# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001752724-25-180805
**Filing Date:** 2025-7
**Character Count:** 188348
**Document Hash:** c196f0354bf53363f53099316b67f968
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180805.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180805

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251155309

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO FUNDS TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring Ultra Short-Term Income Fund (Series ID: S000007431)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020394 | Administrator Class | WUSDX           |
| C000020395 | Class A             | SADAX           |
| C000020396 | Institutional Class | SADIX           |
| C000064989 | Class C             | WUSTX           |
| C000220297 | Class A2            | WUSNX           |

## Nport-Ex

Portfolio of investments—May 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.50<br> %<br>| &nbsp;&nbsp; 9-1-2026 | $8256 | &nbsp;&nbsp; $8256 |
| &nbsp;&nbsp;&nbsp; FHLMC | 7.00 | &nbsp;&nbsp; 6-1-2031 | 98891 | &nbsp;&nbsp; 103322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates <br> Series Q004 Class AFL (12 Month Treasury Average+0.74%)±<br>| 5.14 | &nbsp;&nbsp; 5-25-2044 | 684227 | &nbsp;&nbsp; 684309 |
| &nbsp;&nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-42 Class A6 | 9.50 | &nbsp;&nbsp; 2-25-2042 | 324811 | &nbsp;&nbsp; 368677 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.21%)± | 6.46 | &nbsp;&nbsp; 5-1-2035 | 50586 | &nbsp;&nbsp; 51912 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.22%)± | 7.02 | &nbsp;&nbsp; 3-1-2035 | 178991 | &nbsp;&nbsp; 184538 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 4-1-2032 | 21244 | &nbsp;&nbsp; 21634 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.53 | &nbsp;&nbsp; 9-1-2038 | 352709 | &nbsp;&nbsp; 363595 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.57 | &nbsp;&nbsp; 4-1-2038 | 162280 | &nbsp;&nbsp; 167003 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 7.02 | &nbsp;&nbsp; 10-1-2038 | 144194 | &nbsp;&nbsp; 147344 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 7.28 | &nbsp;&nbsp; 11-1-2035 | 361562 | &nbsp;&nbsp; 370307 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 3924 Class MF (30 Day Average U.S. SOFR+0.61%)± | 4.95 | &nbsp;&nbsp; 9-15-2041 | 422122 | &nbsp;&nbsp; 415206 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4889 Class CD | 3.00 | &nbsp;&nbsp; 4-15-2049 | 527052 | &nbsp;&nbsp; 465952 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 4938 Class BF (30 Day Average U.S. SOFR+0.61%)± | 4.94 | &nbsp;&nbsp; 12-25-2049 | 2524126 | &nbsp;&nbsp; 2440720 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.50 | &nbsp;&nbsp; 1-1-2027 | 24813 | &nbsp;&nbsp; 24752 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.50 | &nbsp;&nbsp; 8-1-2031 | 119843 | &nbsp;&nbsp; 123035 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.02%)± | 6.68 | &nbsp;&nbsp; 12-1-2034 | 69937 | &nbsp;&nbsp; 71883 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.19%)± | 6.83 | &nbsp;&nbsp; 12-1-2040 | 746268 | &nbsp;&nbsp; 769552 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.91 | &nbsp;&nbsp; 10-1-2034 | 2239 | &nbsp;&nbsp; 2301 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.72 | &nbsp;&nbsp; 11-1-2031 | 16149 | &nbsp;&nbsp; 16397 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.92 | &nbsp;&nbsp; 9-1-2035 | 75704 | &nbsp;&nbsp; 77834 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.22%)± | 7.22 | &nbsp;&nbsp; 6-1-2032 | 42159 | &nbsp;&nbsp; 42940 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.22%)± | 7.22 | &nbsp;&nbsp; 6-1-2034 | 212927 | &nbsp;&nbsp; 217984 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.23%)± | 6.94 | &nbsp;&nbsp; 7-1-2038 | 641996 | &nbsp;&nbsp; 664356 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.75 | &nbsp;&nbsp; 11-1-2038 | 189458 | &nbsp;&nbsp; 196429 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.25%)± | 6.84 | &nbsp;&nbsp; 12-1-2040 | 57333 | &nbsp;&nbsp; 58292 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.26%)± | 6.76 | &nbsp;&nbsp; 11-1-2035 | 32648 | &nbsp;&nbsp; 33671 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.92 | &nbsp;&nbsp; 8-1-2036 | 393203 | &nbsp;&nbsp; 406638 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.31%)± | 7.13 | &nbsp;&nbsp; 5-1-2036 | 131118 | &nbsp;&nbsp; 135540 |
| &nbsp;&nbsp;&nbsp; FNMA (1 Year Treasury Constant Maturity+2.36%)± | 7.04 | &nbsp;&nbsp; 11-1-2034 | 194842 | &nbsp;&nbsp; 202537 |
| &nbsp;&nbsp;&nbsp; FNMA (12 Month Treasury Average+2.05%)± | 6.67 | &nbsp;&nbsp; 8-1-2045 | 115950 | &nbsp;&nbsp; 120337 |
| &nbsp;&nbsp;&nbsp; FNMA (RFUCCT1Y+1.77%)± | 7.14 | &nbsp;&nbsp; 7-1-2044 | 485161 | &nbsp;&nbsp; 498712 |
| &nbsp;&nbsp;&nbsp; FNMA (RFUCCT6M+1.38%)± | 6.13 | &nbsp;&nbsp; 10-1-2031 | 27680 | &nbsp;&nbsp; 27966 |
| &nbsp;&nbsp;&nbsp; FNMA (RFUCCT6M+1.50%)± | 6.16 | &nbsp;&nbsp; 9-1-2037 | 136763 | &nbsp;&nbsp; 140298 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2000-T6 Class A2 | 9.50 | &nbsp;&nbsp; 11-25-2040 | 131620 | &nbsp;&nbsp; 131070 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2001-T10 Class A3 | 9.50 | &nbsp;&nbsp; 12-25-2041 | 179725 | &nbsp;&nbsp; 187763 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2001-T12 Class A3 | 9.50 | &nbsp;&nbsp; 8-25-2041 | 159575 | &nbsp;&nbsp; 165495 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2002-T1 Class A4 | 9.50 | &nbsp;&nbsp; 11-25-2031 | 165197 | &nbsp;&nbsp; 180559 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2002-W4 Class A6±± | 5.12 | &nbsp;&nbsp; 5-25-2042 | 219321 | &nbsp;&nbsp; 217024 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2003-W11 Class A1±± | 7.53 | &nbsp;&nbsp; 6-25-2033 | 8124 | &nbsp;&nbsp; 8219 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2003-W3 Class 1A4±± | 4.69 | &nbsp;&nbsp; 8-25-2042 | 13800 | &nbsp;&nbsp; 13266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2007-W2 Class 1A1 (30 Day Average <br> U.S. SOFR+0.43%)±<br>| 4.79 | &nbsp;&nbsp; 3-25-2037 | 156533 | &nbsp;&nbsp; 153948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2013-23 Class LF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.80 | &nbsp;&nbsp; 3-25-2043 | 1539874 | &nbsp;&nbsp; 1519114 |

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 1

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FNMA Series 2014-19 Class HA | 2.00<br> %<br>| &nbsp;&nbsp; 6-25-2040 | $44276 | &nbsp;&nbsp; $43165 |
| &nbsp;&nbsp;&nbsp; GNMA | 7.00 | &nbsp;&nbsp; 6-15-2033 | 141221 | &nbsp;&nbsp; 148131 |
| **Total agency securities (Cost $12,336,385)** |  |  |  | &nbsp;&nbsp; **12391983** |
| **Asset-backed securities: 17.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2024-B Class A144A | 4.62 | &nbsp;&nbsp; 9-15-2029 | 5000000 | &nbsp;&nbsp; 4990744 |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust Series 2024-2 Class A3 | 4.14 | &nbsp;&nbsp; 7-16-2029 | 4000000 | &nbsp;&nbsp; 3988589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust Series 2024-4 <br> Class B144A<br>| 4.80 | &nbsp;&nbsp; 11-13-2028 | 4685000 | &nbsp;&nbsp; 4681559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2025-HB1 Class A1 (30 Day <br> Average U.S. SOFR+1.80%)144A±<br>| 6.12 | &nbsp;&nbsp; 2-25-2055 | 3000000 | &nbsp;&nbsp; 3011676 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 2986878 | &nbsp;&nbsp; 2736848 |
| &nbsp;&nbsp;&nbsp; Barings Equipment Finance LLC Series 2025-A Class A2144A | 4.64 | &nbsp;&nbsp; 10-13-2028 | 5750000 | &nbsp;&nbsp; 5750921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 5.61 | &nbsp;&nbsp; 10-21-2042 | 5630000 | &nbsp;&nbsp; 5591308 |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 722016 | &nbsp;&nbsp; 708308 |
| &nbsp;&nbsp;&nbsp; Blue Owl Asset Leasing Trust LLC Series 2024-1A Class A2144A | 5.05 | &nbsp;&nbsp; 3-15-2029 | 5475760 | &nbsp;&nbsp; 5480098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust Series 2021-HE2 Class A1 (30 Day <br> Average U.S. SOFR+0.75%)144A±<br>| 5.07 | &nbsp;&nbsp; 11-25-2069 | 2067943 | &nbsp;&nbsp; 2061495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust Series 2024-1 <br> Class A1144A<br>| 6.05 | &nbsp;&nbsp; 7-15-2027 | 2715000 | &nbsp;&nbsp; 2736815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle C17 CLO Ltd. Series C17A Class A1AR (U.S. SOFR 3 <br> Month+1.29%)144A±<br>| 5.57 | &nbsp;&nbsp; 4-30-2031 | 693213 | &nbsp;&nbsp; 693635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. Series 2015-1A Class AR3 <br> (U.S. SOFR 3 Month+1.24%)144A±<br>| 5.51 | &nbsp;&nbsp; 7-20-2031 | 3808584 | &nbsp;&nbsp; 3810474 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust Series 2024-P3 Class A2 | 4.61 | &nbsp;&nbsp; 11-10-2027 | 2465164 | &nbsp;&nbsp; 2463801 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust Series 2022-1 Class A2144A | 3.91 | &nbsp;&nbsp; 7-16-2029 | 465488 | &nbsp;&nbsp; 464673 |
| &nbsp;&nbsp;&nbsp; CFMT LLC Series 2021-AL1 Class B144A | 1.39 | &nbsp;&nbsp; 9-22-2031 | 942774 | &nbsp;&nbsp; 930776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class A144A<br>| 6.86 | &nbsp;&nbsp; 2-15-2030 | 168590 | &nbsp;&nbsp; 168696 |
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust Series 2018-BGS Class A1144A | 3.56 | &nbsp;&nbsp; 9-25-2045 | 1496419 | &nbsp;&nbsp; 1431909 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust Series 2025-1 Class A2144A | 4.68 | &nbsp;&nbsp; 7-22-2027 | 2250000 | &nbsp;&nbsp; 2254530 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II144A | 4.47 | &nbsp;&nbsp; 10-25-2045 | 12985000 | &nbsp;&nbsp; 12943705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 30 Senior Loan Fund Series 2013-30A Class AR (U.S. SOFR 3 <br> Month+1.08%)144A±<br>| 5.41 | &nbsp;&nbsp; 11-15-2028 | 58218 | &nbsp;&nbsp; 58223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 80 CLO Ltd. Series 2019-80A Class AR (U.S. SOFR 3 <br> Month+1.25%)144A±<br>| 5.53 | &nbsp;&nbsp; 1-17-2033 | 10605374 | &nbsp;&nbsp; 10609599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECMC Group Student Loan Trust Series 2020-2A Class A (30 Day <br> Average U.S. SOFR+1.26%)144A±<br>| 5.59 | &nbsp;&nbsp; 11-25-2069 | 3430842 | &nbsp;&nbsp; 3442954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (U.S. SOFR <br> 1 Month+1.24%)±<br>| 5.57 | &nbsp;&nbsp; 9-25-2033 | 85402 | &nbsp;&nbsp; 84803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America HECM Buyout Series 2024-HB1 <br> Class A1A144A±±<br>| 4.00 | &nbsp;&nbsp; 10-1-2034 | 2426100 | &nbsp;&nbsp; 2406936 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2023-1A Class A144A | 6.44 | &nbsp;&nbsp; 10-16-2028 | 561502 | &nbsp;&nbsp; 566933 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2020-3 Class E144A | 4.98 | &nbsp;&nbsp; 12-15-2027 | 4690000 | &nbsp;&nbsp; 4681470 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2022-3FP Class D144A | 7.36 | &nbsp;&nbsp; 8-20-2029 | 1741392 | &nbsp;&nbsp; 1751525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL2 Class A (U.S. SOFR 1 <br> Month+1.11%)144A±<br>| 5.44 | &nbsp;&nbsp; 9-17-2036 | 3160556 | &nbsp;&nbsp; 3146524 |

---

See accompanying notes to portfolio of investments

2 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2024-3A Class A2144A | 4.97<br> %<br>| &nbsp;&nbsp; 10-15-2029 | $5556223 | &nbsp;&nbsp; $5556432 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2024-2A Class A144A | 4.47 | &nbsp;&nbsp; 2-21-2034 | 4620000 | &nbsp;&nbsp; 4577543 |
| &nbsp;&nbsp;&nbsp; M&T Bank Auto Receivables Trust Series 2024-1A Class A3144A | 5.22 | &nbsp;&nbsp; 2-17-2032 | 3715000 | &nbsp;&nbsp; 3753408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class A (U.S. SOFR 1 <br> Month+1.19%)144A±<br>| 5.52 | &nbsp;&nbsp; 10-16-2036 | 8260718 | &nbsp;&nbsp; 8250839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.67 | &nbsp;&nbsp; 2-19-2037 | 9490213 | &nbsp;&nbsp; 9483932 |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series 2024-B Class A144A | 5.88 | &nbsp;&nbsp; 1-15-2030 | 6280000 | &nbsp;&nbsp; 6318878 |
| &nbsp;&nbsp;&nbsp; MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 1901601 | &nbsp;&nbsp; 1925371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-EA <br> Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 818058 | &nbsp;&nbsp; 727728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Student Loan Trust Series 2017-3A Class A3 (30 Day <br> Average U.S. SOFR+1.16%)144A±<br>| 5.49 | &nbsp;&nbsp; 7-26-2066 | 3960326 | &nbsp;&nbsp; 3962855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2021-1A <br> Class A144A<br>| 0.87 | &nbsp;&nbsp; 7-14-2028 | 1656671 | &nbsp;&nbsp; 1642922 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust Series 2023-8 Class A144A | 7.30 | &nbsp;&nbsp; 6-16-2031 | 2400294 | &nbsp;&nbsp; 2428378 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust Series 2024-4 Class A144A | 6.49 | &nbsp;&nbsp; 8-15-2031 | 1594843 | &nbsp;&nbsp; 1596839 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust Series 2024-2A Class B144A | 4.56 | &nbsp;&nbsp; 2-15-2029 | 3255000 | &nbsp;&nbsp; 3241431 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust Series 2023-CES3 Class A1B144A±± | 7.46 | &nbsp;&nbsp; 11-25-2043 | 2431813 | &nbsp;&nbsp; 2469437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A <br> Class A144A<br>| 5.38 | &nbsp;&nbsp; 11-25-2030 | 2067795 | &nbsp;&nbsp; 2068316 |
| &nbsp;&nbsp;&nbsp; RFS Asset Securitization II LLC Series 2024-1 Class A144A | 6.55 | &nbsp;&nbsp; 7-15-2031 | 4190000 | &nbsp;&nbsp; 4251028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2023-A <br> Class B144A<br>| 6.49 | &nbsp;&nbsp; 6-15-2033 | 394155 | &nbsp;&nbsp; 395382 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust Series 2025-A Class A3144A | 4.83 | &nbsp;&nbsp; 4-20-2028 | 1500000 | &nbsp;&nbsp; 1504146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust Series 2010-C Class A5 <br> (U.S. SOFR 1 Month+4.86%)144A±<br>| 9.19 | &nbsp;&nbsp; 10-15-2041 | 2332335 | &nbsp;&nbsp; 2444560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Student Loan Trust Series 2003-10A Class A4 (90 Day Average <br> U.S. SOFR+0.93%)144A±<br>| 5.31 | &nbsp;&nbsp; 12-17-2068 | 9919125 | &nbsp;&nbsp; 9793107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Student Loan Trust Series 2013-1 Class A3 (30 Day Average <br> U.S. SOFR+0.66%)±<br>| 4.99 | &nbsp;&nbsp; 5-26-2055 | 2373394 | &nbsp;&nbsp; 2348328 |
| &nbsp;&nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 5800000 | &nbsp;&nbsp; 5845240 |
| &nbsp;&nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A Class B144A | 6.58 | &nbsp;&nbsp; 12-22-2031 | 2000000 | &nbsp;&nbsp; 2012389 |
| &nbsp;&nbsp;&nbsp; SpringCastle America Funding LLC Series 2020-AA Class A144A | 1.97 | &nbsp;&nbsp; 9-25-2037 | 1369478 | &nbsp;&nbsp; 1281228 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC Series 2016-1A Class A23144A | 4.97 | &nbsp;&nbsp; 5-25-2046 | 2812500 | &nbsp;&nbsp; 2806619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd. Series 2016-1A Class AR2 (U.S. SOFR 3 <br> Month+1.28%)144A±<br>| 5.52 | &nbsp;&nbsp; 10-13-2032 | 4547259 | &nbsp;&nbsp; 4557550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 5.98 | &nbsp;&nbsp; 2-15-2039 | 13307879 | &nbsp;&nbsp; 13298785 |
| &nbsp;&nbsp;&nbsp; U.S. Bank NA Series 2023-1 Class B144A | 6.79 | &nbsp;&nbsp; 8-25-2032 | 993007 | &nbsp;&nbsp; 1004806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd. Series 2017-1A Class A1R (U.S. SOFR 3 <br> Month+1.21%)144A±<br>| 5.49 | &nbsp;&nbsp; 4-17-2030 | 886490 | &nbsp;&nbsp; 886826 |
| &nbsp;&nbsp;&nbsp; Westlake Flooring Master Trust Series 2024-1A Class B144A | 6.07 | &nbsp;&nbsp; 2-15-2028 | 390000 | &nbsp;&nbsp; 392426 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1144A | 4.87 | &nbsp;&nbsp; 6-21-2039 | 1967000 | &nbsp;&nbsp; 1972596 |
| **Total asset-backed securities (Cost $207,047,786)** |  |  |  | &nbsp;&nbsp; **206448852** |

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 3

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Corporate bonds and notes: 31.30%** |  |  |  |  |
| **Basic materials: 0.97%** |  |  |  |  |
| **Chemicals: 0.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc.%% | 4.30<br> %<br>| &nbsp;&nbsp; 6-15-2028 | $4900000 | &nbsp;&nbsp; $4914545 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.144A | 1.23 | &nbsp;&nbsp; 10-1-2025 | 2975000 | &nbsp;&nbsp; 2938058 |
|  |  |  |  | &nbsp;&nbsp; **7852603** |
| **Forest products & paper: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC144A%% | 4.40 | &nbsp;&nbsp; 6-30-2028 | 3500000 | &nbsp;&nbsp; **3503536** |
| **Communications: 1.58%** |  |  |  |  |
| **Internet: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. | 2.38 | &nbsp;&nbsp; 1-14-2026 | 2000000 | &nbsp;&nbsp; **1962349** |
| **Media: 0.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 6.15 | &nbsp;&nbsp; 11-10-2026 | 8000000 | &nbsp;&nbsp; **8141402** |
| **Telecommunications: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Frontier California, Inc. Series F | 6.75 | &nbsp;&nbsp; 5-15-2027 | 3405000 | &nbsp;&nbsp; 3456075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 4818000 | &nbsp;&nbsp; 4838992 |
|  |  |  |  | &nbsp;&nbsp; **8295067** |
| **Consumer, cyclical: 6.25%** |  |  |  |  |
| **Airlines: 1.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust Series 2020-1 Class A144A | 4.80 | &nbsp;&nbsp; 8-15-2027 | 3645975 | &nbsp;&nbsp; 3625175 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 4995200 | &nbsp;&nbsp; 4850637 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.50 | &nbsp;&nbsp; 10-20-2025 | 1666668 | &nbsp;&nbsp; 1660355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets <br> Ltd.144A<br>| 6.50 | &nbsp;&nbsp; 6-20-2027 | 3816000 | &nbsp;&nbsp; 3824758 |
|  |  |  |  | &nbsp;&nbsp; **13960925** |
| **Auto manufacturers: 3.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BMW U.S. Capital LLC144A | 4.65 | &nbsp;&nbsp; 8-13-2026 | 6505000 | &nbsp;&nbsp; 6513521 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC144A | 4.95 | &nbsp;&nbsp; 1-13-2028 | 6305000 | &nbsp;&nbsp; 6342841 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. | 5.35 | &nbsp;&nbsp; 7-15-2027 | 2185000 | &nbsp;&nbsp; 2200763 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. | 5.40 | &nbsp;&nbsp; 4-6-2026 | 5000000 | &nbsp;&nbsp; 5014738 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America144A | 5.25 | &nbsp;&nbsp; 1-8-2027 | 7000000 | &nbsp;&nbsp; 7033675 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. | 4.50 | &nbsp;&nbsp; 5-14-2027 | 5000000 | &nbsp;&nbsp; 5015780 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC144A | 4.90 | &nbsp;&nbsp; 8-14-2026 | 6505000 | &nbsp;&nbsp; 6506311 |
|  |  |  |  | &nbsp;&nbsp; **38627629** |
| **Entertainment: 0.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 3400000 | &nbsp;&nbsp; 3440297 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. | 3.76 | &nbsp;&nbsp; 3-15-2027 | 6000000 | &nbsp;&nbsp; 5816230 |
|  |  |  |  | &nbsp;&nbsp; **9256527** |
| **Lodging: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 5.90 | &nbsp;&nbsp; 6-1-2027 | 5000000 | &nbsp;&nbsp; **5060577** |

---

See accompanying notes to portfolio of investments

4 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Toys/games/hobbies: 0.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.144A | 3.38<br> %<br>| &nbsp;&nbsp; 4-1-2026 | $5921000 | &nbsp;&nbsp; **$5829754** |
| **Consumer, non-cyclical: 3.52%** |  |  |  |  |
| **Agriculture: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 4.75 | &nbsp;&nbsp; 2-12-2027 | 7000000 | &nbsp;&nbsp; **7051883** |
| **Commercial services: 1.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.144A | 1.50 | &nbsp;&nbsp; 8-12-2026 | 2628000 | &nbsp;&nbsp; 2527101 |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.144A | 4.38 | &nbsp;&nbsp; 8-15-2027 | 2850000 | &nbsp;&nbsp; 2830897 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 4.80 | &nbsp;&nbsp; 4-1-2026 | 6305000 | &nbsp;&nbsp; 6302433 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 4.75 | &nbsp;&nbsp; 8-9-2027 | 6505000 | &nbsp;&nbsp; 6531689 |
|  |  |  |  | &nbsp;&nbsp; **18192120** |
| **Food: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mars, Inc.144A | 4.45 | &nbsp;&nbsp; 3-1-2027 | 5000000 | &nbsp;&nbsp; **5004844** |
| **Healthcare-services: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; HCA, Inc. | 5.38 | &nbsp;&nbsp; 9-1-2026 | 5000000 | &nbsp;&nbsp; **5021755** |
| **Pharmaceuticals: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC144A | 6.13 | &nbsp;&nbsp; 11-21-2026 | 2500000 | &nbsp;&nbsp; 2536457 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 4.63 | &nbsp;&nbsp; 12-15-2027 | 3140000 | &nbsp;&nbsp; 3157200 |
|  |  |  |  | &nbsp;&nbsp; **5693657** |
| **Energy: 0.34%** |  |  |  |  |
| **Oil & gas: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 6.38 | &nbsp;&nbsp; 4-15-2027 | 3916000 | &nbsp;&nbsp; **3952515** |
| **Financial: 10.87%** |  |  |  |  |
| **Banks: 7.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+0.83%)± | 4.98 | &nbsp;&nbsp; 1-24-2029 | 5000000 | &nbsp;&nbsp; 5048974 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+1.11%)± | 4.62 | &nbsp;&nbsp; 5-9-2029 | 7000000 | &nbsp;&nbsp; 6998340 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon (U.S. SOFR+1.14%)± | 4.73 | &nbsp;&nbsp; 4-20-2029 | 4740000 | &nbsp;&nbsp; 4780825 |
| &nbsp;&nbsp;&nbsp; Citibank NA | 4.58 | &nbsp;&nbsp; 5-29-2027 | 5000000 | &nbsp;&nbsp; 5007119 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (U.S. SOFR+0.87%)± | 4.79 | &nbsp;&nbsp; 3-4-2029 | 5000000 | &nbsp;&nbsp; 5006799 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA (U.S. SOFR+0.81%)± | 4.97 | &nbsp;&nbsp; 1-28-2028 | 3000000 | &nbsp;&nbsp; 3011959 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc.%% | 4.65 | &nbsp;&nbsp; 6-3-2028 | 5600000 | &nbsp;&nbsp; 5615742 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+0.86%)± | 4.51 | &nbsp;&nbsp; 10-22-2028 | 2000000 | &nbsp;&nbsp; 1995892 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA (U.S. SOFR+0.87%)± | 5.50 | &nbsp;&nbsp; 5-26-2028 | 3600000 | &nbsp;&nbsp; 3664628 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA (U.S. SOFR+0.91%)± | 5.02 | &nbsp;&nbsp; 1-12-2029 | 5000000 | &nbsp;&nbsp; 5050232 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.38%)± | 4.99 | &nbsp;&nbsp; 4-12-2029 | 7735000 | &nbsp;&nbsp; 7807431 |
| &nbsp;&nbsp;&nbsp; National Securities Clearing Corp.144A | 4.35 | &nbsp;&nbsp; 5-20-2027 | 5000000 | &nbsp;&nbsp; 5012710 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (U.S. SOFR+1.61%)± | 5.47 | &nbsp;&nbsp; 3-20-2029 | 6000000 | &nbsp;&nbsp; 6048329 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp (U.S. SOFR+1.88%)± | 6.79 | &nbsp;&nbsp; 10-26-2027 | 7000000 | &nbsp;&nbsp; 7207582 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (U.S. SOFR+1.37%)± | 4.97 | &nbsp;&nbsp; 4-23-2029 | 6180000 | &nbsp;&nbsp; 6225995 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. Series W (U.S. SOFR+0.78%)± | 4.90 | &nbsp;&nbsp; 1-24-2028 | 3000000 | &nbsp;&nbsp; 3011087 |
|  |  |  |  | &nbsp;&nbsp; **81493644** |

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 5

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citadel Finance LLC144A | 3.38<br> %<br>| &nbsp;&nbsp; 3-9-2026 | $3000000 | &nbsp;&nbsp; **$2955320** |
| **Insurance: 2.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CNO Global Funding144A | 5.88 | &nbsp;&nbsp; 6-4-2027 | 3500000 | &nbsp;&nbsp; 3579405 |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding144A | 5.50 | &nbsp;&nbsp; 12-2-2025 | 10615000 | &nbsp;&nbsp; 10657838 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding144A | 5.55 | &nbsp;&nbsp; 7-2-2027 | 5000000 | &nbsp;&nbsp; 5083488 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I144A | 5.05 | &nbsp;&nbsp; 6-11-2027 | 5000000 | &nbsp;&nbsp; 5060808 |
|  |  |  |  | &nbsp;&nbsp; **24381539** |
| **Investment Companies: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. BDC | 3.25 | &nbsp;&nbsp; 7-15-2025 | 1040000 | &nbsp;&nbsp; **1037699** |
| **REITs: 1.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Tower Trust #1144A | 5.49 | &nbsp;&nbsp; 3-15-2028 | 1670000 | &nbsp;&nbsp; 1691169 |
| &nbsp;&nbsp;&nbsp; EPR Properties | 4.75 | &nbsp;&nbsp; 12-15-2026 | 3000000 | &nbsp;&nbsp; 2982178 |
| &nbsp;&nbsp;&nbsp; SBA Tower Trust144A | 6.60 | &nbsp;&nbsp; 1-15-2028 | 5099000 | &nbsp;&nbsp; 5228066 |
| &nbsp;&nbsp;&nbsp; Tanger Properties LP | 3.13 | &nbsp;&nbsp; 9-1-2026 | 6975000 | &nbsp;&nbsp; 6822294 |
|  |  |  |  | &nbsp;&nbsp; **16723707** |
| **Industrial: 2.35%** |  |  |  |  |
| **Electrical components & equipment: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC144A | 4.75 | &nbsp;&nbsp; 4-30-2028 | 5000000 | &nbsp;&nbsp; **5006170** |
| **Hand/machine tools: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 6.05 | &nbsp;&nbsp; 2-15-2026 | 5255000 | &nbsp;&nbsp; **5282543** |
| **Packaging & containers: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc.144A | 4.80 | &nbsp;&nbsp; 3-17-2028 | 7000000 | &nbsp;&nbsp; **7018005** |
| **Trucking & leasing: 0.87%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 5.40 | &nbsp;&nbsp; 3-15-2027 | 5000000 | &nbsp;&nbsp; 5051218 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp.144A | 5.75 | &nbsp;&nbsp; 5-24-2026 | 5000000 | &nbsp;&nbsp; 5042338 |
|  |  |  |  | &nbsp;&nbsp; **10093556** |
| **Technology: 2.23%** |  |  |  |  |
| **Computers: 1.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 4.45 | &nbsp;&nbsp; 9-25-2026 | 7000000 | &nbsp;&nbsp; 6989769 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. | 2.05 | &nbsp;&nbsp; 10-15-2026 | 5919000 | &nbsp;&nbsp; 5708260 |
|  |  |  |  | &nbsp;&nbsp; **12698029** |
| **Semiconductors: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 3.75 | &nbsp;&nbsp; 8-5-2027 | 5407000 | &nbsp;&nbsp; **5307095** |
| **Software: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. | 4.20 | &nbsp;&nbsp; 9-10-2027 | 3000000 | &nbsp;&nbsp; 2989047 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. | 4.55 | &nbsp;&nbsp; 4-1-2027 | 5000000 | &nbsp;&nbsp; 5006487 |
|  |  |  |  | &nbsp;&nbsp; **7995534** |

---

See accompanying notes to portfolio of investments

6 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 3.19%** |  |  |  |  |
| **Electric: 3.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC144A | 5.40<br> %<br>| &nbsp;&nbsp; 6-6-2027 | $5610000 | &nbsp;&nbsp; $5668499 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 4.60 | &nbsp;&nbsp; 5-15-2028 | 5000000 | &nbsp;&nbsp; 5012576 |
| &nbsp;&nbsp;&nbsp; Emera U.S. Finance LP | 3.55 | &nbsp;&nbsp; 6-15-2026 | 4695000 | &nbsp;&nbsp; 4632616 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. | 4.75 | &nbsp;&nbsp; 2-7-2028 | 5000000 | &nbsp;&nbsp; 5050219 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 4.90 | &nbsp;&nbsp; 5-15-2028 | 3750000 | &nbsp;&nbsp; 3778739 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. | 5.35 | &nbsp;&nbsp; 3-1-2026 | 5000000 | &nbsp;&nbsp; 5023893 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 6195000 | &nbsp;&nbsp; 6079087 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 2000000 | &nbsp;&nbsp; 1942989 |
|  |  |  |  | &nbsp;&nbsp; **37188618** |
| **Total corporate bonds and notes (Cost $362,430,009)** |  |  |  | &nbsp;&nbsp; **364588602** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 1.15%** |  |  |
| **Exchange-traded funds: 1.15%** |  |  |
| &nbsp;&nbsp;&nbsp; iShares 0-5 Year High Yield Corporate Bond ETF | 314900 | &nbsp;&nbsp; **13446230** |
| **Total investment companies (Cost $14,331,099)** |  | &nbsp;&nbsp; **13446230** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Principal |  |
| **Municipal obligations: 0.09%** |  |  |  |  |
| **Indiana: 0.09%** |  |  |  |  |
| **Education revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Secondary Market for Education Loans, Inc. (U.S. SOFR 1 <br> Month+0.80%)±<br>| 5.24 | &nbsp;&nbsp; 2-25-2044 | $993701 | &nbsp;&nbsp; **994644** |
| **Total municipal obligations (Cost $985,505)** |  |  |  | &nbsp;&nbsp; **994644** |
| **Non-agency mortgage-backed securities: 13.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 <br> Month+1.60%)144A±%%<br>| 5.90 | &nbsp;&nbsp; 6-15-2030 | 3000000 | &nbsp;&nbsp; 3006580 |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 4053377 | &nbsp;&nbsp; 4051975 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-4 Class A1144A±± | 1.47 | &nbsp;&nbsp; 6-25-2065 | 437546 | &nbsp;&nbsp; 414970 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-5 Class A2144A±± | 1.58 | &nbsp;&nbsp; 5-25-2065 | 290688 | &nbsp;&nbsp; 278662 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-R1 Class A1144A±± | 0.99 | &nbsp;&nbsp; 4-25-2053 | 1158730 | &nbsp;&nbsp; 1098803 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2024-8 Class A1144A±± | 5.34 | &nbsp;&nbsp; 5-27-2069 | 787648 | &nbsp;&nbsp; 783864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust Series 2020-RPL1 <br> Class A1144A±±<br>| 2.50 | &nbsp;&nbsp; 5-26-2059 | 417691 | &nbsp;&nbsp; 407622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 777118 | &nbsp;&nbsp; 776063 |
| &nbsp;&nbsp;&nbsp; Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A±± | 2.88 | &nbsp;&nbsp; 7-25-2049 | 530027 | &nbsp;&nbsp; 515347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1 <br> Month+1.89%)144A±<br>| 6.22 | &nbsp;&nbsp; 3-15-2042 | 5005000 | &nbsp;&nbsp; 4967463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP Trust Series 2017-CQHP Class A (U.S. SOFR 1 <br> Month+0.90%)144A±<br>| 5.23 | &nbsp;&nbsp; 11-15-2034 | 2410377 | &nbsp;&nbsp; 2363069 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1±± | 6.31 | &nbsp;&nbsp; 6-19-2031 | 35456 | &nbsp;&nbsp; 35014 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1±± | 6.75 | &nbsp;&nbsp; 6-19-2031 | 57207 | &nbsp;&nbsp; 56733 |
| &nbsp;&nbsp;&nbsp; CHNGE Mortgage Trust Series 2022-2 Class A1144A±± | 3.76 | &nbsp;&nbsp; 3-25-2067 | 9886413 | &nbsp;&nbsp; 9553284 |

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 7

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust Series 2021-HX1 Class A1144A±± | 1.11<br> %<br>| &nbsp;&nbsp; 10-25-2066 | $9082124 | &nbsp;&nbsp; $7744582 |
| &nbsp;&nbsp;&nbsp; COLT Pass-Through Certificates Series 2021-1R Class A1144A±± | 0.86 | &nbsp;&nbsp; 5-25-2065 | 1856972 | &nbsp;&nbsp; 1665212 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust Series 2018-CX12 Class A2 | 4.14 | &nbsp;&nbsp; 8-15-2051 | 536146 | &nbsp;&nbsp; 534282 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2020-AFC1 Class A3144A±± | 3.51 | &nbsp;&nbsp; 2-25-2050 | 1070486 | &nbsp;&nbsp; 1020407 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-NQM2 Class A1144A±± | 1.18 | &nbsp;&nbsp; 2-25-2066 | 3101362 | &nbsp;&nbsp; 2771673 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2022-NQM1 Class A1144A±± | 2.27 | &nbsp;&nbsp; 11-25-2066 | 5355317 | &nbsp;&nbsp; 4808650 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust Series 2020-1 Class A1144A±± | 2.01 | &nbsp;&nbsp; 5-25-2065 | 82382 | &nbsp;&nbsp; 81378 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust Series 2021-1 Class A1144A±± | 0.80 | &nbsp;&nbsp; 2-25-2066 | 492740 | &nbsp;&nbsp; 416908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured Securities Trust Series 2022-S6 <br> Class A1144A<br>| 3.00 | &nbsp;&nbsp; 7-25-2061 | 3880270 | &nbsp;&nbsp; 3821569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured Securities Trust Series 2025-S1 <br> Class A1144A<br>| 3.50 | &nbsp;&nbsp; 2-25-2075 | 4160977 | &nbsp;&nbsp; 3964249 |
| &nbsp;&nbsp;&nbsp; GCAT Trust Series 2022-HX1 Class A1144A±± | 2.89 | &nbsp;&nbsp; 12-27-2066 | 10897951 | &nbsp;&nbsp; 10119377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2018-LUAU Class A <br> (U.S. SOFR 1 Month+1.30%)144A±<br>| 5.63 | &nbsp;&nbsp; 11-15-2032 | 4675000 | &nbsp;&nbsp; 4642859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2021-DM Class A <br> (U.S. SOFR 1 Month+1.00%)144A±<br>| 5.33 | &nbsp;&nbsp; 11-15-2036 | 1000000 | &nbsp;&nbsp; 992500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2020-NQM1 <br> Class A1144A±±<br>| 1.38 | &nbsp;&nbsp; 9-27-2060 | 711508 | &nbsp;&nbsp; 669572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-HE1 Class A1 (30 <br> Day Average U.S. SOFR+1.60%)144A±<br>| 5.92 | &nbsp;&nbsp; 8-25-2054 | 5231777 | &nbsp;&nbsp; 5231759 |
| &nbsp;&nbsp;&nbsp; GSMPS Mortgage Loan Trust Series 1998-1 Class A144A±± | 8.00 | &nbsp;&nbsp; 9-19-2027 | 19854 | &nbsp;&nbsp; 19196 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2020-NQM1 Class A1144A±± | 1.38 | &nbsp;&nbsp; 10-25-2055 | 1614524 | &nbsp;&nbsp; 1503861 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM1 Class A1144A±± | 1.07 | &nbsp;&nbsp; 6-25-2056 | 1511719 | &nbsp;&nbsp; 1307736 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM3 Class A1144A±± | 1.60 | &nbsp;&nbsp; 11-25-2056 | 3162125 | &nbsp;&nbsp; 2734077 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1144A±± | 4.38 | &nbsp;&nbsp; 5-25-2067 | 10485401 | &nbsp;&nbsp; 10382320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2018-PHH Class A (U.S. SOFR 1 Month+1.26%)144A±<br>| 5.59 | &nbsp;&nbsp; 6-15-2035 | 3571081 | &nbsp;&nbsp; 3132733 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-4 Class A4A144A±± | 5.50 | &nbsp;&nbsp; 11-25-2055 | 6365000 | &nbsp;&nbsp; 6350597 |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2020-RPL1 Class A1144A±± | 3.00 | &nbsp;&nbsp; 9-25-2059 | 5526067 | &nbsp;&nbsp; 5266583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2002-3 <br> Class 4A1±±<br>| 6.62 | &nbsp;&nbsp; 10-25-2032 | 1273 | &nbsp;&nbsp; 1277 |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2020-NQM1 Class A1144A±± | 2.48 | &nbsp;&nbsp; 3-25-2065 | 611794 | &nbsp;&nbsp; 588476 |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2020-NQM3 Class A1144A±± | 1.01 | &nbsp;&nbsp; 1-26-2065 | 596828 | &nbsp;&nbsp; 561836 |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 2094497 | &nbsp;&nbsp; 1976185 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust Series 2018-2 Class A1144A±± | 3.50 | &nbsp;&nbsp; 5-25-2058 | 9283 | &nbsp;&nbsp; 9250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2021-INV1 <br> Class A6144A±±<br>| 2.50 | &nbsp;&nbsp; 6-25-2051 | 4542614 | &nbsp;&nbsp; 4062871 |
| &nbsp;&nbsp;&nbsp; OBX Trust Series 2020-EXP1 Class 1A8144A±± | 3.50 | &nbsp;&nbsp; 2-25-2060 | 564059 | &nbsp;&nbsp; 499617 |
| &nbsp;&nbsp;&nbsp; OBX Trust Series 2021-NQM3 Class A1144A±± | 1.05 | &nbsp;&nbsp; 7-25-2061 | 3346210 | &nbsp;&nbsp; 2705909 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust Series 2021-1R Class A1144A±± | 0.86 | &nbsp;&nbsp; 1-25-2065 | 1132637 | &nbsp;&nbsp; 1083348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPGN Mortgage Trust Series 2022-TFLM Class A (U.S. SOFR 1 <br> Month+1.55%)144A±<br>| 5.88 | &nbsp;&nbsp; 2-15-2039 | 20000000 | &nbsp;&nbsp; 19800822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1 <br> Class A3144A±±<br>| 2.56 | &nbsp;&nbsp; 2-25-2050 | 2200658 | &nbsp;&nbsp; 2089816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2021-2 <br> Class A1144A±±<br>| 0.94 | &nbsp;&nbsp; 5-25-2065 | 1449765 | &nbsp;&nbsp; 1352332 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2017-4 Class A1144A±± | 2.75 | &nbsp;&nbsp; 6-25-2057 | 455253 | &nbsp;&nbsp; 442523 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2017-6 Class A1144A±± | 2.75 | &nbsp;&nbsp; 10-25-2057 | 450189 | &nbsp;&nbsp; 440195 |

---

See accompanying notes to portfolio of investments

8 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2018-2 Class A1144A±± | 3.25<br> %<br>| &nbsp;&nbsp; 3-25-2058 | $611530 | &nbsp;&nbsp; $602133 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2018-3 Class A1144A±± | 3.75 | &nbsp;&nbsp; 5-25-2058 | 2093094 | &nbsp;&nbsp; 2045081 |
| &nbsp;&nbsp;&nbsp; TRK Trust Series 2021-INV2 Class A1144A±± | 1.97 | &nbsp;&nbsp; 11-25-2056 | 9050092 | &nbsp;&nbsp; 7960338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2018-NYCH Class A <br> (U.S. SOFR 1 Month+0.90%)144A±<br>| 5.23 | &nbsp;&nbsp; 2-15-2032 | 2763356 | &nbsp;&nbsp; 2762663 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2019-INV3 Class A1144A±± | 3.69 | &nbsp;&nbsp; 11-25-2059 | 383486 | &nbsp;&nbsp; 379194 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-1 Class A2144A±± | 1.05 | &nbsp;&nbsp; 1-25-2066 | 2171190 | &nbsp;&nbsp; 1914438 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 1300570 | &nbsp;&nbsp; 1146540 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 2090955 | &nbsp;&nbsp; 1977743 |
| &nbsp;&nbsp;&nbsp; Wilshire Funding Corp. Series 1996-3 Class M2±± | 7.65 | &nbsp;&nbsp; 8-25-2032 | 72869 | &nbsp;&nbsp; 73168 |
| &nbsp;&nbsp;&nbsp; Wilshire Funding Corp. Series 1996-3 Class M3±± | 7.65 | &nbsp;&nbsp; 8-25-2032 | 27926 | &nbsp;&nbsp; 27957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilshire Funding Corp. Series 1998-WFC2 Class M1 (12 Month <br> Treasury Average+2.00%)±<br>| 6.64 | &nbsp;&nbsp; 12-28-2037 | 28958 | &nbsp;&nbsp; 28722 |
| **Total non-agency mortgage-backed securities (Cost $171,173,810)** |  |  |  | &nbsp;&nbsp; **162023963** |
| **U.S. Treasury securities: 9.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 8-31-2026 | 78690000 | &nbsp;&nbsp; 78370322 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-30-2027 | 10195000 | &nbsp;&nbsp; 10163539 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 1-31-2026 | 20285000 | &nbsp;&nbsp; 20276878 |
| **Total U.S. Treasury securities (Cost $109,224,583)** |  |  |  | &nbsp;&nbsp; **108810739** |
| **Yankee corporate bonds and notes: 10.95%** |  |  |  |  |
| **Basic materials: 0.58%** |  |  |  |  |
| **Chemicals: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV144A | 4.50 | &nbsp;&nbsp; 1-10-2028 | 1875000 | &nbsp;&nbsp; **1709123** |
| **Iron/steel: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gerdau Trade, Inc.144A | 4.88 | &nbsp;&nbsp; 10-24-2027 | 5000000 | &nbsp;&nbsp; **4995918** |
| **Communications: 0.43%** |  |  |  |  |
| **Telecommunications: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp.144A | 5.10 | &nbsp;&nbsp; 7-2-2027 | 5000000 | &nbsp;&nbsp; **5061685** |
| **Consumer, cyclical: 0.29%** |  |  |  |  |
| **Leisure time: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 3400000 | &nbsp;&nbsp; **3403083** |
| **Consumer, non-cyclical: 0.55%** |  |  |  |  |
| **Household products/wares: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC144A | 3.00 | &nbsp;&nbsp; 6-26-2027 | 6570000 | &nbsp;&nbsp; **6394924** |
| **Financial: 8.19%** |  |  |  |  |
| **Banks: 6.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA144A | 4.94 | &nbsp;&nbsp; 1-26-2026 | 5000000 | &nbsp;&nbsp; 5011394 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (U.S. SOFR+0.96%)± | 5.09 | &nbsp;&nbsp; 2-25-2029 | 6255000 | &nbsp;&nbsp; 6290973 |
| &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec144A | 4.40 | &nbsp;&nbsp; 8-23-2025 | 12000000 | &nbsp;&nbsp; 11987268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+1.70%)±<br>| 5.87 | &nbsp;&nbsp; 3-6-2029 | 6150000 | &nbsp;&nbsp; 6330254 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd.144A | 5.27 | &nbsp;&nbsp; 7-2-2027 | 5000000 | &nbsp;&nbsp; 5089317 |

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 9

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 4.50<br> %<br>| &nbsp;&nbsp; 10-26-2027 | $7000000 | &nbsp;&nbsp; $7039233 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (U.S. SOFR+0.80%)± | 4.95 | &nbsp;&nbsp; 2-1-2028 | 4000000 | &nbsp;&nbsp; 4017242 |
| &nbsp;&nbsp;&nbsp; NatWest Markets PLC144A | 5.42 | &nbsp;&nbsp; 5-17-2027 | 5000000 | &nbsp;&nbsp; 5090331 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB144A%% | 4.38 | &nbsp;&nbsp; 6-2-2028 | 7000000 | &nbsp;&nbsp; 7015760 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 5.46 | &nbsp;&nbsp; 1-13-2026 | 10000000 | &nbsp;&nbsp; 10046196 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant Maturity+1.60%)144A± | 6.33 | &nbsp;&nbsp; 12-22-2027 | 7000000 | &nbsp;&nbsp; 7164840 |
|  |  |  |  | &nbsp;&nbsp; **75082808** |
| **Diversified financial services: 1.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 4.88 | &nbsp;&nbsp; 4-1-2028 | 5000000 | &nbsp;&nbsp; 5025469 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 4.95 | &nbsp;&nbsp; 1-15-2028 | 6100000 | &nbsp;&nbsp; 6082520 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC | 5.83 | &nbsp;&nbsp; 5-8-2028 | 3365000 | &nbsp;&nbsp; 3379875 |
|  |  |  |  | &nbsp;&nbsp; **14487864** |
| **Real estate: 0.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust144A | 3.88 | &nbsp;&nbsp; 3-20-2027 | 5875000 | &nbsp;&nbsp; **5785753** |
| **Government securities: 0.25%** |  |  |  |  |
| **Multi-national: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 3000000 | &nbsp;&nbsp; **2930769** |
| **Industrial: 0.53%** |  |  |  |  |
| **Miscellaneous manufacturing: 0.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV144A | 4.35 | &nbsp;&nbsp; 5-26-2028 | 6125000 | &nbsp;&nbsp; **6137186** |
| **Utilities: 0.13%** |  |  |  |  |
| **Electric: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 1500000 | &nbsp;&nbsp; **1507368** |
| **Total yankee corporate bonds and notes (Cost $126,637,578)** |  |  |  | &nbsp;&nbsp; **127496481** |
| **Yankee government bonds: 0.41%** |  |  |  |  |
| **Panama: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Panama | 3.88 | &nbsp;&nbsp; 3-17-2028 | 5000000 | &nbsp;&nbsp; **4772000** |
| **Total yankee government bonds (Cost $4,752,220)** |  |  |  | &nbsp;&nbsp; **4772000** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 15.15%** |  |  |  |
| **Investment companies: 4.06%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞## | 4.23 | 47240919 | &nbsp;&nbsp; **47240919** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Principal |  |
| **U.S. Treasury securities: 11.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ | 1.41 | &nbsp;&nbsp; 6-3-2025 | $30000000 | &nbsp;&nbsp; 29996477 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ | 2.53 | &nbsp;&nbsp; 6-5-2025 | 15000000 | &nbsp;&nbsp; 14994686 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ | 3.92 | &nbsp;&nbsp; 6-26-2025 | 18000000 | &nbsp;&nbsp; 17949255 |

---

See accompanying notes to portfolio of investments

10 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Yield | Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ |  | 3.97<br> %<br>| &nbsp;&nbsp; 7-3-2025 | $36500000 | &nbsp;&nbsp; $36367426 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ |  | 4.02 | &nbsp;&nbsp; 7-10-2025 | 30000000 | &nbsp;&nbsp; 29866209 |
|  |  |  |  |  | &nbsp;&nbsp; **129174053** |
| **Total short-term investments (Cost $176,415,334)** |  |  |  |  | &nbsp;&nbsp; **176414972** |
| **Total investments in securities (Cost $1,185,334,309)** | 101.09<br> %<br>|  |  |  | &nbsp;&nbsp; 1177388466 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (1.09)<br>|  |  |  | &nbsp;&nbsp; (12701510)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$1164686956** |

---

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

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ‡ | Security is valued using significant unobservable inputs. |
| %% | The security is purchased on a when-issued basis. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BDC | Business Development Company |
| CLO | Collateralized loan obligation |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| RFUCCT6M | Refinitiv USD IBOR Consumer Cash Fallbacks Term 6-month |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund <br> Select Class<br>| $49165220 | $714160558 | $(716084859)<br>| $0 | $0 | $47240919 | 47240919 | $1946427 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp; Notional <br>cost<br>| &nbsp;&nbsp; Notional <br>value<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| **Short** |  |  |  |  |  |  |
| &nbsp;&nbsp; 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (358)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; $(39575173)<br>| &nbsp;&nbsp; $(39648500)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(73327)<br>|

---

See accompanying notes to portfolio of investments

Allspring Ultra Short-Term Income Fund \| 11

------

Portfolio of investments—May 31, 2025 (unaudited)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp; Notional<br> cost<br>| &nbsp;&nbsp; Notional<br> value<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| **Short** (continued) |  |  |  |  |  |  |
| &nbsp;&nbsp; 2-Year U.S. Treasury Notes | &nbsp;&nbsp; (1265)<br>| &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; $(262198873)<br>| &nbsp;&nbsp; $(262408438)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(209565)<br>|
| &nbsp;&nbsp; 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (86)<br>| &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; (9287805)<br>| &nbsp;&nbsp; (9304125)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (16320)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$(299212)**<br>|

---

See accompanying notes to portfolio of investments

12 \| Allspring Ultra Short-Term Income Fund

------

Notes to portfolio of investments—May 31, 2025 (unaudited)

Notes to portfolio of investments

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in

Allspring Ultra Short-Term Income Fund \| 13

------

Notes to portfolio of investments—May 31, 2025 (unaudited)

active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1 – quoted prices in active markets for identical securities

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

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

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $12391983 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $12391983 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 204523481 | &nbsp;&nbsp;&nbsp;&nbsp; 1925371 | &nbsp;&nbsp;&nbsp;&nbsp; 206448852 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 364588602 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 364588602 |
| **Investment companies** | &nbsp;&nbsp; 13446230 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 13446230 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 994644 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 994644 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 162023963 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 162023963 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 108810739 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 108810739 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 127496481 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 127496481 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4772000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4772000 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 47240919 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 47240919 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 129174053 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 129174053 |
| **Total assets** | &nbsp;&nbsp; **$298671941** | &nbsp;&nbsp;&nbsp; **$876791154** | &nbsp;&nbsp;&nbsp; **$1925371** | &nbsp;&nbsp;&nbsp; **$1177388466** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $299212 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $299212 |
| **Total liabilities** | &nbsp;&nbsp; **$299212** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$299212** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. All other assets and liabilities are reported at their market value at measurement date.

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

As of May 31, 2025, $2,919,000 was segregated as cash collateral for these open futures contracts.

At May 31, 2025, the Fund did not have any transfers into/out of Level 3.

14 \| Allspring Ultra Short-Term Income Fund

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ALLSPRING FUNDS TRUST

- **b. Investment Company Act file number:** 811-09253

- **c. CIK number of Registrant:** 0001081400

- **d. LEI of Registrant:** 549300XROIY0CTN7RZ24

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

  - **Street Address 1:** 1415 Vantage Park Drive

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28203

  - **Telephone number:** 833-568-4255

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

- **a. Name of Series:** Allspring Ultra Short-Term Income Fund

- **b. EDGAR series identifier (if any):** S000007431

- **c. LEI of Series:** 549300YSJF3G2WMEW567

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1188545758.94

**Total Liabilities:** $28879929.94

**Net Assets:** $1159665829.00

**Delayed Delivery Securities:** $20471062.00

**Cash Not Reported:** $3076930.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4193.63000000 | **1-Year:** -65576.40000000 | **5-Year:** -40326.99000000 | **10-Year:** -12296.40000000 | **30-Year:** -2544.89000000

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

- **3-Month:** -495.67000000 | **1-Year:** -4200.31000000 | **5-Year:** -1880.06000000 | **10-Year:** -1808.13000000 | **30-Year:** -250.97000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020394 | 0.24%                | 0.35%                | 0.47%                |
| Class ID C000064989 | 0.18%                | 0.29%                | 0.41%                |
| Class ID C000020396 | 0.38%                | 0.26%                | 0.49%                |
| Class ID C000020395 | 0.25%                | 0.35%                | 0.47%                |
| Class ID C000220297 | 0.25%                | 0.36%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $263547.00               | $-715524.48                                |
| Month 2  | $309803.71               | $1022960.67                                |
| Month 3  | $245354.07               | $-1431320.59                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBFA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2239 | PA      | $2301.10      | 0.00%             | 2034-10-01      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450189 | PA      | $440195.26    | 0.04%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust 2025-VLT6                                                              | CUSIP: 12433KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5005000 | PA      | $4967462.50   | 0.43%             | 2042-03-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust                | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    530027 | PA      | $515347.33    | 0.04%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-R1                                                | CUSIP: 034651AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1158730 | PA      | $1098802.88   | 0.09%             | 2053-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8141402.48   | 0.70%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                              | Southern California Edison Co                                                   | CUSIP: 842400JB0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5023892.80   | 0.43%             | 2026-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                 | MercadoLibre Inc                                                                | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1962349.40   | 0.17%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                               | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2986878 | PA      | $2736847.97   | 0.24%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                   | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006798.60   | 0.43%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                           | CHL Mortgage Pass-Through Trust 2001-HYB1                                       | CUSIP: 12669B2W1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57207 | PA      | $56732.70     | 0.00%             | 2031-06-19      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| CITADEL FINANCE LLC                              | Citadel Finance LLC                                                             | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2955319.65   | 0.25%             | 2026-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through Securities         | Freddie Mac Structured Pass-Through Certificates                                | CUSIP: 31392MH47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    324811 | PA      | $368677.11    | 0.03%             | 2042-02-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                    | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5556223 | PA      | $5556432.27   | 0.48%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                  | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |   5099000 | PA      | $5228065.89   | 0.45%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                         | Brex Commercial Charge Card Master Trust                                        | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2715000 | PA      | $2736815.30   | 0.24%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31300M6U2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    352709 | PA      | $363594.94    | 0.03%             | 2038-09-01      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                               | CUSIP: 3136AJPG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44276 | PA      | $43165.42     | 0.00%             | 2040-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                              | Quanta Services Inc                                                             | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |   6505000 | PA      | $6531688.65   | 0.56%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                          | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3645975 | PA      | $3625175.15   | 0.31%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                    | Commonbond Student Loan Trust 2018-BGS                                          | CUSIP: 20268MAA4<br>LEI: 549300EJIXF1G1X7PN20 | Long             | ABS-O            | CORP              | US        |   1496419 | PA      | $1431909.31   | 0.12%             | 2045-09-25      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                 | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7051882.60   | 0.61%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| iShares 0-5 Year High Yield Corporate Bond ETF   | iShares 0-5 Year High Yield Corporate Bond ETF                                  | CUSIP: 46434V407<br>LEI: 549300R96U5WQ7R5ID10 | Long             | EC               | RF                | US        |    314900 | NS      | $13446230.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Credit Acceptance Receivables Trust     | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4685000 | PA      | $4681558.87   | 0.40%             | 2028-11-13      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                               | Siemens Funding BV                                                              | CUSIP: 82622RAA4<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |   6125000 | PA      | $6137186.30   | 0.53%             | 2028-05-26      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                | CUSIP: 62954WAL9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   5000000 | PA      | $5061684.60   | 0.44%             | 2027-07-02      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3011087.10   | 0.26%             | 2028-01-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae Trust 2003-W3                                                        | CUSIP: 31392JYJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     13800 | PA      | $13265.48     | 0.00%             | 2042-08-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  78690000 | PA      | $78370321.88  | 6.76%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2021-2                                               | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300570 | PA      | $1146539.95   | 0.10%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                             | Bayer US Finance LLC                                                            | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2536456.88   | 0.22%             | 2026-11-21      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust              | Starwood Mortgage Residential Trust 2021-2                                      | CUSIP: 85573HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1449765 | PA      | $1352331.84   | 0.12%             | 2065-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association                   | US Bank NA                                                                      | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    993007 | PA      | $1004806.14   | 0.09%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2021-HX1 Mortgage Loan Trust                                               | CUSIP: 19688KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9082124 | PA      | $7744582.33   | 0.67%             | 2066-10-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                      | Cencora Inc                                                                     | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3157200.04   | 0.27%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                            | TRK 2021-INV2 Trust                                                             | CUSIP: 87267TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9050092 | PA      | $7960338.21   | 0.69%             | 2056-11-25      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                              | CUSIP: 3137AFA69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    422122 | PA      | $415205.61    | 0.04%             | 2041-09-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   7735000 | PA      | $7807430.85   | 0.67%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-2                      | CHNGE Mortgage Trust 2022-2                                                     | CUSIP: 12546YAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9886413 | PA      | $9553283.62   | 0.82%             | 2067-03-25      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes          | Santander Bank Auto Credit-Linked Notes Series 2023-A                           | CUSIP: 80290CBU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    394155 | PA      | $395381.63    | 0.03%             | 2033-06-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                         | Lloyds Banking Group PLC                                                        | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   6150000 | PA      | $6330254.22   | 0.55%             | 2029-03-06      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  10000000 | PA      | $10046195.90  | 0.87%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                       | Intel Corp                                                                      | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   5407000 | PA      | $5307095.24   | 0.46%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                          | Metropolitan Life Global Funding I                                              | CUSIP: 592179KL8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5060808.55   | 0.44%             | 2027-06-11      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                 | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5014737.65   | 0.43%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31300MDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    361562 | PA      | $370307.23    | 0.03%             | 2035-11-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust               | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    492740 | PA      | $416907.68    | 0.04%             | 2066-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    455253 | PA      | $442522.99    | 0.04%             | 2057-06-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                           | Skandinaviska Enskilda Banken AB                                                | CUSIP: 830505BE2<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $7015760.01   | 0.60%             | 2028-06-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                  | Residential Mortgage Loan Trust 2021-1R                                         | CUSIP: 76090NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1132637 | PA      | $1083347.76   | 0.09%             | 2065-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                      | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7207581.85   | 0.62%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | UBS Commercial Mortgage Trust 2018-NYCH                                         | CUSIP: 90266HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2763356 | PA      | $2762662.94   | 0.24%             | 2032-02-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                              | CUSIP: 3137FQEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2524126 | PA      | $2440720.43   | 0.21%             | 2049-12-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR                   | ALLSPRING GOVERNMENT MONEY MAR                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  47240919 | NS      | $47240919.10  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Corp Trust 2018-LUAU                                     | CUSIP: 36256AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4675000 | PA      | $4642859.38   | 0.40%             | 2032-11-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    818058 | PA      | $727728.01    | 0.06%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31415QK96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    131118 | PA      | $135539.67    | 0.01%             | 2036-05-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                         | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1666668 | PA      | $1660355.13   | 0.14%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20285000 | PA      | $20276878.09  | 1.75%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2021-NQM3                                          | CUSIP: 452762AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3162125 | PA      | $2734077.40   | 0.24%             | 2056-11-25      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BK/NY                         | National Australia Bank Ltd/New York                                            | CUSIP: 632525CA7<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   7000000 | PA      | $7039233.11   | 0.61%             | 2027-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                             | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29866208.40  | 2.58%             | 2025-07-10      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| HCA Inc                                          | HCA Inc                                                                         | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5021755.30   | 0.43%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                         | Banque Ouest Africaine de Developpement                                         | CUSIP: 06675QAB9<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |   3000000 | PA      | $2930768.58   | 0.25%             | 2027-07-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-B                                        | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4990744.00   | 0.43%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9490213 | PA      | $9483931.84   | 0.82%             | 2037-02-19      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust    | ClickLease Equipment Receivables 2024-1 Trust                                   | CUSIP: 18682FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168590 | PA      | $168695.76    | 0.01%             | 2030-02-15      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2025-FL14 LLC                                                               | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5630000 | PA      | $5591308.39   | 0.48%             | 2042-10-21      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                             | CUSIP: 912797PL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29996477.40  | 2.59%             | 2025-06-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2025-1                                             | CUSIP: 24703UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2254529.93   | 0.19%             | 2027-07-22      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBE69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485161 | PA      | $498712.17    | 0.04%             | 2044-07-01      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Master Issuer LLC                  | Domino's Pizza Master Issuer LLC                                                | CUSIP: 25755TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12985000 | PA      | $12943705.10  | 1.12%             | 2045-10-25      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31300LH40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50586 | PA      | $51912.32     | 0.00%             | 2035-05-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | Citibank NA                                                                     | CUSIP: 17325FBN7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5007119.20   | 0.43%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                          | National Bank of Canada                                                         | CUSIP: 63307A3D5<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4017242.24   | 0.35%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                 | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3571081 | PA      | $3132733.04   | 0.27%             | 2035-06-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                             | CUSIP: 912797NP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  15000000 | PA      | $14994686.25  | 1.29%             | 2025-06-05      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| A&D Mortgage Trust                               | A&D Mortgage Trust 2024-NQM5                                                    | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |   4053377 | PA      | $4051975.34   | 0.35%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                         | Toyota Motor Credit Corp                                                        | CUSIP: 89236TNG6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5015779.95   | 0.43%             | 2027-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAL6<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1942988.60   | 0.17%             | 2026-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 80 CLO Ltd                                                               | CUSIP: 26245JAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10605374 | PA      | $10609598.84  | 0.91%             | 2033-01-17      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                           | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675FAZ0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5000000 | PA      | $5011393.55   | 0.43%             | 2026-01-26      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON                          | Bank of New York Mellon/The                                                     | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   4740000 | PA      | $4780824.53   | 0.41%             | 2029-04-20      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31407UMR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194842 | PA      | $202537.11    | 0.02%             | 2034-11-01      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                  | Prestige Auto Receivables Trust 2024-2                                          | CUSIP: 74113SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3255000 | PA      | $3241431.53   | 0.28%             | 2029-02-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| M&T Bank Auto Receivables Trust                  | M&T Bank Auto Receivables Trust 2024-1                                          | CUSIP: 55286TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3715000 | PA      | $3753407.90   | 0.32%             | 2032-02-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER TSY                            | Reckitt Benckiser Treasury Services PLC                                         | CUSIP: 75625QAE9<br>LEI: 213800LAXWIUOOBZ3908 | Long             | DBT              | CORP              | GB        |   6570000 | PA      | $6394924.02   | 0.55%             | 2027-06-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31406LZ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69937 | PA      | $71882.98     | 0.01%             | 2034-12-01      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                           | Morgan Stanley Bank NA                                                          | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3664628.03   | 0.32%             | 2028-05-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-5                                                 | CUSIP: 03464WAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290688 | PA      | $278661.95    | 0.02%             | 2065-05-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                             | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  18000000 | PA      | $17949254.94  | 1.55%             | 2025-06-26      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                      | CUSIP: 80282KBN5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6048328.74   | 0.52%             | 2029-03-20      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2018-3                                                | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2093094 | PA      | $2045080.65   | 0.18%             | 2058-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc                              | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2830897.13   | 0.24%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2024-P3                                          | CUSIP: 146919AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2465164 | PA      | $2463801.14   | 0.21%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2013-1                                                   | CUSIP: 78447MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2373394 | PA      | $2348327.53   | 0.20%             | 2055-05-26      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                  | CSAIL 2018-CX12 Commercial Mortgage Trust                                       | CUSIP: 12595XAR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    536146 | PA      | $534282.49    | 0.05%             | 2051-08-15      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2020-NQM1                                          | CUSIP: 452760AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1614524 | PA      | $1503860.50   | 0.13%             | 2055-10-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                  | BRAVO Residential Funding Trust 2020-RPL1                                       | CUSIP: 10568YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    417691 | PA      | $407622.02    | 0.04%             | 2059-05-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                         | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAC2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7018004.56   | 0.61%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Wilshire Funding Corporation                     | Wilshire Funding Corp                                                           | CUSIP: 126342FX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27926 | PA      | $27956.59     | 0.00%             | 2032-08-25      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2019-INV3                                            | CUSIP: 92537MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    383486 | PA      | $379194.30    | 0.03%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                           | National Securities Clearing Corp                                               | CUSIP: 637639AN5<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5012709.60   | 0.43%             | 2027-05-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Gerdau Trade Inc                                 | Gerdau Trade Inc                                                                | CUSIP: 37373WAD2<br>LEI: 5493008RWEW71JB0LO29 | Long             | DBT              | CORP              | VG        |   5000000 | PA      | $4995918.00   | 0.43%             | 2027-10-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10485401 | PA      | $10382320.34  | 0.90%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2024-A              | Sotheby's Artfi Master Trust                                                    | CUSIP: 83589CAC2<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2012389.20   | 0.17%             | 2031-12-22      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                   | Finance of America HECM Buyout 2024-HB1                                         | CUSIP: 31737DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2426100 | PA      | $2406935.63   | 0.21%             | 2034-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                 | First Investors Auto Owner Trust 2023-1                                         | CUSIP: 320986AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    561502 | PA      | $566932.56    | 0.05%             | 2028-10-16      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                         | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd       | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3816000 | PA      | $3824757.72   | 0.33%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust   | Finance of America Structured Securities Trust 2022-S6                          | CUSIP: 31740XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3880270 | PA      | $3821568.58   | 0.33%             | 2061-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                              | Fifth Third Bank NA                                                             | CUSIP: 31677QBU2<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3011959.50   | 0.26%             | 2028-01-28      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                     | Blue Owl Asset Leasing Trust 2024-1 LLC                                         | CUSIP: 095921AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5475760 | PA      | $5480098.38   | 0.47%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                       | Barings Equipment Finance LLC 2025-A                                            | CUSIP: 06764MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5750000 | PA      | $5750921.15   | 0.50%             | 2028-10-13      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBE77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    641996 | PA      | $664356.11    | 0.06%             | 2038-07-01      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                         | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7033675.39   | 0.61%             | 2027-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                           | CUSIP: 31287QEJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98891 | PA      | $103322.08    | 0.01%             | 2031-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2024-A              | Sotheby's Artfi Master Trust                                                    | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |   5800000 | PA      | $5845240.00   | 0.50%             | 2031-12-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I       | Research-Driven Pagaya Motor Asset Trust VII                                    | CUSIP: 76088TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2067795 | PA      | $2068315.60   | 0.18%             | 2030-11-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ONSLOW BAY FINANCIAL LLC                         | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3346210 | PA      | $2705909.09   | 0.23%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| FRONTIER CALIFORNIA INC                          | Frontier California Inc                                                         | CUSIP: 362311AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3456075.00   | 0.30%             | 2027-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Private Education Loan Trust 2010-C                                         | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |   2332335 | PA      | $2444560.50   | 0.21%             | 2041-10-15      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                           | CUSIP: 3128MEZJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8256 | PA      | $8256.26      | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31388GXS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27680 | PA      | $27965.46     | 0.00%             | 2031-10-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                    | ECMC Group Student Loan Trust 2020-2                                            | CUSIP: 26829HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3430842 | PA      | $3442954.24   | 0.30%             | 2069-11-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2021-NQM1                                          | CUSIP: 452764AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1511719 | PA      | $1307735.90   | 0.11%             | 2056-06-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans Inc | INDIANA ST SECONDARY MARKET FOR EDU LOANS INC                                   | CUSIP: 45505HAT4<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |    993700 | PA      | $994644.05    | 0.09%             | 2044-02-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                           | Federation des Caisses Desjardins du Quebec                                     | CUSIP: 31429KAG8<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |  12000000 | PA      | $11987268.12  | 1.03%             | 2025-08-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                             | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10195000 | PA      | $10163538.84  | 0.88%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | Csmc 2022-Nqm1 Trust                                                            | CUSIP: 126416AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5355317 | PA      | $4808650.12   | 0.41%             | 2066-11-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31407VNF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32648 | PA      | $33671.09     | 0.00%             | 2035-11-01      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2020-EXP1 Trust                                                             | CUSIP: 67448TAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    564059 | PA      | $499617.08    | 0.04%             | 2060-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                   | Wheels Fleet Lease Funding 1 LLC                                                | CUSIP: 96328GBT3<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   1967000 | PA      | $1972596.31   | 0.17%             | 2039-06-21      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31385H5V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16149 | PA      | $16396.60     | 0.00%             | 2031-11-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2021-FL7 Ltd                                                                | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8260718 | PA      | $8250838.55   | 0.71%             | 2036-10-16      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31390HLY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42159 | PA      | $42940.41     | 0.00%             | 2032-06-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2021-A                                                 | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722016 | PA      | $708308.29    | 0.06%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2021-R3                                              | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2090955 | PA      | $1977742.54   | 0.17%             | 2064-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2025-4                                          | CUSIP: 46593UAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6365000 | PA      | $6350596.64   | 0.55%             | 2055-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   5000000 | PA      | $5025468.45   | 0.43%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    437546 | PA      | $414970.06    | 0.04%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                 | TCI-Symphony CLO 2016-1 Ltd                                                     | CUSIP: 87229WAQ4<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |   4547259 | PA      | $4557549.66   | 0.39%             | 2032-10-13      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                            | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6998340.44   | 0.60%             | 2029-05-09      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                                  | HGI CRE CLO 2021-FL2 Ltd                                                        | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3160556 | PA      | $3146523.94   | 0.27%             | 2036-09-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                           | Lendmark Funding Trust 2024-2                                                   | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4620000 | PA      | $4577543.12   | 0.39%             | 2034-02-21      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                         | Jackson National Life Global Funding                                            | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5083487.80   | 0.44%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4542614 | PA      | $4062871.39   | 0.35%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                             | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995892.28   | 0.17%             | 2028-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -86 | NC      | $-16319.53    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                            | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5048973.75   | 0.44%             | 2029-01-24      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                               | Macquarie Bank Ltd                                                              | CUSIP: 55608PBT0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $5089316.90   | 0.44%             | 2027-07-02      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2021-NQM1 Trust                                                             | CUSIP: 55283FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2094497 | PA      | $1976184.65   | 0.17%             | 2065-04-25      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2022-CM1 Trust                                                             | CUSIP: 36168XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10897951 | PA      | $10119376.69  | 0.87%             | 2066-12-27      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                         | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4818000 | PA      | $4838991.59   | 0.42%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6180000 | PA      | $6225995.02   | 0.54%             | 2029-04-23      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31347AFY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162280 | PA      | $167003.40    | 0.01%             | 2038-04-01      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5816229.96   | 0.50%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Westlake Flooring Master Trust                   | Westlake Flooring Master Trust                                                  | CUSIP: 96043GAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $392425.64    | 0.03%             | 2028-02-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                      | Ally Auto Receivables Trust 2024-2                                              | CUSIP: 02007NAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3988588.80   | 0.34%             | 2029-07-16      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31407VH40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115950 | PA      | $120337.37    | 0.01%             | 2045-08-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| MAREX GROUP PLC                                  | Marex Group PLC                                                                 | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |   3365000 | PA      | $3379874.85   | 0.29%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                     | Voya CLO 2017-1 Ltd                                                             | CUSIP: 92916MAF8<br>LEI: 54930054YW6PM1FPVU95 | Long             | ABS-CBDO         | CORP              | KY        |    886490 | PA      | $886826.06    | 0.08%             | 2030-04-17      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                              | CUSIP: 3137FMB43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    527052 | PA      | $465951.99    | 0.04%             | 2049-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya Ai Debt Trust 2024-4                                                     | CUSIP: 69548CAA5<br>LEI: 254900ULYEY0HX0PKA54 | Long             | ABS-O            | CORP              | US        |   1594843 | PA      | $1596839.19   | 0.14%             | 2031-08-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                           | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2812500 | PA      | $2806619.34   | 0.24%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments Inc                                                             | CUSIP: 891906AC3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   6305000 | PA      | $6302432.67   | 0.54%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBE36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189458 | PA      | $196429.30    | 0.02%             | 2038-11-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| RFS Asset Securitization II LLC                  | RFS Asset Securitization II LLC                                                 | CUSIP: 74969DAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4190000 | PA      | $4251028.19   | 0.37%             | 2031-07-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae REMIC Trust 2007-W2                                                  | CUSIP: 31396VAD0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    156533 | PA      | $153948.22    | 0.01%             | 2037-03-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                 | Carlyle Global Market Strategies CLO 2015-1 Ltd                                 | CUSIP: 14311DBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3808584 | PA      | $3810474.01   | 0.33%             | 2031-07-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                              | Emera US Finance LP                                                             | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4695000 | PA      | $4632615.61   | 0.40%             | 2026-06-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Trust 2023-8                                                     | CUSIP: 694960AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400294 | PA      | $2428378.25   | 0.21%             | 2031-06-16      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Corp Trust 2021-DM                                       | CUSIP: 36265AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $992500.00    | 0.09%             | 2036-11-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                               | CNO Global Funding                                                              | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3579404.89   | 0.31%             | 2027-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                               | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1037699.40   | 0.09%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                          | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   2975000 | PA      | $2938058.00   | 0.25%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                              | Ashtead Capital Inc                                                             | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2628000 | PA      | $2527101.15   | 0.22%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust              | GS Mortgage-Backed Securities Trust 2020-NQM1                                   | CUSIP: 36259WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    711508 | PA      | $669571.66    | 0.06%             | 2060-09-27      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust              | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200658 | PA      | $2089815.78   | 0.18%             | 2050-02-25      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| Wilshire Funding Corporation                     | Wilshire Funding Corp                                                           | CUSIP: 22540AGU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28958 | PA      | $28722.14     | 0.00%             | 2037-12-28      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                  | BRAVO Residential Funding Trust 2021-HE2                                        | CUSIP: 10569CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2067943 | PA      | $2061494.65   | 0.18%             | 2069-11-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                              | Georgia-Pacific LLC                                                             | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3503535.91   | 0.30%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                             | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  36500000 | PA      | $36367425.80  | 3.14%             | 2025-07-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAP2<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |  10615000 | PA      | $10657838.21  | 0.92%             | 2025-12-02      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   3400000 | PA      | $3403083.26   | 0.29%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31300LN50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    178991 | PA      | $184537.84    | 0.02%             | 2035-03-01      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | CFMT 2021-AL1 LLC                                                               | CUSIP: 12529UAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    942774 | PA      | $930776.50    | 0.08%             | 2031-09-22      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| GSMPS Mortgage Loan Trust                        | GSMPS Mortgage Loan Trust                                                       | CUSIP: 36228FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19854 | PA      | $19196.08     | 0.00%             | 2027-09-19      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I                           | American Tower Trust #1                                                         | CUSIP: 03027WAM4<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |   1670000 | PA      | $1691169.25   | 0.15%             | 2028-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                  | BRAVO Residential Funding Trust 2023-NQM1                                       | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    777118 | PA      | $776062.88    | 0.07%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                 | HF Sinclair Corp                                                                | CUSIP: 403949AP5<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   3916000 | PA      | $3952515.33   | 0.34%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust   | Finance Of America Structured Securities Trust Series 2025-S1                   | CUSIP: 31741BAB0<br>LEI: 254900W0S6GNEJ457023 | Long             | ABS-MBS          | CORP              | US        |   4160977 | PA      | $3964248.95   | 0.34%             | 2075-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                         | Live Nation Entertainment Inc                                                   | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3440296.80   | 0.30%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBFB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75704 | PA      | $77834.02     | 0.01%             | 2035-09-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                       | Mattel Inc                                                                      | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   5921000 | PA      | $5829754.43   | 0.50%             | 2026-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2003-10                                                  | CUSIP: 78442GJH0<br>LEI: 5493000NQN5E3MSIIG77 | Long             | ABS-O            | CORP              | US        |   9919125 | PA      | $9793106.54   | 0.84%             | 2068-12-17      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                             | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   5919000 | PA      | $5708259.51   | 0.49%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5042338.60   | 0.43%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust            | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6280000 | PA      | $6318877.60   | 0.54%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                             | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5012576.45   | 0.43%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CADILLAC FAIRVIEW PRP TR                         | Ontario Teachers' Cadillac Fairview Properties Trust                            | CUSIP: 68327LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5875000 | PA      | $5785753.46   | 0.50%             | 2027-03-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                           | Daimler Truck Finance North America LLC                                         | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   6305000 | PA      | $6342841.41   | 0.55%             | 2028-01-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31295NJR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21244 | PA      | $21633.99     | 0.00%             | 2032-04-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                            | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5060576.45   | 0.44%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2021-1                                               | CUSIP: 92537QAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2171190 | PA      | $1914437.65   | 0.17%             | 2066-01-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                           | Cadence Design Systems Inc                                                      | CUSIP: 127387AM0<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2989046.85   | 0.26%             | 2027-09-10      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFW7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5050218.85   | 0.44%             | 2028-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   5255000 | PA      | $5282543.29   | 0.46%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                        | GATX Corp                                                                       | CUSIP: 361448BP7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5051217.80   | 0.44%             | 2027-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                               | BMW US Capital LLC                                                              | CUSIP: 05565ECP8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   6505000 | PA      | $6513521.03   | 0.56%             | 2026-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31387Y5U3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119843 | PA      | $123035.12    | 0.01%             | 2031-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2002-T1                                                | CUSIP: 31392A7D4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    165197 | PA      | $180558.77    | 0.02%             | 2031-11-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2025-HB1                                               | CUSIP: 034936AA2<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3011676.00   | 0.26%             | 2055-02-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                           | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAF3<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |   5610000 | PA      | $5668498.67   | 0.49%             | 2027-06-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                            | American Airlines 2015-1 Class A Pass Through Trust                             | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4995200 | PA      | $4850636.73   | 0.42%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31385HSE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57333 | PA      | $58291.93     | 0.01%             | 2040-12-01      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -358 | NC      | $-73327.35    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MFRA Trust                                       | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    596828 | PA      | $561835.72    | 0.05%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                         | Vistra Operations Co LLC                                                        | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   6195000 | PA      | $6079087.59   | 0.52%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                           | Morgan Stanley Bank NA                                                          | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5050232.40   | 0.44%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Carlyle C17 CLO                                  | Carlyle C17 CLO Ltd                                                             | CUSIP: 14307PAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    693213 | PA      | $693634.53    | 0.06%             | 2031-04-30      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| MNR ABS ISSUER I LLC                             | MNR ABS ISSUER I LLC                                                            | CUSIP: 55317XAA7<br>LEI: 254900P5PAYARXBH9O74 | Long             | ABS-O            | CORP              | US        |   1901601 | PA      | $1925371.25   | 0.17%             | 2038-12-15      | Fixed         | 8.12%                 | No            |                  3 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                    | CUSIP: 06738ECX1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6255000 | PA      | $6290972.69   | 0.54%             | 2029-02-25      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                            | Pinnacle West Capital Corp                                                      | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3778739.21   | 0.33%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                       | CUSIP: 31300LAR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    144194 | PA      | $147343.65    | 0.01%             | 2038-10-01      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 31404FPT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    212927 | PA      | $217984.16    | 0.02%             | 2034-06-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC                                       | Ecolab Inc                                                                      | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4914545.11   | 0.42%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust            | MASTR Adjustable Rate Mortgages Trust 2002-3                                    | CUSIP: 576433BM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1273 | PA      | $1277.12      | 0.00%             | 2032-10-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   6505000 | PA      | $6506310.50   | 0.56%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2022-FL5 Issuer Ltd                                                        | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13307879 | PA      | $13298784.75  | 1.15%             | 2039-02-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2021-NQM2                                                                  | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3101362 | PA      | $2771673.49   | 0.24%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                       | 1345T 2025-AOA                                                                  | CUSIP: 68271CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3006580.20   | 0.26%             | 2030-06-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                      | Legacy Mortgage Asset Trust 2020-RPL1                                           | CUSIP: 52474HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5526067 | PA      | $5266583.37   | 0.45%             | 2059-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                        | Emera Inc                                                                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1507368.00   | 0.13%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2020-NQM1 Trust                                                             | CUSIP: 552754AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    611794 | PA      | $588476.32    | 0.05%             | 2065-03-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust              | GS Mortgage-Backed Securities Trust 2024-HE1                                    | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5231777 | PA      | $5231759.01   | 0.45%             | 2054-08-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                | FREED ABS Trust 2022-3FP                                                        | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1741392 | PA      | $1751524.92   | 0.15%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   6100000 | PA      | $6082520.27   | 0.52%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                       | Flagship Credit Auto Trust 2020-3                                               | CUSIP: 33844TAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4690000 | PA      | $4681469.83   | 0.40%             | 2027-12-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                 | SpringCastle America Funding LLC                                                | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1369478 | PA      | $1281228.13   | 0.11%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3140JBE44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    746268 | PA      | $769551.76    | 0.07%             | 2040-12-01      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                            | CCG Receivables Trust 2022-1                                                    | CUSIP: 12511JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465488 | PA      | $464672.93    | 0.04%             | 2029-07-16      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                 | CUSIP: 37045XEX0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2185000 | PA      | $2200763.33   | 0.19%             | 2027-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                        | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5004844.45   | 0.43%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6989768.94   | 0.60%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                            | SBNA Auto Lease Trust 2025-A                                                    | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1504146.45   | 0.13%             | 2028-04-20      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae REMIC Trust 2002-W4                                                  | CUSIP: 31392DUC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    219321 | PA      | $217023.96    | 0.02%             | 2042-05-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| HSBC USA INC                                     | HSBC USA Inc                                                                    | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5615741.88   | 0.48%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae REMIC Trust 2003-W11                                                 | CUSIP: 31393C6U2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      8124 | PA      | $8218.63      | 0.00%             | 2033-06-25      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                               | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006170.10   | 0.43%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2001-T12                                               | CUSIP: 31392A5N4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    159575 | PA      | $165494.53    | 0.01%             | 2041-08-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3138EQBQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    393203 | PA      | $406638.05    | 0.04%             | 2036-08-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FARM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    684227 | PA      | $684308.76    | 0.06%             | 2044-05-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Student Loan Trust 2017-3                                               | CUSIP: 63940JAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3960326 | PA      | $3962854.69   | 0.34%             | 2066-07-26      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                      | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2431813 | PA      | $2469437.31   | 0.21%             | 2043-11-25      | Variable      | 7.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                               | CUSIP: 3136ADBE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1539874 | PA      | $1519113.76   | 0.13%             | 2043-03-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2024-8                                                 | CUSIP: 03465QAA2<br>LEI: 254900BM1HTLL3SKQ481 | Long             | ABS-MBS          | CORP              | US        |    787648 | PA      | $783864.48    | 0.07%             | 2069-05-27      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                         | Mill City Mortgage Loan Trust 2018-2                                            | CUSIP: 59980MAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9283 | PA      | $9249.66      | 0.00%             | 2058-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2001-T10                                               | CUSIP: 3139216C7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    179725 | PA      | $187763.00    | 0.02%             | 2041-12-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Equifirst Mortgage Loan Trust                    | EquiFirst Mortgage Loan Trust 2003-2                                            | CUSIP: 29445FAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85402 | PA      | $84803.24     | 0.01%             | 2033-09-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 30 Senior Loan Fund                                                      | CUSIP: 26249BAQ4<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |     58218 | PA      | $58223.14     | 0.01%             | 2028-11-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                    | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7000000 | PA      | $7164839.92   | 0.62%             | 2027-12-22      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2020-AFC1 Trust                                                            | CUSIP: 12597MAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1070486 | PA      | $1020406.50   | 0.09%             | 2050-02-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                           | CHL Mortgage Pass-Through Trust 2001-HYB1                                       | CUSIP: 12669B2X9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35456 | PA      | $35014.31     | 0.00%             | 2031-06-19      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                     | Synopsys Inc                                                                    | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006487.00   | 0.43%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3138EM2H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136763 | PA      | $140298.24    | 0.01%             | 2037-09-01      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |     -1265 | NC      | $-209564.96   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    611530 | PA      | $602133.24    | 0.05%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BXP Trust 2017-CQHP                                                             | CUSIP: 12433QAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2410377 | PA      | $2363069.45   | 0.20%             | 2034-11-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                              | NatWest Markets PLC                                                             | CUSIP: 63906YAH1<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5090331.20   | 0.44%             | 2027-05-17      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust            | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1656671 | PA      | $1642921.95   | 0.14%             | 2028-07-14      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| SPGN TFLM Mortgage Trust                         | SPGN 2022-TFLM Mortgage Trust                                                   | CUSIP: 78473HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $19800822.00  | 1.71%             | 2039-02-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                   | EPR Properties                                                                  | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              |  | US        |   3000000 | PA      | $2982178.05   | 0.26%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1856972 | PA      | $1665211.87   | 0.14%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Wilshire Funding Corporation                     | Wilshire Funding Corp                                                           | CUSIP: 126342FW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72869 | PA      | $73167.74     | 0.01%             | 2032-08-25      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                               | CUSIP: 36225BYK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    141221 | PA      | $148130.58    | 0.01%             | 2033-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds            | Panama Government International Bonds                                           | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   5000000 | PA      | $4772000.00   | 0.41%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                              | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAB1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   1875000 | PA      | $1709123.25   | 0.15%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tanger Properties LP                             | Tanger Properties LP                                                            | CUSIP: 875484AJ6<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              |  | US        |   6975000 | PA      | $6822293.40   | 0.59%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust               | Ellington Financial Mortgage Trust 2020-1                                       | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82382 | PA      | $81378.39     | 0.01%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2000-T6                                                | CUSIP: 31358SR45<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    131620 | PA      | $131070.00    | 0.01%             | 2040-11-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                 | CUSIP: 3138ERA67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24813 | PA      | $24752.44     | 0.00%             | 2027-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** ALLSPRING FUNDS TRUST

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer