913 |
| &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%, 09/25/32<br>|  | 5000000 | &nbsp;&nbsp; 5154891 |
| &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; 1786333 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $1785832 |
| &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; 1631136 |
| &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>|  | 2825149 | &nbsp;&nbsp; 3018738 |
| &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>|  | 5000000 | &nbsp;&nbsp; 5047370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Home Improvement Issuer Trust Series 2022-GRN1<sup>(a)(e)(h)</sup> <br>0.00%, 06/25/52<br>|  | 50000 | &nbsp;&nbsp; 1962623 |
| &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>|  | 926507 | &nbsp;&nbsp; 964205 |
| &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; 2041197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest CLO Series 6A<br> (Floating, 8.24% - Euribor 3M)<sup>(a)(b)(g)</sup> <br>0.00%, 07/15/38<br>|  | 1500000 | &nbsp;&nbsp; 1732470 |
| &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>8.19%, 12/25/51<br>|  | 2901658 | &nbsp;&nbsp; 2907240 |
| &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; 6400029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOA Funding LLC Series 2021-1A<sup>(a)</sup> <br>4.72%, 08/20/51<br>|  | 14221951 | &nbsp;&nbsp; 10310915 |
| &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>|  | 2327259 | &nbsp;&nbsp; 2222471 |
| &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>|  | 11043586 | &nbsp;&nbsp; 10948234 |
| &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>9.55%, 05/20/32<br>|  | 1173963 | &nbsp;&nbsp; 1201882 |
| &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>7.80%, 03/21/33<br>|  | 4259517 | &nbsp;&nbsp; 4259476 |
| &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>8.13%, 01/20/35<br>|  | 3000000 | &nbsp;&nbsp; 2941403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L.P. LMS Asset Securitization Trust Series 2023-1A<sup>(a)</sup> <br>7.48%, 10/17/33<br>|  | 975031 | &nbsp;&nbsp; 975047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust Series 2022-C<sup>(a)(e)(g)</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; 2943451 |
| &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)</sup> <br>8.14%, 05/21/34<br>|  | 1840000 | &nbsp;&nbsp; 1840830 |
| &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)</sup> <br>14.89%, 05/21/34<br>|  | 2400000 | &nbsp;&nbsp; 2401082 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAPS Ltd. Series 2019-1A<sup>(a)</sup> <br>4.46%, 03/15/44<br>|  | $509115 | &nbsp;&nbsp; $501990 |
| &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; 1860653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momnt Technologies Trust Series 2023-1A<sup>(a)</sup> <br>8.29%, 03/20/45<br>|  | 3000000 | &nbsp;&nbsp; 2998634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momnt Technologies Trust Series 2023-1A<sup>(a)</sup> <br>11.24%, 03/20/45<br>|  | 9180000 | &nbsp;&nbsp; 9125045 |
| &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>|  | 4440000 | &nbsp;&nbsp; 4432155 |
| &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; 5992817 |
| &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; 8132311 |
| &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>|  | 3476415 | &nbsp;&nbsp; 3368268 |
| &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; 2082969 |
| &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; 6053356 |
| &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; 3069628 |
| &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; 2242589 |
| &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; 3013241 |
| &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; 1894931 |
| &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; 4145776 |
| &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>|  | 1529681 | &nbsp;&nbsp; 1503233 |
| &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; 8489834 |
| &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; 6473034 |
| &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; 2990030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust and Pagaya AI Debt Trust Series 2024-6<sup>(a)</sup> <br>11.35%, 11/15/31<br>|  | 2956652 | &nbsp;&nbsp; 3042162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust Series 2024-10<sup>(a)</sup> <br>10.41%, 06/15/32<br>|  | 3799678 | &nbsp;&nbsp; 3890543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust Series 2024-9<sup>(a)</sup> <br>10.11%, 03/15/32<br>|  | 7820731 | &nbsp;&nbsp; 7986106 |
| &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>|  | 2999744 | &nbsp;&nbsp; 3027389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PenFed Auto Receivables Owner Trust Series 2024-A<sup>(a)(h)</sup> <br>0.00%, 09/15/32<br>|  | 37500 | &nbsp;&nbsp; 3832942 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $1512937 |
| &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>|  | 996968 | &nbsp;&nbsp; 994425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.48% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 2000000 | &nbsp;&nbsp; 1852733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.48% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 8000000 | &nbsp;&nbsp; 7292393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.48% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 3000000 | &nbsp;&nbsp; 2699732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL2<br> (Step to 4.35% on 4/25/29)<sup>(a)(c)</sup> <br>4.00%, 08/25/64<br>|  | 7000000 | &nbsp;&nbsp; 6250315 |
| &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>|  | 2558243 | &nbsp;&nbsp; 2468983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providus CLO XII DAC Series 12A<br> (Floating, 8.57% - Euribor 3M)<sup>(a)(b)(g)</sup> <br>0.00%, 08/18/38<br>|  | 1000000 | &nbsp;&nbsp; 1164703 |
| &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; 5027219 |
| &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; 4527031 |
| &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>8.70%, 04/15/39<br>|  | 1280000 | &nbsp;&nbsp; 1544634 |
| &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>|  | 3000000 | &nbsp;&nbsp; 2998632 |
| &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; 6019758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-NPL2<sup>(a)(d)</sup> <br>7.77%, 05/25/30<br>|  | 7656020 | &nbsp;&nbsp; 7686859 |
| &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>|  | 401368 | &nbsp;&nbsp; 402413 |
| &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>|  | 6430870 | &nbsp;&nbsp; 6556881 |
| &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; 3058942 |
| &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; 3532812 |
| &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; 7669673 |
| &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; 2759116 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $4121872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline Aircraft Series 2006-S3<sup>(e)</sup> <br>6.17%, 08/17/33<br>|  | 3806896 | &nbsp;&nbsp; 3616551 |
| &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>7.89%, 07/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3875310 |
| &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>7.79%, 10/25/34<br>|  | 2750000 | &nbsp;&nbsp; 2662865 |
| &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>8.76%, 04/20/38<br>|  | 2000000 | &nbsp;&nbsp; 2414585 |
| &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>|  | 1290000 | &nbsp;&nbsp; 1367183 |
| &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; 1004488 |
| &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>10.48%, 05/15/39<br>|  | 1500000 | &nbsp;&nbsp; 1762867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinitas Euro CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.38%, 6.38% Floor)<sup>(a)(b)</sup> <br>8.66%, 04/15/37<br>|  | 2000000 | &nbsp;&nbsp; 2367560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Hospitality I LLC Series 2024-1A<sup>(a)(e)</sup> <br>9.00%, 10/26/54<br>|  | 7448437 | &nbsp;&nbsp; 7448437 |
| &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>|  | 21848750 | &nbsp;&nbsp; 21422750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Auto Funding Trust Series 2022-1A<sup>(a)</sup> <br>3.98%, 07/15/25<br>|  | 146460 | &nbsp;&nbsp; 145835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Auto Funding Trust Series 2022-1A<sup>(a)(e)(g)</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>|  | 1427842 | &nbsp;&nbsp; 1450394 |
| &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>7.01%, 02/25/32<br>|  | 3505207 | &nbsp;&nbsp; 3485652 |
| &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)</sup> <br>11.81%, 02/25/32<br>|  | 10953771 | &nbsp;&nbsp; 10953771 |
| &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>|  | 3000000 | &nbsp;&nbsp; 2278227 |
| &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>|  | 17000000 | &nbsp;&nbsp; 16872894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2022-3<sup>(a)(e)(g)(h)</sup> <br>0.00%, 06/20/32<br>|  | 5575 | &nbsp;&nbsp; 138184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USB Auto Owner Trust Series 2025-1<sup>(a)(g)(h)</sup> <br>0.00%, 12/15/32<br>|  | 22500 | &nbsp;&nbsp; 7477671 |
| &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; 2062953 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $1490597 |
| &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; 3180722 |
| &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; 2014617 |
| &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; 3184259 |
| &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; 2712322 |
| &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)(g)</sup> <br>7.69%, 07/15/38<br>|  | 3000000 | &nbsp;&nbsp; 3541078 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES<br> (Cost $649,798,369)<br>|  |  | &nbsp;&nbsp; 635658070 |
| BANK DEBTS | 10.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC<br> (1M USD CME Term SOFR + 5.50%)<br> 9.83%, 05/04/28<br>|  | 17157927 | &nbsp;&nbsp; 17422502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC<sup>(j)</sup> <br>05/04/28<br>|  | 9685586 | &nbsp;&nbsp; 9834938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings LLC<br> (3M USD CME Term SOFR + 4.00%)<br> 8.31%, 12/09/31<br>|  | 6170000 | &nbsp;&nbsp; 6171913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp.<br> (3M USD CME Term SOFR + 3.50%)<br> 7.90%, 06/18/29<br>|  | 6569144 | &nbsp;&nbsp; 6348355 |
| &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 + 3.50%)<br> 8.18%, 08/03/29<br>|  | 39592575 | &nbsp;&nbsp; 39606828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluence Technology<sup>(g)(j)</sup> <br>07/30/28<br>|  | 1365655 | &nbsp;&nbsp; 1358826 |
| &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> 9.00%, 04/15/27<br>|  | 9973684 | &nbsp;&nbsp; 9704794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC<sup>(j)</sup> <br>04/15/27<br>|  | 4986842 | &nbsp;&nbsp; 4852397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd.<br> (3M USD CME Term SOFR + 5.15%, 0.50% Floor)<br> 9.53%, 05/25/27<br>|  | 15046260 | &nbsp;&nbsp; 14984420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electro Rent LLC<br> (3M USD CME Term SOFR + 7.50%, 2.00% Floor)<br> 11.88%, 12/15/28<br>|  | 4647369 | &nbsp;&nbsp; 4540836 |
| &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> 10.02%, 07/19/30<br>|  | 5103000 | &nbsp;&nbsp; 4815956 |
| &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> 11.82%, 12/13/28<br>|  | 5735521 | &nbsp;&nbsp; 5735521 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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> 9.53%, 07/31/26<br>|  | $5924623 | &nbsp;&nbsp; $4746038 |
| &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> 9.82%, 06/20/28<br>|  | 2000000 | &nbsp;&nbsp; 2020000 |
| &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> 11.31%, 04/01/29<br>|  | 1714743 | &nbsp;&nbsp; 1706169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREIT Associates, L.P.<sup>(g)(j)</sup> <br>12/31/28<br>|  | 2000000 | &nbsp;&nbsp; 1950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium PKG Holdings, Inc.<br> (3M USD CME Term SOFR + 3.75%, 1.00% Floor)<br> 8.01%, 10/02/28<br>|  | 8732015 | &nbsp;&nbsp; 8691498 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BANK DEBTS<br> (Cost $144,127,983)<br>|  |  | &nbsp;&nbsp; 144490991 |
| CORPORATE BONDS | 12.9<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; 17111269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambac Assurance Corp.<sup>(a)(g)</sup> <br>5.10%, 12/31/49<br>|  | 4317243 | &nbsp;&nbsp; 5828278 |
| &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; 1825754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.<br> 4.25%, 12/15/27<br>|  | 5000000 | &nbsp;&nbsp; 4924237 |
| &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; 5313135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC<br> 4.91%, 07/23/25<br>|  | 1153000 | &nbsp;&nbsp; 1152915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobra AcquisitionCo LLC<sup>(a)</sup> <br>12.25%, 11/01/29<br>|  | 3000000 | &nbsp;&nbsp; 3092813 |
| &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>|  | 10000000 | &nbsp;&nbsp; 9545331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc.<br> 4.50%, 02/15/32<br>|  | 6292000 | &nbsp;&nbsp; 6150482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp.<br> 10.75%, 11/30/29<br>|  | 5000000 | &nbsp;&nbsp; 5150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas L.P.<sup>(a)</sup> <br>5.38%, 04/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4952532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc.<sup>(a)(k)</sup> <br>9.50%, 10/30/28<br>|  | 27878810 | &nbsp;&nbsp; 27878810 |
| &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>|  | 15077000 | &nbsp;&nbsp; 14947537 |
| &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; 4987058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.<br> 5.60%, 10/15/54<br>|  | 10000000 | &nbsp;&nbsp; 9235788 |
| &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; 26553762 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc.<sup>(a)</sup> <br>8.63%, 10/01/31<br>|  | $5200000 | &nbsp;&nbsp; $4447915 |
| &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>|  | 4800000 | &nbsp;&nbsp; 4932153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc.<sup>(a)</sup> <br>12.75%, 12/31/28<br>|  | 5395000 | &nbsp;&nbsp; 5722913 |
| &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; 4969514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc.<sup>(a)</sup> <br>10.75%, 09/01/29<br>|  | 5000000 | &nbsp;&nbsp; 4732125 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS<br> (Cost $174,093,758)<br>|  |  | &nbsp;&nbsp; 173454321 |
| FOREIGN ISSUER BONDS | 8.7<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>|  | 3600000 | &nbsp;&nbsp; 3401628 |
| &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; 13834500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel Intermediate Holdings Ltd.<sup>(k)</sup> <br>12.00%, 05/25/27<br>|  | 2019416 | &nbsp;&nbsp; 2037086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Game Technology PLC<sup>(a)</sup> <br>4.13%, 04/15/26<br>|  | 17362000 | &nbsp;&nbsp; 17351199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A.<sup>(a)</sup> <br>13.38%, 10/15/29<br>|  | 10000000 | &nbsp;&nbsp; 11203920 |
| &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; 2895780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A.<sup>(a)(g)</sup> <br>7.63%, 01/07/31<br>|  | 2000000 | &nbsp;&nbsp; 2007500 |
| &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; 4859375 |
| &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; 19883638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertical Topco<sup>(e)</sup> <br>12.00%, 07/29/30<br>|  | 31600000 | &nbsp;&nbsp; 31600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.<sup>(a)</sup> <br>11.25%, 02/15/27<br>|  | 2000000 | &nbsp;&nbsp; 2171727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.<sup>(a)</sup> <br>9.75%, 04/15/29<br>|  | 5000000 | &nbsp;&nbsp; 5476894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOREIGN ISSUER BONDS<br> (Cost $114,921,553)<br>|  |  | &nbsp;&nbsp; 116723247 |
| MORTGAGE-BACKED SECURITIES | 9.6<br> %<br>|  |  |
| PRIVATE | 5.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2022-NQM4<br> (Step to 5.09% on 7/25/26)<sup>(a)(c)</sup> <br>4.82%, 06/25/67<br>|  | 3856332 | &nbsp;&nbsp; 3842265 |
| &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>|  | 5332729 | &nbsp;&nbsp; 5004851 |
| &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; 3229165 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &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; $3265760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S2<sup>(e)</sup> <br>5.60%, 07/25/27<br>|  | 272073 | &nbsp;&nbsp; 257111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S3<br> (Step to 6.07% on 8/25/25)<sup>(c)(l)</sup> <br>5.45%, 06/25/21<br>|  | 1 | &nbsp;&nbsp; 528440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S5<sup>(l)</sup> <br>5.75%, 06/25/35<br>|  | 2 | &nbsp;&nbsp; 1553500 |
| &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)(e)(g)</sup> <br>4.89%, 09/25/36<br>|  | 2708000 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-3<br> (Step to 5.61% on 7/25/25)<sup>(c)(e)(g)</sup> <br>6.09%, 09/25/36<br>|  | 2615270 | &nbsp;&nbsp; 153376 |
| &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%, 0.61% Floor)<sup>(b)(e)(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)(e)</sup> <br>4.93%, 11/25/36<br>|  | 1354000 | &nbsp;&nbsp; 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-4<sup>(d)(e)</sup> <br>6.23%, 11/25/36<br>|  | 1618909 | &nbsp;&nbsp; 105897 |
| &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)(e)(g)</sup> <br>4.83%, 01/25/37<br>|  | 255973 | &nbsp;&nbsp; 12799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM4<br> (Step to 4.99% on 8/25/25)<sup>(a)(c)</sup> <br>5.04%, 06/25/67<br>|  | 4000000 | &nbsp;&nbsp; 3194204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.26% on 1/25/28)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 3000000 | &nbsp;&nbsp; 2992166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.26% on 1/25/28)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 1125000 | &nbsp;&nbsp; 1106578 |
| &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)</sup> <br>4.87%, 12/16/35<br>|  | 965144 | &nbsp;&nbsp; 772115 |
| &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; 2216789 |
| &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)(f)(g)</sup> <br>1.47%, 07/25/36<br>|  | 11987945 | &nbsp;&nbsp; 858858 |
| &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; 10584437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Home Equity<br> (Cost $40,760,885)<br>|  |  | &nbsp;&nbsp; 39679703 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 2.1<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>10.43%, 02/25/29<br>|  | $19291011 | &nbsp;&nbsp; $19098111 |
| &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; 8550747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br> (Cost $27,867,739)<br>|  |  | &nbsp;&nbsp; 27648858 |
| U.S. GOVERNMENT AGENCIES | 4.6<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)(f)(g)</sup> <br>1.68%, 07/25/43<br>|  | 6866946 | &nbsp;&nbsp; 759229 |
| &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)(f)(g)</sup> <br>1.53%, 05/25/50<br>|  | 15026774 | &nbsp;&nbsp; 1624173 |
| &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)(f)(g)</sup> <br>1.29%, 04/25/52<br>|  | 28837010 | &nbsp;&nbsp; 2762101 |
| &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>11.16%, 11/25/51<br>|  | 5000000 | &nbsp;&nbsp; 5293753 |
| &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>10.31%, 10/25/44<br>|  | 3000000 | &nbsp;&nbsp; 3098120 |
| &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)(f)(g)</sup> <br>1.58%, 10/15/44<br>|  | 15529919 | &nbsp;&nbsp; 1632142 |
| &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)(f)(g)</sup> <br>1.56%, 03/25/50<br>|  | 14757174 | &nbsp;&nbsp; 1579733 |
| &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)(f)(g)</sup> <br>1.58%, 05/15/48<br>|  | 46292556 | &nbsp;&nbsp; 4842646 |
| &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)(f)(g)</sup> <br>2.32%, 01/20/43<br>|  | 15462840 | &nbsp;&nbsp; 2058585 |
| &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)(f)(g)</sup> <br>1.67%, 09/20/46<br>|  | 9837527 | &nbsp;&nbsp; 1221111 |
| &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)(f)(g)</sup> <br>1.62%, 09/20/49<br>|  | 41246492 | &nbsp;&nbsp; 5134578 |
| &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)(f)(g)</sup> <br>1.62%, 09/20/49<br>|  | 8820045 | &nbsp;&nbsp; 944912 |
| &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)(f)</sup> <br>1.67%, 09/20/49<br>|  | 17518000 | &nbsp;&nbsp; 2210335 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 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 2020-47<br> (Floating, 5.89% - CME Term SOFR 1M, 6.00% Cap)<sup>(b)(f)(g)</sup> <br>1.57%, 02/20/49<br>|  | $34173972 | &nbsp;&nbsp; $3421785 |
| &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)(f)(g)</sup> <br>1.62%, 01/20/50<br>|  | 15566924 | &nbsp;&nbsp; 1923745 |
| &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)(f)(g)</sup> <br>1.87%, 09/20/51<br>|  | 12086057 | &nbsp;&nbsp; 1728388 |
| &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)(f)(g)</sup> <br>0.00%, 11/20/51<br>|  | 146850152 | &nbsp;&nbsp; 2662276 |
| &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)(f)(g)</sup> <br>1.67%, 08/20/49<br>|  | 28911441 | &nbsp;&nbsp; 3420802 |
| &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>9.53%, 09/20/53<br>|  | 2710033 | &nbsp;&nbsp; 2994413 |
| &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)(f)(g)</sup> <br>1.95%, 04/20/51<br>|  | 29078586 | &nbsp;&nbsp; 4015084 |
| &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>6.46%, 08/20/54<br>|  | 4557958 | &nbsp;&nbsp; 4830307 |
| &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)(f)(g)</sup> <br>2.27%, 11/20/43<br>|  | 26251975 | &nbsp;&nbsp; 3365354 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. GOVERNMENT AGENCIES<br> (Cost $62,224,470)<br>|  |  | &nbsp;&nbsp; 61523572 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES<br> (Cost $130,853,094)<br>|  |  | &nbsp;&nbsp; 128852133 |
| MUNICIPAL BONDS | 3.2<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>|  | 4662479 | &nbsp;&nbsp; 4465736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico<br> 0.00%, 11/01/43<br>|  | 20714286 | &nbsp;&nbsp; 12739286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PR Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 521000 | &nbsp;&nbsp; 68192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRCCDA Custodial Trust<sup>(m)</sup> <br>0.00%, 03/15/49<br>|  | 1415000 | &nbsp;&nbsp; 312083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 12/06/49<br>|  | 2545000 | &nbsp;&nbsp; 672159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 12/06/49<br>|  | 1855000 | &nbsp;&nbsp; 409598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 12/06/49<br>|  | 2490000 | &nbsp;&nbsp; 490551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 36764000 | &nbsp;&nbsp; 8592427 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | $73420000 | &nbsp;&nbsp; $13864038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 4128000 | &nbsp;&nbsp; 955230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 1325000 | &nbsp;&nbsp; 273753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 1029000 | &nbsp;&nbsp; 275766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(m)</sup> <br>0.00%, 03/15/49<br>|  | 1345000 | &nbsp;&nbsp; 327033 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS<br> (Cost $45,347,360)<br>|  |  | &nbsp;&nbsp; 43445852 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 8.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 4.16%<sup>(n)</sup> <br>|  | 113297151 | &nbsp;&nbsp; 113297151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS<br> (Cost $113,297,151)<br>|  |  | &nbsp;&nbsp; 113297151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $1,372,439,268)<br>| 100.7<br> %<br>|  | &nbsp;&nbsp; 1355921765 |
| NET OTHER ASSETS (LIABILITIES) | (0.7)%<br>|  | &nbsp;&nbsp; (9854272)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1346067493 |

---

&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 June 30, 2025, <br> these securities had a total market value of $923,599,092 or 69% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at June 30, 2025, and the related index and spread are shown parenthetically for each security. |
| <sup>(c)</sup>Step coupon bond. Rate as of June 30, 2025 is disclosed. |
| <sup>(d)</sup>The interest rate on this certificate may increase 0.50% per annum after the first possible optional termination date. |
| <sup>(e)</sup>Security valued pursuant to Level 3 unobservable inputs. |
| <sup>(f)</sup>Interest only security |
| <sup>(g)</sup>Non-income producing security. |
| <sup>(h)</sup>Equity tranche security. |
| <sup>(i)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(j)</sup>Position is unsettled. Contract rate was not determined at June 30, 2025 and does not take effect until settlement date. |
| <sup>(k)</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>(l)</sup>FGIC insured bond in which the current value primarily relates to pending insurance payments. |
| <sup>(m)</sup>Zero coupon bond. |
| <sup>(n)</sup>7-day current yield as of June 30, 2025 is disclosed. |

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

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

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------

**ADVISERS INVESTMENT TRUST**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

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**ADVISERS INVESTMENT TRUST**

**PROXY DISCLOSURES**

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**ADVISERS INVESTMENT TRUST**

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

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## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1372522974.78

**Total Liabilities:** $28122181.35

**Net Assets:** $1344400793.43

**Delayed Delivery Securities:** $21652083.21

**Cash Not Reported:** $1644382.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 307.210057265741 | **1-Year:** 5534.274202994193 | **5-Year:** 12286.622928705619 | **10-Year:** 8445.460130632094 | **30-Year:** 10956.099771216928

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

- **3-Month:** 2029.585386830591 | **1-Year:** 32197.618904505976 | **5-Year:** 44106.259459205247 | **10-Year:** 14866.023916258973 | **30-Year:** 4623.460786287120

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152732 | 0.41%                | 0.72%                | 1.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1450743.03             | $-1641498.48                               |
| Month 2  | $111956.46               | $673733.60                                 |
| Month 3  | $932326.43               | $7797628.92                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC          | AMPBEV 4 09/01/29 144A                             | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1825754.00   | 0.14%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL1 TRUST                                                                 | PRET 2025-RPL1 M1                                  | CUSIP: 69392FAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $7292392.80   | 0.54%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                                     | HACLN 2025-1 D                                     | CUSIP: 446438TA1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |   4259517 | PA      | $4259475.64   | 0.32%             | 2033-03-21      | Floating      | 7.80%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE2                                                                 | FIGRE 2025-HE2 F                                   | CUSIP: 31684KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5154891.00   | 0.38%             | 2049-12-31      | Variable      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL2 TRUST                                                                 | PRET 2025-RPL2 M2                                  | CUSIP: 69392LAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6250315.40   | 0.46%             | 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      | $4527031.00   | 0.34%             | 2064-10-25      | Variable      | 4.00%                 | 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      | $3180722.29   | 0.24%             | 2055-01-25      | Variable      | 9.49%                 | Yes           |                  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      | $1490597.26   | 0.11%             | 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        |   5000000 | PA      | $5047370.50   | 0.38%             | 2050-04-15      | Fixed         | 8.37%                 | 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      | $3184259.02   | 0.24%             | 2055-04-25      | Variable      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2024-MN9 B1                                   | CUSIP: 355917AC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |   3000000 | PA      | $3098120.40   | 0.23%             | 2044-10-25      | Floating      | 10.31%                | 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        |   3505207 | PA      | $3485652.18   | 0.26%             | 2032-02-25      | Floating      | 7.01%                 | 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      | $2014616.80   | 0.15%             | 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        | 136914287 | PA      | $3352073.86   | 0.25%             | 2056-11-25      | Variable      | 0.00%                 | Yes           |                  3 | 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      | $6019758.00   | 0.45%             | 2030-01-25      | Variable      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL1 TRUST                                                                 | PRET 2025-RPL1 M2                                  | CUSIP: 69392FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2699732.10   | 0.20%             | 2069-07-25      | Variable      | 4.00%                 | 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      | $2062953.00   | 0.15%             | 2054-05-25      | Variable      | 10.34%                | 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        |  10953771 | PA      | $10953770.89  | 0.81%             | 2032-02-25      | Floating      | 11.81%                | Yes           |                  3 | On Loan: No      |
| Pennsylvania REIT Associates LP                                                      | Pennsylvania REIT Associates LP                    | CUSIP: 74044UAW6<br>LEI: 54930041KOX8ORVMNG55 | Long             | LON              | CORP              | US        |   1714743 | PA      | $1706169.30   | 0.13%             | 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      | $5992816.58   | 0.45%             | 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      | $8550747.47   | 0.64%             | 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      | $13834500.00  | 1.03%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                                  | AVIAGP 9 12/01/28 144@                             | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3600000 | PA      | $3401627.83   | 0.25%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2021-MN3 B1                                   | CUSIP: 35563GAC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |   5000000 | PA      | $5293753.50   | 0.39%             | 2051-11-25      | Floating      | 11.16%                | Yes           |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST 2024-A                                                        | MPOWR 2024-A B                                     | CUSIP: 62476DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4440000 | PA      | $4432154.96   | 0.33%             | 2041-07-22      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-CES2                                                                       | EFMT 2025-CES2 B1                                  | CUSIP: 28225GAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6477000 | PA      | $6539151.35   | 0.49%             | 2050-03-25      | Variable      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2023-147 SH                                    | CUSIP: 38384DRF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  29078586 | PA      | $4015083.91   | 0.30%             | 2051-04-20      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2024-173 SG                                    | CUSIP: 38384VRE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  26251975 | PA      | $3365353.61   | 0.25%             | 2043-11-20      | Floating      | 2.27%                 | 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      | $4859375.00   | 0.36%             | 2030-02-18      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| EFMT 2025-CES2                                                                       | EFMT 2025-CES2 B2                                  | CUSIP: 28225GAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3445000 | PA      | $3476845.58   | 0.26%             | 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        |   2999744 | PA      | $3027388.90   | 0.23%             | 2032-07-15      | Fixed         | 10.08%                | Yes           |                  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      | $2626441.48   | 0.20%             | 2068-03-25      | Variable      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL1 TRUST                                                                 | PRET 2025-RPL1 A2                                  | CUSIP: 69392FAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1852733.40   | 0.14%             | 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      | $5011464.05   | 0.37%             | 2034-05-15      | Fixed         | 12.81%                | 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      | $1512937.36   | 0.11%             | 2038-07-15      | Floating      | 10.70%                | Yes           |                  2 | On Loan: No      |
| Countrywide Asset                                                                    | CWL 2006-S3 A5                                     | CUSIP: 23242MAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         1 | PA      | $528440.00    | 0.04%             | 2021-06-25      | Variable      | 5.35%                 | No            |                  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      | $17111268.78  | 1.27%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SOUND POINT CLO XXX LTD                                                              | SNDPT 2021-2A D                                    | CUSIP: 83614UAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3875309.60   | 0.29%             | 2034-07-25      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| Dana Inc.                                                                            | DAN 4.5 02/15/32                                   | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   6292000 | PA      | $6150482.22   | 0.46%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | 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      | $490551.17    | 0.04%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RRE 17 Loan Management Designated Activity Co.                                       | RRME 18A D                                         | CUSIP: BCC3DYZH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   1280000 | PA      | $1544633.86   | 0.11%             | 2039-04-15      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE1                                                                 | FIGRE 2024-HE1 F                                   | CUSIP: 31684HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1063401.50   | 0.08%             | 2054-03-25      | Variable      | 10.03%                | Yes           |                  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      | $1690631.07   | 0.13%             | 2031-08-25      | None          | 0.00%                 | Yes           |                  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      | $2895780.00   | 0.22%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FORM TECH LLC TL                                                                     | FORM TECH LLC TL                                   | CUSIP: LX2497597<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5103000 | PA      | $4815956.25   | 0.36%             | 2030-05-30      | Fixed         | 0.00%                 | No            |                  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        |   4662479 | PA      | $4465735.91   | 0.33%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 113297151 | NS      | $113297150.71 | 8.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrellgas, L.P. / Ferrellgas Finance Corp.                                          | FGP 5.375 04/01/26 144A                            | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4952532.00   | 0.37%             | 2026-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | 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      | $4076697.60   | 0.30%             | 2050-04-18      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| CASCADE FDG MTG TR 2024-RM5                                                          | CFMT 2024-RM5 M3                                   | CUSIP: 147275AD3<br>LEI: 984500AB3AED98FEEV98 | Long             | ABS-O            | CORP              | US        |  18000000 | PA      | $15878300.40  | 1.18%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology PLC                                                    | IGT 4.125 04/15/26 144A                            | CUSIP: 460599AF0<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |  17362000 | PA      | $17351199.10  | 1.29%             | 2026-04-15      | Fixed         | 4.12%                 | 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        |  10000000 | PA      | $9545331.00   | 0.71%             | 2028-06-30      | Fixed         | 3.88%                 | 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      | $2662864.88   | 0.20%             | 2034-10-25      | Floating      | 7.79%                 | 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        |   3476415 | PA      | $3368267.51   | 0.25%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  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      | $955229.93    | 0.07%             | 2049-03-15      | Variable      | 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      | $409597.91    | 0.03%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bridgepoint CLO VI Designated Activity Co                                            | BRGPT 6A E                                         | CUSIP: BCC3DZDM0<br>LEI: 635400SMEI2C85PDRY45 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1814787.43   | 0.13%             | 2036-11-14      | Floating      | 8.79%                 | Yes           |                  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      | $4121872.40   | 0.31%             | 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        |   5000000 | PA      | $4732125.45   | 0.35%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                               | ABCLN 2024-B F                                     | CUSIP: 02007G4G5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    892868 | PA      | $903007.29    | 0.07%             | 2032-09-15      | Fixed         | 8.04%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2025-NQM2                                  | SAN 2025-NQM2 B2                                   | CUSIP: 802638AH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3214800 | PA      | $3058941.67   | 0.23%             | 2065-02-25      | Variable      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2019-110 PS                                    | CUSIP: 38381YWG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  41246492 | PA      | $5134577.84   | 0.38%             | 2049-09-20      | Floating      | 1.62%                 | No            |                  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      | $100.47       | 0.00%             | 2036-09-25      | Floating      | 4.89%                 | No            |                  3 | 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      | $312082.50    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  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      | $8592426.93   | 0.64%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                                   | RAKUTN 9.75 04/15/29 144A                          | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   5000000 | PA      | $5476893.80   | 0.41%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Cobra Acquisitionco LLC                                                              | EXETFI 12.25 11/01/29 144A                         | CUSIP: 19106CAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3092812.50   | 0.23%             | 2029-11-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                                 | AIMEGR 9.5 10/31/28 144A                           | CUSIP: 37960BAB1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |  27878810 | PA      | $27878810.00  | 2.07%             | 2028-10-31      | Fixed         | 10.00%                | 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      | $2085224.60   | 0.16%             | 2054-05-25      | Variable      | 8.20%                 | 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        |  15077000 | PA      | $14947536.82  | 1.11%             | 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        |  11043586 | PA      | $10948234.33  | 0.81%             | 2042-04-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2024-NQM5                                                         | ADMT 2024-NQM5 B1B                                 | CUSIP: 00039KAH3<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-O            | CORP              | US        |   6308000 | PA      | $6319160.74   | 0.47%             | 2069-11-25      | Variable      | 7.71%                 | 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        |   2615270 | PA      | $153375.64    | 0.01%             | 2036-09-25      | Variable      | 6.09%                 | No            |                  3 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                                    | HEMT 2006-4 A2                                     | CUSIP: 43709JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1618909 | PA      | $105896.74    | 0.01%             | 2036-11-25      | Variable      | 6.23%                 | No            |                  3 | On Loan: No      |
| Cwheq Hm Eqty 06s5                                                                   | CWL 2006-S5 A6                                     | CUSIP: 126683AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         2 | PA      | $1553500.00   | 0.12%             | 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      | $26553761.77  | 1.98%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2019-115 SW                                    | CUSIP: 38381YVS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  17518000 | PA      | $2210335.43   | 0.16%             | 2049-09-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| SKYLINE AIRCRAFT 6.171%                                                              | SKYLINE AIRCRAFT 6.171%                            | CUSIP: 830848AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3806896 | PA      | $3616550.82   | 0.27%             | 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      | $1163.76      | 0.00%             | 2036-11-25      | Floating      | 4.93%                 | No            |                  3 | On Loan: No      |
| Capital Four Clo VII DAC                                                             | CFOUR 7A E                                         | CUSIP: BCC3DV8G8<br>LEI: 5493000ABIFW1R8ICX20 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $1201803.94   | 0.09%             | 2037-04-25      | Floating      | 8.95%                 | Yes           |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION IV LLC                                                   | ONDK 2024-1A C                                     | CUSIP: 67118NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3069628.20   | 0.23%             | 2031-06-17      | Fixed         | 8.99%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE5                                                                 | FIGRE 2024-HE5 E                                   | CUSIP: 31684FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4109000 | PA      | $4097913.10   | 0.30%             | 2054-10-25      | Variable      | 7.01%                 | Yes           |                  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      | $4145775.60   | 0.31%             | 2029-08-15      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                               | ABCLN 2024-B G                                     | CUSIP: 02007G4H3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5208394 | PA      | $5187424.45   | 0.39%             | 2032-09-15      | Fixed         | 11.39%                | 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        |    996968 | PA      | $994425.13    | 0.07%             | 2055-06-25      | Variable      | 6.25%                 | 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      | $19098111.10  | 1.42%             | 2029-02-25      | Variable      | 10.43%                | 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        |   4800000 | PA      | $4932152.93   | 0.37%             | 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        |  20714286 | PA      | $12739285.72  | 0.95%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  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      | $327033.66    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | 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      | $672159.44    | 0.05%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-6                                                          | PAID 2024-6 D                                      | CUSIP: 69548LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2956652 | PA      | $3042162.07   | 0.23%             | 2031-11-15      | Fixed         | 11.35%                | Yes           |                  2 | On Loan: No      |
| LABL Inc                                                                             | LABL 8.625 10/01/31 144A                           | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $4447914.64   | 0.33%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-RM1                                                                        | EFMT 2025-RM1 A3                                   | CUSIP: 267951AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $7345932.05   | 0.55%             | 2055-05-25      | Variable      | 5.00%                 | Yes           |                  2 | 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   | 0.15%             | 2028-12-31      | Fixed         | 0.00%                 | No            |                  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        |    255973 | PA      | $12798.67     | 0.00%             | 2037-01-25      | Floating      | 4.83%                 | No            |                  3 | On Loan: No      |
| Horizon Aircraft Finance I Ltd.                                                      | HORZN 2018-1 A                                     | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2327259 | PA      | $2222470.86   | 0.17%             | 2038-12-15      | Fixed         | 4.46%                 | 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      |
| SEB FUNDING LLC 2024-1                                                               | SEB4P 2024-1A A2                                   | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7669673.25   | 0.57%             | 2054-04-30      | Fixed         | 7.39%                 | Yes           |                  2 | On Loan: No      |
| BAYVIEW OPPORTUNITY MASTER FUND VII 2024-CAR1 LLC                                    | BVCLN 2024-CAR1 E                                  | CUSIP: 07336QAE2<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    810965 | PA      | $815710.77    | 0.06%             | 2031-12-26      | Floating      | 7.91%                 | 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      | $4243615.32   | 0.32%             | 2032-09-15      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-7 LS                                      | CUSIP: 38382DCC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  15566924 | PA      | $1923744.86   | 0.14%             | 2050-01-20      | Floating      | 1.62%                 | 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      | $6999540.10   | 0.52%             | 2029-05-15      | Fixed         | 8.98%                 | Yes           |                  2 | On Loan: No      |
| ELECTRO RT LLC INTL TL                                                               | ELECTRO RT LLC INTL TL                             | CUSIP: LX2264161<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4675449 | PA      | $4568272.54   | 0.34%             | 2028-12-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Trinitas Euro CLO IX DAC                                                             | TRNTE 9A F                                         | CUSIP: BCC3LJKL1<br>LEI: 6354007JC9AHJHESO672 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1762867.40   | 0.13%             | 2039-05-15      | Floating      | 10.48%                | 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  | 0.85%             | 2034-07-15      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| MPOWER EDUCATION TRUST 2025-A                                                        | MPOWR 2025-A B                                     | CUSIP: 624930AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8132311.20   | 0.60%             | 2042-07-21      | None          | 8.47%                 | Yes           |                  2 | On Loan: No      |
| CLSEC HOLDINGS 22T LLC                                                               | CLAF 2021-1 C                                      | CUSIP: 12567UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12793172 | PA      | $11987939.13  | 0.89%             | 2037-05-11      | Variable      | 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        |  39592575 | PA      | $39606827.93  | 2.95%             | 2028-11-17      | Fixed         | 0.00%                 | 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      | $1837667.87   | 0.14%             | 2031-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION IV LLC                                                   | ONDK 2024-2A C                                     | CUSIP: 67108SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2242589.40   | 0.17%             | 2031-10-17      | Fixed         | 7.03%                 | 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        |    926507 | PA      | $964204.51    | 0.07%             | 2046-10-20      | Fixed         | 8.94%                 | 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        |   7779371 | PA      | $7810706.50   | 0.58%             | 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      | $1164702.98   | 0.09%             | 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      | $3541077.71   | 0.26%             | 2038-07-15      | Floating      | 0.00%                 | 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      |
| Pretium Pkg Holdings Inc                                                             | PRETPK L 10/02/28 2                                | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |   8732015 | PA      | $8691498.51   | 0.65%             | 2028-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4833 SA                                        | CUSIP: 3137FJBK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  15529918 | PA      | $1632141.63   | 0.12%             | 2044-10-15      | Floating      | 1.58%                 | 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        |   5332729 | PA      | $5004851.11   | 0.37%             | 2067-01-10      | Variable      | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5240 SB                                        | CUSIP: 3137H8EW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  14757174 | PA      | $1579733.37   | 0.12%             | 2050-03-25      | Variable      | 1.56%                 | No            |                  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      | $2941402.80   | 0.22%             | 2035-01-20      | Floating      | 8.13%                 | Yes           |                  2 | On Loan: No      |
| Latam Airlines Group SA / Professional Airline Services Inc.                         | LTMCI 13.375 10/15/29 144A                         | CUSIP: 51818LAB4<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |  10000000 | PA      | $11203920.00  | 0.83%             | 2029-10-15      | Fixed         | 13.38%                | Yes           |                  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        |   3000000 | PA      | $2998631.70   | 0.22%             | 2029-11-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals                                                               | Amneal Pharmaceuticals Term Loan B 550 2028-05-01  | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |  26906406 | PA      | $27321302.84  | 2.03%             | 2028-05-04      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-205 NS                                    | CUSIP: 38383C3U2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        | 146850152 | PA      | $2662275.77   | 0.20%             | 2051-11-20      | Floating      | 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      | $3265760.21   | 0.24%             | 2062-02-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                                    | IMPRL 2022-NQM5 B1                                 | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1106577.56   | 0.08%             | 2067-08-25      | Variable      | 6.25%                 | 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      | $3229165.38   | 0.24%             | 2062-02-25      | Variable      | 4.51%                 | 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      | $2992166.10   | 0.22%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  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      | $3194204.40   | 0.24%             | 2067-06-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| HOA FUNDING LLC 2021-1                                                               | HOA 2021-1A A2                                     | CUSIP: 40390GAA6<br>LEI: 213800H4W6EV1TBCKR73 | Long             | ABS-O            | CORP              | US        |  14221951 | PA      | $10310914.75  | 0.77%             | 2051-08-20      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2022-NQM4 TRUST                                                                 | CSMC 2022-NQM4 A3                                  | CUSIP: 12665EAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3856332 | PA      | $3842264.99   | 0.29%             | 2067-06-25      | Variable      | 4.82%                 | Yes           |                  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      | $138184.06    | 0.01%             | 2032-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| U.S. AUTO FD TR 2022-1                                                               | USAUT 2022-1A A                                    | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146460 | PA      | $145834.97    | 0.01%             | 2026-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| PRPM TR 2022-INV1                                                                    | PRPM 2022-INV1 B1                                  | CUSIP: 69377EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2216789.12   | 0.16%             | 2067-04-25      | Variable      | 4.16%                 | 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      | $1962622.95   | 0.15%             | 2052-06-25      | None          | 0.00%                 | 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      |
| ONDECK ASSET SECURITIZATION IV LLC                                                   | ONDK 2023-1A C                                     | CUSIP: 67108SAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6053356.20   | 0.45%             | 2030-08-19      | Fixed         | 9.93%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2023-2                                                      | FFIN 2023-2A D                                     | CUSIP: 35042RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2825149 | PA      | $3018738.44   | 0.22%             | 2049-06-15      | Fixed         | 9.10%                 | Yes           |                  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        |   6430870 | PA      | $6556880.55   | 0.49%             | 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        |   2000000 | PA      | $2020000.00   | 0.15%             | 2028-06-20      | Fixed         | 0.00%                 | No            |                  2 | 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      | $2759116.20   | 0.21%             | 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        |  15150500 | PA      | $13791391.07  | 1.03%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2022-19 SA                                     | CUSIP: 3136BMLZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  28837010 | PA      | $2762101.06   | 0.21%             | 2052-04-25      | Floating      | 1.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-190 DS                                    | CUSIP: 38383LAV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  28911441 | PA      | $3420801.69   | 0.25%             | 2049-08-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                                   | RAKUTN 11.25 02/15/27 144A                         | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2171726.76   | 0.16%             | 2027-02-15      | Fixed         | 11.25%                | 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      | $1860652.93   | 0.14%             | 2036-11-20      | Fixed         | 3.42%                 | 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        |   1427842 | PA      | $1450394.37   | 0.11%             | 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: N/A                  | Long             | ABS-O            | CORP              | IE        |   2000000 | PA      | $2414584.60   | 0.18%             | 2038-04-20      | Floating      | 8.76%                 | Yes           |                  2 | On Loan: No      |
| LENDMARK FUNDING TRUST 2021-2                                                        | LFT 2021-2A C                                      | CUSIP: 52604DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3160000 | PA      | $2943451.20   | 0.22%             | 2032-04-20      | Fixed         | 3.09%                 | Yes           |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                                                             | TEKNI 12.75 12/31/28 144A                          | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |   5395000 | PA      | $5722913.50   | 0.43%             | 2028-12-31      | Fixed         | 12.75%                | Yes           |                  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        |    401368 | PA      | $402413.45    | 0.03%             | 2033-06-15      | Fixed         | 7.08%                 | 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      | $9125044.85   | 0.68%             | 2045-03-20      | Fixed         | 11.24%                | Yes           |                  2 | On Loan: No      |
| Digicel International Finance Ltd                                                    | Digicel International Finance Ltd                  | CUSIP: G2761TAB0<br>LEI: 5493007V023VOEW4FK27 | Long             | LON              | CORP              | LC        |  15046261 | PA      | $14984420.38  | 1.11%             | 2027-05-25      | Fixed         | 0.00%                 | 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        |   1529682 | PA      | $1503233.16   | 0.11%             | 2031-10-08      | Fixed         | 3.61%                 | 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        |  15343500 | PA      | $14216033.54  | 1.06%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2023-HB12 LLC                                                                   | CFMT 2023-HB12 M3                                  | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4799380.50   | 0.36%             | 2033-04-25      | Variable      | 4.25%                 | 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      | $10584437.46  | 0.79%             | 2053-06-01      | Variable      | 10.25%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2019-110 AS                                    | CUSIP: 38381YYL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   8820045 | PA      | $944911.73    | 0.07%             | 2049-09-20      | Floating      | 1.62%                 | No            |                  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      | $2998634.10   | 0.22%             | 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        |   5735521 | PA      | $5735520.70   | 0.43%             | 2028-12-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2024-CES1                                                  | TPMT 2024-CES1 M2                                  | CUSIP: 89183CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004487.90   | 0.07%             | 2064-01-25      | Variable      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2013-67 KS                                     | CUSIP: 3136AFFD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   6866946 | PA      | $759228.82    | 0.06%             | 2043-07-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2020-27 SA                                     | CUSIP: 3136B9TQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  15026774 | PA      | $1624173.40   | 0.12%             | 2050-05-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2023-135 SP                                    | CUSIP: 38384EHY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2710033 | PA      | $2994412.79   | 0.22%             | 2053-09-20      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| Trinitas Euro CLO VI DAC                                                             | TRNTE 6A E                                         | CUSIP: BCC3DD803<br>LEI: 635400LWFWL9KRF4UY56 | Long             | ABS-O            | CORP              | IE        |   2000000 | PA      | $2367560.24   | 0.18%             | 2037-04-15      | Floating      | 8.66%                 | Yes           |                  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        |   5939698 | PA      | $4758114.26   | 0.35%             | 2026-07-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / DIFL US LLC  | DIINFL 12 05/25/27                                 | CUSIP: G27753AA3<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | BM        |   2019416 | PA      | $2037085.89   | 0.15%             | 2027-05-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LP LMS 2023-1 ASSET SECURITIZATION TRUST                                             | LPMS 2023-1A B                                     | CUSIP: 50214VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    975031 | PA      | $975046.92    | 0.07%             | 2033-10-17      | Fixed         | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-160 SG                                    | CUSIP: 38383AVJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  12086057 | PA      | $1728388.38   | 0.13%             | 2051-09-20      | Floating      | 1.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2016-116 BS                                    | CUSIP: 38380AMY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   9837527 | PA      | $1221111.54   | 0.09%             | 2046-09-20      | Floating      | 1.67%                 | 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      | $5313135.00   | 0.40%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                                                   | CFMT 2025-HB16 M3                                  | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2786598.90   | 0.21%             | 2035-03-25      | Variable      | 3.00%                 | 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      | $2712322.39   | 0.20%             | 2055-04-25      | Variable      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-10                                                         | PAID 2024-10 E                                     | CUSIP: 69546UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3799678 | PA      | $3890543.20   | 0.29%             | 2032-06-15      | Fixed         | 10.41%                | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 10.75 11/30/29 .                              | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5150000.00   | 0.38%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                                        | HSLT 2024-1 B                                      | CUSIP: 41756NAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2901658 | PA      | $2907239.88   | 0.22%             | 2051-12-25      | Variable      | 8.19%                 | 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      | $2082968.80   | 0.15%             | 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      | $8489834.00   | 0.63%             | 2033-02-08      | Fixed         | 7.25%                 | 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      | $2041196.60   | 0.15%             | 2060-03-25      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Cohesity                                                                             | Cohesity Term Loan B 400 2031-10-17                | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6170000 | PA      | $6171912.70   | 0.46%             | 2031-11-01      | Floating      | 0.00%                 | No            |                  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      | $4068867.20   | 0.30%             | 2070-01-25      | Variable      | 7.30%                 | 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      | $6473034.10   | 0.48%             | 2033-02-08      | Fixed         | 10.00%                | 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        |   7448437 | PA      | $7448437.49   | 0.55%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| EFMT 2024-RM3                                                                        | EFMT 2024-RM3 A1B                                  | CUSIP: 26845EAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3496387 | PA      | $3292554.54   | 0.24%             | 2054-12-25      | Variable      | 5.00%                 | 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      | $19989302.00  | 1.49%             | 2029-11-29      | Fixed         | 9.00%                 | 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      | $5027219.50   | 0.37%             | 2029-11-25      | Variable      | 8.84%                 | Yes           |                  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        |  21848750 | PA      | $21422749.63  | 1.59%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                                      | CMGMCO L 06/18/29 5                                | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6569144 | PA      | $6348355.49   | 0.47%             | 2029-06-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION IV LLC                                                   | ONDK 2024-2A D                                     | CUSIP: 67108SAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3013241.40   | 0.22%             | 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      | $7171140.00   | 0.53%             | 2056-11-25      | Variable      | 8.35%                 | Yes           |                  3 | On Loan: No      |
| CFMT 2024-NR1                                                                        | CFMT 2024-NR1 A2                                   | CUSIP: 12531DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10095588.00  | 0.75%             | 2029-11-25      | Variable      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE1                                                                  | ACHM 2025-HE1 C                                    | CUSIP: 00449SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9404410 | PA      | $9504371.85   | 0.71%             | 2055-03-25      | Variable      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 4.25 12/15/27                                  | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4924237.00   | 0.37%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  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        |   2558243 | PA      | $2468982.88   | 0.18%             | 2044-07-15      | Fixed         | 3.97%                 | 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      | $68191.81     | 0.01%             | 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      | $275765.52    | 0.02%             | 2049-03-15      | None          | 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      | $19883638.37  | 1.48%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2024-128 SB                                    | CUSIP: 38384UNE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4557958 | PA      | $4830307.10   | 0.36%             | 2054-08-20      | Floating      | 6.46%                 | No            |                  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      | $7477670.77   | 0.56%             | 2032-12-15      | None          | 0.00%                 | 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        |   2000000 | PA      | $2007500.00   | 0.15%             | 2031-01-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| MAPS LTD                                                                             | MAPSL 2019-1A A                                    | CUSIP: 55283LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    509115 | PA      | $501989.53    | 0.04%             | 2044-03-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC TERM LN                                                             | CSC HOLDINGS LLC TERM LN                           | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |  14960526 | PA      | $14557190.53  | 1.08%             | 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        |    965144 | PA      | $772114.88    | 0.06%             | 2038-12-25      | Floating      | 4.87%                 | 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      | $3832942.09   | 0.29%             | 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      | $3782623.60   | 0.28%             | 2034-08-25      | Variable      | 4.00%                 | 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      | $1894930.60   | 0.14%             | 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      | $20368609.40  | 1.52%             | 2030-04-15      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 5.6 10/15/54                                   | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9235787.60   | 0.69%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                     | LOFT 2024-1A B                                     | CUSIP: 25162AAC2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2400000 | PA      | $2401082.40   | 0.18%             | 2034-05-21      | Floating      | 14.80%                | No            |                  3 | On Loan: No      |
| Deutsche Bank AG                                                                     | CRFT 2025-2A CLN                                   | CUSIP: 251937AD0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   8000000 | PA      | $8000000.00   | 0.60%             | 2035-01-21      | Fixed         | 11.57%                | Yes           |                  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      | $13864038.10  | 1.03%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| STREAM INNOV ISSUE TR 2024-1                                                         | STRE 2024-1A B                                     | CUSIP: 86324CAB7<br>LEI: 7437000ZP669LKUTZ738 | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1367182.76   | 0.10%             | 2044-07-15      | Fixed         | 7.89%                 | Yes           |                  2 | On Loan: No      |
| HARVEST CLO FRN                                                                      | HARVEST CLO FRN                                    | CUSIP: BCC3MK3C6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1500000 | PA      | $1732470.10   | 0.13%             | 2038-07-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO RECEIVABLES TRUST                                                          | SBAT 2025-SF1 F                                    | CUSIP: 78437XAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3532812.50   | 0.26%             | 2033-06-15      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Ambac Assurance Corporation                                                          | ABK 5.1 PERP 144A                                  | CUSIP: 023138AA8<br>LEI: 549300RYYRVPPB8NC636 | Long             | DBT              | CORP              | US        |   4317243 | PA      | $5828277.74   | 0.43%             | 2049-12-31      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                               | ABCLN 2024-A F                                     | CUSIP: 02007GZ97<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    624340 | PA      | $643070.09    | 0.05%             | 2032-05-17      | Fixed         | 9.89%                 | 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      | $17339913.30  | 1.29%             | 2030-04-15      | Fixed         | 13.15%                | Yes           |                  2 | 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        |  46292556 | PA      | $4842645.73   | 0.36%             | 2048-05-15      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2013-9 S                                       | CUSIP: 38378FEC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  15462840 | PA      | $2058584.95   | 0.15%             | 2043-01-20      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-47 SG                                     | CUSIP: 38382EFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  34173972 | PA      | $3421785.16   | 0.25%             | 2049-02-20      | Floating      | 1.57%                 | No            |                  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      | $3800730.02   | 0.28%             | 2033-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-9                                                          | PAID 2024-9 E                                      | CUSIP: 69548QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7820731 | PA      | $7986105.79   | 0.59%             | 2032-03-15      | Fixed         | 10.11%                | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE3                                                                 | FIGRE 2025-HE3 F                                   | CUSIP: 31684LAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1631135.68   | 0.12%             | 2055-05-25      | Variable      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| Vici Properties Inc                                                                  | VICI 4.25 12/01/26 144A                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4969513.55   | 0.37%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                                     | HACLN 2024-1 D                                     | CUSIP: 44644NAD1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |   1173963 | PA      | $1201881.63   | 0.09%             | 2032-05-20      | Floating      | 9.55%                 | 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      | $4987057.60   | 0.37%             | 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        |   3000000 | PA      | $2278226.70   | 0.17%             | 2039-10-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE3                                                                 | FIGRE 2025-HE3 E                                   | CUSIP: 31684LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1785832.30   | 0.13%             | 2055-05-25      | Variable      | 8.10%                 | 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        |  17000000 | PA      | $16872894.40  | 1.26%             | 2041-07-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-1CON                                                   | BHG 2025-1CON E                                    | CUSIP: 08860AAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2017840.00   | 0.15%             | 2036-04-17      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cwheq Inc                                                                            | CWL 2006-S2 A3                                     | CUSIP: 126685DX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272073 | PA      | $257111.63    | 0.02%             | 2027-07-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Resid Asset Secur                                                                    | RAST 2006-A6 1A3                                   | CUSIP: 76113FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11987945 | PA      | $858858.30    | 0.06%             | 2036-07-25      | Floating      | 1.47%                 | No            |                  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      | $2035498.80   | 0.15%             | 2054-07-25      | Variable      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| AQUA FINANCE ISSUERTRUST 2025-A                                                      | AQFIT 2025-A D                                     | CUSIP: 038394AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2031548.80   | 0.15%             | 2050-12-19      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE3                                                                 | FIGRE 2025-HE3 D                                   | CUSIP: 31684LAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1786333.15   | 0.13%             | 2055-05-25      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.908 07/23/25                                | CUSIP: 161175AY0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1153000 | PA      | $1152915.51   | 0.09%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  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      | $273752.95    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                      | HERTZ 2024-2A D                                    | CUSIP: 42806MCP2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6400029.38   | 0.48%             | 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      | $12264920.85  | 0.91%             | 2033-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                     | LOFT 2024-1A A                                     | CUSIP: 25162AAB4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1840000 | PA      | $1840829.84   | 0.14%             | 2034-05-21      | Floating      | 8.05%                 | No            |                  3 | 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      | $2990030.10   | 0.22%             | 2033-05-09      | Fixed         | 9.40%                 | No            |                  2 | On Loan: No      |
| CONFLUENCE TECH TL                                                                   | CONFLUENCE TECH TL                                 | CUSIP: 20716HAB1<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   1365655 | PA      | $1358826.73   | 0.10%             | 2028-07-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VERTICAL TOPCO PIK 12%                                                               | VERTICAL TOPCO PIK 12%                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  31600000 | PA      | $31600000.00  | 2.35%             | 2030-07-29      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer