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        <fairValLevel>2</fairValLevel>
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        <name>USB Auto Owner Trust 2025-1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2023-FIG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-3</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOB TEL LINK CORP TL</name>
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        <name>AVANT CREDIT CARD MASTER TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HAH GROUP HOLDING COMPANY LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Trust 2024-CES1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-3</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>HOME EQUITY MORTGAGE TRUST 2006-4</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Figre Trust 2023-HE1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
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        <name>UNLOCK HEA TRUST 2024-2</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <fairValLevel>2</fairValLevel>
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        <name>Polyconcept</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2026-AH1</name>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2026-LOC6</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS MORTGAGE LOAN TRUST 2021-N</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>PLUTO ACQSTN I TL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAYVIEW OPPORTUNITY MASTER FUND VII TRUST 2024-CAR1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHG SECURITIZATION TRUST 2025-2CON</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2026-AH1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Brock Group</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CHASE AUTO OWNER TRUST 2024-1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Trust 2025-HE1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHG SECURITIZATION TRUST 2025-2CON</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Aurium CLO XV DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2026-LOC6</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IMPERIAL FUND MORTGAGE TRUST 2022-NQM5</name>
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        <title>IMPRL 2022-NQM5 M1</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PRETIUM PKG HLD INC TL</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cobham Ultra SeniorCo S.a.r.l.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>PRPM TR 2022-INV1</name>
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        <fairValLevel>3</fairValLevel>
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        <name>GOLDMAN HOME IMPROVEMENT TRUST 2022</name>
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        <fairValLevel>3</fairValLevel>
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        <name>MARTIN MIDSTREAM PARTNERS LP / MARTIN MIDSTREAM FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CFMT 2024-NR1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PAGAYA AI DEBT TRUST 2026-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIGRE TRUST 2023-HE1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRET 2025-RPL2 TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRPM 2025-RCF2 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LATAM AIRLINES GROUP SA</name>
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          <isin value="US51817RAE62"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SALUDA GRADE ALTERNATIVE MORTGAGE T</name>
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        <title>GRADE 2025-LOC4 B2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EFMT 2025-RM3</name>
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          <ticker value="EFMT"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <valUSD>2451903.64</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust 2025-HE2</name>
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        <curCd>USD</curCd>
        <valUSD>3598379.75</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISTA POINT SECURITIZATION TRUST 2026-CES1</name>
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          <isin value="US92790EAD22"/>
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        <valUSD>2947563.9</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TWNPKS BID CO LLC 8.50%</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US90185FAA21"/>
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        <balance>1437471</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1437471.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CROSS 2023-H1 MORTGAGE TRUST</name>
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        <title>CROSS 2023-H1 B1</title>
        <cusip>22758CAE1</cusip>
        <identifiers>
          <isin value="US22758CAE12"/>
          <ticker value="CROSS"/>
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        <balance>2618000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2609140.43</valUSD>
        <pctVal>0.1394651340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.25147</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENTA CLO 19 DAC</name>
        <lei>6354002XCASIOZDCP242</lei>
        <title>PENTA 2025-19A F</title>
        <cusip>BCC3LQ2G6</cusip>
        <identifiers>
          <isin value="XS3043419129"/>
          <ticker value="PENTA"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
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        <pctVal>0.0803193725</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.774000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILTON PARK CLO DAC</name>
        <lei>254900MA3TGEBS397E50</lei>
        <title>WILPA 1A ER</title>
        <cusip>BCC3MGL92</cusip>
        <identifiers>
          <isin value="XS3076293300"/>
          <ticker value="WILPA"/>
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        <balance>3000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
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        <pctVal>0.1845263026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.904000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OPORTUN ISSUANCE TRUST 2025-B</name>
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        <title>OPTN 2025-B E</title>
        <cusip>68378QAE3</cusip>
        <identifiers>
          <isin value="US68378QAE35"/>
          <ticker value="OPTN"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3017431.2</valUSD>
        <pctVal>0.1612893050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.400000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EFMT 2025-RM2</name>
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        <title>EFMT 2025-RM2 A3</title>
        <cusip>26790AAF3</cusip>
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          <isin value="US26790AAF30"/>
          <ticker value="EFMT"/>
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        <balance>2674951.82</balance>
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        <curCd>USD</curCd>
        <valUSD>2352321.07</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>VISTA POINT SECURITIZATION TRUST 2025-CES3</name>
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        <identifiers>
          <isin value="US92842MAD20"/>
          <ticker value="VSTA"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3997205.2</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.946000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MOO SECURITIZATION TRUST 2026-RM2</name>
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        <title>MOOST 2026-RM2 M2</title>
        <cusip>614916AE4</cusip>
        <identifiers>
          <isin value="US614916AE47"/>
          <ticker value="MOOST"/>
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        <curCd>USD</curCd>
        <valUSD>1769088.6</valUSD>
        <pctVal>0.0945622458</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WTS. LABL</name>
        <lei>N/A</lei>
        <title>WTS. LABL</title>
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          <other otherDesc="NT_ID" value="2B2QR5U"/>
        </identifiers>
        <balance>17265</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>138120</valUSD>
        <pctVal>0.0073828622</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LABL</issuerName>
                <issueTitle>LABL</issueTitle>
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            <shareNo>1</shareNo>
            <exercisePrice>0.000001000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2033-05-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WTS. TWIN HSPTL GRP INC</name>
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        <title>WTS. TWIN HSPTL GRP INC</title>
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          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="7B1SA8U"/>
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        <balance>160755</balance>
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        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
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        <fairValLevel>3</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TWIN HSPTL GRP INC</issuerName>
                <issueTitle>TWIN HSPTL GRP INC</issueTitle>
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            <exercisePrice>0.000001000000</exercisePrice>
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            <expDt>2030-01-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Advisers Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Troy Sheets</ncom:signature>
      <ncom:signerName>Troy Sheets</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
