# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001410368-25-010613
**Filing Date:** 2025-9
**Character Count:** 120107
**Document Hash:** 9253ee01fca87d2cb18183c6490717ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010613.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010613

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MASTER TRUST
- **CENTRAL INDEX KEY:** 0001087961

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 251340539

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**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 MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO CORE TRUST
- **DATE OF NAME CHANGE:** 19990604

## Series and Classes Contracts Data

### Allspring Macro Strategies Portfolio (Series ID: S000083918)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000248008 | Allspring Macro Strategies Portfolio |  |

## Nport-Ex

Consolidated portfolio of investments—July 31, 2025 (unaudited)

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 10.12%** |  |  |
| **Real estate: 10.12%** |  |  |
| **Health care REITs: 1.12%** |  |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 3862 | &nbsp;&nbsp; $295173 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 11214 | &nbsp;&nbsp; 1851095 |
|  |  | &nbsp;&nbsp; **2146268** |
| **Industrial REITs: 1.56%** |  |  |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 10466 | &nbsp;&nbsp; 509904 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 14840 | &nbsp;&nbsp; 1584615 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 6245 | &nbsp;&nbsp; 228130 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 11763 | &nbsp;&nbsp; 652729 |
|  |  | &nbsp;&nbsp; **2975378** |
| **Residential REITs: 2.16%** |  |  |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent Class A | 17830 | &nbsp;&nbsp; 618523 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 6034 | &nbsp;&nbsp; 658913 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 9645 | &nbsp;&nbsp; 577928 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 21870 | &nbsp;&nbsp; 366760 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 19357 | &nbsp;&nbsp; 593292 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 5087 | &nbsp;&nbsp; 724541 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 4786 | &nbsp;&nbsp; 593608 |
|  |  | &nbsp;&nbsp; **4133565** |
| **Retail REITs: 0.63%** |  |  |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 3190 | &nbsp;&nbsp; 293990 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 5534 | &nbsp;&nbsp; 906414 |
|  |  | &nbsp;&nbsp; **1200404** |
| **Specialized REITs: 4.65%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 9333 | &nbsp;&nbsp; 1944904 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 5015 | &nbsp;&nbsp; 527026 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 10252 | &nbsp;&nbsp; 398905 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 2264 | &nbsp;&nbsp; 1777625 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 6421 | &nbsp;&nbsp; 862726 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 10335 | &nbsp;&nbsp; 260855 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 7567 | &nbsp;&nbsp; 344904 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 9480 | &nbsp;&nbsp; 922973 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. Class A | 4541 | &nbsp;&nbsp; 1020453 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. Class A | 25008 | &nbsp;&nbsp; 815261 |
|  |  | &nbsp;&nbsp; **8875632** |
| **Total common stocks (Cost $19,042,808)** |  | &nbsp;&nbsp; **19331247** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 40.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 10-15-2026 | $3887804 | &nbsp;&nbsp; 3845293 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 125232 | &nbsp;&nbsp; 122612 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 2911032 | &nbsp;&nbsp; 2750481 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Macro Strategies Portfolio \| 1

------

Consolidated portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 7-15-2030 | $112835 | &nbsp;&nbsp; $106112 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2031 | 4642923 | &nbsp;&nbsp; 4304907 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 7567709 | &nbsp;&nbsp; 6969617 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 7566390 | &nbsp;&nbsp; 6857939 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 2-15-2052 | 5473326 | &nbsp;&nbsp; 2858947 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 2362502 | &nbsp;&nbsp; 2270875 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 119763 | &nbsp;&nbsp; 118152 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 1182654 | &nbsp;&nbsp; 1166892 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 6984884 | &nbsp;&nbsp; 6852661 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.63 | &nbsp;&nbsp; 7-15-2032 | 121696 | &nbsp;&nbsp; 113419 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.75 | &nbsp;&nbsp; 7-15-2028 | 115251 | &nbsp;&nbsp; 113876 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 8400217 | &nbsp;&nbsp; 6476547 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.75 | &nbsp;&nbsp; 2-15-2045 | 143330 | &nbsp;&nbsp; 103616 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.88 | &nbsp;&nbsp; 1-15-2029 | 114573 | &nbsp;&nbsp; 112837 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.88 | &nbsp;&nbsp; 2-15-2047 | 213059 | &nbsp;&nbsp; 152534 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.13 | &nbsp;&nbsp; 1-15-2033 | 118703 | &nbsp;&nbsp; 113247 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.25 | &nbsp;&nbsp; 4-15-2028 | 107166 | &nbsp;&nbsp; 106932 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1654511 | &nbsp;&nbsp; 1286413 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 119363 | &nbsp;&nbsp; 120678 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.63 | &nbsp;&nbsp; 10-15-2029 | 102157 | &nbsp;&nbsp; 103463 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.75 | &nbsp;&nbsp; 1-15-2028 | 122749 | &nbsp;&nbsp; 124120 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1458779 | &nbsp;&nbsp; 1442354 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 793918 | &nbsp;&nbsp; 792704 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 3137165 | &nbsp;&nbsp; 3176875 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 2-15-2040 | 2312596 | &nbsp;&nbsp; 2271905 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 704563 | &nbsp;&nbsp; 685346 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.38 | &nbsp;&nbsp; 1-15-2027 | 4909366 | &nbsp;&nbsp; 4983753 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.38 | &nbsp;&nbsp; 10-15-2028 | 6559125 | &nbsp;&nbsp; 6798069 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.50 | &nbsp;&nbsp; 1-15-2029 | 104803 | &nbsp;&nbsp; 108944 |
| &nbsp;&nbsp;&nbsp; TIPS | 3.63 | &nbsp;&nbsp; 4-15-2028 | 6319964 | &nbsp;&nbsp; 6704300 |
| &nbsp;&nbsp;&nbsp; TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 3676021 | &nbsp;&nbsp; 4006562 |
| **Total U.S. Treasury securities (Cost $78,268,586)** |  |  |  | &nbsp;&nbsp; **78122982** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 20.66%** |  |  |  |  |
| **Investment companies: 20.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞\* |  | 4.24 | 39468182 | &nbsp;&nbsp; **39468182** |
| **Total short-term investments (Cost $39,468,182)** |  |  |  | &nbsp;&nbsp; **39468182** |
| **Total investments in securities (Cost $136,779,576)** | 71.68<br> %<br>|  |  | &nbsp;&nbsp; 136922411 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | 28.32 |  |  | &nbsp;&nbsp; 54092975 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$191015386** |

---

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

---

| | |
|:---|:---|
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity. |

---

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

See accompanying consolidated notes to portfolio of investments

2 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—July 31, 2025 (unaudited)

Abbreviations: <br> REIT Real estate investment trust <br> TIPS Treasury Inflation-Protected Securities

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Select <br> Class<br>| $55705784 | $61808332 | $(78045934)<br>| $0 | $0 | $39468182 | 39468182 | $380056 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 6473056 | AUD | 9906000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; $101857 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 983439 | AUD | 1505000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 15475 | &nbsp;&nbsp;&nbsp; 0 |
| AUD | 1627000 | USD | 1070812 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (24381)<br>|
| AUD | 11948000 | USD | 7863588 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (179045)<br>|
| USD | 15223724 | AUD | 23392000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 178793 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1430010 | BRL | 8096000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 0 |
| BRL | 29276000 | USD | 5171068 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (888)<br>|
| USD | 751417 | BRL | 4176000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 13930 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 931714 | BRL | 5178000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2591448 | BRL | 14594000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 14129 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 869813 | CAD | 1183000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 14070 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 11375952 | CAD | 15472000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 184014 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6070847 | CAD | 8249000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 103791 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 28516000 | USD | 20986334 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (358795)<br>|
| USD | 1161328 | CAD | 1597000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 6110 | &nbsp;&nbsp;&nbsp; 0 |
| CHF | 6940000 | USD | 8566643 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 23688 | &nbsp;&nbsp;&nbsp; 0 |
| CHF | 6644000 | USD | 8201264 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 22678 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1886383 | CHF | 1477000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 58153 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1698639 | CHF | 1330000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 52365 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3242994 | CHF | 2602000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 22239 | &nbsp;&nbsp;&nbsp; 0 |
| CZK | 119784000 | USD | 5567685 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 0 |
| CZK | 159593000 | USD | 7418048 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1417590 | CZK | 29653000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 39206 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3837146 | CZK | 80265000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 106124 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3900889 | CZK | 83387000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 24744 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 7738000 | USD | 8938086 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (81731)<br>|
| USD | 2154243 | EUR | 1865000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 19699 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1803686 | EUR | 1523000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 60570 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3310646 | EUR | 2861000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 36152 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 6240000 | USD | 8452679 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (208290)<br>|
| USD | 2506003 | GBP | 1850000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 61753 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1705630 | GBP | 1243000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 63358 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 701188 | GBP | 511000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 26047 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1677172 | GBP | 1257000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 16404 | &nbsp;&nbsp;&nbsp; 0 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Macro Strategies Portfolio \| 3

------

Consolidated portfolio of investments—July 31, 2025 (unaudited)

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 6917838 | HUF | 2422865000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; $20444 | &nbsp;&nbsp;&nbsp; $0 |
| HUF | 2064091000 | USD | 5893456 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (17417)<br>|
| USD | 1279233 | HUF | 435219000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 40254 | &nbsp;&nbsp;&nbsp; 0 |
| HUF | 1893590000 | USD | 5565801 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (175142)<br>|
| USD | 6653181 | HUF | 2312868000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 68925 | &nbsp;&nbsp;&nbsp; 0 |
| IDR | 198218299000 | USD | 12164214 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (131790)<br>|
| USD | 5013780 | IDR | 81700543000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 54320 | &nbsp;&nbsp;&nbsp; 0 |
| IDR | 32528613000 | USD | 1998072 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (23491)<br>|
| USD | 22332002 | IDR | 363565000000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 262556 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1989414 | IDR | 32663595000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 6640 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 20837155 | INR | 1788453000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 461276 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6131772 | INR | 526290000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 135740 | &nbsp;&nbsp;&nbsp; 0 |
| INR | 408993000 | USD | 4766429 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (106764)<br>|
| INR | 333516000 | USD | 3886816 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (87062)<br>|
| INR | 736359000 | USD | 8435391 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (46039)<br>|
| JPY | 969508000 | USD | 6765503 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (304849)<br>|
| USD | 2183973 | JPY | 312967000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 98408 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1367008 | JPY | 194478000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 71037 | &nbsp;&nbsp;&nbsp; 0 |
| JPY | 190560000 | USD | 1339468 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (69606)<br>|
| USD | 2777235 | JPY | 410494000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 41766 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 7408637 | KRW | 10104492000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 104742 | &nbsp;&nbsp;&nbsp; 0 |
| KRW | 10833580000 | USD | 7943206 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (112300)<br>|
| KRW | 18375938000 | USD | 13622401 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (339604)<br>|
| USD | 3550671 | KRW | 4789677000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 88518 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 5180730 | KRW | 7190713000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (16979)<br>|
| MXN | 118929000 | USD | 6211906 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 62612 | &nbsp;&nbsp;&nbsp; 0 |
| MXN | 11078000 | USD | 578627 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 5832 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1369185 | MXN | 25818000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 7066 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1444067 | MXN | 27230000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 7452 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 815489 | MXN | 15385000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 3799 | &nbsp;&nbsp;&nbsp; 0 |
| NOK | 61939000 | USD | 6150756 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (158085)<br>|
| USD | 10489324 | NOK | 105629000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 269594 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1242294 | NOK | 12501000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 32807 | &nbsp;&nbsp;&nbsp; 0 |
| NOK | 99871000 | USD | 9924737 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (262100)<br>|
| USD | 1816022 | NOK | 18550000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 21288 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6576561 | NZD | 10843000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 178950 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 17363000 | USD | 10531111 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (286554)<br>|
| USD | 14090761 | NZD | 23074000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 476587 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 19925000 | USD | 12167739 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (411545)<br>|
| USD | 862473 | NZD | 1447000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 8711 | &nbsp;&nbsp;&nbsp; 0 |
| PLN | 25343000 | USD | 6830533 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (72915)<br>|
| USD | 5500165 | PLN | 20407000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 58713 | &nbsp;&nbsp;&nbsp; 0 |
| PLN | 22785000 | USD | 6315177 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (239640)<br>|
| USD | 1588980 | PLN | 5733000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 60296 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2462199 | PLN | 9149000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 22652 | &nbsp;&nbsp;&nbsp; 0 |
| SEK | 62779000 | USD | 6605639 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (174391)<br>|
| USD | 768110 | SEK | 7300000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 20278 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1580715 | SEK | 14924000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 51861 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1415695 | SEK | 13366000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 46447 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8634899 | SEK | 83161000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 115664 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6230575 | ZAR | 111260000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 141328 | &nbsp;&nbsp;&nbsp; 0 |
| ZAR | 96998000 | USD | 5431901 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (123212)<br>|

---

See accompanying consolidated notes to portfolio of investments

4 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—July 31, 2025 (unaudited)

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| ZAR | 55031000 | USD | 3107535 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(95695)<br>|
| USD | 966690 | ZAR | 17119000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 29769 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2230182 | ZAR | 40041000 | Morgan Stanley Co. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 38742 | &nbsp;&nbsp;&nbsp; 0 |
| CLP | 296539000 | USD | 316720 | Morgan Stanley Co. | 9-22-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11815)<br>|
| CLP | 4381296000 | USD | 4679472 | Morgan Stanley Co. | 9-22-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (174561)<br>|
| USD | 760588 | CLP | 703970000 | Morgan Stanley Co. | 9-22-2025 | &nbsp;&nbsp;&nbsp; 36756 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1729851 | CLP | 1681173000 | Morgan Stanley Co. | 9-22-2025 | &nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$4436713** | &nbsp;&nbsp;&nbsp; **$(4294686)**<br>|

---

**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>|
| **Long** |  |  |  |  |  |  |
| &nbsp;&nbsp; CAC 40 Index | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 8-15-2025 | &nbsp;&nbsp; $6603213 | &nbsp;&nbsp; $6568847 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(34366)<br>|
| &nbsp;&nbsp; LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 8-18-2025 | &nbsp;&nbsp; 2252219 | &nbsp;&nbsp; 2243395 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8824)<br>|
| &nbsp;&nbsp; Volatility Index | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 8-20-2025 | &nbsp;&nbsp; 2696470 | &nbsp;&nbsp; 2495967 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (200503)<br>|
| &nbsp;&nbsp; Hang Seng Index | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 8-28-2025 | &nbsp;&nbsp; 15130971 | &nbsp;&nbsp; 14658459 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (472512)<br>|
| &nbsp;&nbsp; IFSC NIFTY 50 Index | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 8-28-2025 | &nbsp;&nbsp; 13997192 | &nbsp;&nbsp; 14007786 | &nbsp;&nbsp; 10594 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year Euro BUND Index | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; 40370313 | &nbsp;&nbsp; 39963664 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (406649)<br>|
| &nbsp;&nbsp; French Government Bond | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; 24033919 | &nbsp;&nbsp; 23778044 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (255875)<br>|
| &nbsp;&nbsp; Gas Oil Futures\*\* | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9-11-2025 | &nbsp;&nbsp; 1042164 | &nbsp;&nbsp; 1049250 | &nbsp;&nbsp; 7086 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; TOPIX Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 9-11-2025 | &nbsp;&nbsp; 4450162 | &nbsp;&nbsp; 4693369 | &nbsp;&nbsp; 243207 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year Japanese Bond | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 11941459 | &nbsp;&nbsp; 11899138 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (42321)<br>|
| &nbsp;&nbsp; Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 3236992 | &nbsp;&nbsp; 3157500 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (79492)<br>|
| &nbsp;&nbsp; Wheat Futures\*\* | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 1216229 | &nbsp;&nbsp; 1151150 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (65079)<br>|
| &nbsp;&nbsp; 10-Year Australian Bond | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 51354950 | &nbsp;&nbsp; 51333814 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (21136)<br>|
| &nbsp;&nbsp; Japanese Yen Futures | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 9532922 | &nbsp;&nbsp; 9082425 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (450497)<br>|
| &nbsp;&nbsp; LME Copper Futures\*\* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 1968091 | &nbsp;&nbsp; 1918666 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (49425)<br>|
| &nbsp;&nbsp; LME Lead Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 305018 | &nbsp;&nbsp; 292801 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (12217)<br>|
| &nbsp;&nbsp; LME Nickel Futures\*\* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 640253 | &nbsp;&nbsp; 623230 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (17023)<br>|
| &nbsp;&nbsp; LME Zinc Futures\*\* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 603162 | &nbsp;&nbsp; 621454 | &nbsp;&nbsp; 18292 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Swiss Franc Futures | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 7158654 | &nbsp;&nbsp; 6962344 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (196310)<br>|
| &nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 41829637 | &nbsp;&nbsp; 41576617 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (253020)<br>|
| &nbsp;&nbsp; S&P ASX Share Price Index 200 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 7721431 | &nbsp;&nbsp; 7830176 | &nbsp;&nbsp; 108745 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; S&P/TSX 60 Index | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 7329097 | &nbsp;&nbsp; 7488684 | &nbsp;&nbsp; 159587 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 62734732 | &nbsp;&nbsp; 62639250 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (95482)<br>|
| &nbsp;&nbsp; DAX Index | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 6088690 | &nbsp;&nbsp; 6203817 | &nbsp;&nbsp; 115127 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 18743214 | &nbsp;&nbsp; 19626600 | &nbsp;&nbsp; 883386 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; E-Mini S&P 500 Index | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 71025142 | &nbsp;&nbsp; 71391600 | &nbsp;&nbsp; 366458 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Euro STOXX 50 Index | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 20182478 | &nbsp;&nbsp; 20171157 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (11321)<br>|
| &nbsp;&nbsp; FTSE 100 Index | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 8121204 | &nbsp;&nbsp; 8314230 | &nbsp;&nbsp; 193026 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; MSCI Emerging Markets Index | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 1578627 | &nbsp;&nbsp; 1609790 | &nbsp;&nbsp; 31163 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Long Gilt Futures | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; 15063801 | &nbsp;&nbsp; 14970464 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (93337)<br>|
| &nbsp;&nbsp; Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; 2890778 | &nbsp;&nbsp; 3003168 | &nbsp;&nbsp; 112390 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Number 2 Cotton Futures\*\* | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 2525457 | &nbsp;&nbsp; 2488250 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (37207)<br>|
| &nbsp;&nbsp; Corn Futures\*\* | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 4877343 | &nbsp;&nbsp; 4571937 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (305406)<br>|
| &nbsp;&nbsp; Soybean Meal Futures\*\* | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 5018645 | &nbsp;&nbsp; 4940400 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (78245)<br>|
| &nbsp;&nbsp; Soybean Oil Futures\*\* | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 1415664 | &nbsp;&nbsp; 1445136 | &nbsp;&nbsp; 29472 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 342983 | &nbsp;&nbsp; 334860 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8123)<br>|
| **Short** |  |  |  |  |  |  |
| &nbsp;&nbsp; LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 8-18-2025 | &nbsp;&nbsp; (1029262)<br>| &nbsp;&nbsp; (1025552)<br>| &nbsp;&nbsp; 3710 | &nbsp;&nbsp; 0 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Macro Strategies Portfolio \| 5

------

Consolidated portfolio of investments—July 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; Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; 8-20-2025 | &nbsp;&nbsp; $(1251217)<br>| &nbsp;&nbsp; $(1315940)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(64723)<br>|
| &nbsp;&nbsp; Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; 8-27-2025 | &nbsp;&nbsp; (1807006)<br>| &nbsp;&nbsp; (1646180)<br>| &nbsp;&nbsp; 160826 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Brent Crude Oil Futures\*\* | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; (1500782)<br>| &nbsp;&nbsp; (1577400)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (76618)<br>|
| &nbsp;&nbsp; NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; (1007501)<br>| &nbsp;&nbsp; (1006278)<br>| &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; (898161)<br>| &nbsp;&nbsp; (913038)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (14877)<br>|
| &nbsp;&nbsp; 30-Year Euro BUXL Futures | &nbsp;&nbsp; (155)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (21282522)<br>| &nbsp;&nbsp; (20762869)<br>| &nbsp;&nbsp; 519653 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Cocoa Futures\*\* | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (733015)<br>| &nbsp;&nbsp; (765540)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (32525)<br>|
| &nbsp;&nbsp; Euro Futures | &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (11656615)<br>| &nbsp;&nbsp; (11603756)<br>| &nbsp;&nbsp; 52859 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Copper Futures\*\* | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (245991)<br>| &nbsp;&nbsp; (239833)<br>| &nbsp;&nbsp; 6158 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Lead Futures\*\* | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (2388359)<br>| &nbsp;&nbsp; (2293612)<br>| &nbsp;&nbsp; 94747 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Nickel Futures\*\* | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (1828732)<br>| &nbsp;&nbsp; (1780658)<br>| &nbsp;&nbsp; 48074 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Zinc Futures\*\* | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (1808944)<br>| &nbsp;&nbsp; (1864364)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (55420)<br>|
| &nbsp;&nbsp; C Coffee Futures\*\* | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; (1470712)<br>| &nbsp;&nbsp; (1552950)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (82238)<br>|
| &nbsp;&nbsp; E-Mini Russell 2000 Index | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (4342921)<br>| &nbsp;&nbsp; (4551410)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (208489)<br>|
| &nbsp;&nbsp; U.S. Real Estate Index | &nbsp;&nbsp; (253)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (9266077)<br>| &nbsp;&nbsp; (9156070)<br>| &nbsp;&nbsp; 110007 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Silver Futures\*\* | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; (181687)<br>| &nbsp;&nbsp; (183560)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1873)<br>|
| &nbsp;&nbsp; Lean Hogs Futures\*\* | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; 10-14-2025 | &nbsp;&nbsp; (1163665)<br>| &nbsp;&nbsp; (1110730)<br>| &nbsp;&nbsp; 52935 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Live Cattle Futures\*\* | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; 10-31-2025 | &nbsp;&nbsp; (6043460)<br>| &nbsp;&nbsp; (6158940)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (115480)<br>|
| &nbsp;&nbsp; Soybean Futures\*\* | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 11-14-2025 | &nbsp;&nbsp; (2673217)<br>| &nbsp;&nbsp; (2473125)<br>| &nbsp;&nbsp; 200092 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$3528817** | &nbsp;&nbsp; **$(3846613)**<br>|

---

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

\*\* Represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity.

See accompanying consolidated notes to portfolio of investments

6 \| Allspring Macro Strategies Portfolio

------

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

Notes to consolidated portfolio of investments

Investment in subsidiary

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Macro Strategies Special Investments (Cayman) Ltd. (the "Subsidiary"), a wholly owned subsidiary incorporated on November 21, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of July 31, 2025, the Subsidiary had $27,257,141 of investments in affiliates and cash at broker segregated for futures contacts representing 99.05% of its net assets. As of July 31, 2025, the Portfolio held $27,518,415 in the Subsidiary, representing 16.83% of the Portfolio's net assets prior to consolidation. The consolidated net assets of the Portfolio includes the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary.

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 Portfolio 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.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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, 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.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

Futures contracts

Futures contracts are agreements between the Portfolio 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 Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against,

Allspring Macro Strategies Portfolio \| 7

------

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

changes in interest rates, security values, commodity prices, foreign exchange rates and is subject to interest rate risk, equity price risk, commodity price risk and foreign currency 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

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 Portfolio's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio'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 Portfolio'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.

8 \| Allspring Macro Strategies Portfolio

------

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

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of July 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:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Real estate* | &nbsp;&nbsp; $19331247 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $19331247 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 78122982 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 78122982 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 39468182 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 39468182 |
|  | &nbsp;&nbsp; 136922411 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 136922411 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4436713 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4436713 |
| **Futures contracts** | &nbsp;&nbsp; 3528817 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3528817 |
| **Total assets** | &nbsp;&nbsp; **$140451228** | &nbsp;&nbsp;&nbsp; **$4436713** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$144887941** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $4294686 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $4294686 |
| **Futures contracts** | &nbsp;&nbsp; 3846613 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3846613 |
| **Total liabilities** | &nbsp;&nbsp; **$3846613** | &nbsp;&nbsp;&nbsp; **$4294686** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$8141299** |

---

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Consolidated 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 Consolidated portfolio of investments.

As of July 31, 2025, $54,721,000 was segregated as cash collateral for these open futures contracts. The Portfolio also had $350,002 segregated as cash collateral for open forward foreign currency contracts.

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

Allspring Macro Strategies Portfolio \| 9

------

## 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 MASTER TRUST

- **b. Investment Company Act file number:** 811-09689

- **c. CIK number of Registrant:** 0001087961

- **d. LEI of Registrant:** 549300RK07I40T8DF120

- **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 Macro Strategies Portfolio

- **b. EDGAR series identifier (if any):** S000083918

- **c. LEI of Series:** 254900ZWEHCAMQ28X604

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $195429103.20

**Total Liabilities:** $4413701.57

**Net Assets:** $191015401.63

**Cash Not Reported:** $54003416.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248008 | -2.89%               | -1.35%               | -1.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $496833.90               | $-2851007.86                               |
| Month 2  | $-2114.54                | $-3653830.88                               |
| Month 3  | $-21907.28               | $-1289551.90                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICE Futures U.S., Inc.                           | COTTON NO.2 FUTR DEC25                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        74 | NC      | $-37206.55    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    119363 | PA      | $120678.01    | 0.06%             | 2027-10-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CJH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6559125 | PA      | $6798068.61   | 3.56%             | 2028-10-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                    | Independence Realty Trust Inc         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |     21870 | NS      | $366759.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5473325 | PA      | $2858946.70   | 1.50%             | 2052-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED ZAR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ZA        |         1 | NC      | $-123212.10   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED INR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | IN        |         1 | NC      | $-87061.60    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | EURO FX CURR FUT SEP25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |       -81 | NC      | $52859.39     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME COPPER FUTURE SEP25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         8 | NC      | $-49424.88    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | LIVE CATTLE FUTR OCT25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |       -69 | NC      | $-115480.03   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7567709 | PA      | $6969617.33   | 3.65%             | 2031-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Welltower Inc                                    | Welltower Inc                         | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |     11214 | NS      | $1851094.98   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NZD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $178949.68    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD AUD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $178792.70    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD INR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $461275.64    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2362502 | PA      | $2270875.29   | 1.19%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4909366 | PA      | $4983752.62   | 2.61%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CZK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $106123.75    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1458779 | PA      | $1442353.91   | 0.76%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CZK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $24744.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                      | CAC40 10 EURO FUT AUG25               | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DE               |  | FR        |        74 | NC      | $-34365.58    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                  | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |     10335 | NS      | $260855.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR                   | ALLSPRING GOVERNMENT MONEY MAR        | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  39468182 | NS      | $39468182.38  | 20.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD BRL              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $13929.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    118703 | PA      | $113247.45    | 0.06%             | 2033-01-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD KRW              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $104742.40    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | NATURAL GAS FUTR SEP25                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -53 | NC      | $160825.85    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $26046.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CHF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $22238.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD BRL              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $17272.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD INR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $135740.08    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                  | HANG SENG IDX FUT AUG25               | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |        93 | NC      | $-472511.64   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                      | GOLD 100 OZ FUTR DEC25                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         1 | NC      | $-8123.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD HUF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $20444.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED EUR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |         1 | NC      | $-81730.78    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $61752.71     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO STOXX 50 SEP25                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       331 | NC      | $-11320.92    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD EUR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $60570.10     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN OIL FUTR DEC25                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        44 | NC      | $29471.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED PLN / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | PL        |         1 | NC      | $-239639.76   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD BRL              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $14128.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME NICKEL FUTURE SEP25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         7 | NC      | $-17023.51    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CAD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $14069.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME COPPER FUTURE SEP25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $6157.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD JPY              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $41766.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CubeSmart                                        | CubeSmart                             | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |     10252 | NS      | $398905.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | GASOLINE RBOB FUT SEP25               | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -10 | NC      | $-14877.16    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                              | Sun Communities Inc                   | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      4786 | NS      | $593607.58    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED HUF / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | HU        |         1 | NC      | $-17416.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | S+P500 EMINI FUT SEP25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       224 | NC      | $366526.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD SEK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $115664.38    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1654511 | PA      | $1286413.45   | 0.67%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME ZINC FUTURE SEP25                 | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -27 | NC      | $-55420.47    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | FTSE 100 IDX FUT SEP25                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        69 | NC      | $193026.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National Stock Exchange Of India                 | IFSC NIFTY 50 FUT AUG25               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |       282 | NC      | $10594.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                     | Prologis Inc                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     14840 | NS      | $1584615.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                              | SPI 200 FUTURES SEP25                 | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DE               |  | AU        |        56 | NC      | $108745.43    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                            | American Homes 4 Rent                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     17830 | NS      | $618522.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED PLN / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | PL        |         1 | NC      | $-72914.94    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    143330 | PA      | $103616.02    | 0.05%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                | Gaming and Leisure Properties Inc     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |      7567 | NS      | $344903.86    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | NY HARB ULSD FUT SEP25                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -10 | NC      | $1222.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                              | Terreno Realty Corp                   | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     11763 | NS      | $652728.87    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED INR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | IN        |         1 | NC      | $-106764.25   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810QP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    704563 | PA      | $685346.37    | 0.36%             | 2041-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD PLN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $22651.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CBOE Futures Exchange LLC                        | CBOE VIX FUTURE AUG25                 | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |       139 | NC      | $-200503.33   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    104803 | PA      | $108943.91    | 0.06%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD SEK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $20278.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT SEP25               | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       702 | NC      | $-21135.92    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                              | American Tower Corp                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      9333 | NS      | $1944903.87   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                  | Federal Realty Investment Trust       | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |      3190 | NS      | $293990.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    115251 | PA      | $113875.89    | 0.06%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc              | Alexandria Real Estate Equities Inc   | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |      3862 | NS      | $295172.66    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN FUTURE NOV25                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -50 | NC      | $200091.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD AUD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $15474.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NOK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $21287.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED MXN / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |         1 | NC      | $62611.90     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CZK / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CZ        |         1 | NC      | $441.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810FD5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6319964 | PA      | $6704299.51   | 3.51%             | 2028-04-15      | Fixed         | 3.63%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD IDR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $54320.46     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                 | Crown Castle Inc                      | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      5015 | NS      | $527026.35    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-69605.66    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CZK / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CZ        |         1 | NC      | $331.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-304849.43   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED AUD / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | AU        |         1 | NC      | $-179044.68   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED BRL / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | BR        |         1 | NC      | $-887.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | SUGAR 11 (WORLD) OCT25                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       164 | NC      | $112390.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                           | MSCI EMGMKT SEP25                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        26 | NC      | $31163.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD PLN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $58713.46     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CAD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $184014.42    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD BRL              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $245.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE SEP25                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |       123 | NC      | $-93337.47    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD JPY              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $98408.49     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD MXN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $7065.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | WHEAT FUTURE(CBT) SEP25               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        44 | NC      | $-65078.84    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                           | COCOA FUTURE SEP25                    | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -9 | NC      | $-32525.01    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2911032 | PA      | $2750481.02   | 1.44%             | 2030-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED MXN / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |         1 | NC      | $5832.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | CORN FUTURE DEC25                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       221 | NC      | $-305406.36   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD MXN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $7452.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    119763 | PA      | $118151.54    | 0.06%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CAD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $103790.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD IDR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $262555.51    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | JPN 10Y BOND(OSE) SEP25               | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        13 | NC      | $-42320.60    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CLP / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CL        |         1 | NC      | $-11814.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                               | BRENT CRUDE FUTR OCT25                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |       -22 | NC      | $-76617.86    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | NASDAQ 100 E-MINI SEP25               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        42 | NC      | $883386.15    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD EUR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $19698.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8400217 | PA      | $6476547.24   | 3.39%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED ZAR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ZA        |         1 | NC      | $-95694.85    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | E-MINI RUSS 2000 SEP25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       -41 | NC      | $-208488.55   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | DAX INDEX FUTURE SEP25                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         9 | NC      | $115126.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                | First Industrial Realty Trust Inc     | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |     10466 | NS      | $509903.52    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1182654 | PA      | $1166892.30   | 0.61%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $16403.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD KRW              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $88517.59     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | KC HRW WHEAT FUT SEP25                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       120 | NC      | $-79491.80    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                            | Camden Property Trust                 | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |      6034 | NS      | $658912.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    793918 | PA      | $792704.09    | 0.41%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NZD / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-286553.84   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NOK / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NO        |         1 | NC      | $-262100.23   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                     | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |      9480 | NS      | $922972.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD JPY              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $71036.78     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED INR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | IN        |         1 | NC      | $-46038.59    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NOK / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NO        |         1 | NC      | $-158085.05   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corp                          | SBA Communications Corp               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      4541 | NS      | $1020453.52   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME PRI ALUM FUTR AUG25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        35 | NC      | $-8823.85     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NZD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $8710.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NOK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $269593.73    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NOK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $32807.47     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | CHF CURRENCY FUT SEP25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |        45 | NC      | $-196310.14   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED KRW / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | KR        |         1 | NC      | $-339604.07   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD SEK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $51860.88     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)SEP25               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       564 | NC      | $-95481.69    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810RW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    213059 | PA      | $152533.57    | 0.08%             | 2047-02-15      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE SEP25                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       270 | NC      | $-406649.31   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT SEP25               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       478 | NC      | $-253019.86   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CHF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $52364.81     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | S+P/TSX 60 IX FUT SEP25               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |        32 | NC      | $159587.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3137165 | PA      | $3176875.09   | 1.66%             | 2035-01-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4642923 | PA      | $4304907.29   | 2.25%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN MEAL FUTR DEC25               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       179 | NC      | $-78244.58    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD EUR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $36152.34     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    107166 | PA      | $106931.51    | 0.06%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED IDR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ID        |         1 | NC      | $-131789.93   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CZK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $39206.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | TOPIX INDX FUTR SEP25                 | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |        24 | NC      | $243206.90    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CLP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $36756.23     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CLP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $1245.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE SEP25                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       169 | NC      | $-255875.05   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                              | VICI Properties Inc                   | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     25008 | NS      | $815260.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810PV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    122749 | PA      | $124120.17    | 0.06%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME ZINC FUTURE SEP25                 | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         9 | NC      | $18291.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED IDR / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ID        |         1 | NC      | $-23491.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group Inc              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |      5534 | NS      | $906413.86    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED HUF / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | HU        |         1 | NC      | $-175142.45   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED GBP / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |         1 | NC      | $-208290.22   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD IDR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $6639.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | DJ US REAL ESTATE SEP25               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               |  | US        |      -253 | NC      | $110006.93    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6984884 | PA      | $6852660.98   | 3.59%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CAD / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CA        |         1 | NC      | $-358794.63   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CHF / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CH        |         1 | NC      | $23687.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    114573 | PA      | $112837.19    | 0.06%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD MXN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $3799.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED SEK / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | SE        |         1 | NC      | $-174390.79   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3887804 | PA      | $3845292.82   | 2.01%             | 2026-10-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD HUF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $40254.40     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | LEAN HOGS FUTURE OCT25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |       -31 | NC      | $52935.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD AUD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $101856.73    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | COFFEE 'C' FUTURE SEP25               | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       -14 | NC      | $-82238.48    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME LEAD FUTURE SEP25                 | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -47 | NC      | $94746.83     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NZD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $476586.67    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD SEK              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $46446.83     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MACRO STRAT SPE INV CAYMAN LTD                   | MACRO STRAT SPE INV CAYMAN LTD        | CUSIP: 000000000<br>LEI: 254900LR557I7FT7ZU08 | Long             | EC               | RF                | US        |   1587485 | NS      | $27511114.27  | 14.40%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3676020 | PA      | $4006562.42   | 2.10%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                      | SILVER FUTURE SEP25                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        -1 | NC      | $-1873.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                               | LOW SU GASOIL G SEP25                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        15 | NC      | $7085.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CAD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $6110.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    121696 | PA      | $113419.14    | 0.06%             | 2032-07-15      | Fixed         | 0.63%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME PRI ALUM FUTR AUG25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -16 | NC      | $3710.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD KRW              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-16979.43    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities Inc | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |      5087 | NS      | $724541.41    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME NICKEL FUTURE SEP25               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -20 | NC      | $48074.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME LEAD FUTURE SEP25                 | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         6 | NC      | $-12216.66    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD ZAR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $141328.45    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CHF / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CH        |         1 | NC      | $22677.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NZD / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-411545.01   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                          | Extra Space Storage Inc               | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |      6421 | NS      | $862725.56    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                    | Rexford Industrial Realty Inc         | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |      6245 | NS      | $228129.85    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD ZAR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $29768.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CHF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $58152.51     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $63358.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7566390 | PA      | $6857938.99   | 3.59%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND SEP25               | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |      -155 | NC      | $519652.97    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD ZAR              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $38742.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2312596 | PA      | $2271904.53   | 1.19%             | 2040-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CLP / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CL        |         1 | NC      | $-174561.20   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    102157 | PA      | $103463.29    | 0.05%             | 2029-10-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| Equinix Inc                                      | Equinix Inc                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      2264 | NS      | $1777624.88   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                  | Equity LifeStyle Properties Inc       | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |      9645 | NS      | $577928.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | WTI CRUDE FUTURE SEP25                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -19 | NC      | $-64723.31    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    112835 | PA      | $106111.87    | 0.06%             | 2030-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD HUF              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $68925.50     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | JPN YEN CURR FUT SEP25                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |       109 | NC      | $-450497.41   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED KRW / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | KR        |         1 | NC      | $-112300.07   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD PLN              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $60296.46     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Invitation Homes Inc                             | Invitation Homes Inc                  | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |     19357 | NS      | $593292.05    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125232 | PA      | $122612.32    | 0.06%             | 2027-04-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED AUD / SOLD USD              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | AU        |         1 | NC      | $-24381.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** ALLSPRING MASTER TRUST

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer