# EDGAR Filing Document

**Accession Number:** 0001611331
**File Stem:** 0001752724-25-180804
**Filing Date:** 2025-7
**Character Count:** 302511
**Document Hash:** 7c079441a154353a8ecba2a2af2169ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180804.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180804

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING EXCHANGE-TRADED FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001611331

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23597
- **FILM NUMBER:** 251155317

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allspring Exchange-Traded Funds Trust
- **DATE OF NAME CHANGE:** 20211206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wells Fargo Exchange-Traded Funds Trust
- **DATE OF NAME CHANGE:** 20140619

## Series and Classes Contracts Data

### Allspring Core Plus ETF (Series ID: S000088477)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000254754 | Allspring Core Plus ETF | APLU            |

## Nport-Ex

Portfolio of investments—May 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 33.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2053 | $2711652 | &nbsp;&nbsp; $2486011 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.00 | &nbsp;&nbsp; 3-1-2040 | 1944894 | &nbsp;&nbsp; 1946160 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.00 | &nbsp;&nbsp; 1-1-2055 | 2917526 | &nbsp;&nbsp; 2825875 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.00 | &nbsp;&nbsp; 8-1-2051 | 906132 | &nbsp;&nbsp; 708148 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.00 | &nbsp;&nbsp; 2-1-2052 | 7388518 | &nbsp;&nbsp; 5756428 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.50 | &nbsp;&nbsp; 2-1-2051 | 7338695 | &nbsp;&nbsp; 6010865 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.50 | &nbsp;&nbsp; 4-1-2052 | 1190664 | &nbsp;&nbsp; 985997 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.00 | &nbsp;&nbsp; 6-1-2052 | 4039984 | &nbsp;&nbsp; 3440102 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.50 | &nbsp;&nbsp; 9-1-2052 | 3317708 | &nbsp;&nbsp; 2943435 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.50 | &nbsp;&nbsp; 10-1-2054 | 405940 | &nbsp;&nbsp; 360050 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.00 | &nbsp;&nbsp; 9-1-2052 | 252054 | &nbsp;&nbsp; 231676 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.50 | &nbsp;&nbsp; 5-1-2053 | 3645613 | &nbsp;&nbsp; 3444284 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.50 | &nbsp;&nbsp; 11-1-2054 | 507301 | &nbsp;&nbsp; 478711 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.00 | &nbsp;&nbsp; 12-1-2054 | 368652 | &nbsp;&nbsp; 357000 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.50 | &nbsp;&nbsp; 12-1-2054 | 721989 | &nbsp;&nbsp; 714978 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.50 | &nbsp;&nbsp; 1-1-2055 | 3625195 | &nbsp;&nbsp; 3589991 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.50 | &nbsp;&nbsp; 3-1-2055 | 4998339 | &nbsp;&nbsp; 4949791 |
| &nbsp;&nbsp;&nbsp; FNMA%% | 6.00 | &nbsp;&nbsp; 6-15-2054 | 1600000 | &nbsp;&nbsp; 1615618 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.00 | &nbsp;&nbsp; 8-1-2054 | 235192 | &nbsp;&nbsp; 237589 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.00 | &nbsp;&nbsp; 5-1-2055 | 3363696 | &nbsp;&nbsp; 3397968 |
| &nbsp;&nbsp;&nbsp; FNMA%% | 6.50 | &nbsp;&nbsp; 6-15-2054 | 3305000 | &nbsp;&nbsp; 3393461 |
| &nbsp;&nbsp;&nbsp; GNMA%% | 2.00 | &nbsp;&nbsp; 6-15-2054 | 830000 | &nbsp;&nbsp; 666549 |
| &nbsp;&nbsp;&nbsp; GNMA | 2.50 | &nbsp;&nbsp; 4-20-2051 | 423784 | &nbsp;&nbsp; 355201 |
| &nbsp;&nbsp;&nbsp; GNMA | 2.50 | &nbsp;&nbsp; 9-20-2051 | 3054417 | &nbsp;&nbsp; 2560111 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.00 | &nbsp;&nbsp; 8-20-2051 | 1680570 | &nbsp;&nbsp; 1465043 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.00 | &nbsp;&nbsp; 12-20-2051 | 268255 | &nbsp;&nbsp; 233852 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.50 | &nbsp;&nbsp; 10-20-2054 | 922991 | &nbsp;&nbsp; 821556 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.50 | &nbsp;&nbsp; 12-20-2054 | 272124 | &nbsp;&nbsp; 242217 |
| &nbsp;&nbsp;&nbsp; GNMA | 4.50 | &nbsp;&nbsp; 11-20-2054 | 128254 | &nbsp;&nbsp; 121063 |
| &nbsp;&nbsp;&nbsp; GNMA | 4.50 | &nbsp;&nbsp; 2-20-2055 | 1128207 | &nbsp;&nbsp; 1064937 |
| &nbsp;&nbsp;&nbsp; GNMA | 5.00 | &nbsp;&nbsp; 12-20-2054 | 5410356 | &nbsp;&nbsp; 5251746 |
| &nbsp;&nbsp;&nbsp; GNMA%% | 5.50 | &nbsp;&nbsp; 6-15-2054 | 4125000 | &nbsp;&nbsp; 4095190 |
| &nbsp;&nbsp;&nbsp; GNMA | 6.00 | &nbsp;&nbsp; 8-20-2054 | 1307928 | &nbsp;&nbsp; 1322512 |
| &nbsp;&nbsp;&nbsp; GNMA | 6.00 | &nbsp;&nbsp; 9-20-2054 | 1400484 | &nbsp;&nbsp; 1415225 |
| &nbsp;&nbsp;&nbsp; GNMA%% | 6.50 | &nbsp;&nbsp; 6-15-2054 | 1050000 | &nbsp;&nbsp; 1072097 |
| &nbsp;&nbsp;&nbsp; GNMA | 6.50 | &nbsp;&nbsp; 8-20-2054 | 817603 | &nbsp;&nbsp; 835435 |
| &nbsp;&nbsp;&nbsp; TVA | 5.25 | &nbsp;&nbsp; 2-1-2055 | 410000 | &nbsp;&nbsp; 388648 |
| **Total agency securities (Cost $72,105,769)** |  |  |  | &nbsp;&nbsp; **71785520** |
| **Asset-backed securities: 9.81%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A Class B144A | 2.48 | &nbsp;&nbsp; 8-15-2046 | 160000 | &nbsp;&nbsp; 152625 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1 Class B144A | 6.17 | &nbsp;&nbsp; 10-15-2033 | 1000000 | &nbsp;&nbsp; 1010658 |
| &nbsp;&nbsp;&nbsp; Barings Equipment Finance LLC Series 2025-A Class A2144A | 4.64 | &nbsp;&nbsp; 10-13-2028 | 1000000 | &nbsp;&nbsp; 1000160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust Series 2024-1 <br> Class A1144A<br>| 6.05 | &nbsp;&nbsp; 7-15-2027 | 625000 | &nbsp;&nbsp; 630022 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust Series 2021-P3 Class A3 | 0.70 | &nbsp;&nbsp; 11-10-2026 | 8615 | &nbsp;&nbsp; 8606 |
| &nbsp;&nbsp;&nbsp; Centersquare Issuer LLC Series 2024-1A Class A2144A | 5.20 | &nbsp;&nbsp; 10-26-2054 | 1000000 | &nbsp;&nbsp; 973538 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 1

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40<br> %<br>| &nbsp;&nbsp; 2-15-2030 | $1000000 | &nbsp;&nbsp; $1017380 |
| &nbsp;&nbsp;&nbsp; DI Issuer LLC Series 2024-1A Class A2144A | 5.81 | &nbsp;&nbsp; 9-15-2054 | 260000 | &nbsp;&nbsp; 257544 |
| &nbsp;&nbsp;&nbsp; FIGRE Trust Series 2023-HE3 Class A144A±± | 6.44 | &nbsp;&nbsp; 11-25-2053 | 967834 | &nbsp;&nbsp; 990960 |
| &nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE1 Class C144A±± | 6.03 | &nbsp;&nbsp; 1-25-2055 | 921776 | &nbsp;&nbsp; 927332 |
| &nbsp;&nbsp;&nbsp; Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 199000 | &nbsp;&nbsp; 204906 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2022-3FP Class D144A | 7.36 | &nbsp;&nbsp; 8-20-2029 | 72558 | &nbsp;&nbsp; 72980 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2023-4A Class A144A | 6.15 | &nbsp;&nbsp; 3-25-2030 | 215000 | &nbsp;&nbsp; 222542 |
| &nbsp;&nbsp;&nbsp; Hipgnosis Music Assets LP Series 2022-1 Class A144A | 5.00 | &nbsp;&nbsp; 5-16-2062 | 1248509 | &nbsp;&nbsp; 1226678 |
| &nbsp;&nbsp;&nbsp; Hotwire Funding LLC Series 2021-1 Class A2144A | 2.31 | &nbsp;&nbsp; 11-20-2051 | 1000000 | &nbsp;&nbsp; 957819 |
| &nbsp;&nbsp;&nbsp; Jack in the Box Funding LLC Series 2019-1A Class A23144A | 4.97 | &nbsp;&nbsp; 8-25-2049 | 191500 | &nbsp;&nbsp; 183513 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC Series 2024-1A Class A2144A | 5.64 | &nbsp;&nbsp; 2-15-2055 | 997500 | &nbsp;&nbsp; 1006272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LoanCore Issuer LLC Series 2025-CRE8 Class C (U.S. SOFR 1 <br> Month+2.14%)144A±<br>| 6.47 | &nbsp;&nbsp; 8-17-2042 | 1000000 | &nbsp;&nbsp; 989369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 7.24 | &nbsp;&nbsp; 10-16-2036 | 100000 | &nbsp;&nbsp; 97396 |
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 500000 | &nbsp;&nbsp; 500234 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2022-2A Class A144A | 5.11 | &nbsp;&nbsp; 2-22-2028 | 24388 | &nbsp;&nbsp; 24395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2025-1A <br> Class A144A<br>| 5.36 | &nbsp;&nbsp; 4-16-2035 | 1000000 | &nbsp;&nbsp; 1022509 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp. Series 2022-D Class A144A | 4.27 | &nbsp;&nbsp; 8-15-2027 | 1200000 | &nbsp;&nbsp; 1198912 |
| &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC Series 2022-1 Class A2144A | 5.00 | &nbsp;&nbsp; 6-20-2047 | 1000000 | &nbsp;&nbsp; 982351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2023-FIG4 <br> Class B144A±±<br>| 7.12 | &nbsp;&nbsp; 11-25-2053 | 175746 | &nbsp;&nbsp; 180830 |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC Series 2021-1A Class A2144A | 4.97 | &nbsp;&nbsp; 1-30-2052 | 997500 | &nbsp;&nbsp; 976620 |
| &nbsp;&nbsp;&nbsp; ServiceMaster Funding LLC Series 2020-1 Class A2I144A | 2.84 | &nbsp;&nbsp; 1-30-2051 | 169283 | &nbsp;&nbsp; 156040 |
| &nbsp;&nbsp;&nbsp; ServiceMaster Funding LLC Series 2021-1 Class A2II144A | 3.11 | &nbsp;&nbsp; 7-30-2051 | 626334 | &nbsp;&nbsp; 518512 |
| &nbsp;&nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 1000000 | &nbsp;&nbsp; 1007800 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC Series 2024-3A Class A2I144A | 5.25 | &nbsp;&nbsp; 7-30-2054 | 995000 | &nbsp;&nbsp; 977925 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC Series 2024-1A Class A2144A | 6.28 | &nbsp;&nbsp; 3-25-2054 | 200000 | &nbsp;&nbsp; 201945 |
| &nbsp;&nbsp;&nbsp; TierPoint Issuer LLC Series 2023-1A Class A2144A | 6.00 | &nbsp;&nbsp; 6-25-2053 | 97521 | &nbsp;&nbsp; 97590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1 <br> Class A2144A±±<br>| 6.44 | &nbsp;&nbsp; 1-25-2064 | 220000 | &nbsp;&nbsp; 221949 |
| &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 990000 | &nbsp;&nbsp; 1005330 |
| &nbsp;&nbsp;&nbsp; Ziply Fiber Issuer LLC Series 2024-1A Class B144A | 7.81 | &nbsp;&nbsp; 4-20-2054 | 200000 | &nbsp;&nbsp; 207237 |
| **Total asset-backed securities (Cost $21,152,094)** |  |  |  | &nbsp;&nbsp; **21210479** |
| **Corporate bonds and notes: 18.28%** |  |  |  |  |
| **Basic materials: 0.37%** |  |  |  |  |
| **Chemicals: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.63 | &nbsp;&nbsp; 7-15-2032 | 15000 | &nbsp;&nbsp; 15351 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 90000 | &nbsp;&nbsp; 87795 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC | 6.15 | &nbsp;&nbsp; 5-15-2035 | 165000 | &nbsp;&nbsp; 167563 |
| &nbsp;&nbsp;&nbsp; Syensqo Finance America LLC144A | 5.85 | &nbsp;&nbsp; 6-4-2034 | 265000 | &nbsp;&nbsp; 269276 |
|  |  |  |  | &nbsp;&nbsp; **539985** |

---

See accompanying notes to portfolio of investments

2 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Iron/steel: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 4.88<br> %<br>| &nbsp;&nbsp; 3-1-2031 | $35000 | &nbsp;&nbsp; $28599 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 155000 | &nbsp;&nbsp; 152136 |
|  |  |  |  | &nbsp;&nbsp; **180735** |
| **Mining: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC144A | 3.38 | &nbsp;&nbsp; 9-23-2051 | 90000 | &nbsp;&nbsp; 57515 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 18000 | &nbsp;&nbsp; 17494 |
|  |  |  |  | &nbsp;&nbsp; **75009** |
| **Communications: 1.28%** |  |  |  |  |
| **Advertising: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp. | 4.00 | &nbsp;&nbsp; 2-15-2030 | 30000 | &nbsp;&nbsp; 28273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 7.38 | &nbsp;&nbsp; 2-15-2031 | 15000 | &nbsp;&nbsp; 15841 |
|  |  |  |  | &nbsp;&nbsp; **44114** |
| **Internet: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC144A | 4.13 | &nbsp;&nbsp; 8-1-2030 | 55000 | &nbsp;&nbsp; 50760 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. | 3.13 | &nbsp;&nbsp; 1-14-2031 | 400000 | &nbsp;&nbsp; 356022 |
|  |  |  |  | &nbsp;&nbsp; **406782** |
| **Media: 0.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 445000 | &nbsp;&nbsp; 384139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.85 | &nbsp;&nbsp; 4-1-2061 | 125000 | &nbsp;&nbsp; 77041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 115000 | &nbsp;&nbsp; 75908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 4.40 | &nbsp;&nbsp; 12-1-2061 | 445000 | &nbsp;&nbsp; 299777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 315000 | &nbsp;&nbsp; 327915 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. | 6.05 | &nbsp;&nbsp; 5-15-2055 | 105000 | &nbsp;&nbsp; 104788 |
| &nbsp;&nbsp;&nbsp; News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 490000 | &nbsp;&nbsp; 464715 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC144A | 4.00 | &nbsp;&nbsp; 7-15-2028 | 20000 | &nbsp;&nbsp; 18979 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 255000 | &nbsp;&nbsp; 224737 |
|  |  |  |  | &nbsp;&nbsp; **1977999** |
| **Telecommunications: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 310000 | &nbsp;&nbsp; 204936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 132000 | &nbsp;&nbsp; 132575 |
|  |  |  |  | &nbsp;&nbsp; **337511** |
| **Consumer, cyclical: 2.90%** |  |  |  |  |
| **Airlines: 1.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 382133 | &nbsp;&nbsp; 371074 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.75 | &nbsp;&nbsp; 4-20-2029 | 285000 | &nbsp;&nbsp; 279864 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 3

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airlines**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust Series 2020-1 <br> Class A144A<br>| 4.25<br> %<br>| &nbsp;&nbsp; 11-15-2032 | $91171 | &nbsp;&nbsp; $86029 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust Series 2020-1 Class AA | 2.00 | &nbsp;&nbsp; 6-10-2028 | 51165 | &nbsp;&nbsp; 47784 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 665000 | &nbsp;&nbsp; 662424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus Intellectual Property <br> Assets Ltd.144A<br>| 6.50 | &nbsp;&nbsp; 6-20-2027 | 604800 | &nbsp;&nbsp; 606188 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 127964 | &nbsp;&nbsp; 127340 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2023-1 Class A | 5.80 | &nbsp;&nbsp; 1-15-2036 | 95531 | &nbsp;&nbsp; 95625 |
|  |  |  |  | &nbsp;&nbsp; **2276328** |
| **Auto manufacturers: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 3.25 | &nbsp;&nbsp; 2-12-2032 | 260000 | &nbsp;&nbsp; 214554 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 6.10 | &nbsp;&nbsp; 8-19-2032 | 135000 | &nbsp;&nbsp; 131862 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC | 4.00 | &nbsp;&nbsp; 11-13-2030 | 215000 | &nbsp;&nbsp; 191470 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. | 5.85 | &nbsp;&nbsp; 4-6-2030 | 205000 | &nbsp;&nbsp; 209404 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America144A | 1.30 | &nbsp;&nbsp; 1-8-2026 | 100000 | &nbsp;&nbsp; 97879 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America144A | 5.30 | &nbsp;&nbsp; 3-19-2027 | 80000 | &nbsp;&nbsp; 80534 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America144A | 5.65 | &nbsp;&nbsp; 6-26-2026 | 45000 | &nbsp;&nbsp; 45401 |
|  |  |  |  | &nbsp;&nbsp; **971104** |
| **Auto parts & equipment: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.144A | 7.00 | &nbsp;&nbsp; 4-15-2028 | 15000 | &nbsp;&nbsp; **15331** |
| **Entertainment: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 22000 | &nbsp;&nbsp; 22429 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 345000 | &nbsp;&nbsp; 292757 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 585000 | &nbsp;&nbsp; 379231 |
|  |  |  |  | &nbsp;&nbsp; **694417** |
| **Home builders: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 15000 | &nbsp;&nbsp; **15437** |
| **Housewares: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 30000 | &nbsp;&nbsp; **28183** |
| **Leisure time: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 360000 | &nbsp;&nbsp; **367200** |
| **Lodging: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 170000 | &nbsp;&nbsp; 170384 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 215000 | &nbsp;&nbsp; 217330 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 280000 | &nbsp;&nbsp; 277683 |
|  |  |  |  | &nbsp;&nbsp; **665397** |
| **Retail: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 22000 | &nbsp;&nbsp; 22550 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 10000 | &nbsp;&nbsp; 10184 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 5.13 | &nbsp;&nbsp; 5-1-2031 | 87000 | &nbsp;&nbsp; 55338 |

---

See accompanying notes to portfolio of investments

4 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Retail**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC144A | 5.88<br> %<br>| &nbsp;&nbsp; 3-15-2030 | $140000 | &nbsp;&nbsp; $133613 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 25000 | &nbsp;&nbsp; 23159 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp.144A | 4.75 | &nbsp;&nbsp; 2-15-2028 | 105000 | &nbsp;&nbsp; 101333 |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 20000 | &nbsp;&nbsp; 20319 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 152000 | &nbsp;&nbsp; 145196 |
|  |  |  |  | &nbsp;&nbsp; **511692** |
| **Toys/games/hobbies: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 336000 | &nbsp;&nbsp; 340494 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 385000 | &nbsp;&nbsp; 386347 |
|  |  |  |  | &nbsp;&nbsp; **726841** |
| **Consumer, non-cyclical: 1.87%** |  |  |  |  |
| **Agriculture: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. | 4.76 | &nbsp;&nbsp; 9-6-2049 | 120000 | &nbsp;&nbsp; 96339 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 225000 | &nbsp;&nbsp; 225438 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 260000 | &nbsp;&nbsp; 256256 |
|  |  |  |  | &nbsp;&nbsp; **578033** |
| **Biotechnology: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 5.75 | &nbsp;&nbsp; 5-15-2035 | 270000 | &nbsp;&nbsp; 271818 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 215000 | &nbsp;&nbsp; 215072 |
|  |  |  |  | &nbsp;&nbsp; **486890** |
| **Commercial services: 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.144A | 5.55 | &nbsp;&nbsp; 5-30-2033 | 200000 | &nbsp;&nbsp; 198068 |
| &nbsp;&nbsp;&nbsp; Block, Inc. | 3.50 | &nbsp;&nbsp; 6-1-2031 | 20000 | &nbsp;&nbsp; 18072 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 100000 | &nbsp;&nbsp; 105693 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 70000 | &nbsp;&nbsp; 73890 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 3-17-2031 | 100000 | &nbsp;&nbsp; 119520 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 235000 | &nbsp;&nbsp; 218369 |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 30000 | &nbsp;&nbsp; 29812 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. | 3.88 | &nbsp;&nbsp; 2-15-2031 | 10000 | &nbsp;&nbsp; 9227 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 140000 | &nbsp;&nbsp; 133955 |
|  |  |  |  | &nbsp;&nbsp; **906606** |
| **Food: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mars, Inc.144A | 5.20 | &nbsp;&nbsp; 3-1-2035 | 370000 | &nbsp;&nbsp; 368612 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.144A | 5.70 | &nbsp;&nbsp; 5-1-2055 | 295000 | &nbsp;&nbsp; 286180 |
| &nbsp;&nbsp;&nbsp; U.S. Foods, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2033 | 13000 | &nbsp;&nbsp; 12771 |
|  |  |  |  | &nbsp;&nbsp; **667563** |
| **Healthcare-services: 0.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 160000 | &nbsp;&nbsp; 162535 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. | 5.95 | &nbsp;&nbsp; 9-15-2054 | 235000 | &nbsp;&nbsp; 221640 |
| &nbsp;&nbsp;&nbsp; Highmark, Inc.144A | 2.55 | &nbsp;&nbsp; 5-10-2031 | 270000 | &nbsp;&nbsp; 228968 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 23000 | &nbsp;&nbsp; 22265 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 5

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.75<br> %<br>| &nbsp;&nbsp; 5-15-2031 | $16000 | &nbsp;&nbsp; $16481 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5.05 | &nbsp;&nbsp; 4-15-2053 | 240000 | &nbsp;&nbsp; 206280 |
|  |  |  |  | &nbsp;&nbsp; **858169** |
| **Household products/wares: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 45000 | &nbsp;&nbsp; **41615** |
| **Pharmaceuticals: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 155000 | &nbsp;&nbsp; 151131 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 3.85 | &nbsp;&nbsp; 6-22-2040 | 235000 | &nbsp;&nbsp; 167049 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 4.00 | &nbsp;&nbsp; 6-22-2050 | 300000 | &nbsp;&nbsp; 191963 |
|  |  |  |  | &nbsp;&nbsp; **510143** |
| **Energy: 1.70%** |  |  |  |  |
| **Energy-alternate sources: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 18000 | &nbsp;&nbsp; **16967** |
| **Oil & gas: 0.88%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; APA Corp.144A | 5.25 | &nbsp;&nbsp; 2-1-2042 | 133000 | &nbsp;&nbsp; 103001 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. | 5.23 | &nbsp;&nbsp; 11-17-2034 | 610000 | &nbsp;&nbsp; 607376 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 495000 | &nbsp;&nbsp; 456383 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 80000 | &nbsp;&nbsp; 73684 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 5.40 | &nbsp;&nbsp; 2-15-2035 | 155000 | &nbsp;&nbsp; 150303 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 5.90 | &nbsp;&nbsp; 2-15-2055 | 95000 | &nbsp;&nbsp; 85638 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 5.25 | &nbsp;&nbsp; 10-15-2027 | 10000 | &nbsp;&nbsp; 10004 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 5.38 | &nbsp;&nbsp; 3-15-2030 | 245000 | &nbsp;&nbsp; 243669 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 6.05 | &nbsp;&nbsp; 10-1-2054 | 85000 | &nbsp;&nbsp; 73882 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 6.13 | &nbsp;&nbsp; 1-1-2031 | 95000 | &nbsp;&nbsp; 96717 |
|  |  |  |  | &nbsp;&nbsp; **1900657** |
| **Oil & gas services: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 245000 | &nbsp;&nbsp; **236660** |
| **Pipelines: 0.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 140000 | &nbsp;&nbsp; 146746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP Series H (5 Year Treasury Constant <br> Maturity+5.69%)ʊ±<br>| 6.50 | &nbsp;&nbsp; 11-15-2026 | 47000 | &nbsp;&nbsp; 46882 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC | 5.55 | &nbsp;&nbsp; 2-16-2055 | 240000 | &nbsp;&nbsp; 223937 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 21000 | &nbsp;&nbsp; 20763 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP144A | 5.88 | &nbsp;&nbsp; 6-15-2030 | 27000 | &nbsp;&nbsp; 26840 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 140000 | &nbsp;&nbsp; 142322 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC144A | 5.03 | &nbsp;&nbsp; 10-1-2029 | 325000 | &nbsp;&nbsp; 322267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 460000 | &nbsp;&nbsp; 440766 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 9.50 | &nbsp;&nbsp; 2-1-2029 | 140000 | &nbsp;&nbsp; 149680 |
|  |  |  |  | &nbsp;&nbsp; **1520203** |

---

See accompanying notes to portfolio of investments

6 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 6.22%** |  |  |  |  |
| **Banks: 3.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52<br> %<br>| &nbsp;&nbsp; 10-25-2035 | $475000 | &nbsp;&nbsp; $466249 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 220000 | &nbsp;&nbsp; 215567 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR 3 Month+1.84%)± | 3.82 | &nbsp;&nbsp; 1-20-2028 | 125000 | &nbsp;&nbsp; 123324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 200000 | &nbsp;&nbsp; 203170 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)± | 2.38 | &nbsp;&nbsp; 7-21-2032 | 130000 | &nbsp;&nbsp; 111868 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (U.S. SOFR+1.55%)± | 5.33 | &nbsp;&nbsp; 7-23-2035 | 200000 | &nbsp;&nbsp; 198305 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.02%)± | 2.07 | &nbsp;&nbsp; 6-1-2029 | 335000 | &nbsp;&nbsp; 311573 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.31%)± | 5.01 | &nbsp;&nbsp; 1-23-2030 | 345000 | &nbsp;&nbsp; 349091 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.45%)± | 5.30 | &nbsp;&nbsp; 7-24-2029 | 135000 | &nbsp;&nbsp; 137737 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.75%)± | 4.57 | &nbsp;&nbsp; 6-14-2030 | 400000 | &nbsp;&nbsp; 398371 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.85%)± | 5.35 | &nbsp;&nbsp; 6-1-2034 | 215000 | &nbsp;&nbsp; 217457 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR 3 Month+0.70%)± | 1.04 | &nbsp;&nbsp; 2-4-2027 | 170000 | &nbsp;&nbsp; 165877 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.20%)± | 2.51 | &nbsp;&nbsp; 10-20-2032 | 275000 | &nbsp;&nbsp; 236786 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.22%)± | 5.04 | &nbsp;&nbsp; 7-19-2030 | 145000 | &nbsp;&nbsp; 146440 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.36%)± | 2.48 | &nbsp;&nbsp; 9-16-2036 | 240000 | &nbsp;&nbsp; 200565 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.59%)± | 5.16 | &nbsp;&nbsp; 4-20-2029 | 165000 | &nbsp;&nbsp; 167303 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 285000 | &nbsp;&nbsp; 271551 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.73%)± | 5.12 | &nbsp;&nbsp; 2-1-2029 | 205000 | &nbsp;&nbsp; 207471 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.76%)± | 5.66 | &nbsp;&nbsp; 4-17-2036 | 250000 | &nbsp;&nbsp; 254083 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.83%)± | 6.41 | &nbsp;&nbsp; 11-1-2029 | 370000 | &nbsp;&nbsp; 390031 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74 | &nbsp;&nbsp; 3-20-2031 | 320000 | &nbsp;&nbsp; 323322 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | &nbsp;&nbsp; 11-9-2031 | 265000 | &nbsp;&nbsp; 291739 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp (U.S. SOFR+1.86%)± | 5.68 | &nbsp;&nbsp; 1-23-2035 | 125000 | &nbsp;&nbsp; 127341 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 765000 | &nbsp;&nbsp; 789909 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (U.S. SOFR+1.50%)± | 3.35 | &nbsp;&nbsp; 3-2-2033 | 170000 | &nbsp;&nbsp; 152477 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (U.S. SOFR 3 Month+4.50%)± | 5.01 | &nbsp;&nbsp; 4-4-2051 | 265000 | &nbsp;&nbsp; 232521 |
|  |  |  |  | &nbsp;&nbsp; **6690128** |
| **Diversified financial services: 0.46%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 355000 | &nbsp;&nbsp; 364199 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 410000 | &nbsp;&nbsp; 408133 |
| &nbsp;&nbsp;&nbsp; Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 165000 | &nbsp;&nbsp; 161966 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 30000 | &nbsp;&nbsp; 31340 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 20000 | &nbsp;&nbsp; 17941 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 23000 | &nbsp;&nbsp; 22018 |
|  |  |  |  | &nbsp;&nbsp; **1005597** |
| **Insurance: 1.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 200 Park Funding Trust144A | 5.74 | &nbsp;&nbsp; 2-15-2055 | 580000 | &nbsp;&nbsp; 559317 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 6.13 | &nbsp;&nbsp; 11-1-2034 | 140000 | &nbsp;&nbsp; 147532 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 6.25 | &nbsp;&nbsp; 7-1-2029 | 190000 | &nbsp;&nbsp; 195857 |
| &nbsp;&nbsp;&nbsp; Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 310000 | &nbsp;&nbsp; 250391 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 300000 | &nbsp;&nbsp; 198054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. Series G (5 Year Treasury Constant <br> Maturity+3.58%)ʊ±<br>| 3.85 | &nbsp;&nbsp; 9-15-2025 | 270000 | &nbsp;&nbsp; 267586 |
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 290000 | &nbsp;&nbsp; 300918 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 7

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. | 6.00<br> %<br>| &nbsp;&nbsp; 8-15-2029 | $140000 | &nbsp;&nbsp; $142090 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co.144A | 3.63 | &nbsp;&nbsp; 9-30-2059 | 520000 | &nbsp;&nbsp; 344088 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 165000 | &nbsp;&nbsp; 169714 |
| &nbsp;&nbsp;&nbsp; Omnis Funding Trust144A%% | 6.72 | &nbsp;&nbsp; 5-15-2055 | 430000 | &nbsp;&nbsp; 432653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 170000 | &nbsp;&nbsp; 157171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.16%)±<br>| 5.13 | &nbsp;&nbsp; 3-1-2052 | 55000 | &nbsp;&nbsp; 52844 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 205000 | &nbsp;&nbsp; 202473 |
| &nbsp;&nbsp;&nbsp; Transatlantic Holdings, Inc. | 8.00 | &nbsp;&nbsp; 11-30-2039 | 145000 | &nbsp;&nbsp; 175576 |
| &nbsp;&nbsp;&nbsp; Unum Group144A | 4.05 | &nbsp;&nbsp; 8-15-2041 | 125000 | &nbsp;&nbsp; 97432 |
|  |  |  |  | &nbsp;&nbsp; **3693696** |
| **Investment Companies: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. BDC | 2.88 | &nbsp;&nbsp; 6-15-2028 | 110000 | &nbsp;&nbsp; 102706 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. BDC%% | 5.50 | &nbsp;&nbsp; 9-1-2030 | 275000 | &nbsp;&nbsp; 272857 |
|  |  |  |  | &nbsp;&nbsp; **375563** |
| **REITs: 0.78%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.30 | &nbsp;&nbsp; 3-15-2028 | 140000 | &nbsp;&nbsp; 146776 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 18000 | &nbsp;&nbsp; 19168 |
| &nbsp;&nbsp;&nbsp; EPR Properties | 3.60 | &nbsp;&nbsp; 11-15-2031 | 145000 | &nbsp;&nbsp; 129399 |
| &nbsp;&nbsp;&nbsp; Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 380000 | &nbsp;&nbsp; 332428 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 75000 | &nbsp;&nbsp; 70275 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 20000 | &nbsp;&nbsp; 19781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 14000 | &nbsp;&nbsp; 14519 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 3.63 | &nbsp;&nbsp; 10-1-2029 | 200000 | &nbsp;&nbsp; 188179 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP | 2.75 | &nbsp;&nbsp; 4-1-2032 | 55000 | &nbsp;&nbsp; 44211 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 170000 | &nbsp;&nbsp; 187728 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP | 5.13 | &nbsp;&nbsp; 8-15-2026 | 290000 | &nbsp;&nbsp; 289565 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 81000 | &nbsp;&nbsp; 82150 |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC/Westfield U.K. & Europe Finance PLC144A | 4.75 | &nbsp;&nbsp; 9-17-2044 | 200000 | &nbsp;&nbsp; 159189 |
|  |  |  |  | &nbsp;&nbsp; **1683368** |
| **Industrial: 1.21%** |  |  |  |  |
| **Aerospace/defense: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co. | 5.81 | &nbsp;&nbsp; 5-1-2050 | 165000 | &nbsp;&nbsp; 154511 |
| &nbsp;&nbsp;&nbsp; Boeing Co. | 6.86 | &nbsp;&nbsp; 5-1-2054 | 140000 | &nbsp;&nbsp; 149311 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 510000 | &nbsp;&nbsp; 563175 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 23000 | &nbsp;&nbsp; 23495 |
|  |  |  |  | &nbsp;&nbsp; **890492** |
| **Building materials: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2034 | 28000 | &nbsp;&nbsp; 27897 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 140000 | &nbsp;&nbsp; 123900 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 25000 | &nbsp;&nbsp; 25253 |

---

See accompanying notes to portfolio of investments

8 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Building materials**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.144A | 6.38<br> %<br>| &nbsp;&nbsp; 3-1-2032 | $110000 | &nbsp;&nbsp; $111777 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.144A | 5.00 | &nbsp;&nbsp; 2-15-2027 | 15000 | &nbsp;&nbsp; 14898 |
|  |  |  |  | &nbsp;&nbsp; **303725** |
| **Electrical components & equipment: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 30000 | &nbsp;&nbsp; **30712** |
| **Environmental control: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 12000 | &nbsp;&nbsp; **12211** |
| **Machinery-diversified: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 15000 | &nbsp;&nbsp; **15657** |
| **Packaging & containers: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 140000 | &nbsp;&nbsp; 140345 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 2.88 | &nbsp;&nbsp; 8-15-2030 | 15000 | &nbsp;&nbsp; 13294 |
|  |  |  |  | &nbsp;&nbsp; **153639** |
| **Transportation: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 17000 | &nbsp;&nbsp; 17266 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. | 5.95 | &nbsp;&nbsp; 5-14-2055 | 215000 | &nbsp;&nbsp; 213966 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2065 | 215000 | &nbsp;&nbsp; 213661 |
|  |  |  |  | &nbsp;&nbsp; **444893** |
| **Trucking & leasing: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fortress Transportation & Infrastructure Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 670000 | &nbsp;&nbsp; 684910 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 6.05 | &nbsp;&nbsp; 6-5-2054 | 85000 | &nbsp;&nbsp; 82739 |
|  |  |  |  | &nbsp;&nbsp; **767649** |
| **Technology: 1.14%** |  |  |  |  |
| **Computers: 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 4-15-2035 | 330000 | &nbsp;&nbsp; 326544 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.144A | 6.63 | &nbsp;&nbsp; 5-15-2032 | 16000 | &nbsp;&nbsp; 16303 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. | 2.05 | &nbsp;&nbsp; 10-15-2026 | 85000 | &nbsp;&nbsp; 81974 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 5.70 | &nbsp;&nbsp; 3-17-2035 | 455000 | &nbsp;&nbsp; 457289 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman | 9.63 | &nbsp;&nbsp; 12-1-2032 | 20000 | &nbsp;&nbsp; 22700 |
|  |  |  |  | &nbsp;&nbsp; **904810** |
| **Semiconductors: 0.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 170000 | &nbsp;&nbsp; 165065 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 27000 | &nbsp;&nbsp; 27015 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 690000 | &nbsp;&nbsp; 705178 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 120000 | &nbsp;&nbsp; 73079 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 6.05 | &nbsp;&nbsp; 11-1-2035 | 305000 | &nbsp;&nbsp; 311012 |
|  |  |  |  | &nbsp;&nbsp; **1281349** |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 9

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Software: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 8.25<br> %<br>| &nbsp;&nbsp; 6-30-2032 | $200000 | &nbsp;&nbsp; $210295 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 3.85 | &nbsp;&nbsp; 4-1-2060 | 90000 | &nbsp;&nbsp; 59882 |
|  |  |  |  | &nbsp;&nbsp; **270177** |
| **Utilities: 1.59%** |  |  |  |  |
| **Electric: 1.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 15000 | &nbsp;&nbsp; 15119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 215000 | &nbsp;&nbsp; 215251 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 165000 | &nbsp;&nbsp; 186902 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC | 5.40 | &nbsp;&nbsp; 4-1-2053 | 180000 | &nbsp;&nbsp; 166081 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC | 5.80 | &nbsp;&nbsp; 4-15-2055 | 135000 | &nbsp;&nbsp; 130531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 30000 | &nbsp;&nbsp; 30671 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 210000 | &nbsp;&nbsp; 207864 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 23000 | &nbsp;&nbsp; 22316 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 528000 | &nbsp;&nbsp; 517025 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC144A | 5.75 | &nbsp;&nbsp; 5-15-2035 | 265000 | &nbsp;&nbsp; 266902 |
| &nbsp;&nbsp;&nbsp; Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 230000 | &nbsp;&nbsp; 216423 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. | 3.65 | &nbsp;&nbsp; 2-1-2050 | 35000 | &nbsp;&nbsp; 22672 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. | 5.75 | &nbsp;&nbsp; 4-15-2054 | 190000 | &nbsp;&nbsp; 166905 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. | 5.90 | &nbsp;&nbsp; 3-1-2055 | 415000 | &nbsp;&nbsp; 372643 |
| &nbsp;&nbsp;&nbsp; Southwestern Public Service Co. | 6.00 | &nbsp;&nbsp; 6-1-2054 | 115000 | &nbsp;&nbsp; 112681 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 555000 | &nbsp;&nbsp; 544616 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 20000 | &nbsp;&nbsp; 21207 |
|  |  |  |  | &nbsp;&nbsp; **3215809** |
| **Gas: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co.144A | 6.39 | &nbsp;&nbsp; 9-15-2033 | 210000 | &nbsp;&nbsp; **219390** |
| **Total corporate bonds and notes (Cost $39,383,873)** |  |  |  | &nbsp;&nbsp; **39516436** |
| **Foreign corporate bonds and notes: 3.43%** |  |  |  |  |
| **Communications: 0.86%** |  |  |  |  |
| **Internet: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United Group BV144A | 6.50 | &nbsp;&nbsp; 10-31-2031 | 215000 | &nbsp;&nbsp; **251390** |
| **Media: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG (PIK at 10.00%)144A¥ | 10.00 | &nbsp;&nbsp; 1-1-2029 | 105000 | &nbsp;&nbsp; **91801** |
| **Telecommunications: 0.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC (UK Gilts 5 Year+3.82%)± | 8.38 | &nbsp;&nbsp; 12-20-2083 | 100000 | &nbsp;&nbsp; 143961 |
| &nbsp;&nbsp;&nbsp; Eutelsat SA | 1.50 | &nbsp;&nbsp; 10-13-2028 | 100000 | &nbsp;&nbsp; 97690 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 130000 | &nbsp;&nbsp; 137249 |
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 100000 | &nbsp;&nbsp; 118349 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 215000 | &nbsp;&nbsp; 244122 |
| &nbsp;&nbsp;&nbsp; Tele2 AB | 0.75 | &nbsp;&nbsp; 3-23-2031 | 200000 | &nbsp;&nbsp; 202101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 200000 | &nbsp;&nbsp; 240827 |

---

See accompanying notes to portfolio of investments

10 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VMED O2 U.K. Financing I PLC | 5.63<br> %<br>| &nbsp;&nbsp; 4-15-2032 | EUR | 150000 | &nbsp;&nbsp; $175643 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | EUR | 125000 | &nbsp;&nbsp; 150802 |
|  |  |  |  |  | &nbsp;&nbsp; **1510744** |
| **Consumer, cyclical: 0.19%** |  |  |  |  |  |
| **Entertainment: 0.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SASU144A | 7.00 | &nbsp;&nbsp; 5-1-2029 | EUR | 125000 | &nbsp;&nbsp; **148354** |
| **Leisure time: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 110000 | &nbsp;&nbsp; **129895** |
| **Lodging: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AccorInvest Group SA | 5.50 | &nbsp;&nbsp; 11-15-2031 | EUR | 120000 | &nbsp;&nbsp; **137497** |
| **Consumer, non-cyclical: 0.66%** |  |  |  |  |  |
| **Agriculture: 0.05%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC | 2.25 | &nbsp;&nbsp; 1-16-2030 | EUR | 100000 | &nbsp;&nbsp; **109600** |
| **Commercial services: 0.37%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 150000 | &nbsp;&nbsp; 163880 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial Finance BV | 3.88 | &nbsp;&nbsp; 6-27-2027 | EUR | 290000 | &nbsp;&nbsp; 336144 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 135000 | &nbsp;&nbsp; 160165 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB | 5.50 | &nbsp;&nbsp; 5-15-2030 | EUR | 120000 | &nbsp;&nbsp; 141767 |
|  |  |  |  |  | &nbsp;&nbsp; **801956** |
| **Food: 0.19%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Iceland Bondco PLC | 10.88 | &nbsp;&nbsp; 12-15-2027 | GBP | 155000 | &nbsp;&nbsp; 221370 |
| &nbsp;&nbsp;&nbsp; Market Bidco Finco PLC | 5.50 | &nbsp;&nbsp; 11-4-2027 | GBP | 140000 | &nbsp;&nbsp; 183477 |
|  |  |  |  |  | &nbsp;&nbsp; **404847** |
| **Healthcare-services: 0.05%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ephios Subco 3 Sarl | 7.88 | &nbsp;&nbsp; 1-31-2031 | EUR | 100000 | &nbsp;&nbsp; **122118** |
| **Energy: 0.15%** |  |  |  |  |  |
| **Oil & gas: 0.15%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | 1.13 | &nbsp;&nbsp; 5-12-2029 | EUR | 100000 | &nbsp;&nbsp; 105279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual <br> (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 200000 | &nbsp;&nbsp; 210303 |
|  |  |  |  |  | &nbsp;&nbsp; **315582** |
| **Financial: 0.89%** |  |  |  |  |  |
| **Banks: 0.73%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) <br> 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 200000 | &nbsp;&nbsp; 224269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 200000 | &nbsp;&nbsp; 233937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 100000 | &nbsp;&nbsp; 121423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (EURIBOR ICE Swap Rate <br> 11:00am+4.44%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-23-2028 | EUR | 100000 | &nbsp;&nbsp; 121300 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 11

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Banks**(continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00<br> %<br>| &nbsp;&nbsp; 9-5-2030 | EUR | 100000 | &nbsp;&nbsp; $120971 |
| &nbsp;&nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate 11:00am+4.93%)ʊ± | 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 200000 | &nbsp;&nbsp; 249570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nykredit Realkredit AS (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+4.57%)ʊ±<br>| 4.13 | &nbsp;&nbsp; 4-15-2026 | EUR | 200000 | &nbsp;&nbsp; 225830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 100000 | &nbsp;&nbsp; 121823 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (EURIBOR ICE Swap Rate 11:00am+4.95%)± | 7.75 | &nbsp;&nbsp; 3-1-2029 | EUR | 125000 | &nbsp;&nbsp; 159978 |
|  |  |  |  |  | &nbsp;&nbsp; **1579101** |
| **Insurance: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AXA SA | 3.63 | &nbsp;&nbsp; 1-10-2033 | EUR | 100000 | &nbsp;&nbsp; **118079** |
| **Real estate: 0.10%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13 | &nbsp;&nbsp; 12-2-2026 | EUR | 200000 | &nbsp;&nbsp; **220524** |
| **Government securities: 0.10%** |  |  |  |  |  |
| **Multi-national: 0.10%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 230000 | &nbsp;&nbsp; **219877** |
| **Industrial: 0.07%** |  |  |  |  |  |
| **Packaging & containers: 0.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; OI European Group BV | 6.25 | &nbsp;&nbsp; 5-15-2028 | EUR | 130000 | &nbsp;&nbsp; **152575** |
| **Technology: 0.13%** |  |  |  |  |  |
| **Computers: 0.13%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 135000 | &nbsp;&nbsp; 157321 |
| &nbsp;&nbsp;&nbsp; Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 100000 | &nbsp;&nbsp; 123015 |
|  |  |  |  |  | &nbsp;&nbsp; **280336** |
| **Utilities: 0.38%** |  |  |  |  |  |
| **Electric: 0.21%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV | 4.00 | &nbsp;&nbsp; 2-20-2031 | EUR | 180000 | &nbsp;&nbsp; 213483 |
| &nbsp;&nbsp;&nbsp; Energia Group Roi Financeco DAC144A | 6.88 | &nbsp;&nbsp; 7-31-2028 | EUR | 100000 | &nbsp;&nbsp; 117533 |
| &nbsp;&nbsp;&nbsp; Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 105000 | &nbsp;&nbsp; 127681 |
|  |  |  |  |  | &nbsp;&nbsp; **458697** |
| **Gas: 0.08%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 150000 | &nbsp;&nbsp; **160641** |
| **Water: 0.09%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Holding d'Infrastructures des Metiers de l'Environnement | 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 165000 | &nbsp;&nbsp; **193964** |
| **Total foreign corporate bonds and notes (Cost $6,723,700)** |  |  |  |  | &nbsp;&nbsp; **7407578** |
| **Foreign government bonds: 2.56%** |  |  |  |  |  |
| **Brazil: 0.69%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 9000000 | &nbsp;&nbsp; **1488409** |

---

See accompanying notes to portfolio of investments

12 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Colombia: 0.25%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colombia TES | 7.75<br> %<br>| &nbsp;&nbsp; 9-18-2030 | COP | 2600000000 | &nbsp;&nbsp; **$540681** |
| **Indonesia: 0.22%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Indonesia | 6.88 | &nbsp;&nbsp; 4-15-2029 | IDR | 7750000000 | &nbsp;&nbsp; **481561** |
| **South Africa: 0.25%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 9920000 | &nbsp;&nbsp; **537249** |
| **United Kingdom: 1.15%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.K. Gilts | 4.38 | &nbsp;&nbsp; 3-7-2030 | GBP | 850000 | &nbsp;&nbsp; 1155306 |
| &nbsp;&nbsp;&nbsp; U.K. Gilts | 4.50 | &nbsp;&nbsp; 3-7-2035 | GBP | 1000000 | &nbsp;&nbsp; 1329429 |
|  |  |  |  |  | &nbsp;&nbsp; **2484735** |
| **Total foreign government bonds (Cost $5,471,815)** |  |  |  |  | &nbsp;&nbsp; **5532635** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.16%** |  |  |
| **Exchange-traded funds: 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio High Yield Bond ETF | 14268 | &nbsp;&nbsp; **335298** |
| **Total investment companies (Cost $333,813)** |  | &nbsp;&nbsp; **335298** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Principal |  |
| **Loans: 0.29%** |  |  |  |  |
| **Communications: 0.08%** |  |  |  |  |
| **Telecommunications: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.79 | &nbsp;&nbsp; 4-15-2030 | $170000 | &nbsp;&nbsp; **168135** |
| **Consumer, cyclical: 0.11%** |  |  |  |  |
| **Airlines: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.05 | &nbsp;&nbsp; 4-1-2031 | 15000 | &nbsp;&nbsp; **14988** |
| **Retail: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.81 | &nbsp;&nbsp; 3-3-2028 | 235000 | &nbsp;&nbsp; **217248** |
| **Financial: 0.10%** |  |  |  |  |
| **Insurance: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.69 | &nbsp;&nbsp; 1-31-2028 | 235000 | &nbsp;&nbsp; **226481** |
| **Total loans (Cost $643,685)** |  |  |  | &nbsp;&nbsp; **626852** |
| **Non-agency mortgage-backed securities: 6.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 921222 | &nbsp;&nbsp; 920903 |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM6 Class A2144A±± | 5.92 | &nbsp;&nbsp; 1-25-2070 | 947559 | &nbsp;&nbsp; 950264 |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± | 1.74 | &nbsp;&nbsp; 12-25-2060 | 1126850 | &nbsp;&nbsp; 981568 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2025-1 Class A1144A±± | 5.69 | &nbsp;&nbsp; 1-25-2070 | 965131 | &nbsp;&nbsp; 966229 |
| &nbsp;&nbsp;&nbsp; BAHA Trust Series 2024-MAR Class B144A±± | 6.84 | &nbsp;&nbsp; 12-10-2041 | 1000000 | &nbsp;&nbsp; 1018503 |
| &nbsp;&nbsp;&nbsp; Bank Series 2019-BN19 Class A3 | 3.18 | &nbsp;&nbsp; 8-15-2061 | 135000 | &nbsp;&nbsp; 125072 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 13

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85<br> %<br>| &nbsp;&nbsp; 9-25-2057 | $826890 | &nbsp;&nbsp; $796638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU <br> Class D (U.S. SOFR 1 Month+2.60%)144A±<br>| 6.93 | &nbsp;&nbsp; 12-15-2039 | 200000 | &nbsp;&nbsp; 198750 |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust Series 2024-1 Class A | 6.16 | &nbsp;&nbsp; 10-25-2056 | 1246549 | &nbsp;&nbsp; 1280360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-CES1 <br> Class A3144A±±<br>| 6.07 | &nbsp;&nbsp; 5-25-2055 | 1000000 | &nbsp;&nbsp; 1007297 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E Class A144A | 3.91 | &nbsp;&nbsp; 9-9-2032 | 1320000 | &nbsp;&nbsp; 1172452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.39 | &nbsp;&nbsp; 1-15-2036 | 225000 | &nbsp;&nbsp; 218391 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± | 5.58 | &nbsp;&nbsp; 12-25-2044 | 187788 | &nbsp;&nbsp; 188396 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust Series 2025-CES1 Class A1A144A±± | 5.65 | &nbsp;&nbsp; 1-25-2045 | 949753 | &nbsp;&nbsp; 955542 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR Class A144A | 5.39 | &nbsp;&nbsp; 11-13-2041 | 1000000 | &nbsp;&nbsp; 1012620 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR Class B144A | 5.93 | &nbsp;&nbsp; 11-13-2041 | 225000 | &nbsp;&nbsp; 229461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.39 | &nbsp;&nbsp; 1-5-2043 | 1000000 | &nbsp;&nbsp; 763143 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2024-9 Class M1144A±± | 6.20 | &nbsp;&nbsp; 11-25-2069 | 200000 | &nbsp;&nbsp; 199016 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $13,007,468)**<br>|  |  |  | &nbsp;&nbsp; **12984605** |
| **U.S. Treasury securities: 14.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds## | 4.13 | &nbsp;&nbsp; 8-15-2044 | 9220000 | &nbsp;&nbsp; 8285395 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 11-15-2044 | 360000 | &nbsp;&nbsp; 345769 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 6930000 | &nbsp;&nbsp; 6609487 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2045 | 10000 | &nbsp;&nbsp; 9761 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 4-30-2030 | 4595000 | &nbsp;&nbsp; 4576692 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 3-31-2030 | 6550000 | &nbsp;&nbsp; 6561258 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes%% | 4.13 | &nbsp;&nbsp; 5-31-2032 | 2520000 | &nbsp;&nbsp; 2510156 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 5-15-2035 | 2210000 | &nbsp;&nbsp; 2185137 |
| **Total U.S. Treasury securities (Cost $31,012,071)** |  |  |  | &nbsp;&nbsp; **31083655** |
| **Yankee corporate bonds and notes: 9.34%** |  |  |  |  |
| **Basic materials: 0.40%** |  |  |  |  |
| **Chemicals: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV144A | 7.25 | &nbsp;&nbsp; 2-13-2033 | 200000 | &nbsp;&nbsp; 174013 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 200000 | &nbsp;&nbsp; 201300 |
|  |  |  |  | &nbsp;&nbsp; **375313** |
| **Mining: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Glencore Finance Canada Ltd.144A | 6.90 | &nbsp;&nbsp; 11-15-2037 | 65000 | &nbsp;&nbsp; 70282 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC | 5.75 | &nbsp;&nbsp; 3-14-2055 | 440000 | &nbsp;&nbsp; 427780 |
|  |  |  |  | &nbsp;&nbsp; **498062** |
| **Communications: 0.17%** |  |  |  |  |
| **Media: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 31000 | &nbsp;&nbsp; **28624** |
| **Telecommunications: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colombia Telecomunicaciones SA ESP144A | 4.95 | &nbsp;&nbsp; 7-17-2030 | 200000 | &nbsp;&nbsp; 175510 |

---

See accompanying notes to portfolio of investments

14 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nokia Oyj | 6.63<br> %<br>| &nbsp;&nbsp; 5-15-2039 | $120000 | &nbsp;&nbsp; $122049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 46000 | &nbsp;&nbsp; 46067 |
|  |  |  |  | &nbsp;&nbsp; **343626** |
| **Consumer, cyclical: 0.74%** |  |  |  |  |
| **Airlines: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 105000 | &nbsp;&nbsp; **110512** |
| **Auto manufacturers: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.144A | 3.52 | &nbsp;&nbsp; 9-17-2025 | 225000 | &nbsp;&nbsp; **223008** |
| **Leisure time: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 670000 | &nbsp;&nbsp; 671655 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 550000 | &nbsp;&nbsp; 551974 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 6.25 | &nbsp;&nbsp; 3-15-2032 | 30000 | &nbsp;&nbsp; 30405 |
|  |  |  |  | &nbsp;&nbsp; **1254034** |
| **Consumer, non-cyclical: 0.30%** |  |  |  |  |
| **Agriculture: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc.144A | 5.85 | &nbsp;&nbsp; 6-15-2035 | 330000 | &nbsp;&nbsp; **340250** |
| **Cosmetics/Personal Care: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 22000 | &nbsp;&nbsp; **21961** |
| **Pharmaceuticals: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd. | 5.30 | &nbsp;&nbsp; 5-19-2053 | 240000 | &nbsp;&nbsp; 219977 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 50000 | &nbsp;&nbsp; 55620 |
|  |  |  |  | &nbsp;&nbsp; **275597** |
| **Energy: 1.50%** |  |  |  |  |
| **Oil & gas: 1.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aker BP ASA144A | 5.13 | &nbsp;&nbsp; 10-1-2034 | 475000 | &nbsp;&nbsp; 445502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+2.15%)ʊ±<br>| 6.45 | &nbsp;&nbsp; 12-1-2033 | 230000 | &nbsp;&nbsp; 231399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 555000 | &nbsp;&nbsp; 532659 |
| &nbsp;&nbsp;&nbsp; Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 510000 | &nbsp;&nbsp; 477258 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co.144A%% | 5.38 | &nbsp;&nbsp; 6-2-2035 | 210000 | &nbsp;&nbsp; 209490 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co.144A%% | 6.38 | &nbsp;&nbsp; 6-2-2055 | 255000 | &nbsp;&nbsp; 249900 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 405000 | &nbsp;&nbsp; 367390 |
| &nbsp;&nbsp;&nbsp; Var Energi ASA144A | 6.50 | &nbsp;&nbsp; 5-22-2035 | 200000 | &nbsp;&nbsp; 201900 |
|  |  |  |  | &nbsp;&nbsp; **2715498** |
| **Pipelines: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. | 5.95 | &nbsp;&nbsp; 4-5-2054 | 245000 | &nbsp;&nbsp; 234811 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (5 Year Treasury Constant Maturity+4.42%)± | 7.63 | &nbsp;&nbsp; 1-15-2083 | 25000 | &nbsp;&nbsp; 25882 |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 15

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75<br> %<br>| &nbsp;&nbsp; 7-15-2080 | $195000 | &nbsp;&nbsp; $188387 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP144A | 6.75 | &nbsp;&nbsp; 7-15-2032 | 76000 | &nbsp;&nbsp; 76694 |
|  |  |  |  | &nbsp;&nbsp; **525774** |
| **Financial: 5.05%** |  |  |  |  |
| **Banks: 3.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.64%)144Aʊ±<br>| 5.88 | &nbsp;&nbsp; 1-24-2027 | 200000 | &nbsp;&nbsp; 195306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 200000 | &nbsp;&nbsp; 187985 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (U.S. SOFR+1.62%)144A± | 5.60 | &nbsp;&nbsp; 3-20-2030 | 200000 | &nbsp;&nbsp; 204235 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA144A | 5.19 | &nbsp;&nbsp; 2-16-2028 | 525000 | &nbsp;&nbsp; 531665 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 525000 | &nbsp;&nbsp; 529541 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 225000 | &nbsp;&nbsp; 225494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 200000 | &nbsp;&nbsp; 208049 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (U.S. SOFR+1.92%)144A± | 5.91 | &nbsp;&nbsp; 11-19-2035 | 455000 | &nbsp;&nbsp; 452384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 545000 | &nbsp;&nbsp; 523057 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (U.S. SOFR+1.46%)144A± | 5.22 | &nbsp;&nbsp; 5-27-2031 | 265000 | &nbsp;&nbsp; 267326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.40%)144A±<br>| 5.71 | &nbsp;&nbsp; 3-1-2030 | 350000 | &nbsp;&nbsp; 360655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.75%)144A±<br>| 4.30 | &nbsp;&nbsp; 4-1-2028 | 700000 | &nbsp;&nbsp; 694781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 200000 | &nbsp;&nbsp; 200469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant <br> Maturity+1.27%)±<br>| 5.62 | &nbsp;&nbsp; 4-24-2036 | 290000 | &nbsp;&nbsp; 294558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 300000 | &nbsp;&nbsp; 261079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.05%)±<br>| 5.12 | &nbsp;&nbsp; 5-23-2031 | 735000 | &nbsp;&nbsp; 737856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.50%)±<br>| 5.78 | &nbsp;&nbsp; 3-1-2035 | 400000 | &nbsp;&nbsp; 407722 |
| &nbsp;&nbsp;&nbsp; NatWest Markets PLC144A | 1.60 | &nbsp;&nbsp; 9-29-2026 | 200000 | &nbsp;&nbsp; 192404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+0.85%)144A±<br>| 1.49 | &nbsp;&nbsp; 8-10-2027 | 400000 | &nbsp;&nbsp; 384840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+2.05%)144A±<br>| 4.70 | &nbsp;&nbsp; 8-5-2027 | 215000 | &nbsp;&nbsp; 214838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 81000 | &nbsp;&nbsp; 78021 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (U.S. SOFR+1.73%)144A± | 3.09 | &nbsp;&nbsp; 5-14-2032 | 350000 | &nbsp;&nbsp; 313318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 305000 | &nbsp;&nbsp; 304105 |
|  |  |  |  | &nbsp;&nbsp; **7769688** |
| **Diversified financial services: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 2.45 | &nbsp;&nbsp; 10-29-2026 | 195000 | &nbsp;&nbsp; 188993 |

---

See accompanying notes to portfolio of investments

16 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95<br> %<br>| &nbsp;&nbsp; 3-10-2055 | $150000 | &nbsp;&nbsp; $153856 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 110000 | &nbsp;&nbsp; 103380 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 4.25 | &nbsp;&nbsp; 4-15-2026 | 75000 | &nbsp;&nbsp; 74452 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 4.95 | &nbsp;&nbsp; 1-15-2028 | 145000 | &nbsp;&nbsp; 144585 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 3-1-2029 | 140000 | &nbsp;&nbsp; 142543 |
| &nbsp;&nbsp;&nbsp; Macquarie AirFinance Holdings Ltd.144A | 6.50 | &nbsp;&nbsp; 3-26-2031 | 15000 | &nbsp;&nbsp; 15590 |
|  |  |  |  | &nbsp;&nbsp; **823399** |
| **Insurance: 1.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allianz SE (5 Year Treasury Constant Maturity+3.23%)144A± | 6.35 | &nbsp;&nbsp; 9-6-2053 | 600000 | &nbsp;&nbsp; 617284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (5 Year Treasury Constant <br> Maturity+2.52%)144Aʊ±<br>| 6.20 | &nbsp;&nbsp; 1-16-2035 | 700000 | &nbsp;&nbsp; 694801 |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp.144A | 5.46 | &nbsp;&nbsp; 9-22-2032 | 435000 | &nbsp;&nbsp; 434851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co. (5 Year Treasury Constant <br> Maturity+2.91%)144A±<br>| 6.10 | &nbsp;&nbsp; 6-11-2055 | 310000 | &nbsp;&nbsp; 304454 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 5.75 | &nbsp;&nbsp; 6-5-2033 | 130000 | &nbsp;&nbsp; 131956 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 140000 | &nbsp;&nbsp; 141053 |
|  |  |  |  | &nbsp;&nbsp; **2324399** |
| **Government securities: 0.25%** |  |  |  |  |
| **Multi-national: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 400000 | &nbsp;&nbsp; 351296 |
| &nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 200000 | &nbsp;&nbsp; 195384 |
|  |  |  |  | &nbsp;&nbsp; **546680** |
| **Industrial: 0.14%** |  |  |  |  |
| **Electronics: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV144A | 5.88 | &nbsp;&nbsp; 9-1-2030 | 23000 | &nbsp;&nbsp; **22746** |
| **Engineering & construction: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 75000 | &nbsp;&nbsp; **78548** |
| **Trucking & leasing: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 200000 | &nbsp;&nbsp; **203516** |
| **Utilities: 0.79%** |  |  |  |  |
| **Electric: 0.79%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad144A | 3.35 | &nbsp;&nbsp; 2-9-2031 | 400000 | &nbsp;&nbsp; 345135 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 400000 | &nbsp;&nbsp; 332175 |
| &nbsp;&nbsp;&nbsp; Electricite de France SA144A | 5.75 | &nbsp;&nbsp; 1-13-2035 | 525000 | &nbsp;&nbsp; 530298 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 490000 | &nbsp;&nbsp; 492407 |
|  |  |  |  | &nbsp;&nbsp; **1700015** |
| **Total yankee corporate bonds and notes (Cost $20,081,759)** |  |  |  | &nbsp;&nbsp; **20181250** |

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 17

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Yankee government bonds: 0.96%** |  |  |  |  |
| **Argentina: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Argentinaøø | 0.75<br> %<br>| &nbsp;&nbsp; 7-9-2030 | $44000 | &nbsp;&nbsp; $34452 |
| &nbsp;&nbsp;&nbsp; Argentinaøø | 4.13 | &nbsp;&nbsp; 7-9-2035 | 35000 | &nbsp;&nbsp; 23503 |
|  |  |  |  | &nbsp;&nbsp; **57955** |
| **Bermuda: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bermuda144A | 3.38 | &nbsp;&nbsp; 8-20-2050 | 200000 | &nbsp;&nbsp; **127094** |
| **Dominican Republic: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dominican Republic144A | 4.88 | &nbsp;&nbsp; 9-23-2032 | 200000 | &nbsp;&nbsp; **182180** |
| **Israel: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 400000 | &nbsp;&nbsp; **354688** |
| **Ivory Coast: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ivory Coast144A | 8.25 | &nbsp;&nbsp; 1-30-2037 | 200000 | &nbsp;&nbsp; **188518** |
| **Mexico: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mexico | 4.75 | &nbsp;&nbsp; 3-8-2044 | 80000 | &nbsp;&nbsp; 60252 |
| &nbsp;&nbsp;&nbsp; Mexico | 6.00 | &nbsp;&nbsp; 5-7-2036 | 200000 | &nbsp;&nbsp; 191370 |
| &nbsp;&nbsp;&nbsp; Mexico | 6.35 | &nbsp;&nbsp; 2-9-2035 | 210000 | &nbsp;&nbsp; 209189 |
|  |  |  |  | &nbsp;&nbsp; **460811** |
| **Panama: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Panama | 4.50 | &nbsp;&nbsp; 5-15-2047 | 200000 | &nbsp;&nbsp; 130770 |
| &nbsp;&nbsp;&nbsp; Panama | 4.50 | &nbsp;&nbsp; 1-19-2063 | 630000 | &nbsp;&nbsp; 378850 |
| &nbsp;&nbsp;&nbsp; Panama | 6.40 | &nbsp;&nbsp; 2-14-2035 | 200000 | &nbsp;&nbsp; 188060 |
|  |  |  |  | &nbsp;&nbsp; **697680** |
| **Total yankee government bonds (Cost $2,053,565)** |  |  |  | &nbsp;&nbsp; **2068926** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 7.43%** |  |  |  |
| **Investment companies: 4.43%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞## | 4.23 | 9576949 | &nbsp;&nbsp; **9576949** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Principal |  |
| **U.S. Treasury securities: 3.00%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ |  | 3.97 | &nbsp;&nbsp; 7-3-2025 | $6500000 | &nbsp;&nbsp; **6476391** |
| **Total short-term investments (Cost $16,053,356)** |  |  |  |  | &nbsp;&nbsp; **16053340** |
| **Total investments in securities (Cost $228,022,968)** | 105.86<br> %<br>|  |  |  | &nbsp;&nbsp; 228786574 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (5.86)<br>|  |  |  | &nbsp;&nbsp; (12662499)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$216124075** |

---

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

See accompanying notes to portfolio of investments

18 \| Allspring Core Plus ETF

------

Portfolio of investments—May 31, 2025 (unaudited)

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| All or a portion of this security is segregated as collateral for when-issued securities. |
| The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |
| Zero coupon security. The rate represents the current yield to maturity. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BDC | Business Development Company |
| BRL | Brazilian real |
| COP | Colombian peso |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| IDR | Indonesian rupiah |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| TVA | Tennessee Valley Authority |
| ZAR | South African rand |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class<br>| $0 | $147049541 | $(137472592)<br>| $0 | $0 | $9576949 | 9576949 | $366985 |

---

**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 | 698268 | AUD | 1110000 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(17515)<br>|
| AUD | 1110000 | USD | 668449 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 47334 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1600573 | BRL | 9275000 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10884)<br>|
| USD | 7216071 | EUR | 6645000 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (342071)<br>|
| EUR | 300000 | USD | 324902 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 16324 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 420000 | USD | 480565 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (2850)<br>|
| USD | 3206275 | GBP | 2482000 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (138270)<br>|
| JPY | 80000000 | USD | 566514 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (8853)<br>|
| USD | 518316 | ZAR | 9500000 | Morgan Stanley, Inc. | 6-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (8924)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$63658** | &nbsp;&nbsp;&nbsp; **$(529367)**<br>|

---

See accompanying notes to portfolio of investments

Allspring Core Plus ETF \| 19

------

Portfolio of investments—May 31, 2025 (unaudited)

**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; 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; $32122749 | &nbsp;&nbsp; $32152813 | &nbsp;&nbsp; $30064 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; 13161898 | &nbsp;&nbsp; 13198875 | &nbsp;&nbsp; 36977 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| &nbsp;&nbsp; 10-Year Euro BUND Index | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (2237948)<br>| &nbsp;&nbsp; (2234736)<br>| &nbsp;&nbsp; 3212 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 2-Year Euro SCHATZ | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (486330)<br>| &nbsp;&nbsp; (487540)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1210)<br>|
| &nbsp;&nbsp; 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (2023226)<br>| &nbsp;&nbsp; (2029163)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (5937)<br>|
| &nbsp;&nbsp; Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (231796)<br>| &nbsp;&nbsp; (232125)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (329)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$70253** | &nbsp;&nbsp; **$(7476)**<br>|

---

See accompanying notes to portfolio of investments

20 \| Allspring Core Plus ETF

------

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

Notes to portfolio of investments

Securities valuation

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

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

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

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.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, 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 Fund 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.

When-issued transactions

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

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.

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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and

Allspring Core Plus ETF \| 21

------

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

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 Fund 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 Fund'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 Fund and the counterparty.

Futures contracts

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

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

Mortgage dollar roll transactions

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

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

22 \| Allspring Core Plus ETF

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $71785520 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $71785520 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 21210479 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 21210479 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 39516436 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 39516436 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 7407578 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 7407578 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5532635 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5532635 |
| **Investment companies** | &nbsp;&nbsp; 335298 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 335298 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 626852 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 626852 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 12984605 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 12984605 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 31083655 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 31083655 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20181250 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20181250 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2068926 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2068926 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 9576949 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 9576949 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 6476391 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 6476391 |
|  | &nbsp;&nbsp; 47472293 | &nbsp;&nbsp;&nbsp;&nbsp; 181314281 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 228786574 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 63658 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 63658 |
| **Futures contracts** | &nbsp;&nbsp; 70253 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 70253 |
| **Total assets** | &nbsp;&nbsp; **$47542546** | &nbsp;&nbsp;&nbsp; **$181377939** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$228920485** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $529367 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $529367 |
| **Futures contracts** | &nbsp;&nbsp; 7476 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 7476 |
| **Total liabilities** | &nbsp;&nbsp; **$7476** | &nbsp;&nbsp;&nbsp; **$529367** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$536843** |

---

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 Portfolio of investments. All other assets and liabilities are reported at their market value at measurement date.

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

As of May 31, 2025, $475,000 was segregated as cash collateral for these open futures contracts. The Fund also had $260,000 segregated as cash collateral for open forward foreign currency contracts.

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

Allspring Core Plus ETF \| 23

------

## 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 EXCHANGE-TRADED FUNDS TRUST

- **b. Investment Company Act file number:** 811-23597

- **c. CIK number of Registrant:** 0001611331

- **d. LEI of Registrant:** 2549008U45GDNN6MG464

- **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:** 833-568-4225

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

- **a. Name of Series:** Allspring Core Plus ETF

- **b. EDGAR series identifier (if any):** S000088477

- **c. LEI of Series:** 254900E0UV21WLT5DF41

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $228897991.52

**Total Liabilities:** $12771555.93

**Net Assets:** $216126435.59

**Delayed Delivery Securities:** $1330598.90

**Cash Not Reported:** $716248.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -149.43000000 | **1-Year:** -3665.09000000 | **5-Year:** -12058.60000000 | **10-Year:** -16791.23000000 | **30-Year:** -10184.69000000

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

- **3-Month:** -74.68000000 | **1-Year:** -1904.46000000 | **5-Year:** -4068.60000000 | **10-Year:** -1616.37000000 | **30-Year:** -645.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254754 | -0.27%               | 0.08%                | -0.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $324326.35               | $-1226388.50                               |
| Month 2  | $-218341.68              | $-324111.31                                |
| Month 3  | $-2720.45                | $-1417187.06                               |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Index

- **Index Identifier:** agg_returns

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AFRICAN EXPORT-IMPORT BA                          | African Export-Import Bank/The                                                  | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |     400000 | PA      | $351296.00    | 0.16%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MARS INC                                          | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     370000 | PA      | $368612.12    | 0.17%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     240000 | PA      | $200565.01    | 0.09%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     268255 | PA      | $233852.12    | 0.11%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                     | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     140000 | PA      | $149311.24    | 0.07%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                               | NatWest Markets PLC                                                             | CUSIP: 63906YAD0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $192404.35    | 0.09%             | 2026-09-29      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BUND FUTURE JUN25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -15 | NC      | $3212.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRASKEM NETHERLANDS                               | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAG0<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $174012.50    | 0.08%             | 2033-02-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                          | Enterprise Products Operating LLC                                               | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     240000 | PA      | $223937.25    | 0.10%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Transurban Finance Co. Pty. Ltd.                  | Transurban Finance Co. Pty. Ltd.                                                | CUSIP: 000000000<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |     135000 | PA      | $160165.26    | 0.07%             | 2033-04-26      | Fixed         | 4.23%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                            | Santander Holdings USA Inc                                                      | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     320000 | PA      | $323321.74    | 0.15%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC                      | Jack in the Box Funding LLC                                                     | CUSIP: 466365AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     191500 | PA      | $183513.15    | 0.08%             | 2049-08-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     345000 | PA      | $349090.87    | 0.16%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| RAIFFEISEN BANK INTL                              | Raiffeisen Bank International AG                                                | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | DBT              | CORP              | AT        |     100000 | PA      | $121823.35    | 0.06%             | 2032-12-20      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                            | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      90000 | PA      | $57515.53     | 0.03%             | 2051-09-23      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                            | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     290000 | PA      | $294557.69    | 0.14%             | 2036-04-24      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                        | U.K. Gilts                                                                      | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    1000000 | PA      | $1329429.61   | 0.62%             | 2035-03-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                           | Macy's Retail Holdings LLC                                                      | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     140000 | PA      | $133612.88    | 0.06%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179WNE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3054417 | PA      | $2560110.76   | 1.18%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     140000 | PA      | $142543.14    | 0.07%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                                 | EUSHI Finance Inc                                                               | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      30000 | PA      | $30671.43     | 0.01%             | 2054-12-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     215000 | PA      | $217456.48    | 0.10%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     225000 | PA      | $229460.81    | 0.11%             | 2041-11-13      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                     | LGI Homes Inc                                                                   | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15437.21     | 0.01%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                          | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BL3<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     200000 | PA      | $188179.47    | 0.09%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                            | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     555000 | PA      | $532659.31    | 0.25%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     507301 | PA      | $478711.36    | 0.22%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                              | Lorca Telecom Bondco SA                                                         | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |     215000 | PA      | $244121.77    | 0.11%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                           | Delta Air Lines 2020-1 Class AA Pass Through Trust                              | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      51165 | PA      | $47784.40     | 0.02%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                           | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     460000 | PA      | $440765.65    | 0.20%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                    | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     225000 | PA      | $225493.75    | 0.10%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                               | Kinetik Holdings LP                                                             | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |      27000 | PA      | $26839.56     | 0.01%             | 2030-06-15      | Fixed         | 5.88%                 | 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      | $47334.49     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                          | Banque Ouest Africaine de Developpement                                         | CUSIP: 000000000<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |     230000 | PA      | $219876.64    | 0.10%             | 2033-01-22      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Brex Inc                                          | Brex Commercial Charge Card Master Trust                                        | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     625000 | PA      | $630021.94    | 0.29%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36180AAG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1400484 | PA      | $1415224.92   | 0.65%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     445000 | PA      | $384138.69    | 0.18%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     200000 | PA      | $182180.00    | 0.08%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WEA FINANCE LLC/WESTFIEL                          | WEA Finance LLC / Westfield UK & Europe Finance PLC                             | CUSIP: 92890HAD4<br>LEI: N/A                  | Long             | DBT              |  | US        |     200000 | PA      | $159189.50    | 0.07%             | 2044-09-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                             | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      10000 | PA      | $9760.94      | 0.00%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| LYB INT FINANCE III                               | LYB International Finance III LLC                                               | CUSIP: 50249AAP8<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     165000 | PA      | $167562.87    | 0.08%             | 2035-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                | Credit Agricole SA                                                              | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $121300.14    | 0.06%             | 2028-09-23      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     130000 | PA      | $111867.77    | 0.05%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      80000 | PA      | $80534.33     | 0.04%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2020-1C PTT                            | Air Canada 2020-1 Class C Pass Through Trust                                    | CUSIP: 008911BD0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     105000 | PA      | $110512.50    | 0.05%             | 2026-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     735000 | PA      | $737856.28    | 0.34%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                            | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      22000 | PA      | $22429.15     | 0.01%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                                        | Nucor Corp                                                                      | CUSIP: 670346BA2<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     155000 | PA      | $152136.00    | 0.07%             | 2035-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                            | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203169.60    | 0.09%             | 2030-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VISTA MANAGEMENT HOLDING INC                      | Vista Management Holding Inc 2025 Term Loan B                                   | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |      15000 | PA      | $14987.55     | 0.01%             | 2031-04-01      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                              | Las Vegas Sands Corp                                                            | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     215000 | PA      | $217329.70    | 0.10%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                           | United Rentals North America Inc                                                | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9226.91      | 0.00%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                | Kohl's Corp                                                                     | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |      87000 | PA      | $55338.37     | 0.03%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Hipgnosis Music Assets LP                         | Hipgnosis Music Assets 2022-1 LP                                                | CUSIP: 43351RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1248509 | PA      | $1226678.49   | 0.57%             | 2062-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                           | United Airlines 2020-1 Class B Pass Through Trust                               | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     127964 | PA      | $127339.93    | 0.06%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                             | Genesee & Wyoming Inc                                                           | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |      17000 | PA      | $17265.22     | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     145000 | PA      | $146440.03    | 0.07%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                          | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      46000 | PA      | $46066.71     | 0.02%             | 2055-04-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                        | DaVita Inc                                                                      | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     160000 | PA      | $162534.71    | 0.08%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     140000 | PA      | $146746.46    | 0.07%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2210000 | PA      | $2185137.50   | 1.01%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                                      | Entegris Inc                                                                    | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      27000 | PA      | $27014.82     | 0.01%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Brands                              | ServiceMaster Funding LLC                                                       | CUSIP: 81761TAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     626334 | PA      | $518512.33    | 0.24%             | 2051-07-30      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                           | Wintershall Dea Finance 2 BV                                                    | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $210303.53    | 0.10%             | 2028-07-20      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                          | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30711.91     | 0.01%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                          | Southwestern Public Service Co                                                  | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |     115000 | PA      | $112681.18    | 0.05%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank                                              | Bank 2019-BNK19                                                                 | CUSIP: 06540WBD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     135000 | PA      | $125071.90    | 0.06%             | 2061-08-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                           | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     180000 | PA      | $166081.12    | 0.08%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Sabra Health Care LP                              | Sabra Health Care LP                                                            | CUSIP: 14162VAB2<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              |  | US        |     290000 | PA      | $289564.94    | 0.13%             | 2026-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                              | Saudi Arabian Oil Co                                                            | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     255000 | PA      | $249900.00    | 0.12%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                           | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      95531 | PA      | $95624.58     | 0.04%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                  | Deutsche Bank AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $120971.08    | 0.06%             | 2030-09-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     110000 | PA      | $111777.27    | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     195000 | PA      | $188992.92    | 0.09%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| DI Issuer LLC                                     | DI Issuer LLC                                                                   | CUSIP: 23292FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     260000 | PA      | $257544.35    | 0.12%             | 2054-09-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                      | Sabey Data Center Issuer LLC                                                    | CUSIP: 78520EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $982350.80    | 0.45%             | 2047-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO NACIONAL COM EXT                            | Banco Nacional de Comercio Exterior SNC/Cayman Islands                          | CUSIP: 05973JAA8<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $187984.96    | 0.09%             | 2031-08-11      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $195305.72    | 0.09%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 3618N5A25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     128254 | PA      | $121062.59    | 0.06%             | 2054-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                          | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAH5<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |     200000 | PA      | $203516.02    | 0.09%             | 2028-05-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     200000 | PA      | $198305.00    | 0.09%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| CINCINNATI FINL CORP                              | Cincinnati Financial Corp                                                       | CUSIP: 172062AE1<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | DBT              | CORP              | US        |     140000 | PA      | $147532.50    | 0.07%             | 2034-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     315000 | PA      | $327915.36    | 0.15%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                         | PG&E Corp                                                                       | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22316.01     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLOMBIA TELECOMUNICACIO                          | Colombia Telecomunicaciones SA ESP                                              | CUSIP: 19533PAC4<br>LEI: 549300CK4YN0V1C3MN55 | Long             | DBT              | CORP              | CO        |     200000 | PA      | $175509.62    | 0.08%             | 2030-07-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                             | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AX2<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     210000 | PA      | $219389.83    | 0.10%             | 2033-09-15      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                  | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     360000 | PA      | $367200.00    | 0.17%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                    | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     525000 | PA      | $529540.61    | 0.25%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                                      | CUSIP: 21H020667<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     830000 | PA      | $666549.37    | 0.31%             | 2054-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR                    | ALLSPRING GOVERNMENT MONEY MAR                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    9576949 | NS      | $9576948.98   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Government International Bonds             | Mexico Government International Bonds                                           | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      80000 | PA      | $60252.00     | 0.03%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                                      | NMI Holdings Inc                                                                | CUSIP: 629209AC1<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |     140000 | PA      | $142089.53    | 0.07%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     350000 | PA      | $313317.66    | 0.14%             | 2032-05-14      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     125000 | PA      | $77041.00     | 0.04%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                        | Unum Group                                                                      | CUSIP: 91529YAS5<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |     125000 | PA      | $97431.68     | 0.05%             | 2041-08-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC                             | Jackson Financial Inc                                                           | CUSIP: 46817MAN7<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |     300000 | PA      | $198053.79    | 0.09%             | 2051-11-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                       | Aker BP ASA                                                                     | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |     475000 | PA      | $445501.61    | 0.21%             | 2034-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                      | Comcast Corp                                                                    | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     105000 | PA      | $104787.77    | 0.05%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds             | Mexico Government International Bonds                                           | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $191370.00    | 0.09%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                                        | Hasbro Inc                                                                      | CUSIP: 418056BA4<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     336000 | PA      | $340493.56    | 0.16%             | 2034-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                | ADMT 2024-NQM6                                                                  | CUSIP: 00249YAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     947559 | PA      | $950264.56    | 0.44%             | 2070-01-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                           | Schlumberger Holdings Corp                                                      | CUSIP: 806851AP6<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |     245000 | PA      | $236659.50    | 0.11%             | 2033-05-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                     | Aircastle Ltd                                                                   | CUSIP: 00928QAY7<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |     355000 | PA      | $364198.81    | 0.17%             | 2029-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA                          | MEIJI YASUDA LIFE INSURA                                                        | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |     310000 | PA      | $304454.01    | 0.14%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AXA SA                                            | AXA SA                                                                          | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $118078.94    | 0.05%             | 2033-01-10      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                            | Group 1 Automotive Inc                                                          | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10183.91     | 0.00%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                           | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      16000 | PA      | $16480.83     | 0.01%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Avant Loans Funding Trust                         | Avant Loans Funding Trust 2024-REV1                                             | CUSIP: 05352UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1010657.90   | 0.47%             | 2033-10-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2022-2                                                 | CUSIP: 67578XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      24388 | PA      | $24394.58     | 0.01%             | 2028-02-22      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                            | UnitedHealth Group Inc                                                          | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     240000 | PA      | $206280.20    | 0.10%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Tele2 AB                                          | Tele2 AB                                                                        | CUSIP: 000000000<br>LEI: 213800EKD193RVI9HL76 | Long             | DBT              | CORP              | SE        |     200000 | PA      | $202100.71    | 0.09%             | 2031-03-23      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                          | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     585000 | PA      | $379231.00    | 0.18%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                             | Micron Technology Inc                                                           | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     305000 | PA      | $311012.68    | 0.14%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                       | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     270000 | PA      | $267585.98    | 0.12%             | 2025-09-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                | Koninklijke KPN NV                                                              | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $118349.01    | 0.05%             | 2031-07-03      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                          | Banque Ouest Africaine de Developpement                                         | CUSIP: 06675QAB9<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |     200000 | PA      | $195384.57    | 0.09%             | 2027-07-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAE5<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1007297.20   | 0.47%             | 2055-05-25      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     200000 | PA      | $188518.00    | 0.09%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                          | PetSmart Inc / PetSmart Finance Corp                                            | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     105000 | PA      | $101332.51    | 0.05%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                   | Danske Bank A/S                                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     700000 | PA      | $694781.04    | 0.32%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                             | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     360000 | PA      | $345768.75    | 0.16%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| The BAHA Trust                                    | BAHA Trust 2024-MAR                                                             | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1018503.30   | 0.47%             | 2041-12-10      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                          | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      15000 | PA      | $15589.76     | 0.01%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                           | Sensata Technologies BV                                                         | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |      23000 | PA      | $22746.02     | 0.01%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                         | GATX Corp                                                                       | CUSIP: 361448BR3<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |      85000 | PA      | $82738.96     | 0.04%             | 2054-06-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                               | LYB International Finance III LLC                                               | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      90000 | PA      | $87794.51     | 0.04%             | 2034-03-01      | Fixed         | 5.50%                 | 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      | $-2849.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PG&E CORP                                         | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     528000 | PA      | $517025.57    | 0.24%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                        | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     200000 | PA      | $210294.40    | 0.10%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                          | Northwestern Mutual Life Insurance Co/The                                       | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |     165000 | PA      | $169714.39    | 0.08%             | 2055-05-29      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                      | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15118.68     | 0.01%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                | CUSIP: 3132D6JQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1944894 | PA      | $1946160.46   | 0.90%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMNIS FUNDING TRUST                               | Omnis Funding Trust                                                             | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     430000 | PA      | $432652.72    | 0.20%             | 2055-05-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FF44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3625195 | PA      | $3589990.82   | 1.66%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2021-E                                                 | CUSIP: 009740AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1126850 | PA      | $981568.29    | 0.45%             | 2060-12-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23494.62     | 0.01%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                           | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     630000 | PA      | $378850.50    | 0.18%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                             | Foundry JV Holdco LLC                                                           | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     690000 | PA      | $705177.84    | 0.33%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Uniti Fiber ABS Issuer LLC                        | Uniti Fiber Abs Issuer Llc                                                      | CUSIP: 91326EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     990000 | PA      | $1005329.66   | 0.47%             | 2055-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ACG0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45401.06     | 0.02%             | 2026-06-26      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TRANSATLANTIC HOLDINGS                            | Transatlantic Holdings Inc                                                      | CUSIP: 893521AB0<br>LEI: RN37QJVS1BV19MNIC295 | Long             | DBT              | CORP              | US        |     145000 | PA      | $175575.78    | 0.08%             | 2039-11-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                     | PRA Group Inc                                                                   | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      20000 | PA      | $17941.10     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                          | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22017.98     | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                                      | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4125000 | PA      | $4095190.40   | 1.89%             | 2054-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                | A&D Mortgage Trust 2024-NQM5                                                    | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |     921222 | PA      | $920903.48    | 0.43%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                  | CUSIP: 09659T2D2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     455000 | PA      | $452384.25    | 0.21%             | 2035-11-19      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                          | Brandywine Operating Partnership LP                                             | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |     140000 | PA      | $146776.56    | 0.07%             | 2028-03-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | OneMain Direct Auto Receivables Trust 2025-1                                    | CUSIP: 682684AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1022508.70   | 0.47%             | 2035-04-16      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                          | Republic of South Africa Government Bond                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    9920000 | PA      | $537248.97    | 0.25%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                          | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     510000 | PA      | $563175.10    | 0.26%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2024-9                                               | CUSIP: 92540RAF1<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $199016.22    | 0.09%             | 2069-11-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BAWAG GROUP AG                                    | BAWAG Group AG                                                                  | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | DBT              | CORP              | AT        |     200000 | PA      | $233936.79    | 0.11%             | 2029-09-18      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ESSENTIAL PROPER                                  | Essential Properties LP                                                         | CUSIP: 29670VAA7<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              |  | US        |     380000 | PA      | $332428.15    | 0.15%             | 2031-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                          | Perrigo Finance Unlimited Co                                                    | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |      22000 | PA      | $21961.08     | 0.01%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                        | Mattel Inc                                                                      | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     385000 | PA      | $386347.50    | 0.18%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                        | US Bancorp                                                                      | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     125000 | PA      | $127341.37    | 0.06%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds             | Mexico Government International Bonds                                           | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     210000 | PA      | $209189.40    | 0.10%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                       | Asurion LLC 2021 2nd Lien Term Loan B3                                          | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     235000 | PA      | $226481.25    | 0.10%             | 2028-01-31      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                                               | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     275000 | PA      | $272856.38    | 0.13%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       8615 | PA      | $8605.99      | 0.00%             | 2026-11-10      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                  | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |      16000 | PA      | $16302.96     | 0.01%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FKP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3363696 | PA      | $3397968.17   | 1.57%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nokia OYJ                                         | Nokia Oyj                                                                       | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |     120000 | PA      | $122049.60    | 0.06%             | 2039-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F060667<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1600000 | PA      | $1615618.34   | 0.75%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                            | Lumen Technologies Inc 2024 Extended Term Loan B2                               | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     170000 | PA      | $168135.10    | 0.08%             | 2030-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                    | EPR Properties                                                                  | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              |  | US        |     145000 | PA      | $129399.01    | 0.06%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                  | Lamar Media Corp                                                                | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      30000 | PA      | $28273.57     | 0.01%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                                                | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     225000 | PA      | $225437.66    | 0.10%             | 2035-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                               | Hotwire Funding LLC                                                             | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $957819.20    | 0.44%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                                      | CUSIP: 21H062669<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1050000 | PA      | $1072097.30   | 0.50%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                | Expand Energy Corp                                                              | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     245000 | PA      | $243668.86    | 0.11%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp                                                              | CUSIP: 69335PEP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1200000 | PA      | $1198912.20   | 0.55%             | 2027-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     110000 | PA      | $103380.39    | 0.05%             | 2028-02-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                             | Bank of Ireland Group PLC                                                       | CUSIP: 06279JAD1<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |     200000 | PA      | $204235.06    | 0.09%             | 2030-03-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        155 | NC      | $30061.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMIC FINANCE USA PTY LT                          | CIMIC Finance USA Pty Ltd                                                       | CUSIP: 171873AB8<br>LEI: 213800GNWSV32LXHCZ50 | Long             | DBT              | CORP              | AU        |      75000 | PA      | $78547.57     | 0.04%             | 2034-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                              | Las Vegas Sands Corp                                                            | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     280000 | PA      | $277682.85    | 0.13%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                | Subway Funding LLC                                                              | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     995000 | PA      | $977924.81    | 0.45%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust             | Harvest Commercial Capital Loan Trust 2024-1                                    | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1246549 | PA      | $1280359.61   | 0.59%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| ALMAVIVA THE ITALIAN INN                          | Almaviva-The Italian Innovation Co SpA                                          | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |     135000 | PA      | $157321.01    | 0.07%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                            | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     220000 | PA      | $215567.41    | 0.10%             | 2035-08-15      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                              | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      35000 | PA      | $28598.78     | 0.01%             | 2031-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KBC GROUP NV                                      | KBC Group NV                                                                    | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |     200000 | PA      | $249569.66    | 0.12%             | 2028-09-05      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC               | PURCHASED USD / SOLD ZAR                                                        | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |          1 | NC      | $-8923.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| APA CORP                                          | APA Corp                                                                        | CUSIP: 03743QAJ7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     133000 | PA      | $103001.35    | 0.05%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                           | CUSIP: 698299BG8<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $130770.00    | 0.06%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     150000 | PA      | $153855.99    | 0.07%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     115000 | PA      | $75907.71     | 0.04%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     215000 | PA      | $214837.74    | 0.10%             | 2027-08-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                             | Global Payments, Inc.                                                           | CUSIP: 37940XAS1<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     100000 | PA      | $119519.75    | 0.06%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                        | AbbVie Inc                                                                      | CUSIP: 00287YEB1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     155000 | PA      | $151131.29    | 0.07%             | 2055-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                             | Time Warner Cable LLC                                                           | CUSIP: 88732JBB3<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     255000 | PA      | $224737.65    | 0.10%             | 2041-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |      13000 | PA      | $12771.21     | 0.01%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                          | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      55000 | PA      | $52843.62     | 0.02%             | 2052-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                            | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675DCM2<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |     525000 | PA      | $531665.36    | 0.25%             | 2028-02-16      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     370000 | PA      | $390031.20    | 0.18%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                            | APA Infrastructure Ltd                                                          | CUSIP: 000000000<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     150000 | PA      | $160640.77    | 0.07%             | 2030-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                              | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     170000 | PA      | $170384.68    | 0.08%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                           | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $188060.00    | 0.09%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                              | Enel Finance International NV                                                   | CUSIP: 000000000<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     180000 | PA      | $213482.91    | 0.10%             | 2031-02-20      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     250000 | PA      | $254083.36    | 0.12%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                   | United Group BV                                                                 | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     215000 | PA      | $251390.51    | 0.12%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                          | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd       | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     604800 | PA      | $606188.02    | 0.28%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                       | FIGRE Trust 2023-HE3                                                            | CUSIP: 31684CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     967834 | PA      | $990959.54    | 0.46%             | 2053-11-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                            | General Motors Financial Co Inc                                                 | CUSIP: 37045XEG7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     205000 | PA      | $209403.95    | 0.10%             | 2030-04-06      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                          | Comision Federal de Electricidad                                                | CUSIP: 200447AK6<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     400000 | PA      | $332175.36    | 0.15%             | 2033-07-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                          | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     997500 | PA      | $1006272.02   | 0.47%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| SOLVAY FINANCE (AMERICA)                          | Syensqo Finance America LLC                                                     | CUSIP: 834423AF2<br>LEI: 54930073OEL5K0Y7NK81 | Long             | DBT              | CORP              | US        |     265000 | PA      | $269276.27    | 0.12%             | 2034-06-04      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                | Coterra Energy Inc                                                              | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     155000 | PA      | $150303.09    | 0.07%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      47000 | PA      | $46881.58     | 0.02%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RENTOKIL INITIAL FINANC                           | Rentokil Initial Finance BV                                                     | CUSIP: 000000000<br>LEI: 2549005WL1W9GJ5TM121 | Long             | DBT              | CORP              | NL        |     290000 | PA      | $336144.39    | 0.16%             | 2027-06-27      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                        | Barings Equipment Finance LLC 2025-A                                            | CUSIP: 06764MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1000160.20   | 0.46%             | 2028-10-13      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                            | Commonwealth Bank of Australia                                                  | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     545000 | PA      | $523056.96    | 0.24%             | 2046-03-14      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PDF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     400000 | PA      | $398371.47    | 0.18%             | 2030-06-14      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18978.67     | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                           | Centersquare Issuer LLC                                                         | CUSIP: 15201EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $973537.90    | 0.45%             | 2054-10-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                              | OI European Group BV                                                            | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     130000 | PA      | $152575.25    | 0.07%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc                                 | Iron Mountain Inc                                                               | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      20000 | PA      | $19780.66     | 0.01%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                          | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     215000 | PA      | $191470.44    | 0.09%             | 2030-11-13      | Fixed         | 4.00%                 | 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      | $-8853.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                           | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     240000 | PA      | $219976.59    | 0.10%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2024-A               | Sotheby's Artfi Master Trust                                                    | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1007800.00   | 0.47%             | 2031-12-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                 | Japan Tobacco Inc                                                               | CUSIP: 471105AE6<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |     330000 | PA      | $340250.48    | 0.16%             | 2035-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                              | Saudi Arabian Oil Co                                                            | CUSIP: 80414L3B9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     210000 | PA      | $209489.70    | 0.10%             | 2035-06-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                              | Bank of America Corp                                                            | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     125000 | PA      | $123323.61    | 0.06%             | 2028-01-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140W0PY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3317708 | PA      | $2943435.35   | 1.36%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                        | Biogen Inc                                                                      | CUSIP: 09062XAM5<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     215000 | PA      | $215072.05    | 0.10%             | 2055-05-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418D3G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     906132 | PA      | $708147.62    | 0.33%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                          | Electricite de France SA                                                        | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     525000 | PA      | $530298.21    | 0.25%             | 2035-01-13      | Fixed         | 5.75%                 | 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      | $-17515.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                | RGA Global Funding                                                              | CUSIP: 76209PAF0<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     205000 | PA      | $202473.03    | 0.09%             | 2031-12-06      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $25882.16     | 0.01%             | 2083-01-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                          | Virgin Media Secured Finance PLC                                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |      31000 | PA      | $28624.18     | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                          | RenaissanceRe Holdings Ltd                                                      | CUSIP: 75968NAG6<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     140000 | PA      | $141052.59    | 0.07%             | 2035-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                | Credit Agricole SA                                                              | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     265000 | PA      | $267326.21    | 0.12%             | 2031-05-27      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                          | Camelot Return Merger Sub Inc                                                   | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     140000 | PA      | $123900.00    | 0.06%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                | CUSIP: 31427MH38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2917526 | PA      | $2825874.95   | 1.31%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                          | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $200469.40    | 0.09%             | 2026-06-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                              | Indonesia Treasury Bond                                                         | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 7750000000 | PA      | $481561.02    | 0.22%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      75000 | PA      | $74452.11     | 0.03%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FINANCE CANADA                           | Glencore Finance Canada Ltd                                                     | CUSIP: 98417EAC4<br>LEI: 5493005TTO0UJ33KCK70 | Long             | DBT              | CORP              | CA        |      65000 | PA      | $70281.82     | 0.03%             | 2037-11-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                                               | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     110000 | PA      | $102706.31    | 0.05%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                        | Biogen Inc                                                                      | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     270000 | PA      | $271817.86    | 0.13%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc             | Petco Health and Wellness Company Inc 2021 Term Loan B                          | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |     235000 | PA      | $217248.10    | 0.10%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                       | FIGRE Trust 2025-HE1                                                            | CUSIP: 30191LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     921776 | PA      | $927331.66    | 0.43%             | 2055-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                            | Sempra                                                                          | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     230000 | PA      | $216422.99    | 0.10%             | 2055-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Ziply Fiber Issuer, LLC                           | Ziply Fiber Issuer LLC                                                          | CUSIP: 98979QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $207236.64    | 0.10%             | 2054-04-20      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                     | FirstCash Inc                                                                   | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      22000 | PA      | $22550.19     | 0.01%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     165000 | PA      | $186901.88    | 0.09%             | 2034-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                                        | Evergy Inc                                                                      | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     210000 | PA      | $207863.57    | 0.10%             | 2055-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                    | Var Energi ASA                                                                  | CUSIP: 92212WAG5<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |     200000 | PA      | $201900.00    | 0.09%             | 2035-05-22      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ABS5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97879.24     | 0.05%             | 2026-01-08      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                          | RenaissanceRe Holdings Ltd                                                      | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     130000 | PA      | $131956.31    | 0.06%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | Fortress Transportation and Infrastructure Investors LLC                        | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     670000 | PA      | $684910.18    | 0.32%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                          | Comision Federal de Electricidad                                                | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     400000 | PA      | $345134.96    | 0.16%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                            | Switch ABS Issuer LLC                                                           | CUSIP: 871044AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $201945.50    | 0.09%             | 2054-03-25      | Fixed         | 6.28%                 | 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      | $-10884.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                               | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      35000 | PA      | $23502.50     | 0.01%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| COMPUTERSHARE US INC                              | Computershare US Inc                                                            | CUSIP: 000000000<br>LEI: 549300BXQ1PX3KGZRT72 | Long             | DBT              | CORP              | US        |     165000 | PA      | $161966.44    | 0.07%             | 2031-10-07      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                          | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     140000 | PA      | $149680.44    | 0.07%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FE29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     368652 | PA      | $356999.53    | 0.17%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140XQXZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     235192 | PA      | $237588.81    | 0.11%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     165000 | PA      | $167302.67    | 0.08%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                 | Ephios Subco 3 Sarl                                                             | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $122117.92    | 0.06%             | 2031-01-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140QQDH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     252054 | PA      | $231675.90    | 0.11%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                              | Sonic Automotive Inc                                                            | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     152000 | PA      | $145195.70    | 0.07%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                            | ConocoPhillips Co                                                               | CUSIP: 20826FBM7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     495000 | PA      | $456382.58    | 0.21%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                   | CUSIP: 000000000<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $109600.00    | 0.05%             | 2030-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                | Coterra Energy Inc                                                              | CUSIP: 127097AN3<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |      95000 | PA      | $85637.72     | 0.04%             | 2055-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      20000 | PA      | $21206.76     | 0.01%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FE37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     721989 | PA      | $714977.79    | 0.33%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                      | Entegris Inc                                                                    | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     170000 | PA      | $165064.76    | 0.08%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                             | RIO TINTO FIN USA PLC                                                           | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     440000 | PA      | $427780.40    | 0.20%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 2021-FL7 Ltd                                                                | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     100000 | PA      | $97395.72     | 0.05%             | 2036-10-16      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                               | Prairie Acquiror LP                                                             | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     140000 | PA      | $142322.18    | 0.07%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                               | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      44000 | PA      | $34452.00     | 0.02%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                          | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     132000 | PA      | $132575.11    | 0.06%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP                           | Pediatrix Medical Group Inc                                                     | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      23000 | PA      | $22264.95     | 0.01%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                             | Banijay Entertainment SAS                                                       | CUSIP: 000000000<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |     125000 | PA      | $148353.65    | 0.07%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TUI AG                                            | TUI AG                                                                          | CUSIP: 000000000<br>LEI: 529900SL2WSPV293B552 | Long             | DBT              | CORP              | DE        |     110000 | PA      | $129895.49    | 0.06%             | 2029-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                | Ford Motor Co                                                                   | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     135000 | PA      | $131861.45    | 0.06%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                               | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      75000 | PA      | $70274.96     | 0.03%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                             | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1000000 | PA      | $989368.90    | 0.46%             | 2042-08-17      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                   | Israel Government International Bond                                            | CUSIP: 46514BRM1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     400000 | PA      | $354688.00    | 0.16%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                   | Bermuda Government International Bond                                           | CUSIP: 085209AH7<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     200000 | PA      | $127094.00    | 0.06%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                | Seagate HDD Cayman                                                              | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      20000 | PA      | $22700.50     | 0.01%             | 2032-12-01      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                                                | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     260000 | PA      | $256255.76    | 0.12%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                                                | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     120000 | PA      | $96339.33     | 0.04%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                          | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     285000 | PA      | $279863.63    | 0.13%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     170000 | PA      | $152477.03    | 0.07%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                          | TotalEnergies Capital SA                                                        | CUSIP: 89157XAF8<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |     405000 | PA      | $367389.61    | 0.17%             | 2064-09-10      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1012619.60   | 0.47%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                            | BP Capital Markets America Inc                                                  | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     610000 | PA      | $607375.74    | 0.28%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                          | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    9000000 | PA      | $1552571.20   | 0.72%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     215000 | PA      | $215251.37    | 0.10%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HLDNG D'INFRA METIERS                             | Holding d'Infrastructures des Metiers de l'Environnement                        | CUSIP: 000000000<br>LEI: 969500I3QVK40XEORU25 | Long             | DBT              | CORP              | FR        |     165000 | PA      | $193964.57    | 0.09%             | 2029-10-24      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                    | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     195000 | PA      | $188386.80    | 0.09%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                | One New York Plaza Trust 2020-1NYP                                              | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     225000 | PA      | $218390.63    | 0.10%             | 2036-01-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                         | Block Inc                                                                       | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18071.64     | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     260000 | PA      | $214553.86    | 0.10%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F062663<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3305000 | PA      | $3393461.10   | 1.57%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                          | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      28000 | PA      | $27897.28     | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                            | BP Capital Markets PLC                                                          | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     230000 | PA      | $231399.55    | 0.11%             | 2033-12-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                              | Colombian TES                                                                   | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 2600000000 | PA      | $540681.26    | 0.25%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                          | Devon Energy Corp                                                               | CUSIP: 25179MBD4<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10004.17     | 0.00%             | 2027-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      81000 | PA      | $78021.14     | 0.04%             | 2027-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                               | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     200000 | PA      | $198067.84    | 0.09%             | 2033-05-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                            | Orbia Advance Corp SAB de CV                                                    | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $201300.00    | 0.09%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                        | U.K. Gilts                                                                      | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     850000 | PA      | $1155305.71   | 0.53%             | 2030-03-07      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-SCHATZ FUT JUN25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -4 | NC      | $-1209.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                           | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      30000 | PA      | $30405.00     | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                    | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     245000 | PA      | $234810.74    | 0.11%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                          | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     345000 | PA      | $292756.40    | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                       | Eutelsat SA                                                                     | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $97690.28     | 0.05%             | 2028-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5410356 | PA      | $5251746.40   | 2.43%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                   | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     350000 | PA      | $360654.55    | 0.17%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2025-CES1                                                   | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     949753 | PA      | $955541.57    | 0.44%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                      | Fibercop SpA                                                                    | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     130000 | PA      | $137248.61    | 0.06%             | 2029-01-18      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                           | Central Garden & Pet Co                                                         | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |      45000 | PA      | $41615.07     | 0.02%             | 2030-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                             | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    6500000 | PA      | $6476390.90   | 3.00%             | 2025-07-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| NMEF Funding LLC                                  | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $500234.50    | 0.23%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                   | Nissan Motor Co Ltd                                                             | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     225000 | PA      | $223007.99    | 0.10%             | 2025-09-17      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     220000 | PA      | $221949.22    | 0.10%             | 2064-01-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC                           | Aircastle Ltd / Aircastle Ireland DAC                                           | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     410000 | PA      | $408133.01    | 0.19%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     205000 | PA      | $207471.30    | 0.10%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                             | Tennessee Valley Authority                                                      | CUSIP: 880591FC1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |     410000 | PA      | $388647.92    | 0.18%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 3618N5GM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1128207 | PA      | $1064936.64   | 0.49%             | 2055-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2014-150E                                        | CUSIP: 61764BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1320000 | PA      | $1172451.72   | 0.54%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     670000 | PA      | $671654.52    | 0.31%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140L6TF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7338695 | PA      | $6010864.47   | 2.78%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                             | United Parcel Service Inc                                                       | CUSIP: 911312CL8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     215000 | PA      | $213661.03    | 0.10%             | 2065-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     445000 | PA      | $299776.96    | 0.14%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| VATTENFALL AB                                     | Vattenfall AB                                                                   | CUSIP: 000000000<br>LEI: 549300T5RZ1HA5HZ3109 | Long             | DBT              | CORP              | SE        |     105000 | PA      | $127681.02    | 0.06%             | 2083-06-29      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418ED64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4039985 | PA      | $3440101.61   | 1.59%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                | CUSIP: 3132DWKB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2711652 | PA      | $2486011.21   | 1.15%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                          | Hess Midstream Operations LP                                                    | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      21000 | PA      | $20762.91     | 0.01%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                              | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      85000 | PA      | $81973.65     | 0.04%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                            | Match Group Holdings II LLC                                                     | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      55000 | PA      | $50760.15     | 0.02%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     423784 | PA      | $355201.35    | 0.16%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     400000 | PA      | $384839.92    | 0.18%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2018-RPL9 Trust                                                            | CUSIP: 12654PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     826890 | PA      | $796637.67    | 0.37%             | 2057-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co                                                   | CUSIP: 842400JD6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     190000 | PA      | $166904.58    | 0.08%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -2 | NC      | $-329.49      | -0.00%            |  |  |  | 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      | $-138269.87   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179Y5M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1307928 | PA      | $1322511.79   | 0.61%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FHY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4998339 | PA      | $4949790.47   | 2.29%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Brands                              | ServiceMaster Funding LLC                                                       | CUSIP: 81761TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     169283 | PA      | $156040.13    | 0.07%             | 2051-01-30      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust     | ClickLease Equipment Receivables 2024-1 Trust                                   | CUSIP: 18682FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1017379.90   | 0.47%             | 2030-02-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                          | Northwestern Mutual Life Insurance Co/The                                       | CUSIP: 668138AC4<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |     520000 | PA      | $344087.59    | 0.16%             | 2059-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                            | Market Bidco Finco PLC                                                          | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |     140000 | PA      | $183476.89    | 0.08%             | 2027-11-04      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                                          | AT&T Inc                                                                        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     310000 | PA      | $204935.44    | 0.09%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                               | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      12000 | PA      | $12211.33     | 0.01%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     170000 | PA      | $165876.85    | 0.08%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                                | Zegona Finance PLC                                                              | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     125000 | PA      | $150801.97    | 0.07%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                          | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25252.84     | 0.01%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF                | SPDR Portfolio High Yield Bond ETF                                              | CUSIP: 78468R606<br>LEI: N/A                  | Long             | EC               | RF                | US        |      14268 | NS      | $335298.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                        | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     765000 | PA      | $789908.94    | 0.37%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG                                  | Tele Columbus AG                                                                | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |     105000 | PA      | $91801.14     | 0.04%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                        | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |     600000 | PA      | $617283.60    | 0.29%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| NEXI SPA                                          | Nexi SpA                                                                        | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | DBT              | CORP              | IT        |     150000 | PA      | $163879.52    | 0.08%             | 2029-04-30      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                 | GEO Group Inc/The                                                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      70000 | PA      | $73890.33     | 0.03%             | 2029-04-15      | Fixed         | 8.63%                 | 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      | $16323.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                   | Aligned Data Centers Issuer LLC                                                 | CUSIP: 01627AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     160000 | PA      | $152624.50    | 0.07%             | 2046-08-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                          | TerraForm Power Operating LLC                                                   | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |      18000 | PA      | $16967.08     | 0.01%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                             | American Airlines 2015-1 Class A Pass Through Trust                             | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     382133 | PA      | $371073.71    | 0.17%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179WLQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1680570 | PA      | $1465043.32   | 0.68%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                           | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      50000 | PA      | $55620.00     | 0.03%             | 2031-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                           | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      30000 | PA      | $31339.89     | 0.01%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ENERGIA GROUP ROI                                 | Energia Group Roi Financeco DAC                                                 | CUSIP: 000000000<br>LEI: 2138006WRV8S2EFW9516 | Long             | DBT              | CORP              | IE        |     100000 | PA      | $117533.17    | 0.05%             | 2028-07-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     265000 | PA      | $232520.75    | 0.11%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                          | Northriver Midstream Finance LP                                                 | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |      76000 | PA      | $76693.96     | 0.04%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                          | Occidental Petroleum Corp                                                       | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      95000 | PA      | $96716.75     | 0.04%             | 2031-01-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE B LLC                           | PartnerRe Finance B LLC                                                         | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |     170000 | PA      | $157171.15    | 0.07%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                            | ConocoPhillips Co                                                               | CUSIP: 20826FBN5<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      80000 | PA      | $73684.10     | 0.03%             | 2065-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                          | Celanese US Holdings LLC                                                        | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15351.08     | 0.01%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                           | Macy's Retail Holdings LLC                                                      | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $23158.80     | 0.01%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust           | Saluda Grade Alternative Mortgage Trust 2023-FIG4                               | CUSIP: 79581UAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     175746 | PA      | $180830.45    | 0.08%             | 2053-11-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                                    | CUSIP: 431116AE2<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     270000 | PA      | $228968.08    | 0.11%             | 2031-05-10      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MARS INC                                          | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     295000 | PA      | $286179.49    | 0.13%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                        | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     555000 | PA      | $544615.59    | 0.25%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                            | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      15000 | PA      | $15330.51     | 0.01%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                        | Intel Corp                                                                      | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      85000 | PA      | $75486.32     | 0.03%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                        | NetApp Inc                                                                      | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     455000 | PA      | $457289.11    | 0.21%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC               | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |          1 | NC      | $-342070.97   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN                          | Piedmont Operating Partnership LP                                               | CUSIP: 720198AF7<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              |  | US        |      55000 | PA      | $44211.09     | 0.02%             | 2032-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                      | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14897.84     | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASTELLUM AB                                      | Castellum AB                                                                    | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | DBT              | CORP              | SE        |     200000 | PA      | $220524.40    | 0.10%             | 2026-12-02      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| ACCORINVEST GROUP SA                              | AccorInvest Group SA                                                            | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |     120000 | PA      | $137496.55    | 0.06%             | 2031-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                          | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     665000 | PA      | $662424.57    | 0.31%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      15000 | PA      | $15840.80     | 0.01%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                              | TierPoint Issuer LLC                                                            | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      97521 | PA      | $97590.35     | 0.05%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140NGBV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3645613 | PA      | $3444283.65   | 1.59%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BOBL FUTURE JUN25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -15 | NC      | $-5936.98     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEB Funding LLC                                   | SEB Funding LLC                                                                 | CUSIP: 78433DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     997500 | PA      | $976619.83    | 0.45%             | 2052-01-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                         | News Corp                                                                       | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     490000 | PA      | $464715.66    | 0.22%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                  | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $208048.60    | 0.10%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                       | Viatris Inc                                                                     | CUSIP: 92556VAF3<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     300000 | PA      | $191962.43    | 0.09%             | 2050-06-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                          | Brandywine Operating Partnership LP                                             | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |      18000 | PA      | $19167.80     | 0.01%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                           | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     550000 | PA      | $551974.20    | 0.26%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     305000 | PA      | $304104.67    | 0.14%             | 2029-09-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                         | Emera Inc                                                                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     490000 | PA      | $492406.88    | 0.23%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                            | Vmed O2 UK Financing I PLC                                                      | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     150000 | PA      | $175643.52    | 0.08%             | 2032-04-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36180AB69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     922991 | PA      | $821556.08    | 0.38%             | 2054-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                                        | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      72558 | PA      | $72980.22     | 0.03%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     145000 | PA      | $144584.50    | 0.07%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 36179Y5N0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     817603 | PA      | $835434.64    | 0.39%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     125000 | PA      | $159978.15    | 0.07%             | 2029-03-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                          | Occidental Petroleum Corp                                                       | CUSIP: 674599EM3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      85000 | PA      | $73882.37     | 0.03%             | 2054-10-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                  | MercadoLibre Inc                                                                | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |     400000 | PA      | $356021.85    | 0.16%             | 2031-01-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                          | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              |  | US        |      14000 | PA      | $14518.70     | 0.01%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN                          | Piedmont Operating Partnership LP                                               | CUSIP: 720198AG5<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              |  | US        |     170000 | PA      | $187727.90    | 0.09%             | 2028-07-20      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co                                                   | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      35000 | PA      | $22671.79     | 0.01%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6550000 | PA      | $6561257.81   | 3.04%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| UPBOUND GROUP INC                                 | Upbound Group Inc                                                               | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |     140000 | PA      | $133955.37    | 0.06%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 20-1 A PTT                            | British Airways 2020-1 Class A Pass Through Trust                               | CUSIP: 11044MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      91171 | PA      | $86028.94     | 0.04%             | 2032-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                              | Telefonica Europe BV                                                            | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $240826.70    | 0.11%             | 2030-02-03      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| DAI-ICHI LIFE INSURANCE                           | Dai-ichi Life Insurance Co Ltd/The                                              | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |     700000 | PA      | $694801.42    | 0.32%             | 2035-01-16      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                             | United Parcel Service Inc                                                       | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     215000 | PA      | $213966.20    | 0.10%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                               | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     400000 | PA      | $407722.17    | 0.19%             | 2035-03-01      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                           | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     330000 | PA      | $326543.60    | 0.15%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                              | Kaiser Aluminum Corp                                                            | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      18000 | PA      | $17493.71     | 0.01%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE INSURANCE                           | New York Life Insurance Co                                                      | CUSIP: 64952GAE8<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |     290000 | PA      | $300918.29    | 0.14%             | 2033-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES9                                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     187788 | PA      | $188396.27    | 0.09%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                     | CoreCivic Inc                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105693.39    | 0.05%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                           | National Australia Bank Ltd                                                     | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |     300000 | PA      | $261079.47    | 0.12%             | 2037-01-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                                | Iceland Bondco PLC                                                              | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |     155000 | PA      | $221369.72    | 0.10%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140XP6Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7388518 | PA      | $5756427.77   | 2.66%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                  | ABN AMRO Bank NV                                                                | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $224268.43    | 0.10%             | 2027-09-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140W1VQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1190664 | PA      | $985997.40    | 0.46%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                       | Viatris Inc                                                                     | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     235000 | PA      | $167049.05    | 0.08%             | 2040-06-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| TELEPERFORMANCE                                   | Teleperformance SE                                                              | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $123014.67    | 0.06%             | 2031-11-22      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC     | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     140000 | PA      | $140344.82    | 0.06%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                         | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     165000 | PA      | $154511.00    | 0.07%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                          | Sally Holdings LLC / Sally Capital Inc                                          | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      20000 | PA      | $20319.42     | 0.01%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD                                  | Essent Group Ltd                                                                | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |     190000 | PA      | $195857.41    | 0.09%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                 | Newell Brands Inc                                                               | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      30000 | PA      | $28183.34     | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                   | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                              | CUSIP: 34461WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $198750.00    | 0.09%             | 2039-12-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2025-1                                                 | CUSIP: 034934AA7<br>LEI: 254900HC0S1X9R2JZB30 | Long             | ABS-MBS          | CORP              | US        |     965131 | PA      | $966228.93    | 0.45%             | 2070-01-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                            | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |     199000 | PA      | $204905.68    | 0.09%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| 200 PARK FUNDING TRUST                            | 200 Park Funding Trust                                                          | CUSIP: 901928AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     580000 | PA      | $559316.88    | 0.26%             | 2055-02-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                             | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    9220000 | PA      | $8285394.51   | 3.83%             | 2044-08-15      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| BALL CORP                                         | Ball Corp                                                                       | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      15000 | PA      | $13294.58     | 0.01%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                           | Entergy Mississippi LLC                                                         | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |     135000 | PA      | $130531.31    | 0.06%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                      | CaixaBank SA                                                                    | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     100000 | PA      | $121423.33    | 0.06%             | 2033-02-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     475000 | PA      | $466249.40    | 0.22%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                          | British Telecommunications PLC                                                  | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $143961.26    | 0.07%             | 2083-12-20      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      90000 | PA      | $59882.35     | 0.03%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                               | Global Payments Inc                                                             | CUSIP: 37940XAR3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     235000 | PA      | $218369.14    | 0.10%             | 2052-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        122 | NC      | $36976.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI SPA                                           | Eni SpA                                                                         | CUSIP: 26874RAP3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     510000 | PA      | $477258.40    | 0.22%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     135000 | PA      | $137736.99    | 0.06%             | 2029-07-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6930000 | PA      | $6609487.50   | 3.06%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     275000 | PA      | $236786.40    | 0.11%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| NYKREDIT REALKREDIT AS                            | Nykredit Realkredit AS                                                          | CUSIP: 000000000<br>LEI: LIU16F6VZJSD6UKHD557 | Long             | DBT              | CORP              | DK        |     200000 | PA      | $225829.67    | 0.10%             | 2026-04-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| INTACT FINANCIAL CORP                             | Intact Financial Corp                                                           | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |     435000 | PA      | $434851.40    | 0.20%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     335000 | PA      | $311573.46    | 0.14%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| 6297782 LLC                                       | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     325000 | PA      | $322267.24    | 0.15%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                 | Service Corp International/US                                                   | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29812.16     | 0.01%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                       | Aker BP ASA                                                                     | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |     100000 | PA      | $105278.93    | 0.05%             | 2029-05-12      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418FD87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     405940 | PA      | $360050.27    | 0.17%             | 2054-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     272124 | PA      | $242217.22    | 0.11%             | 2054-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                               | Verisure Holding AB                                                             | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |     120000 | PA      | $141767.12    | 0.07%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                       | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     215000 | PA      | $222542.24    | 0.10%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co                                                   | CUSIP: 842400JH7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     415000 | PA      | $372643.31    | 0.17%             | 2055-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GUARDIAN LIFE INSURANCE                           | Guardian Life Insurance Co of America/The                                       | CUSIP: 401378AC8<br>LEI: N1YIDVMMKBHFYCCAIX69 | Long             | DBT              | CORP              | US        |     310000 | PA      | $250391.27    | 0.12%             | 2077-01-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YFV2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     285000 | PA      | $271551.04    | 0.13%             | 2055-11-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                     | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      81000 | PA      | $82149.63     | 0.04%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4595000 | PA      | $4576691.77   | 2.12%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| PSEG POWER LLC                                    | PSEG Power LLC                                                                  | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     265000 | PA      | $266902.15    | 0.12%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                            | Santander Holdings USA Inc                                                      | CUSIP: 80282KBH8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     265000 | PA      | $291738.50    | 0.13%             | 2031-11-09      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Securities Trust        | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                            | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $763142.80    | 0.35%             | 2043-01-05      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                         | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     235000 | PA      | $221639.87    | 0.10%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                              | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15657.02     | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ALLSPRING EXCHANGE-TRADED FUNDS TRUST

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer