# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001410368-25-010609
**Filing Date:** 2025-9
**Character Count:** 255917
**Document Hash:** ff2b2c20a0db177a767dd5f3cf9a7f56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010609.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010609

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 251340553

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

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

## Series and Classes Contracts Data

### Allspring Real Return Portfolio (Series ID: S000007549)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020607 | Real Return Portfolio |  |

## Nport-Ex

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

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 28.04%** |  |  |
| **Communication services: 1.91%** |  |  |
| **Entertainment: 0.66%** |  |  |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.† | 1036 | &nbsp;&nbsp; $1201139 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA† | 671 | &nbsp;&nbsp; 420408 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. Class A | 2300 | &nbsp;&nbsp; 386423 |
|  |  | &nbsp;&nbsp; **2007970** |
| **Interactive media & services: 1.04%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. Class A | 4676 | &nbsp;&nbsp; 897324 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 2122 | &nbsp;&nbsp; 1641240 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. Class A† | 15800 | &nbsp;&nbsp; 609880 |
|  |  | &nbsp;&nbsp; **3148444** |
| **Media: 0.21%** |  |  |
| &nbsp;&nbsp;&nbsp; Fox Corp. Class A | 11700 | &nbsp;&nbsp; **652392** |
| **Consumer discretionary: 2.16%** |  |  |
| **Broadline retail: 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.† | 7393 | &nbsp;&nbsp; 1730775 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.† | 170 | &nbsp;&nbsp; 403562 |
|  |  | &nbsp;&nbsp; **2134337** |
| **Hotels, restaurants & leisure: 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 129 | &nbsp;&nbsp; 710024 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. Class A† | 2271 | &nbsp;&nbsp; 568318 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 2818 | &nbsp;&nbsp; 895757 |
|  |  | &nbsp;&nbsp; **2174099** |
| **Household durables: 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 8138 | &nbsp;&nbsp; **918943** |
| **Specialty retail: 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.† | 5535 | &nbsp;&nbsp; 544201 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.† | 1500 | &nbsp;&nbsp; 772515 |
|  |  | &nbsp;&nbsp; **1316716** |
| **Consumer staples: 0.78%** |  |  |
| **Beverages: 0.41%** |  |  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 20145 | &nbsp;&nbsp; 657734 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.† | 10253 | &nbsp;&nbsp; 602364 |
|  |  | &nbsp;&nbsp; **1260098** |
| **Consumer staples distribution & retail: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 570 | &nbsp;&nbsp; **535595** |
| **Household products: 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 6161 | &nbsp;&nbsp; **577717** |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 1

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Energy: 0.78%** |  |  |
| **Energy equipment & services: 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. Class A | 10643 | &nbsp;&nbsp; **$479467** |
| **Oil, gas & consumable fuels: 0.62%** |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 2000 | &nbsp;&nbsp; 471760 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 7773 | &nbsp;&nbsp; 932915 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3452 | &nbsp;&nbsp; 473994 |
|  |  | &nbsp;&nbsp; **1878669** |
| **Financials: 2.74%** |  |  |
| **Banks: 0.73%** |  |  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 24806 | &nbsp;&nbsp; 1031185 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. Class A | 256 | &nbsp;&nbsp; 510659 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 2267 | &nbsp;&nbsp; 671576 |
|  |  | &nbsp;&nbsp; **2213420** |
| **Capital markets: 1.22%** |  |  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. Class A† | 948 | &nbsp;&nbsp; 358116 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. Class A | 11973 | &nbsp;&nbsp; 784950 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 15800 | &nbsp;&nbsp; 911028 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. Class A† | 4479 | &nbsp;&nbsp; 461561 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. Class A | 4389 | &nbsp;&nbsp; 608096 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc. Class A | 13500 | &nbsp;&nbsp; 595890 |
|  |  | &nbsp;&nbsp; **3719641** |
| **Insurance: 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 8354 | &nbsp;&nbsp; 718945 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 8777 | &nbsp;&nbsp; 801955 |
|  |  | &nbsp;&nbsp; **1520900** |
| **Mortgage real estate investment trusts (REITs): 0.29%** |  |  |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 42801 | &nbsp;&nbsp; **870144** |
| **Health care: 1.82%** |  |  |
| **Biotechnology: 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3200 | &nbsp;&nbsp; 604864 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.† | 13000 | &nbsp;&nbsp; 470860 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.† | 1550 | &nbsp;&nbsp; 425785 |
|  |  | &nbsp;&nbsp; **1501509** |
| **Health care equipment & supplies: 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp; Alcon AG | 8529 | &nbsp;&nbsp; 746714 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.† | 1201 | &nbsp;&nbsp; 577789 |
|  |  | &nbsp;&nbsp; **1324503** |
| **Health care providers & services: 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 3053 | &nbsp;&nbsp; 794024 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.† | 3100 | &nbsp;&nbsp; 499968 |
|  |  | &nbsp;&nbsp; **1293992** |

---

See accompanying consolidated notes to portfolio of investments

2 \| Allspring Real Return Portfolio

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services: 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.† | 3932 | &nbsp;&nbsp; **$667025** |
| **Pharmaceuticals: 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 17081 | &nbsp;&nbsp; **739778** |
| **Industrials: 3.30%** |  |  |
| **Aerospace & defense: 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 2276 | &nbsp;&nbsp; 625490 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.† | 20757 | &nbsp;&nbsp; 592613 |
|  |  | &nbsp;&nbsp; **1218103** |
| **Building products: 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 2094 | &nbsp;&nbsp; **742763** |
| **Commercial services & supplies: 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. Class A | 2929 | &nbsp;&nbsp; **675574** |
| **Construction & engineering: 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 2054 | &nbsp;&nbsp; **1288864** |
| **Electrical equipment: 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.† | 3900 | &nbsp;&nbsp; **759291** |
| **Ground transportation: 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 10800 | &nbsp;&nbsp; 794340 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.† | 6500 | &nbsp;&nbsp; 570375 |
|  |  | &nbsp;&nbsp; **1364715** |
| **Machinery: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC† | 21600 | &nbsp;&nbsp; **535680** |
| **Passenger airlines: 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.† | 6000 | &nbsp;&nbsp; **529860** |
| **Professional services: 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 4991 | &nbsp;&nbsp; 708073 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 3700 | &nbsp;&nbsp; 590705 |
|  |  | &nbsp;&nbsp; **1298778** |
| **Trading companies & distributors: 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV | 7924 | &nbsp;&nbsp; 849849 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 3600 | &nbsp;&nbsp; 745056 |
|  |  | &nbsp;&nbsp; **1594905** |
| **Information technology: 5.03%** |  |  |
| **Communications equipment: 0.38%** |  |  |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.† | 9384 | &nbsp;&nbsp; **1156296** |
| **Electronic equipment, instruments & components: 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 4700 | &nbsp;&nbsp; **678633** |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 3

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services: 0.34%** |  |  |
| &nbsp;&nbsp;&nbsp; Okta, Inc.† | 4600 | &nbsp;&nbsp; $449880 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. Class A† | 4600 | &nbsp;&nbsp; 593400 |
|  |  | &nbsp;&nbsp; **1043280** |
| **Semiconductors & semiconductor equipment: 1.88%** |  |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 7169 | &nbsp;&nbsp; 2105535 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 817 | &nbsp;&nbsp; 718167 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 11996 | &nbsp;&nbsp; 2133729 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 7064 | &nbsp;&nbsp; 758886 |
|  |  | &nbsp;&nbsp; **5716317** |
| **Software: 1.61%** |  |  |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. Class A† | 2800 | &nbsp;&nbsp; 536984 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 6657 | &nbsp;&nbsp; 3551509 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.† | 830 | &nbsp;&nbsp; 782790 |
|  |  | &nbsp;&nbsp; **4871283** |
| **Technology hardware, storage & peripherals: 0.60%** |  |  |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 5991 | &nbsp;&nbsp; 1243552 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. Class C | 4256 | &nbsp;&nbsp; 564729 |
|  |  | &nbsp;&nbsp; **1808281** |
| **Materials: 3.22%** |  |  |
| **Construction materials: 0.37%** |  |  |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 4044 | &nbsp;&nbsp; **1110765** |
| **Containers & packaging: 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 34646 | &nbsp;&nbsp; **774685** |
| **Metals & mining: 2.60%** |  |  |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 2401 | &nbsp;&nbsp; 298063 |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares | 4725 | &nbsp;&nbsp; 587601 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. Class A | 13800 | &nbsp;&nbsp; 335339 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 6800 | &nbsp;&nbsp; 314500 |
| &nbsp;&nbsp;&nbsp; Artemis Gold, Inc.† | 16000 | &nbsp;&nbsp; 292725 |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. | 26000 | &nbsp;&nbsp; 87442 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 13036 | &nbsp;&nbsp; 275320 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.† | 12903 | &nbsp;&nbsp; 112127 |
| &nbsp;&nbsp;&nbsp; Dundee Precious Metals, Inc. | 14000 | &nbsp;&nbsp; 226328 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp.† | 3300 | &nbsp;&nbsp; 67615 |
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 10880 | &nbsp;&nbsp; 326651 |
| &nbsp;&nbsp;&nbsp; Equinox Gold Corp.† | 8050 | &nbsp;&nbsp; 49034 |
| &nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 8000 | &nbsp;&nbsp; 36206 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 1600 | &nbsp;&nbsp; 254873 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 9390 | &nbsp;&nbsp; 377854 |
| &nbsp;&nbsp;&nbsp; G Mining Ventures Corp.† | 11400 | &nbsp;&nbsp; 133614 |
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. ADR | 11800 | &nbsp;&nbsp; 287448 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp.† | 30500 | &nbsp;&nbsp; 206034 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 35000 | &nbsp;&nbsp; 560010 |
| &nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 11200 | &nbsp;&nbsp; 518372 |

---

See accompanying consolidated notes to portfolio of investments

4 \| Allspring Real Return Portfolio

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining**(continued) |  |  |
| &nbsp;&nbsp;&nbsp; MAG Silver Corp. | 3000 | &nbsp;&nbsp; $61187 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc.† | 33000 | &nbsp;&nbsp; 138135 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 11000 | &nbsp;&nbsp; 683100 |
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 16000 | &nbsp;&nbsp; 158965 |
| &nbsp;&nbsp;&nbsp; OceanaGold Corp. | 12666 | &nbsp;&nbsp; 172311 |
| &nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 3500 | &nbsp;&nbsp; 96947 |
| &nbsp;&nbsp;&nbsp; Orla Mining Ltd.† | 7000 | &nbsp;&nbsp; 65170 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp.-U.S. Exchange Traded Shares | 6200 | &nbsp;&nbsp; 167524 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 1100 | &nbsp;&nbsp; 166562 |
| &nbsp;&nbsp;&nbsp; Skeena Resources Ltd.† | 7000 | &nbsp;&nbsp; 98513 |
| &nbsp;&nbsp;&nbsp; Snowline Gold Corp.† | 11000 | &nbsp;&nbsp; 75816 |
| &nbsp;&nbsp;&nbsp; Torex Gold Resources, Inc.† | 8800 | &nbsp;&nbsp; 247881 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 4400 | &nbsp;&nbsp; 402402 |
|  |  | &nbsp;&nbsp; **7881669** |
| **Real estate: 5.83%** |  |  |
| **Health care REITs: 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 2989 | &nbsp;&nbsp; 228450 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 8675 | &nbsp;&nbsp; 1431982 |
|  |  | &nbsp;&nbsp; **1660432** |
| **Industrial REITs: 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 8097 | &nbsp;&nbsp; 394486 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 11524 | &nbsp;&nbsp; 1230533 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 4833 | &nbsp;&nbsp; 176549 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 9102 | &nbsp;&nbsp; 505070 |
|  |  | &nbsp;&nbsp; **2306638** |
| **Office REITs: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp; BXP, Inc. | 8157 | &nbsp;&nbsp; **533712** |
| **Real estate management & development: 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. Class A† | 4962 | &nbsp;&nbsp; **772782** |
| **Residential REITs: 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent Class A | 13796 | &nbsp;&nbsp; 478583 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 4669 | &nbsp;&nbsp; 509855 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 7467 | &nbsp;&nbsp; 447423 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 16922 | &nbsp;&nbsp; 283782 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 14978 | &nbsp;&nbsp; 459076 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 3936 | &nbsp;&nbsp; 560604 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 3705 | &nbsp;&nbsp; 459531 |
|  |  | &nbsp;&nbsp; **3198854** |
| **Retail REITs: 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 2470 | &nbsp;&nbsp; 227635 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 4283 | &nbsp;&nbsp; 701513 |
|  |  | &nbsp;&nbsp; **929148** |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 5

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs: 2.73%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 7220 | &nbsp;&nbsp; $1504576 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 3895 | &nbsp;&nbsp; 409326 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 7933 | &nbsp;&nbsp; 308673 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 1752 | &nbsp;&nbsp; 1375618 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 4969 | &nbsp;&nbsp; 667635 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 8027 | &nbsp;&nbsp; 202602 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 18049 | &nbsp;&nbsp; 822673 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 7334 | &nbsp;&nbsp; 714038 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. Class A | 3513 | &nbsp;&nbsp; 789441 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. Class A | 19352 | &nbsp;&nbsp; 630875 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 34007 | &nbsp;&nbsp; 851875 |
|  |  | &nbsp;&nbsp; **8277332** |
| **Utilities: 0.47%** |  |  |
| **Electric utilities: 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 19444 | &nbsp;&nbsp; **830453** |
| **Water utilities: 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 4248 | &nbsp;&nbsp; **595740** |
| **Total common stocks (Cost $66,895,200)** |  | &nbsp;&nbsp; **85090192** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 7.95%** |  |  |  |  |
| **Basic materials: 0.24%** |  |  |  |  |
| **Chemicals: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 5.38<br> %<br>| &nbsp;&nbsp; 5-15-2027 | $205000 | &nbsp;&nbsp; 200826 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.144A | 4.88 | &nbsp;&nbsp; 5-1-2028 | 145000 | &nbsp;&nbsp; 140790 |
|  |  |  |  | &nbsp;&nbsp; **341616** |
| **Iron/steel: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 6.88 | &nbsp;&nbsp; 11-1-2029 | 245000 | &nbsp;&nbsp; **245117** |
| **Mining: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 145000 | &nbsp;&nbsp; **141737** |
| **Communications: 0.88%** |  |  |  |  |
| **Advertising: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A | 5.13 | &nbsp;&nbsp; 8-15-2027 | 90000 | &nbsp;&nbsp; 89878 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A%% | 7.13 | &nbsp;&nbsp; 2-15-2031 | 15000 | &nbsp;&nbsp; 14979 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2027 | 215000 | &nbsp;&nbsp; 212836 |
|  |  |  |  | &nbsp;&nbsp; **317693** |
| **Internet: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 170000 | &nbsp;&nbsp; 163735 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc.144A | 6.75 | &nbsp;&nbsp; 9-30-2027 | 295000 | &nbsp;&nbsp; 299847 |
|  |  |  |  | &nbsp;&nbsp; **463582** |

---

See accompanying consolidated notes to portfolio of investments

6 \| Allspring Real Return Portfolio

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2028 | $45000 | &nbsp;&nbsp; $44158 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | &nbsp;&nbsp; 5-1-2027 | 565000 | &nbsp;&nbsp; 560374 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 220000 | &nbsp;&nbsp; 218791 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.144A | 5.63 | &nbsp;&nbsp; 7-15-2027 | 170000 | &nbsp;&nbsp; 169670 |
| &nbsp;&nbsp;&nbsp; Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 120000 | &nbsp;&nbsp; 115650 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC144A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 577000 | &nbsp;&nbsp; 570724 |
|  |  |  |  | &nbsp;&nbsp; **1679367** |
| **Telecommunications: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC144A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 80000 | &nbsp;&nbsp; 80014 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.144A | 5.63 | &nbsp;&nbsp; 4-15-2027 | 115000 | &nbsp;&nbsp; 114445 |
|  |  |  |  | &nbsp;&nbsp; **194459** |
| **Consumer, cyclical: 1.90%** |  |  |  |  |
| **Airlines: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.144A | 7.25 | &nbsp;&nbsp; 2-15-2028 | 105000 | &nbsp;&nbsp; 107143 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 215500 | &nbsp;&nbsp; 215304 |
| &nbsp;&nbsp;&nbsp; Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A | 3.90 | &nbsp;&nbsp; 1-15-2026 | 26030 | &nbsp;&nbsp; 25580 |
|  |  |  |  | &nbsp;&nbsp; **348027** |
| **Auto manufacturers: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC | 4.13 | &nbsp;&nbsp; 8-17-2027 | 300000 | &nbsp;&nbsp; 292271 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC144A | 2.00 | &nbsp;&nbsp; 3-9-2026 | 185000 | &nbsp;&nbsp; 181387 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC144A | 6.95 | &nbsp;&nbsp; 9-15-2026 | 165000 | &nbsp;&nbsp; 167483 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 35000 | &nbsp;&nbsp; 36059 |
|  |  |  |  | &nbsp;&nbsp; **677200** |
| **Auto parts & equipment: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. | 6.50 | &nbsp;&nbsp; 4-1-2027 | 115000 | &nbsp;&nbsp; 115106 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 120000 | &nbsp;&nbsp; 120066 |
|  |  |  |  | &nbsp;&nbsp; **235172** |
| **Distribution/wholesale: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 110000 | &nbsp;&nbsp; **115279** |
| **Entertainment: 0.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.144A | 5.50 | &nbsp;&nbsp; 4-1-2027 | 430000 | &nbsp;&nbsp; 429428 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 345000 | &nbsp;&nbsp; 342560 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 265000 | &nbsp;&nbsp; 268023 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc.144A | 5.25 | &nbsp;&nbsp; 8-15-2029 | 90000 | &nbsp;&nbsp; 87602 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 200000 | &nbsp;&nbsp; 199474 |
| &nbsp;&nbsp;&nbsp; WarnerMedia Holdings, Inc. Series WI | 4.05 | &nbsp;&nbsp; 3-15-2029 | 155000 | &nbsp;&nbsp; 145536 |
|  |  |  |  | &nbsp;&nbsp; **1472623** |
| **Home builders: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc.144A | 5.75 | &nbsp;&nbsp; 1-15-2028 | 290000 | &nbsp;&nbsp; 292409 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 130000 | &nbsp;&nbsp; 131339 |
|  |  |  |  | &nbsp;&nbsp; **423748** |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 7

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home furnishings: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6.13<br> %<br>| &nbsp;&nbsp; 6-15-2030 | $110000 | &nbsp;&nbsp; **$109738** |
| **Housewares: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 195000 | &nbsp;&nbsp; **204335** |
| **Leisure time: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Acushnet Co.144A | 7.38 | &nbsp;&nbsp; 10-15-2028 | 45000 | &nbsp;&nbsp; 46881 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 5.88 | &nbsp;&nbsp; 2-15-2027 | 255000 | &nbsp;&nbsp; 255755 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 8.13 | &nbsp;&nbsp; 1-15-2029 | 85000 | &nbsp;&nbsp; 89296 |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc.144A | 8.63 | &nbsp;&nbsp; 6-1-2027 | 135000 | &nbsp;&nbsp; 137147 |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 39000 | &nbsp;&nbsp; 40169 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 9-15-2027 | 300000 | &nbsp;&nbsp; 299806 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd.144A | 5.00 | &nbsp;&nbsp; 2-15-2028 | 120000 | &nbsp;&nbsp; 118910 |
|  |  |  |  | &nbsp;&nbsp; **987964** |
| **Retail: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 1.75 | &nbsp;&nbsp; 10-1-2027 | 115000 | &nbsp;&nbsp; 105873 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.144A%% | 7.00 | &nbsp;&nbsp; 8-1-2030 | 110000 | &nbsp;&nbsp; 110560 |
| &nbsp;&nbsp;&nbsp; Gap, Inc.144A | 3.63 | &nbsp;&nbsp; 10-1-2029 | 155000 | &nbsp;&nbsp; 143034 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 145000 | &nbsp;&nbsp; 147692 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.144A | 4.63 | &nbsp;&nbsp; 12-15-2027 | 30000 | &nbsp;&nbsp; 29535 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp.144A | 4.75 | &nbsp;&nbsp; 2-15-2028 | 235000 | &nbsp;&nbsp; 230612 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC144A | 9.38 | &nbsp;&nbsp; 5-1-2029 | 285000 | &nbsp;&nbsp; 300708 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 3.45 | &nbsp;&nbsp; 6-1-2026 | 45000 | &nbsp;&nbsp; 44340 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 8.13 | &nbsp;&nbsp; 8-15-2029 | 65000 | &nbsp;&nbsp; 69773 |
|  |  |  |  | &nbsp;&nbsp; **1182127** |
| **Consumer, non-cyclical: 0.78%** |  |  |  |  |
| **Commercial services: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 Sarl144A<br>| 4.63 | &nbsp;&nbsp; 6-1-2028 | 75000 | &nbsp;&nbsp; 72758 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 325000 | &nbsp;&nbsp; 343655 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 400000 | &nbsp;&nbsp; 424690 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 65000 | &nbsp;&nbsp; 71463 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 70000 | &nbsp;&nbsp; 72347 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2026 | 99000 | &nbsp;&nbsp; 99407 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 50000 | &nbsp;&nbsp; 54194 |
|  |  |  |  | &nbsp;&nbsp; **1138514** |
| **Cosmetics/Personal Care: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.144A | 5.50 | &nbsp;&nbsp; 6-1-2028 | 220000 | &nbsp;&nbsp; **218346** |
| **Food: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88 | &nbsp;&nbsp; 2-15-2028 | 135000 | &nbsp;&nbsp; 134893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 6.50 | &nbsp;&nbsp; 2-15-2028 | 100000 | &nbsp;&nbsp; 101552 |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 105000 | &nbsp;&nbsp; 98175 |
|  |  |  |  | &nbsp;&nbsp; **334620** |

---

See accompanying consolidated notes to portfolio of investments

8 \| Allspring Real Return Portfolio

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc.144A | 9.00<br> %<br>| &nbsp;&nbsp; 10-1-2030 | $90000 | &nbsp;&nbsp; $94644 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 4.63 | &nbsp;&nbsp; 6-15-2028 | 70000 | &nbsp;&nbsp; 68809 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.13 | &nbsp;&nbsp; 10-1-2028 | 145000 | &nbsp;&nbsp; 145009 |
|  |  |  |  | &nbsp;&nbsp; **308462** |
| **Household products/wares: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | 5.13 | &nbsp;&nbsp; 2-1-2028 | 40000 | &nbsp;&nbsp; **39828** |
| **Pharmaceuticals: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC144A | 6.13 | &nbsp;&nbsp; 8-1-2028 | 105000 | &nbsp;&nbsp; 104350 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV144A | 4.13 | &nbsp;&nbsp; 4-30-2028 | 220000 | &nbsp;&nbsp; 208232 |
|  |  |  |  | &nbsp;&nbsp; **312582** |
| **Energy: 1.23%** |  |  |  |  |
| **Energy-alternate sources: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 285000 | &nbsp;&nbsp; **281162** |
| **Oil & gas: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.144A | 8.38 | &nbsp;&nbsp; 7-1-2028 | 100000 | &nbsp;&nbsp; 102833 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC144A | 8.50 | &nbsp;&nbsp; 5-1-2028 | 60000 | &nbsp;&nbsp; 61275 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 11-1-2028 | 220000 | &nbsp;&nbsp; 220849 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 7.38 | &nbsp;&nbsp; 5-15-2027 | 50000 | &nbsp;&nbsp; 50463 |
|  |  |  |  | &nbsp;&nbsp; **435420** |
| **Oil & gas services: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.88 | &nbsp;&nbsp; 4-1-2027 | 210000 | &nbsp;&nbsp; 210115 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 240000 | &nbsp;&nbsp; 240568 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 365000 | &nbsp;&nbsp; 367120 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | &nbsp;&nbsp; 9-1-2027 | 125000 | &nbsp;&nbsp; 124970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.144A<br>| 7.13 | &nbsp;&nbsp; 3-15-2029 | 25000 | &nbsp;&nbsp; 25556 |
|  |  |  |  | &nbsp;&nbsp; **968329** |
| **Pipelines: 0.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 5.75 | &nbsp;&nbsp; 1-15-2028 | 110000 | &nbsp;&nbsp; 109831 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 115000 | &nbsp;&nbsp; 118380 |
| &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 | 20000 | &nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 125000 | &nbsp;&nbsp; 130857 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 305000 | &nbsp;&nbsp; 308712 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 5.88 | &nbsp;&nbsp; 3-1-2028 | 180000 | &nbsp;&nbsp; 182963 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 375000 | &nbsp;&nbsp; 383517 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 3-1-2027 | 400000 | &nbsp;&nbsp; 398684 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 8.13 | &nbsp;&nbsp; 6-1-2028 | 380000 | &nbsp;&nbsp; 393419 |
|  |  |  |  | &nbsp;&nbsp; **2046401** |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 9

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 1.52%** |  |  |  |  |
| **Banks: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88<br> %<br>| &nbsp;&nbsp; 2-18-2026 | $25000 | &nbsp;&nbsp; **$24706** |
| **Diversified financial services: 0.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 100000 | &nbsp;&nbsp; 99308 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 185000 | &nbsp;&nbsp; 194850 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 275000 | &nbsp;&nbsp; 283975 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A | 6.00 | &nbsp;&nbsp; 8-15-2026 | 145000 | &nbsp;&nbsp; 144599 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 40000 | &nbsp;&nbsp; 42210 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2027 | 215000 | &nbsp;&nbsp; 215223 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 90000 | &nbsp;&nbsp; 92053 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 4.88 | &nbsp;&nbsp; 3-15-2028 | 105000 | &nbsp;&nbsp; 102462 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 5.00 | &nbsp;&nbsp; 3-15-2027 | 115000 | &nbsp;&nbsp; 113733 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. | 5.38 | &nbsp;&nbsp; 11-15-2029 | 225000 | &nbsp;&nbsp; 220622 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. | 7.13 | &nbsp;&nbsp; 3-15-2026 | 152000 | &nbsp;&nbsp; 153891 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2028 | 250000 | &nbsp;&nbsp; 255738 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 110000 | &nbsp;&nbsp; 111535 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 5.75 | &nbsp;&nbsp; 6-15-2027 | 410000 | &nbsp;&nbsp; 409955 |
|  |  |  |  | &nbsp;&nbsp; **2440154** |
| **Insurance: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 6.75 | &nbsp;&nbsp; 4-15-2028 | 210000 | &nbsp;&nbsp; 212840 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 150000 | &nbsp;&nbsp; 152749 |
|  |  |  |  | &nbsp;&nbsp; **365589** |
| **Investment Companies: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.25 | &nbsp;&nbsp; 5-15-2026 | 99000 | &nbsp;&nbsp; **98362** |
| **REITs: 0.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc.144A | 3.75 | &nbsp;&nbsp; 1-15-2027 | 65000 | &nbsp;&nbsp; 63096 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 3.95 | &nbsp;&nbsp; 11-15-2027 | 135000 | &nbsp;&nbsp; 130326 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 65000 | &nbsp;&nbsp; 69696 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 360000 | &nbsp;&nbsp; 358168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 4.75 | &nbsp;&nbsp; 6-15-2029 | 220000 | &nbsp;&nbsp; 213580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 255000 | &nbsp;&nbsp; 254006 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust | 5.25 | &nbsp;&nbsp; 2-15-2026 | 175000 | &nbsp;&nbsp; 173647 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 75000 | &nbsp;&nbsp; 79870 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.144A | 3.63 | &nbsp;&nbsp; 7-15-2026 | 290000 | &nbsp;&nbsp; 284344 |
| &nbsp;&nbsp;&nbsp; XHR LP144A | 6.63 | &nbsp;&nbsp; 5-15-2030 | 70000 | &nbsp;&nbsp; 71146 |
|  |  |  |  | &nbsp;&nbsp; **1697879** |
| **Industrial: 0.95%** |  |  |  |  |
| **Aerospace/defense: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.144A | 9.38 | &nbsp;&nbsp; 11-30-2029 | 165000 | &nbsp;&nbsp; 174345 |

---

See accompanying consolidated notes to portfolio of investments

10 \| Allspring Real Return Portfolio

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Aerospace/defense**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.144A | 9.75<br> %<br>| &nbsp;&nbsp; 11-15-2030 | $40000 | &nbsp;&nbsp; $43992 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2029 | 350000 | &nbsp;&nbsp; 358208 |
|  |  |  |  | &nbsp;&nbsp; **576545** |
| **Building materials: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.144A | 4.88 | &nbsp;&nbsp; 12-15-2027 | 40000 | &nbsp;&nbsp; 37947 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.144A | 5.00 | &nbsp;&nbsp; 2-15-2027 | 250000 | &nbsp;&nbsp; 249873 |
|  |  |  |  | &nbsp;&nbsp; **287820** |
| **Electrical components & equipment: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.144A | 4.75 | &nbsp;&nbsp; 6-15-2028 | 165000 | &nbsp;&nbsp; 160292 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-31-2027 | 65000 | &nbsp;&nbsp; 65948 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2029 | 240000 | &nbsp;&nbsp; 246166 |
|  |  |  |  | &nbsp;&nbsp; **472406** |
| **Environmental control: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.144A | 4.88 | &nbsp;&nbsp; 7-15-2027 | 40000 | &nbsp;&nbsp; **39672** |
| **Machinery-diversified: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 10000 | &nbsp;&nbsp; 10475 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 310000 | &nbsp;&nbsp; 308614 |
|  |  |  |  | &nbsp;&nbsp; **319089** |
| **Packaging & containers: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 355000 | &nbsp;&nbsp; 355313 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 6.88 | &nbsp;&nbsp; 3-15-2028 | 60000 | &nbsp;&nbsp; 61242 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 4-15-2029 | 165000 | &nbsp;&nbsp; 166956 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 30000 | &nbsp;&nbsp; 30679 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.144A | 6.63 | &nbsp;&nbsp; 5-13-2027 | 145000 | &nbsp;&nbsp; 145174 |
|  |  |  |  | &nbsp;&nbsp; **759364** |
| **Trucking & leasing: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 430000 | &nbsp;&nbsp; **428962** |
| **Technology: 0.14%** |  |  |  |  |
| **Software: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 6.50 | &nbsp;&nbsp; 3-31-2029 | 285000 | &nbsp;&nbsp; 287817 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 140000 | &nbsp;&nbsp; 144474 |
|  |  |  |  | &nbsp;&nbsp; **432291** |
| **Utilities: 0.31%** |  |  |  |  |
| **Electric: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 305000 | &nbsp;&nbsp; 295693 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 5.00 | &nbsp;&nbsp; 7-1-2028 | 175000 | &nbsp;&nbsp; 170743 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 150000 | &nbsp;&nbsp; 149196 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 11

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP144A | 3.88<br> %<br>| &nbsp;&nbsp; 10-15-2026 | $145000 | &nbsp;&nbsp; $141521 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP144A | 4.50 | &nbsp;&nbsp; 9-15-2027 | 195000 | &nbsp;&nbsp; 188776 |
|  |  |  |  | &nbsp;&nbsp; **945929** |
| **Total corporate bonds and notes (Cost $23,749,780)** |  |  |  | &nbsp;&nbsp; **24112216** |
| **Loans: 0.26%** |  |  |  |  |
| **Communications: 0.02%** |  |  |  |  |
| **Internet: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC (U.S. SOFR 1 Month+3.00%)± | 7.34 | &nbsp;&nbsp; 11-30-2027 | 54862 | &nbsp;&nbsp; **54896** |
| **Media: 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.57 | &nbsp;&nbsp; 8-2-2027 | 16617 | &nbsp;&nbsp; **16645** |
| **Consumer, cyclical: 0.07%** |  |  |  |  |
| **Airlines: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 8.08 | &nbsp;&nbsp; 10-20-2027 | 81832 | &nbsp;&nbsp; 82139 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 8.04 | &nbsp;&nbsp; 4-1-2031 | 70000 | &nbsp;&nbsp; 70233 |
|  |  |  |  | &nbsp;&nbsp; **152372** |
| **Retail: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)± | 7.81 | &nbsp;&nbsp; 3-3-2028 | 60000 | &nbsp;&nbsp; **55995** |
| **Consumer, non-cyclical: 0.03%** |  |  |  |  |
| **Healthcare-products: 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)± | 8.61 | &nbsp;&nbsp; 1-15-2031 | 10000 | &nbsp;&nbsp; **10028** |
| **Healthcare-services: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05 | &nbsp;&nbsp; 7-1-2031 | 109447 | &nbsp;&nbsp; 67493 |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)± | 11.78 | &nbsp;&nbsp; 1-12-2026 | 18826 | &nbsp;&nbsp; 14225 |
|  |  |  |  | &nbsp;&nbsp; **81718** |
| **Financial: 0.08%** |  |  |  |  |
| **Insurance: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.72 | &nbsp;&nbsp; 7-31-2027 | 238884 | &nbsp;&nbsp; **238755** |
| **Industrial: 0.02%** |  |  |  |  |
| **Aerospace/defense: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.81 | &nbsp;&nbsp; 1-15-2027 | 26017 | &nbsp;&nbsp; **26043** |
| **Packaging & containers: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. (U.S. SOFR 1 Month+2.50%)± | 6.86 | &nbsp;&nbsp; 8-4-2027 | 40000 | &nbsp;&nbsp; **40047** |
| **Utilities: 0.04%** |  |  |  |  |
| **Electric: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC (U.S. SOFR 3 Month+2.25%)± | 6.58 | &nbsp;&nbsp; 12-15-2027 | 104478 | &nbsp;&nbsp; **104440** |
| **Total loans (Cost $825,505)** |  |  |  | &nbsp;&nbsp; **780939** |
| **U.S. Treasury securities: 22.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 4-15-2026 | 3315546 | &nbsp;&nbsp; 3283999 |

---

See accompanying consolidated notes to portfolio of investments

12 \| Allspring Real Return Portfolio

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 7-15-2026 | $4552763 | &nbsp;&nbsp; $4517327 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 5521580 | &nbsp;&nbsp; 5406089 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 5247354 | &nbsp;&nbsp; 4957949 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 7-15-2030 | 4739062 | &nbsp;&nbsp; 4456699 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2031 | 518624 | &nbsp;&nbsp; 480867 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 1763001 | &nbsp;&nbsp; 1623667 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 3026556 | &nbsp;&nbsp; 2743176 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.13 | &nbsp;&nbsp; 2-15-2051 | 2938467 | &nbsp;&nbsp; 1571086 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 1162401 | &nbsp;&nbsp; 1117319 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.25 | &nbsp;&nbsp; 2-15-2050 | 200046 | &nbsp;&nbsp; 114050 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 113110 | &nbsp;&nbsp; 111588 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 2227332 | &nbsp;&nbsp; 2197647 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 4658761 | &nbsp;&nbsp; 4570571 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.63 | &nbsp;&nbsp; 2-15-2043 | 475361 | &nbsp;&nbsp; 350444 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 839310 | &nbsp;&nbsp; 647106 |
| &nbsp;&nbsp;&nbsp; TIPS | 0.88 | &nbsp;&nbsp; 1-15-2029 | 3048907 | &nbsp;&nbsp; 3002723 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.00 | &nbsp;&nbsp; 2-15-2048 | 1492530 | &nbsp;&nbsp; 1083643 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.00 | &nbsp;&nbsp; 2-15-2049 | 1552065 | &nbsp;&nbsp; 1110097 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.38 | &nbsp;&nbsp; 7-15-2033 | 4799844 | &nbsp;&nbsp; 4650213 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.38 | &nbsp;&nbsp; 2-15-2044 | 1489579 | &nbsp;&nbsp; 1240863 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1292249 | &nbsp;&nbsp; 1004748 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 4465269 | &nbsp;&nbsp; 4514454 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1871839 | &nbsp;&nbsp; 1850762 |
| &nbsp;&nbsp;&nbsp; TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 3616167 | &nbsp;&nbsp; 3610639 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 2770483 | &nbsp;&nbsp; 2805552 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 2-15-2040 | 1427712 | &nbsp;&nbsp; 1402591 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 1974245 | &nbsp;&nbsp; 1920398 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.13 | &nbsp;&nbsp; 2-15-2054 | 398004 | &nbsp;&nbsp; 357191 |
| &nbsp;&nbsp;&nbsp; TIPS | 2.50 | &nbsp;&nbsp; 1-15-2029 | 838421 | &nbsp;&nbsp; 871551 |
| &nbsp;&nbsp;&nbsp; TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 117320 | &nbsp;&nbsp; 127869 |
| **Total U.S. Treasury securities (Cost $71,194,980)** |  |  |  | &nbsp;&nbsp; **67702878** |
| **Yankee corporate bonds and notes: 1.22%** |  |  |  |  |
| **Basic materials: 0.06%** |  |  |  |  |
| **Mining: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.144A | 6.13 | &nbsp;&nbsp; 3-15-2030 | 170000 | &nbsp;&nbsp; **171875** |
| **Communications: 0.16%** |  |  |  |  |
| **Internet: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc.144A | 11.25 | &nbsp;&nbsp; 2-15-2027 | 295000 | &nbsp;&nbsp; **319706** |
| **Media: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 155000 | &nbsp;&nbsp; **150318** |
| **Consumer, cyclical: 0.46%** |  |  |  |  |
| **Airlines: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 475000 | &nbsp;&nbsp; 497800 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 13

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airlines**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA144A | 7.63<br> %<br>| &nbsp;&nbsp; 1-7-2031 | $140000 | &nbsp;&nbsp; $144410 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2027 | 45000 | &nbsp;&nbsp; 45154 |
|  |  |  |  | &nbsp;&nbsp; **687364** |
| **Leisure time: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 3-1-2027 | 18000 | &nbsp;&nbsp; 18179 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 215000 | &nbsp;&nbsp; 216907 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 455000 | &nbsp;&nbsp; 457158 |
|  |  |  |  | &nbsp;&nbsp; **692244** |
| **Consumer, non-cyclical: 0.08%** |  |  |  |  |
| **Healthcare-products: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 245000 | &nbsp;&nbsp; **255437** |
| **Financial: 0.13%** |  |  |  |  |
| **Banks: 0.08%** |  |  |  |  |
| &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 | 60000 | &nbsp;&nbsp; 58657 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (5 Year USD Swap Rate+5.46%)144Aʊ± | 7.70 | &nbsp;&nbsp; 9-17-2025 | 200000 | &nbsp;&nbsp; 200500 |
|  |  |  |  | &nbsp;&nbsp; **259157** |
| **Diversified financial services: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 140000 | &nbsp;&nbsp; **145543** |
| **Industrial: 0.09%** |  |  |  |  |
| **Aerospace/defense: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc.144A | 6.00 | &nbsp;&nbsp; 2-15-2028 | 185000 | &nbsp;&nbsp; **186230** |
| **Packaging & containers: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 95000 | &nbsp;&nbsp; **100039** |
| **Technology: 0.17%** |  |  |  |  |
| **Computers: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.144A | 8.25 | &nbsp;&nbsp; 12-15-2029 | 155000 | &nbsp;&nbsp; **165212** |
| **Software: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Open Text Corp.144A | 3.88 | &nbsp;&nbsp; 2-15-2028 | 80000 | &nbsp;&nbsp; 77000 |
| &nbsp;&nbsp;&nbsp; Open Text Corp.144A | 6.90 | &nbsp;&nbsp; 12-1-2027 | 275000 | &nbsp;&nbsp; 283942 |
|  |  |  |  | &nbsp;&nbsp; **360942** |
| **Utilities: 0.07%** |  |  |  |  |
| **Electric: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 10000 | &nbsp;&nbsp; 9708 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 205000 | &nbsp;&nbsp; 206483 |
|  |  |  |  | &nbsp;&nbsp; **216191** |
| **Total yankee corporate bonds and notes (Cost $3,652,138)** |  |  |  | &nbsp;&nbsp; **3710258** |

---

See accompanying consolidated notes to portfolio of investments

14 \| Allspring Real Return Portfolio

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 34.44%** |  |  |  |  |
| **Investment companies: 34.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞\*## |  | 4.24<br> %<br>| 104483893 | &nbsp;&nbsp; **$104483893** |
| **Total short-term investments (Cost $104,483,893)** |  |  |  | &nbsp;&nbsp; **104483893** |
| **Total investments in securities (Cost $270,801,496)** | 94.22<br> %<br>|  |  | &nbsp;&nbsp; 285880376 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | 5.78 |  |  | &nbsp;&nbsp; 17524517 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$303404893** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| %% | The security is purchased on a when-issued basis. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | American depositary receipt |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| TIPS | Treasury Inflation-Protected Securities |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund <br> Select Class<br>| $97077493 | $30584230 | $(23177830)<br>| $0 | $0 | $104483893 | 104483893 | $1025277 |

---

**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 | 787405 | AUD | 1205000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; $12390 | &nbsp;&nbsp;&nbsp; $0 |
| BRL | 3435000 | USD | 606730 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (104)<br>|
| USD | 1383760 | CAD | 1882000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 22383 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 3525000 | USD | 2594222 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (44352)<br>|
| CHF | 719000 | USD | 887524 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp; 0 |
| CZK | 21570000 | USD | 1002596 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 785000 | USD | 906746 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (8291)<br>|
| GBP | 776000 | USD | 1051167 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (25903)<br>|
| HUF | 256635000 | USD | 732752 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (2166)<br>|
| IDR | 24104550000 | USD | 1479242 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (16026)<br>|
| USD | 2760420 | IDR | 44939632000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 32454 | &nbsp;&nbsp;&nbsp; 0 |

---

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 15

------

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

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 2533962 | INR | 217490000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; $56095 | &nbsp;&nbsp;&nbsp; $0 |
| INR | 34162000 | USD | 398126 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (8918)<br>|
| JPY | 122994000 | USD | 858287 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (38674)<br>|
| USD | 882102 | KRW | 1203081000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 12471 | &nbsp;&nbsp;&nbsp; 0 |
| KRW | 2245234000 | USD | 1664431 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (41494)<br>|
| MXN | 14815000 | USD | 773818 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 0 |
| NOK | 7623000 | USD | 756990 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (19456)<br>|
| USD | 800008 | NZD | 1319000 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 21768 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 2463000 | USD | 1504097 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (50873)<br>|
| PLN | 3130000 | USD | 843608 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (9005)<br>|
| SEK | 7852000 | USD | 826191 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (21812)<br>|
| ZAR | 11382000 | USD | 637394 | Morgan Stanley, Inc. | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (14458)<br>|
| CLP | 514105000 | USD | 549093 | Morgan Stanley, Inc. | 9-22-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (20483)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$167875** | &nbsp;&nbsp;&nbsp; **$(322015)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp; Notional <br>cost<br>| &nbsp;&nbsp; Notional <br>value<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| &nbsp;&nbsp; CAC 40 Index | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8-15-2025 | &nbsp;&nbsp; $1070791 | &nbsp;&nbsp; $1065218 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(5573)<br>|
| &nbsp;&nbsp; LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8-18-2025 | &nbsp;&nbsp; 836538 | &nbsp;&nbsp; 833261 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3277)<br>|
| &nbsp;&nbsp; Volatility Index | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 8-20-2025 | &nbsp;&nbsp; 1629522 | &nbsp;&nbsp; 1508354 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (121168)<br>|
| &nbsp;&nbsp; Hang Seng Index | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 8-28-2025 | &nbsp;&nbsp; 9436480 | &nbsp;&nbsp; 9141834 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (294646)<br>|
| &nbsp;&nbsp; IFSC NIFTY 50 Index | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 8-28-2025 | &nbsp;&nbsp; 8785456 | &nbsp;&nbsp; 8792121 | &nbsp;&nbsp; 6665 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; 179631 | &nbsp;&nbsp; 182608 | &nbsp;&nbsp; 2977 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year Euro BUND Index | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; 45519481 | &nbsp;&nbsp; 45144139 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (375342)<br>|
| &nbsp;&nbsp; French Government Bond | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; 12651293 | &nbsp;&nbsp; 12522165 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (129128)<br>|
| &nbsp;&nbsp; Gas Oil Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9-11-2025 | &nbsp;&nbsp; 277911 | &nbsp;&nbsp; 279800 | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; TOPIX Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9-11-2025 | &nbsp;&nbsp; 556270 | &nbsp;&nbsp; 586671 | &nbsp;&nbsp; 30401 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 832992 | &nbsp;&nbsp; 789375 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (43617)<br>|
| &nbsp;&nbsp; Wheat Futures\*\* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 218286 | &nbsp;&nbsp; 209300 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8986)<br>|
| &nbsp;&nbsp; 10-Year Australian Bond | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 17776713 | &nbsp;&nbsp; 17769397 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (7316)<br>|
| &nbsp;&nbsp; Japanese Yen Futures | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 6034267 | &nbsp;&nbsp; 5749425 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (284842)<br>|
| &nbsp;&nbsp; LME Copper Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 984045 | &nbsp;&nbsp; 959333 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (24712)<br>|
| &nbsp;&nbsp; LME Nickel Futures\*\* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 274395 | &nbsp;&nbsp; 267099 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (7296)<br>|
| &nbsp;&nbsp; LME Zinc Futures\*\* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 335091 | &nbsp;&nbsp; 345253 | &nbsp;&nbsp; 10162 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Swiss Franc Futures | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 4454274 | &nbsp;&nbsp; 4332125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (122149)<br>|
| &nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 18377037 | &nbsp;&nbsp; 18265878 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (111159)<br>|
| &nbsp;&nbsp; S&P ASX Share Price Index 200 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 1240944 | &nbsp;&nbsp; 1258421 | &nbsp;&nbsp; 17477 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; S&P/TSX 60 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 1145171 | &nbsp;&nbsp; 1170107 | &nbsp;&nbsp; 24936 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 19682223 | &nbsp;&nbsp; 19547000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (135223)<br>|
| &nbsp;&nbsp; DAX Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 676521 | &nbsp;&nbsp; 689313 | &nbsp;&nbsp; 12792 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 9418204 | &nbsp;&nbsp; 9813300 | &nbsp;&nbsp; 395096 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; E-Mini S&P 500 Index | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 30950271 | &nbsp;&nbsp; 31552538 | &nbsp;&nbsp; 602267 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Euro STOXX 50 Index | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 9863052 | &nbsp;&nbsp; 9872288 | &nbsp;&nbsp; 9236 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; FTSE 100 Index | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 1294685 | &nbsp;&nbsp; 1325457 | &nbsp;&nbsp; 30772 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; MSCI EAFE Index | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 17430717 | &nbsp;&nbsp; 17117770 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (312947)<br>|
| &nbsp;&nbsp; MSCI Emerging Markets Index | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 13316583 | &nbsp;&nbsp; 13559385 | &nbsp;&nbsp; 242802 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Long Gilt Futures | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; 13753763 | &nbsp;&nbsp; 13875064 | &nbsp;&nbsp; 121301 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; 1255584 | &nbsp;&nbsp; 1300152 | &nbsp;&nbsp; 44568 | &nbsp;&nbsp; 0 |

---

See accompanying consolidated notes to portfolio of investments

16 \| Allspring Real Return Portfolio

------

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

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp; Notional<br> cost<br>| &nbsp;&nbsp; Notional<br> value<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| **Long** (continued) |  |  |  |  |  |  |
| &nbsp;&nbsp; Live Cattle Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10-31-2025 | &nbsp;&nbsp; $87771 | &nbsp;&nbsp; $89260 | &nbsp;&nbsp; $1489 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Number 2 Cotton Futures\*\* | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 546952 | &nbsp;&nbsp; 538000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8952)<br>|
| &nbsp;&nbsp; Corn Futures\*\* | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 2324202 | &nbsp;&nbsp; 2151500 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (172702)<br>|
| &nbsp;&nbsp; Soybean Meal Futures\*\* | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 1207728 | &nbsp;&nbsp; 1186800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (20928)<br>|
| &nbsp;&nbsp; Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 342983 | &nbsp;&nbsp; 334860 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8123)<br>|
| **Short** |  |  |  |  |  |  |
| &nbsp;&nbsp; LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 8-18-2025 | &nbsp;&nbsp; (578960)<br>| &nbsp;&nbsp; (576873)<br>| &nbsp;&nbsp; 2087 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 8-20-2025 | &nbsp;&nbsp; (592682)<br>| &nbsp;&nbsp; (623340)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (30658)<br>|
| &nbsp;&nbsp; Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 8-27-2025 | &nbsp;&nbsp; (136378)<br>| &nbsp;&nbsp; (124240)<br>| &nbsp;&nbsp; 12138 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Brent Crude Oil Futures\*\* | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; (204652)<br>| &nbsp;&nbsp; (215100)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (10448)<br>|
| &nbsp;&nbsp; NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; (1007501)<br>| &nbsp;&nbsp; (1006278)<br>| &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 10-Year Euro BUND Index | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (2988531)<br>| &nbsp;&nbsp; (2960271)<br>| &nbsp;&nbsp; 28260 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 30-Year Euro BUXL Futures | &nbsp;&nbsp; (93)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (12769513)<br>| &nbsp;&nbsp; (12457721)<br>| &nbsp;&nbsp; 311792 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Euro Futures | &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (7627168)<br>| &nbsp;&nbsp; (7592581)<br>| &nbsp;&nbsp; 34587 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Copper Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (1229955)<br>| &nbsp;&nbsp; (1199166)<br>| &nbsp;&nbsp; 30789 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Lead Futures\*\* | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (355713)<br>| &nbsp;&nbsp; (341602)<br>| &nbsp;&nbsp; 14111 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Nickel Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (457184)<br>| &nbsp;&nbsp; (445165)<br>| &nbsp;&nbsp; 12019 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; LME Zinc Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (334990)<br>| &nbsp;&nbsp; (345253)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (10263)<br>|
| &nbsp;&nbsp; C Coffee Futures\*\* | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; (105051)<br>| &nbsp;&nbsp; (110925)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (5874)<br>|
| &nbsp;&nbsp; E-Mini Russell 2000 Index | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (741474)<br>| &nbsp;&nbsp; (777070)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (35596)<br>|
| &nbsp;&nbsp; U.S. Real Estate Index | &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (6006469)<br>| &nbsp;&nbsp; (5935160)<br>| &nbsp;&nbsp; 71309 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Long Gilt Futures | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; (2067268)<br>| &nbsp;&nbsp; (2069088)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1820)<br>|
| &nbsp;&nbsp; Silver Futures\*\* | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; (1279226)<br>| &nbsp;&nbsp; (1284920)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (5694)<br>|
| &nbsp;&nbsp; Soybean Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 11-14-2025 | &nbsp;&nbsp; (267322)<br>| &nbsp;&nbsp; (247313)<br>| &nbsp;&nbsp; 20009 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Soybean Oil Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (193082)<br>| &nbsp;&nbsp; (197064)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3982)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$2093154** | &nbsp;&nbsp; **$(2302421)**<br>|

---

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

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

See accompanying consolidated notes to portfolio of investments

Allspring Real Return Portfolio \| 17

------

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

Notes to consolidated portfolio of investments

Investment in subsidiary

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Real Return Special Investments (Cayman) Ltd (the "Subsidiary"), a wholly owned subsidiary incorporated on June 27, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of July 31, 2025, the Subsidiary had $32,442,235 of investments in affiliates and cash at broker segregated for futures contacts representing 99.45% of its net assets. As of July 31, 2025, the Portfolio held $32,623,062 in the Subsidiary, representing 12.05% of the Portfolio net assets prior to consolidation. The consolidated net assets of the Portfolio includes the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary.

Securities valuation

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

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On July 31, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

Foreign currency translation

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

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on

18 \| Allspring Real Return Portfolio

------

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

a when-issued basis are marked-to-market daily and the Portfolio 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 Portfolio 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 Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio 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 Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

Futures contracts

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

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

Inflation-indexed bonds and TIPS

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

Fair valuation measurements

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

Allspring Real Return Portfolio \| 19

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $5808806 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $5808806 |
| *Consumer discretionary* | &nbsp;&nbsp; 6544095 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 6544095 |
| *Consumer staples* | &nbsp;&nbsp; 2373410 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2373410 |
| *Energy* | &nbsp;&nbsp; 2358136 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2358136 |
| *Financials* | &nbsp;&nbsp; 8324105 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 8324105 |
| *Health care* | &nbsp;&nbsp; 5526807 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5526807 |
| *Industrials* | &nbsp;&nbsp; 10008533 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 10008533 |
| *Information technology* | &nbsp;&nbsp; 15274090 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 15274090 |
| *Materials* | &nbsp;&nbsp; 9571948 | &nbsp;&nbsp;&nbsp;&nbsp; 195171 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 9767119 |
| *Real estate* | &nbsp;&nbsp; 17678898 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 17678898 |
| *Utilities* | &nbsp;&nbsp; 1426193 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1426193 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 24112216 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 24112216 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 780939 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 780939 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 67702878 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 67702878 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3710258 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3710258 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 104483893 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 104483893 |
|  | &nbsp;&nbsp; 257081792 | &nbsp;&nbsp;&nbsp;&nbsp; 28798584 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 285880376 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 167875 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 167875 |
| **Futures contracts** | &nbsp;&nbsp; 2093154 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2093154 |
| **Total assets** | &nbsp;&nbsp; **$259174946** | &nbsp;&nbsp;&nbsp; **$28966459** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$288141405** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $322015 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $322015 |
| **Futures contracts** | &nbsp;&nbsp; 2302421 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2302421 |
| **Total liabilities** | &nbsp;&nbsp; **$2302421** | &nbsp;&nbsp;&nbsp; **$322015** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2624436** |

---

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

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

As of July 31, 2025, $17,527,800 was segregated as cash collateral for these open futures contracts.

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

20 \| Allspring Real Return Portfolio

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28203

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

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

- **a. Name of Series:** Allspring Real Return Portfolio

- **b. EDGAR series identifier (if any):** S000007549

- **c. LEI of Series:** 54930082DLIF1PX1JB16

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $304109224.80

**Total Liabilities:** $705548.96

**Net Assets:** $303403675.84

**Amount of Assets Invested in Other Investment Companies:** $32618250.00

**Delayed Delivery Securities:** $234672.40

**Cash Not Reported:** $17225801.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2.74000000 | **1-Year:** -205.83000000 | **5-Year:** -111.43000000 | **10-Year:** -1.16000000 | **30-Year:** 0.00000000

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

- **3-Month:** -287.48000000 | **1-Year:** -2222.71000000 | **5-Year:** -1150.60000000 | **10-Year:** -61.53000000 | **30-Year:** -65.62000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020607 | 1.14%                | 1.55%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-192909.97              | $3964988.17                                |
| Month 2  | $-26270.18               | $4087415.94                                |
| Month 3  | $706467.21               | $169464.93                                 |

**Designated Index Information**

- **Index Name:** Real Return Portfolio blended benchmark

- **Index Identifier:** REAL_RTN_BMK

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WESCO International Inc                          | WESCO International Inc                                                          | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      3600 | NS      | $745056.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                      | B2Gold Corp                                                                      | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |     26000 | NS      | $87442.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                                  | MAG Silver Corp                                                                  | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |      3000 | NS      | $61186.49     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $215222.74    | 0.07%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                        | PG&E Corp                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170742.95    | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | COTTON NO.2 FUTR DEC25                                                           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        16 | NC      | $-8951.57     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $220849.42    | 0.07%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4465269 | PA      | $4514454.54   | 1.49%             | 2027-10-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| RITCHIE BROS HLDGS INC                           | Ritchie Bros Holdings Inc                                                        | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115279.12    | 0.04%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratories International Inc     | Charles River Laboratories International Inc                                     | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      3932 | NS      | $667024.48    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CA        |         1 | NC      | $-44352.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Independence Realty Trust Inc                    | Independence Realty Trust Inc                                                    | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |     16922 | NS      | $283781.94    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCE AUTO PARTS                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55279.90     | 0.02%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                        | L3Harris Technologies Inc                                                        | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      2276 | NS      | $625490.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Inc                           | Spirit Aerosystems Inc 2022 Term Loan                                            | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |     26017 | PA      | $26043.35     | 0.01%             | 2027-01-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14979.29     | 0.00%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                         | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    285000 | PA      | $300708.06    | 0.10%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                 | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152748.75    | 0.05%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115105.92    | 0.04%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | EURO FX CURR FUT SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |       -53 | NC      | $34587.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200046 | PA      | $114050.52    | 0.04%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME COPPER FUTURE SEP25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         4 | NC      | $-24712.44    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1763000 | PA      | $1623666.79   | 0.54%             | 2031-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Welltower Inc                                    | Welltower Inc                                                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |      8675 | NS      | $1431982.25   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292270.86    | 0.10%             | 2027-08-17      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $134893.49    | 0.04%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                      | American Water Works Co Inc                                                      | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      4248 | NS      | $595739.52    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                   | Atlassian Corp                                                                   | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      2800 | NS      | $536984.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                         | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44340.30     | 0.01%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                        | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218345.70    | 0.07%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | IN        |         1 | NC      | $-8917.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $398683.92    | 0.13%             | 2027-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Okta Inc                                         | Okta Inc                                                                         | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      4600 | NS      | $449880.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                         | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              |  | US        |    220000 | PA      | $213579.65    | 0.07%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $560374.56    | 0.18%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAF3<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105872.71    | 0.03%             | 2027-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                    | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24706.09     | 0.01%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1162401 | PA      | $1117318.96   | 0.37%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                              | Virtu Financial Inc                                                              | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     13500 | NS      | $595890.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowline Gold Corp                               | Snowline Gold Corp                                                               | CUSIP: 83342V104<br>LEI: 529900VVFSE66NAIST38 | Long             | EC               | CORP              | CA        |     11000 | NS      | $75815.53     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44157.65     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | 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        |    475000 | PA      | $497800.14    | 0.16%             | 2026-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                              | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118380.31    | 0.04%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    380000 | PA      | $393419.15    | 0.13%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| IAMGOLD Corp                                     | IAMGOLD Corp                                                                     | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |     30500 | NS      | $206033.49    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CABLEVISION LIGHTPATH LLC                        | Cablevision Lightpath LLC 2025 Repriced Term Loan                                | CUSIP: 12687HAD9<br>LEI: 5493002ZVBLRLGES1R71 | Long             | LON              | CORP              | US        |     54862 | PA      | $54896.72     | 0.02%             | 2027-11-30      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1871839 | PA      | $1850762.36   | 0.61%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                                | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39671.51     | 0.01%             | 2027-07-15      | Fixed         | 4.88%                 | 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        |     70000 | PA      | $70233.10     | 0.02%             | 2031-04-01      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                               | Valero Energy Corp                                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3452 | NS      | $473994.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                                   | Royal Gold Inc                                                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      1100 | NS      | $166562.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HARVEST MIDSTREAM I LP                           | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    305000 | PA      | $308712.16    | 0.10%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                | Lithia Motors Inc                                                                | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29534.65     | 0.01%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Euronext NV                                      | CAC40 10 EURO FUT AUG25                                                          | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DE               |  | FR        |        12 | NC      | $-5572.80     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                  | Four Corners Property Trust Inc                                                  | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |      8027 | NS      | $202601.48    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR                   | ALLSPRING GOVERNMENT MONEY MAR                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 104483893 | NS      | $104483893.14 | 34.44%            |  |  |  | No            |                  1 | On Loan: No      |
| TERRAFORM POWER OPERATIN                         | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    285000 | PA      | $281162.36    | 0.09%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $111534.78    | 0.04%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc                    | Interactive Brokers Group Inc                                                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     11973 | NS      | $784949.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |         1 | NC      | $-8291.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                       | AbbVie Inc                                                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3200 | NS      | $604864.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MODIVCARE INC                                    | Modivcare Inc 2024 Term Loan B                                                   | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    109447 | PA      | $67492.76     | 0.02%             | 2031-07-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                             | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    290000 | PA      | $292409.37    | 0.10%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN OIL FUTR DEC25                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -6 | NC      | $-3982.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | NATURAL GAS FUTR SEP25                                                           | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -4 | NC      | $12137.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                   | SEAGATE DATA STOR                                                                | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    155000 | PA      | $165211.75    | 0.05%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                         | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $212836.22    | 0.07%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                            | Nabors Industries Inc                                                            | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50462.68     | 0.02%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tradeweb Markets Inc                             | Tradeweb Markets Inc                                                             | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4389 | NS      | $608095.95    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                                     | Navient Corp                                                                     | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102461.82    | 0.03%             | 2028-03-15      | Fixed         | 4.88%                 | 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        |     60000 | PA      | $58657.37     | 0.02%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                  | HANG SENG IDX FUT AUG25                                                          | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |        58 | NC      | $-294645.89   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                            | Costco Wholesale Corp                                                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       570 | NS      | $535594.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc                            | Anglogold Ashanti Plc                                                            | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      6800 | NS      | $314500.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                      | GOLD 100 OZ FUTR DEC25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         1 | NC      | $-8123.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CH        |         1 | NC      | $2454.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                            | Uber Technologies Inc                                                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      6500 | NS      | $570375.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                     | Teradyne Inc                                                                     | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      7064 | NS      | $758885.52    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $212840.25    | 0.07%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc                                | EOG Resources Inc                                                                | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      7773 | NS      | $932915.46    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | PL        |         1 | NC      | $-9005.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                           | Arch Capital Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      8354 | NS      | $718945.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40168.83     | 0.01%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO STOXX 50 SEP25                                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       162 | NC      | $9235.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CL        |         1 | NC      | $-20483.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                  | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    295000 | PA      | $299846.81    | 0.10%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $92052.84     | 0.03%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | BR        |         1 | NC      | $-104.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd                             | Evolution Mining Ltd                                                             | CUSIP: 000000000<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |      8000 | NS      | $36205.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                            | Spotify Technology SA                                                            | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |       671 | NS      | $420408.34    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME NICKEL FUTURE SEP25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         3 | NC      | $-7295.79     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                            | Robinhood Markets Inc                                                            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      4479 | NS      | $461560.95    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Star Resources Ltd                      | Northern Star Resources Ltd                                                      | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |     16000 | NS      | $158965.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    295000 | PA      | $319706.42    | 0.11%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME COPPER FUTURE SEP25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -5 | NC      | $30789.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                           | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147691.78    | 0.05%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                                              | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      2000 | NS      | $471760.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                          | Algonquin Power & Utilities Corp                                                 | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9707.40      | 0.00%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                    | Carnival Corp                                                                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    215000 | PA      | $216906.62    | 0.07%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Gold Inc                                     | New Gold Inc                                                                     | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |     33000 | NS      | $138135.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                                                           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      4725 | NS      | $587601.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $42210.56     | 0.01%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                         | Fox Corp                                                                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     11700 | NS      | $652392.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                   | TD SYNNEX Corp                                                                   | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      4700 | NS      | $678633.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                        | CubeSmart                                                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |      7933 | NS      | $308673.03    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PETSMART INC/PETSMART FI                         | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235000 | PA      | $230612.27    | 0.08%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sun Communities Inc                              | Sun Communities Inc                                                              | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      3705 | NS      | $459531.15    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89877.81     | 0.03%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging Holding Co                     | Graphic Packaging Holding Co                                                     | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34646 | NS      | $774684.56    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                         | Alcon AG                                                                         | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |      8529 | NS      | $746713.95    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | S+P500 EMINI FUT SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        99 | NC      | $602266.89    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                        | Gates Industrial Corp PLC                                                        | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     21600 | NS      | $535680.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1292249 | PA      | $1004747.76   | 0.33%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME ZINC FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -5 | NC      | $-10263.05    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                              | Vulcan Materials Co                                                              | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      4044 | NS      | $1110765.48   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $218790.77    | 0.07%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                            | Dell Technologies Inc                                                            | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      4256 | NS      | $564728.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                     | Alphabet Inc                                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4676 | NS      | $897324.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                              | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $200499.60    | 0.07%             | 2025-09-17      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | FTSE 100 IDX FUT SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        11 | NC      | $30772.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                          | BXP Inc                                                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      8157 | NS      | $533712.51    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC                                | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    195000 | PA      | $204335.34    | 0.07%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| National Stock Exchange Of India                 | IFSC NIFTY 50 FUT AUG25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |       177 | NC      | $6664.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| G Mining Ventures Corp                           | G Mining Ventures Corp                                                           | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     11400 | NS      | $133614.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                     | Prologis Inc                                                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     11524 | NS      | $1230532.72   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    255000 | PA      | $255755.49    | 0.08%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3315546 | PA      | $3283999.43   | 1.08%             | 2026-04-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                              | SPI 200 FUTURES SEP25                                                            | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DE               |  | AU        |         9 | NC      | $17476.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                            | American Homes 4 Rent                                                            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     13796 | NS      | $478583.24    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    165000 | PA      | $167482.58    | 0.06%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    245000 | PA      | $255437.00    | 0.08%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                           | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65948.03     | 0.02%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Co                                  | Baker Hughes Co                                                                  | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10643 | NS      | $479467.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                              | Leidos Holdings Inc                                                              | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      3700 | NS      | $590705.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                   | CBRE Group Inc                                                                   | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      4962 | NS      | $772781.88    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch & Lomb Corporation                        | Bausch & Lomb Corporation 2025 Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     10000 | PA      | $10027.50     | 0.00%             | 2031-01-15      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Gaming and Leisure Properties Inc                | Gaming and Leisure Properties Inc                                                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     18049 | NS      | $822673.42    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                           | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     40000 | PA      | $43992.13     | 0.01%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | NY HARB ULSD FUT SEP25                                                           | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -10 | NC      | $1222.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                           | TKO Group Holdings Inc                                                           | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2300 | NS      | $386423.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                         | Virgin Media Vendor Financing Notes IV DAC                                       | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |    155000 | PA      | $150317.93    | 0.05%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAL6<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141521.35    | 0.05%             | 2026-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Terreno Realty Corp                              | Terreno Realty Corp                                                              | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |      9102 | NS      | $505069.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                             | Generac Holdings Inc                                                             | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      3900 | NS      | $759291.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CZ        |         1 | NC      | $59.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810QP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1974245 | PA      | $1920397.65   | 0.63%             | 2041-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                         | United Therapeutics Corp                                                         | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1550 | NS      | $425785.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CLYDESDALE ACQUISITION                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30678.90     | 0.01%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CBOE Futures Exchange LLC                        | CBOE VIX FUTURE AUG25                                                            | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |        84 | NC      | $-121167.48   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd                                  | Orla Mining Ltd                                                                  | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |      7000 | NS      | $65170.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                      | Royal Caribbean Cruises Ltd                                                      | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |      2818 | NS      | $895757.66    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                             | Endeavour Mining PLC                                                             | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     10880 | NS      | $326651.27    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp                                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6657 | NS      | $3551509.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| XHR LP                                           | XHR LP                                                                           | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |     70000 | PA      | $71146.39     | 0.02%             | 2030-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25556.33     | 0.01%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    838421 | PA      | $871551.30    | 0.29%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       243 | NC      | $-7316.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                              | American Tower Corp                                                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      7220 | NS      | $1504575.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM OPERATION                         | Hess Midstream Operations LP                                                     | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $182963.16    | 0.06%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2938467 | PA      | $1571085.73   | 0.52%             | 2051-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Jeld-Wen Inc                                     | JELD-WEN Inc                                                                     | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37947.12     | 0.01%             | 2027-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| StandardAero Inc                                 | StandardAero Inc                                                                 | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20757 | NS      | $592612.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                  | Gold Fields Ltd                                                                  | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     11800 | NS      | $287448.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                  | Federal Realty Investment Trust                                                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |      2470 | NS      | $227635.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STAR PARENT INC                                  | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94643.90     | 0.03%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                            | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     95000 | PA      | $100038.79    | 0.03%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Newmont Corp                                     | Newmont Corp                                                                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     11000 | NS      | $683100.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc              | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |      2989 | NS      | $228449.27    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $12471.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                      | NVIDIA Corp                                                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     11996 | NS      | $2133728.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN FUTURE NOV25                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -5 | NC      | $20009.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                         | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69772.82     | 0.02%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                    | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     18000 | PA      | $18179.55     | 0.01%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                             | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54193.85     | 0.02%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80014.48     | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                          | O'Reilly Automotive Inc                                                          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      5535 | NS      | $544201.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                 | Crown Castle Inc                                                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      3895 | NS      | $409325.55    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101551.63    | 0.03%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING COMPANY INC                     | Graham Packaging Company Inc 2024 Term Loan B                                    | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |     40000 | PA      | $40046.40     | 0.01%             | 2027-08-04      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| EMCOR Group Inc                                  | EMCOR Group Inc                                                                  | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      2054 | NS      | $1288864.46   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                            | CyberArk Software Ltd                                                            | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1450 | NS      | $596631.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20038.16     | 0.01%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OceanaGold Corp                                  | OceanaGold Corp                                                                  | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     12666 | NS      | $172310.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    360000 | PA      | $358167.74    | 0.12%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Constellation Renewables, LLC                    | Constellation Renewables LLC 2020 Term Loan                                      | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |    104477 | PA      | $104439.87    | 0.03%             | 2027-12-15      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810RA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    475361 | PA      | $350444.57    | 0.12%             | 2043-02-15      | Fixed         | 0.63%                 | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                           | SUGAR 11 (WORLD) OCT25                                                           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        71 | NC      | $44568.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                               | Eldorado Gold Corp                                                               | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      3300 | NS      | $67614.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                           | MSCI EMGMKT SEP25                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |       219 | NC      | $242802.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $124969.90    | 0.04%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |       114 | NC      | $121301.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $32454.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                                                           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2401 | NS      | $298062.94    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245116.87    | 0.08%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | MSCI EAFE SEP25                                                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |       131 | NC      | $-312947.21   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| TRI POINTE HOMES INC                             | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $131338.48    | 0.04%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | WHEAT FUTURE(CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         8 | NC      | $-8986.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                         | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $109830.49    | 0.04%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $56094.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5247354 | PA      | $4957948.63   | 1.63%             | 2030-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| HAWAIIAN AIRLINES 13-1A                          | Hawaiian Airlines 2013-1 Class A Pass Through Certificates                       | CUSIP: 419838AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26030 | PA      | $25579.69     | 0.01%             | 2026-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | CORN FUTURE DEC25                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       104 | NC      | $-172701.95   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    113110 | PA      | $111587.57    | 0.04%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  1 | 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        |     60000 | PA      | $55995.00     | 0.02%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                              | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    430000 | PA      | $429428.14    | 0.14%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co                          | Central Garden & Pet Co                                                          | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39827.61     | 0.01%             | 2028-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $299806.38    | 0.10%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                                 | Carlisle Cos Inc                                                                 | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2094 | NS      | $742762.74    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                            | Monster Beverage Corp                                                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     10253 | NS      | $602363.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ID        |         1 | NC      | $-16026.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                               | BRENT CRUDE FUTR OCT25                                                           | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        -3 | NC      | $-10447.89    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                     | DoorDash Inc                                                                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      2271 | NS      | $568317.75    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                                 | Coeur Mining Inc                                                                 | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     12903 | NS      | $112127.07    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | NASDAQ 100 E-MINI SEP25                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        21 | NC      | $395096.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC                 | First Citizens BancShares Inc/NC                                                 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       256 | NS      | $510658.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    839310 | PA      | $647106.33    | 0.21%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Netflix Inc                                      | Netflix Inc                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1036 | NS      | $1201138.40   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                           | Intuitive Surgical Inc                                                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1201 | NS      | $577789.09    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOW GROUP INC                                | Bristow Group Inc                                                                | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240568.08    | 0.08%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                            | DirecTV Financing LLC Term Loan                                                  | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     16617 | PA      | $16644.92     | 0.01%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | E-MINI RUSS 2000 SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        -7 | NC      | $-35595.61    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | DAX INDEX FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $12791.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                | First Industrial Realty Trust Inc                                                | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |      8097 | NS      | $394485.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2227332 | PA      | $2197647.16   | 0.72%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | KR        |         1 | NC      | $-41493.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services Inc                            | Republic Services Inc                                                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      2929 | NS      | $675573.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    195000 | PA      | $188775.89    | 0.06%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                     | Broadcom Inc                                                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7169 | NS      | $2105535.30   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                         | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $210114.45    | 0.07%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                                   | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $283941.90    | 0.09%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | GASOLINE RBOB FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         2 | NC      | $2976.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                         | Brandywine Operating Partnership LP                                              | CUSIP: 105340AQ6<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |    135000 | PA      | $130326.27    | 0.04%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246166.32    | 0.08%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | KC HRW WHEAT FUT SEP25                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        30 | NC      | $-43616.70    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                 | Canadian Pacific Kansas City Ltd                                                 | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     10800 | NS      | $794340.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc                       | Dundee Precious Metals Inc                                                       | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |     14000 | NS      | $226327.94    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                             | Labcorp Holdings Inc                                                             | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3053 | NS      | $794024.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK INTERMED HOLDINGS                           | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              |  | US        |    255000 | PA      | $254006.19    | 0.08%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                            | Camden Property Trust                                                            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |      4669 | NS      | $509854.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3616167 | PA      | $3610639.27   | 1.19%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $21768.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |       -17 | NC      | $-1819.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                                                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |      7334 | NS      | $714038.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                           | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    165000 | PA      | $160291.86    | 0.05%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                           | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $140790.46    | 0.05%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                                    | Modivcare Inc 2025 Incremental Term Loan                                         | CUSIP: 60783LAD2<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |     18826 | PA      | $14225.44     | 0.00%             | 2026-01-12      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc                             | Jacobs Solutions Inc                                                             | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4991 | NS      | $708073.17    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107143.42    | 0.04%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                       | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114444.49    | 0.04%             | 2027-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp                          | SBA Communications Corp                                                          | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      3513 | NS      | $789441.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                              | Arista Networks Inc                                                              | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      9384 | NS      | $1156296.48   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $144599.54    | 0.05%             | 2026-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                         | Service Properties Trust                                                         | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    175000 | PA      | $173647.08    | 0.06%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME PRI ALUM FUTR AUG25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        13 | NC      | $-3277.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |         1 | NC      | $7799.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -20 | NC      | $28260.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NO        |         1 | NC      | $-19455.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                           | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |     65000 | PA      | $63096.36     | 0.02%             | 2027-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | CHF CURRENCY FUT SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |        28 | NC      | $-122148.53   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                                     | Navient Corp                                                                     | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113733.22    | 0.04%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      9390 | NS      | $377853.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                   | ServiceNow Inc                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       830 | NS      | $782789.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $12390.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149196.33    | 0.05%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       176 | NC      | $-135223.44   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ADAPTHEALTH LLC                                  | AdaptHealth LLC                                                                  | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104349.56    | 0.03%             | 2028-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                 | FirstEnergy Corp                                                                 | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     19444 | NS      | $830453.24    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    455000 | PA      | $457157.61    | 0.15%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                          | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     45000 | PA      | $45153.99     | 0.01%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                                    | B&G Foods Inc                                                                    | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98175.26     | 0.03%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       305 | NC      | $-375313.82   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                               | AerCap Holdings NV                                                               | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |      7924 | NS      | $849849.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2122 | NS      | $1641239.68   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc                                  | Lundin Gold Inc                                                                  | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |     11200 | NS      | $518371.82    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       210 | NC      | $-111159.35   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68809.66     | 0.02%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | S+P/TSX 60 IX FUT SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |         5 | NC      | $24935.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2770483 | PA      | $2805552.03   | 0.92%             | 2035-01-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    518624 | PA      | $480867.30    | 0.16%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| EXCELERATE ENERGY LP                             | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130856.50    | 0.04%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                | Brown & Brown Inc                                                                | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      8777 | NS      | $801954.49    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                                 | OR Royalties Inc                                                                 | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      3500 | NS      | $96947.17     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS TRANS & INFRAST                         | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    430000 | PA      | $428961.94    | 0.14%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    415000 | PA      | $419735.15    | 0.14%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | SE        |         1 | NC      | $-21811.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN MEAL FUTR DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        43 | NC      | $-20928.16    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LATAM AIRLINES GROUP SA                          | Latam Airlines Group SA                                                          | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    140000 | PA      | $144410.00    | 0.05%             | 2031-01-07      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169670.06    | 0.06%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145008.85    | 0.05%             | 2028-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                      | Asurion LLC 2021 Term Loan B9                                                    | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    238884 | PA      | $238755.06    | 0.08%             | 2027-07-31      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | TOPIX INDX FUTR SEP25                                                            | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         3 | NC      | $30400.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    290000 | PA      | $284343.51    | 0.09%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp                     | Wheaton Precious Metals Corp                                                     | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      4400 | NS      | $402401.85    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUSHNET CO                                      | Acushnet Co                                                                      | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46880.60     | 0.02%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ZA        |         1 | NC      | $-14458.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                                | Kinross Gold Corp                                                                | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     35000 | NS      | $560010.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-38673.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        89 | NC      | $-129127.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    215500 | PA      | $215303.50    | 0.07%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI Properties Inc                              | VICI Properties Inc                                                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     19352 | NS      | $630875.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | HU        |         1 | NC      | $-2165.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                   | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145174.15    | 0.05%             | 2027-05-13      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                 | Arches Buyer Inc                                                                 | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    170000 | PA      | $163735.38    | 0.05%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME ZINC FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         5 | NC      | $10161.95     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1489579 | PA      | $1240863.06   | 0.41%             | 2044-02-15      | Fixed         | 1.38%                 | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group Inc                                                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |      4283 | NS      | $701512.57    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CHP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4799844 | PA      | $4650212.61   | 1.53%             | 2033-07-15      | Fixed         | 1.38%                 | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $22383.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                             | Oceaneering International Inc                                                    | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    365000 | PA      | $367119.92    | 0.12%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $77000.76     | 0.03%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                  | Alumina Pty Ltd                                                                  | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    170000 | PA      | $171874.76    | 0.06%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424689.92    | 0.14%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                            | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199473.78    | 0.07%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                         | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    310000 | PA      | $308613.40    | 0.10%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                 | Cinemark USA Inc                                                                 | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    345000 | PA      | $342560.54    | 0.11%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36059.28     | 0.01%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                    | PRA Group Inc                                                                    | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255737.93    | 0.08%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                         | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $208232.05    | 0.07%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | DJ US REAL ESTATE SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               |  | US        |      -164 | NC      | $71308.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4658761 | PA      | $4570571.46   | 1.51%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  1 | On Loan: No      |
| PulteGroup Inc                                   | PulteGroup Inc                                                                   | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8138 | NS      | $918942.96    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3048907 | PA      | $3002723.08   | 0.99%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                           | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    165000 | PA      | $174345.27    | 0.06%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    398004 | PA      | $357190.72    | 0.12%             | 2054-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                  | Ulta Beauty Inc                                                                  | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1500 | NS      | $772515.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358207.85    | 0.12%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                          | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    275000 | PA      | $283975.37    | 0.09%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                              | Barrick Mining Corp                                                              | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     13036 | NS      | $275320.32    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                            | Tenet Healthcare Corp                                                            | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      3100 | NS      | $499968.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-50872.54    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249873.23    | 0.08%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810SB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1492530 | PA      | $1083642.91   | 0.36%             | 2048-02-15      | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| CHEMOURS CO                                      | Chemours Co/The                                                                  | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    205000 | PA      | $200825.97    | 0.07%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Exelixis Inc                                     | Exelixis Inc                                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     13000 | NS      | $470860.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | LIVE CATTLE FUTR OCT25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         1 | NC      | $1488.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                          | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     75000 | PA      | $72758.36     | 0.02%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | COFFEE 'C' FUTURE SEP25                                                          | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -1 | NC      | $-5874.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | LME LEAD FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -7 | NC      | $14111.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc                         | Torex Gold Resources Inc                                                         | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |      8800 | NS      | $247881.06    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     85000 | PA      | $89295.90     | 0.03%             | 2029-01-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| KLA Corp                                         | KLA Corp                                                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       817 | NS      | $718167.51    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                         | Brandywine Operating Partnership LP                                              | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |     65000 | PA      | $69695.68     | 0.02%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                        | Emera Inc                                                                        | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    205000 | PA      | $206483.18    | 0.07%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                         | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87601.67     | 0.03%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pinterest Inc                                    | Pinterest Inc                                                                    | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15800 | NS      | $609880.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                     | United Airlines Holdings Inc                                                     | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      6000 | NS      | $529860.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WHIRLPOOL CORP                                   | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109737.72    | 0.04%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc                           | Church & Dwight Co Inc                                                           | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      6161 | NS      | $577716.97    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                       | Twilio Inc                                                                       | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      4600 | NS      | $593400.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRCASTLE LTD                                    | Aircastle Ltd                                                                    | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $99307.95     | 0.03%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple Inc                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5991 | NS      | $1243551.87   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                         | Macquarie Airfinance Holdings Ltd                                                | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    140000 | PA      | $145543.16    | 0.05%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                              | Rocket Software Inc                                                              | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144473.56    | 0.05%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                         | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     75000 | PA      | $79870.35     | 0.03%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    117320 | PA      | $127869.01    | 0.04%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                      | SILVER FUTURE SEP25                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        -7 | NC      | $-5693.73     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                               | LOW SU GASOIL G SEP25                                                            | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         4 | NC      | $1889.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                    | Jefferies Financial Group Inc                                                    | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     15800 | NS      | $911028.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KAISER ALUMINUM CORP                             | Kaiser Aluminum Corp                                                             | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $141736.80    | 0.05%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Pan American Silver Corp                         | Pan American Silver Corp                                                         | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      6200 | NS      | $167524.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    577000 | PA      | $570723.59    | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                    | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    325000 | PA      | $343654.68    | 0.11%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                              | Kinetik Holdings LP                                                              | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    375000 | PA      | $383517.00    | 0.13%             | 2028-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                                   | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    120000 | PA      | $118909.97    | 0.04%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME PRI ALUM FUTR AUG25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -9 | NC      | $2087.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities Inc                                            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |      3936 | NS      | $560604.48    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810SG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1552065 | PA      | $1110097.26   | 0.37%             | 2049-02-15      | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| ENCINO ACQUISITION PARTN                         | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61275.00     | 0.02%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | LME NICKEL FUTURE SEP25                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -5 | NC      | $12018.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                 | MercadoLibre Inc                                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       170 | NS      | $403561.30    | 0.13%             |  |  |  | No            |                  1 | 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        |    355000 | PA      | $355312.76    | 0.12%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier Inc                                                                   | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $186230.07    | 0.06%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alamos Gold Inc                                  | Alamos Gold Inc                                                                  | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     13800 | NS      | $335339.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                               | Franco-Nevada Corp                                                               | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1600 | NS      | $254872.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                              | Fifth Third Bancorp                                                              | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     24806 | NS      | $1031185.42   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    155000 | PA      | $145535.70    | 0.05%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    410000 | PA      | $409954.64    | 0.14%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                        | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61242.23     | 0.02%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                            | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102832.59    | 0.03%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                  | Weyerhaeuser Co                                                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |     34007 | NS      | $851875.35    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                          | Extra Space Storage Inc                                                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |      4969 | NS      | $667634.84    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181400.62    | 0.06%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp                                                             | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    152000 | PA      | $153890.73    | 0.05%             | 2026-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc                    | Rexford Industrial Realty Inc                                                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |      4833 | NS      | $176549.49    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DANA INC                                         | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120066.60    | 0.04%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3026556 | PA      | $2743175.60   | 0.90%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND SEP25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -93 | NC      | $311791.79    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyMiles IP Ltd                                  | SkyMiles IP Ltd 2020 Skymiles Term Loan B                                        | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |     81832 | PA      | $82138.89     | 0.03%             | 2027-10-20      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                            | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1427712 | PA      | $1402590.58   | 0.46%             | 2040-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                             | Booking Holdings Inc                                                             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       129 | NS      | $710023.74    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO GROUP INC/THE                                | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $71462.75     | 0.02%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                             | Keurig Dr Pepper Inc                                                             | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     20145 | NS      | $657734.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                      | Equinix Inc                                                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      1752 | NS      | $1375617.84   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Skeena Resources Ltd                             | Skeena Resources Ltd                                                             | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |      7000 | NS      | $98513.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181387.52    | 0.06%             | 2026-03-09      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Equity LifeStyle Properties Inc                  | Equity LifeStyle Properties Inc                                                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |      7467 | NS      | $447422.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2267 | NS      | $671576.08    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                   | Amazon.com Inc                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      7393 | NS      | $1730775.23   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | WTI CRUDE FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -9 | NC      | $-30658.41    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4739062 | PA      | $4456698.64   | 1.47%             | 2030-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| GAP INC/THE                                      | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    155000 | PA      | $143034.40    | 0.05%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | JPN YEN CURR FUT SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |        69 | NC      | $-284841.79   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    285000 | PA      | $287817.23    | 0.09%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                         | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $99406.59     | 0.03%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                 | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115650.00    | 0.04%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                         | Encore Capital Group Inc                                                         | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    185000 | PA      | $194849.58    | 0.06%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11100 | NS      | $480741.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                             | Invitation Homes Inc                                                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |     14978 | NS      | $459075.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5521580 | PA      | $5406088.82   | 1.78%             | 2027-04-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| CLYDESDALE ACQUISITION                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166956.11    | 0.06%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72347.49     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |         1 | NC      | $-25902.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $98361.89     | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Equinox Gold Corp                                | Equinox Gold Corp                                                                | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |      8050 | NS      | $49034.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137146.50    | 0.05%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Artemis Gold Inc                                 | Artemis Gold Inc                                                                 | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     16000 | NS      | $292725.17    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc                    | Annaly Capital Management Inc                                                    | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |     42801 | NS      | $870144.33    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 912828S50<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4552763 | PA      | $4517326.70   | 1.49%             | 2026-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                         | Pattern Energy Operations LP / Pattern Energy Operations Inc                     | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $295692.59    | 0.10%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                             | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10475.31     | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ALLSPRING MASTER TRUST

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer