# EDGAR Filing Document

**Accession Number:** 0001611331
**File Stem:** 0001752724-25-203583
**Filing Date:** 2025-8
**Character Count:** 321789
**Document Hash:** 2ad02eba139cd845398e0cc787556ee1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203583.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203583

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23597
- **FILM NUMBER:** 251253284

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

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

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

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

## Series and Classes Contracts Data

### Allspring Income Plus ETF (Series ID: S000088478)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000254755 | Allspring Income Plus ETF | AINP            |

## Nport-Ex

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 34.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FHLMC## | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $5368161 | &nbsp;&nbsp; $5369169 |
| &nbsp;&nbsp;&nbsp; FNMA%% | 5.50 | &nbsp;&nbsp; 7-15-2054 | 4380000 | &nbsp;&nbsp; 4378998 |
| &nbsp;&nbsp;&nbsp; FNMA%% | 6.00 | &nbsp;&nbsp; 7-15-2054 | 12085000 | &nbsp;&nbsp; 12279845 |
| &nbsp;&nbsp;&nbsp; FNMA%% | 6.50 | &nbsp;&nbsp; 7-15-2054 | 12090000 | &nbsp;&nbsp; 12482642 |
| &nbsp;&nbsp;&nbsp; GNMA## | 5.00 | &nbsp;&nbsp; 12-20-2054 | 1880637 | &nbsp;&nbsp; 1848479 |
| &nbsp;&nbsp;&nbsp; GNMA## | 5.50 | &nbsp;&nbsp; 12-20-2054 | 3586395 | &nbsp;&nbsp; 3593293 |
| &nbsp;&nbsp;&nbsp; GNMA%% | 6.00 | &nbsp;&nbsp; 7-15-2054 | 11745000 | &nbsp;&nbsp; 11916562 |
| &nbsp;&nbsp;&nbsp; GNMA%% | 6.50 | &nbsp;&nbsp; 7-15-2054 | 18115000 | &nbsp;&nbsp; 18595584 |
| **Total agency securities (Cost $70,006,341)** |  |  |  | &nbsp;&nbsp; **70464572** |
| **Asset-backed securities: 7.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A <br> Class B144A<br>| 2.48 | &nbsp;&nbsp; 8-15-2046 | 160000 | &nbsp;&nbsp; 153578 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1 Class B144A | 6.17 | &nbsp;&nbsp; 10-15-2033 | 1000000 | &nbsp;&nbsp; 1015227 |
| &nbsp;&nbsp;&nbsp; Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 300000 | &nbsp;&nbsp; 290117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 500000 | &nbsp;&nbsp; 508913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance <br> Holdco LLC Series 2025-1A Class A2144A<br>| 6.00 | &nbsp;&nbsp; 5-20-2055 | 850000 | &nbsp;&nbsp; 876503 |
| &nbsp;&nbsp;&nbsp; DI Issuer LLC Series 2024-1A Class A2144A | 5.81 | &nbsp;&nbsp; 9-15-2054 | 225000 | &nbsp;&nbsp; 224319 |
| &nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE1 Class C144A±± | 6.03 | &nbsp;&nbsp; 1-25-2055 | 902224 | &nbsp;&nbsp; 909224 |
| &nbsp;&nbsp;&nbsp; Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 348250 | &nbsp;&nbsp; 359861 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2022-3FP Class D144A | 7.36 | &nbsp;&nbsp; 8-20-2029 | 119539 | &nbsp;&nbsp; 120224 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2023-4A Class A144A | 6.15 | &nbsp;&nbsp; 3-25-2030 | 800000 | &nbsp;&nbsp; 834170 |
| &nbsp;&nbsp;&nbsp; Hipgnosis Music Assets LP Series 2022-1 Class A144A | 5.00 | &nbsp;&nbsp; 5-16-2062 | 499404 | &nbsp;&nbsp; 494570 |
| &nbsp;&nbsp;&nbsp; Jack in the Box Funding LLC Series 2019-1A Class A23144A | 4.97 | &nbsp;&nbsp; 8-25-2049 | 1005375 | &nbsp;&nbsp; 970880 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC Series 2024-1A Class A2144A | 5.64 | &nbsp;&nbsp; 2-15-2055 | 339150 | &nbsp;&nbsp; 344443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LoanCore Issuer LLC Series 2025-CRE8 Class C (U.S. SOFR 1 <br> Month+2.14%)144A±<br>| 6.46 | &nbsp;&nbsp; 8-17-2042 | 1000000 | &nbsp;&nbsp; 989371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 7.23 | &nbsp;&nbsp; 10-16-2036 | 270000 | &nbsp;&nbsp; 263578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 <br> Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 200000 | &nbsp;&nbsp; 183368 |
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 560000 | &nbsp;&nbsp; 563597 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp. Series 2022-D Class A144A## | 4.27 | &nbsp;&nbsp; 8-15-2027 | 1120000 | &nbsp;&nbsp; 1119398 |
| &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC Series 2022-1 Class A2144A | 5.00 | &nbsp;&nbsp; 6-20-2047 | 500000 | &nbsp;&nbsp; 494353 |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC Series 2021-1A Class A2144A | 4.97 | &nbsp;&nbsp; 1-30-2052 | 498750 | &nbsp;&nbsp; 489445 |
| &nbsp;&nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 1000000 | &nbsp;&nbsp; 1008256 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC Series 2024-3A Class A23144A## | 5.91 | &nbsp;&nbsp; 7-30-2054 | 1094500 | &nbsp;&nbsp; 1082618 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC Series 2024-1A Class A2144A | 6.28 | &nbsp;&nbsp; 3-25-2054 | 100000 | &nbsp;&nbsp; 101992 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC Series 2018-1A Class A2II144A## | 4.94 | &nbsp;&nbsp; 11-25-2048 | 1095375 | &nbsp;&nbsp; 1098109 |
| &nbsp;&nbsp;&nbsp; TierPoint Issuer LLC Series 2023-1A Class A2144A | 6.00 | &nbsp;&nbsp; 6-25-2053 | 33333 | &nbsp;&nbsp; 33337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1 <br> Class A2144A±±<br>| 6.44 | &nbsp;&nbsp; 1-25-2064 | 285000 | &nbsp;&nbsp; 287935 |
| &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 420000 | &nbsp;&nbsp; 429420 |
| &nbsp;&nbsp;&nbsp; Ziply Fiber Issuer LLC Series 2024-1A Class B144A | 7.81 | &nbsp;&nbsp; 4-20-2054 | 300000 | &nbsp;&nbsp; 313637 |
| **Total asset-backed securities (Cost $15,501,340)** |  |  |  | &nbsp;&nbsp; **15560443** |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Corporate bonds and notes: 24.26%** |  |  |  |  |
| **Basic materials: 0.66%** |  |  |  |  |
| **Chemicals: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.63<br> %<br>| &nbsp;&nbsp; 7-15-2032 | $40000 | &nbsp;&nbsp; $41935 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 360000 | &nbsp;&nbsp; 359323 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC | 6.15 | &nbsp;&nbsp; 5-15-2035 | 165000 | &nbsp;&nbsp; 171255 |
|  |  |  |  | &nbsp;&nbsp; **572513** |
| **Iron/steel: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 85000 | &nbsp;&nbsp; 72708 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 385000 | &nbsp;&nbsp; 362925 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 285000 | &nbsp;&nbsp; 285889 |
|  |  |  |  | &nbsp;&nbsp; **721522** |
| **Mining: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 55000 | &nbsp;&nbsp; **53813** |
| **Communications: 3.26%** |  |  |  |  |
| **Advertising: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A | 9.00 | &nbsp;&nbsp; 9-15-2028 | 219000 | &nbsp;&nbsp; 229473 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp. | 4.00 | &nbsp;&nbsp; 2-15-2030 | 70000 | &nbsp;&nbsp; 66871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 4.63 | &nbsp;&nbsp; 3-15-2030 | 5000 | &nbsp;&nbsp; 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 7.38 | &nbsp;&nbsp; 2-15-2031 | 50000 | &nbsp;&nbsp; 52936 |
|  |  |  |  | &nbsp;&nbsp; **354055** |
| **Internet: 0.78%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 250000 | &nbsp;&nbsp; 229928 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 4.13 | &nbsp;&nbsp; 5-12-2033 | 635000 | &nbsp;&nbsp; 779950 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 203000 | &nbsp;&nbsp; 196109 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC144A | 4.13 | &nbsp;&nbsp; 8-1-2030 | 145000 | &nbsp;&nbsp; 135602 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. | 3.13 | &nbsp;&nbsp; 1-14-2031 | 305000 | &nbsp;&nbsp; 274274 |
|  |  |  |  | &nbsp;&nbsp; **1615863** |
| **Media: 1.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 721000 | &nbsp;&nbsp; 641825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 70000 | &nbsp;&nbsp; 48042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 4.40 | &nbsp;&nbsp; 12-1-2061 | 290000 | &nbsp;&nbsp; 203344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 315000 | &nbsp;&nbsp; 329787 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. | 6.05 | &nbsp;&nbsp; 5-15-2055 | 110000 | &nbsp;&nbsp; 112321 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 186000 | &nbsp;&nbsp; 177583 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 350000 | &nbsp;&nbsp; 348683 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 234000 | &nbsp;&nbsp; 241213 |
| &nbsp;&nbsp;&nbsp; News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 380000 | &nbsp;&nbsp; 363561 |
| &nbsp;&nbsp;&nbsp; News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 340000 | &nbsp;&nbsp; 332723 |

---

See accompanying notes to portfolio of investments

2 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.144A | 5.63<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $140000 | &nbsp;&nbsp; $139673 |
| &nbsp;&nbsp;&nbsp; Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 565000 | &nbsp;&nbsp; 531804 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC144A | 4.00 | &nbsp;&nbsp; 7-15-2028 | 60000 | &nbsp;&nbsp; 57625 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 235000 | &nbsp;&nbsp; 213678 |
|  |  |  |  | &nbsp;&nbsp; **3741862** |
| **Telecommunications: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 295000 | &nbsp;&nbsp; 199051 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 483562 | &nbsp;&nbsp; 441313 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 3.75 | &nbsp;&nbsp; 7-15-2029 | 54000 | &nbsp;&nbsp; 45428 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 4.50 | &nbsp;&nbsp; 4-1-2030 | 114000 | &nbsp;&nbsp; 103170 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 10.75 | &nbsp;&nbsp; 12-15-2030 | 187000 | &nbsp;&nbsp; 212011 |
|  |  |  |  | &nbsp;&nbsp; **1000973** |
| **Consumer, cyclical: 3.25%** |  |  |  |  |
| **Airlines: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 482037 | &nbsp;&nbsp; 469742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus Intellectual <br> Property Assets Ltd.144A<br>| 6.50 | &nbsp;&nbsp; 6-20-2027 | 172000 | &nbsp;&nbsp; 172226 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 78108 | &nbsp;&nbsp; 77999 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2020-1 Class A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 53662 | &nbsp;&nbsp; 54757 |
|  |  |  |  | &nbsp;&nbsp; **774724** |
| **Apparel: 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥%% | 10.00 | &nbsp;&nbsp; 7-15-2033 | 625000 | &nbsp;&nbsp; 647822 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc.144A | 4.13 | &nbsp;&nbsp; 8-15-2031 | 235000 | &nbsp;&nbsp; 211620 |
|  |  |  |  | &nbsp;&nbsp; **859442** |
| **Auto manufacturers: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 3.25 | &nbsp;&nbsp; 2-12-2032 | 115000 | &nbsp;&nbsp; 96957 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 6.10 | &nbsp;&nbsp; 8-19-2032 | 160000 | &nbsp;&nbsp; 159775 |
|  |  |  |  | &nbsp;&nbsp; **256732** |
| **Auto parts & equipment: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.144A | 7.00 | &nbsp;&nbsp; 4-15-2028 | 45000 | &nbsp;&nbsp; **46375** |
| **Entertainment: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 50000 | &nbsp;&nbsp; 51572 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 73000 | &nbsp;&nbsp; 54294 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.%% | 4.28 | &nbsp;&nbsp; 3-15-2032 | 445000 | &nbsp;&nbsp; 374356 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.%% | 5.14 | &nbsp;&nbsp; 3-15-2052 | 279000 | &nbsp;&nbsp; 172282 |
|  |  |  |  | &nbsp;&nbsp; **652504** |
| **Home builders: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 38000 | &nbsp;&nbsp; **39502** |
| **Home furnishings: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 60000 | &nbsp;&nbsp; **60527** |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housewares: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.38<br> %<br>| &nbsp;&nbsp; 5-15-2030 | $70000 | &nbsp;&nbsp; **$68098** |
| **Leisure time: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 565000 | &nbsp;&nbsp; **580564** |
| **Lodging: 0.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 415000 | &nbsp;&nbsp; 428144 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 580000 | &nbsp;&nbsp; 592454 |
|  |  |  |  | &nbsp;&nbsp; **1020598** |
| **Retail: 0.85%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 425000 | &nbsp;&nbsp; 439787 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 5.13 | &nbsp;&nbsp; 5-1-2031 | 386000 | &nbsp;&nbsp; 277097 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 308000 | &nbsp;&nbsp; 293639 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2029 | 253000 | &nbsp;&nbsp; 165715 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp.144A | 4.75 | &nbsp;&nbsp; 2-15-2028 | 200000 | &nbsp;&nbsp; 195030 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 200000 | &nbsp;&nbsp; 194349 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 370000 | &nbsp;&nbsp; 138750 |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 50000 | &nbsp;&nbsp; 51330 |
|  |  |  |  | &nbsp;&nbsp; **1755697** |
| **Toys/games/hobbies: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 310000 | &nbsp;&nbsp; 319702 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 250000 | &nbsp;&nbsp; 250606 |
|  |  |  |  | &nbsp;&nbsp; **570308** |
| **Consumer, non-cyclical: 2.85%** |  |  |  |  |
| **Agriculture: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 425000 | &nbsp;&nbsp; 432468 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 285000 | &nbsp;&nbsp; 288654 |
|  |  |  |  | &nbsp;&nbsp; **721122** |
| **Biotechnology: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 220000 | &nbsp;&nbsp; **226559** |
| **Commercial services: 1.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.144A | 5.55 | &nbsp;&nbsp; 5-30-2033 | 390000 | &nbsp;&nbsp; 393871 |
| &nbsp;&nbsp;&nbsp; Block, Inc. | 3.50 | &nbsp;&nbsp; 6-1-2031 | 70000 | &nbsp;&nbsp; 64209 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 180000 | &nbsp;&nbsp; 190846 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 277000 | &nbsp;&nbsp; 293268 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 130000 | &nbsp;&nbsp; 142579 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 3-17-2031 | 735000 | &nbsp;&nbsp; 908997 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 75000 | &nbsp;&nbsp; 72098 |
| &nbsp;&nbsp;&nbsp; Hertz Corp.144A | 12.63 | &nbsp;&nbsp; 7-15-2029 | 385000 | &nbsp;&nbsp; 402617 |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 70000 | &nbsp;&nbsp; 70714 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. | 3.88 | &nbsp;&nbsp; 2-15-2031 | 35000 | &nbsp;&nbsp; 32912 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 85000 | &nbsp;&nbsp; 84086 |
|  |  |  |  | &nbsp;&nbsp; **2656197** |

---

See accompanying notes to portfolio of investments

4 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Foods, Inc.144A | 5.75<br> %<br>| &nbsp;&nbsp; 4-15-2033 | $45000 | &nbsp;&nbsp; **$44953** |
| **Healthcare-services: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 258000 | &nbsp;&nbsp; 273446 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 170000 | &nbsp;&nbsp; 176150 |
| &nbsp;&nbsp;&nbsp; Highmark, Inc.144A | 2.55 | &nbsp;&nbsp; 5-10-2031 | 235000 | &nbsp;&nbsp; 201509 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 104000 | &nbsp;&nbsp; 102814 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 215000 | &nbsp;&nbsp; 215501 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 319000 | &nbsp;&nbsp; 335530 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 55000 | &nbsp;&nbsp; 56902 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5.95 | &nbsp;&nbsp; 6-15-2055 | 65000 | &nbsp;&nbsp; 66012 |
|  |  |  |  | &nbsp;&nbsp; **1427864** |
| **Household products/wares: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 119000 | &nbsp;&nbsp; **112335** |
| **Pharmaceuticals: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 295000 | &nbsp;&nbsp; 295105 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 3.85 | &nbsp;&nbsp; 6-22-2040 | 525000 | &nbsp;&nbsp; 387761 |
|  |  |  |  | &nbsp;&nbsp; **682866** |
| **Energy: 3.04%** |  |  |  |  |
| **Energy-alternate sources: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 205000 | &nbsp;&nbsp; **196265** |
| **Oil & gas: 1.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; APA Corp.144A | 5.25 | &nbsp;&nbsp; 2-1-2042 | 112000 | &nbsp;&nbsp; 89590 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. | 5.23 | &nbsp;&nbsp; 11-17-2034 | 520000 | &nbsp;&nbsp; 529075 |
| &nbsp;&nbsp;&nbsp; California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 179000 | &nbsp;&nbsp; 183739 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 415000 | &nbsp;&nbsp; 393760 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 75000 | &nbsp;&nbsp; 71346 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC144A | 8.50 | &nbsp;&nbsp; 5-1-2028 | 117000 | &nbsp;&nbsp; 120218 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC144A | 8.75 | &nbsp;&nbsp; 5-1-2031 | 103000 | &nbsp;&nbsp; 113749 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 5.38 | &nbsp;&nbsp; 3-15-2030 | 155000 | &nbsp;&nbsp; 155435 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 251000 | &nbsp;&nbsp; 242059 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 8.38 | &nbsp;&nbsp; 11-1-2033 | 10000 | &nbsp;&nbsp; 10376 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 8.88 | &nbsp;&nbsp; 8-15-2031 | 185000 | &nbsp;&nbsp; 137419 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 258000 | &nbsp;&nbsp; 247036 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 6.13 | &nbsp;&nbsp; 1-1-2031 | 240000 | &nbsp;&nbsp; 248453 |
|  |  |  |  | &nbsp;&nbsp; **2542255** |
| **Oil & gas services: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 213000 | &nbsp;&nbsp; 214066 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 177000 | &nbsp;&nbsp; 178459 |
| &nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 235000 | &nbsp;&nbsp; 230836 |
|  |  |  |  | &nbsp;&nbsp; **623361** |
| **Pipelines: 1.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP | 5.85 | &nbsp;&nbsp; 11-15-2043 | 40000 | &nbsp;&nbsp; 35254 |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 5

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP144A%% | 5.55<br> %<br>| &nbsp;&nbsp; 10-30-2035 | $170000 | &nbsp;&nbsp; $171337 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 295000 | &nbsp;&nbsp; 320101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 83000 | &nbsp;&nbsp; 88302 |
| &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 | 185000 | &nbsp;&nbsp; 185827 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 50000 | &nbsp;&nbsp; 50221 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP144A | 5.88 | &nbsp;&nbsp; 6-15-2030 | 77000 | &nbsp;&nbsp; 77653 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 470000 | &nbsp;&nbsp; 489560 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 125000 | &nbsp;&nbsp; 125218 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC144A | 5.03 | &nbsp;&nbsp; 10-1-2029 | 335000 | &nbsp;&nbsp; 336081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 357000 | &nbsp;&nbsp; 350294 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 178000 | &nbsp;&nbsp; 184877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 496000 | &nbsp;&nbsp; 482211 |
|  |  |  |  | &nbsp;&nbsp; **2896936** |
| **Financial: 6.27%** |  |  |  |  |
| **Banks: 2.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52 | &nbsp;&nbsp; 10-25-2035 | 220000 | &nbsp;&nbsp; 220002 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 495000 | &nbsp;&nbsp; 494854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. Series DD (U.S. SOFR 3 <br> Month+4.81%)ʊ±<br>| 6.30 | &nbsp;&nbsp; 3-10-2026 | 220000 | &nbsp;&nbsp; 221470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 190000 | &nbsp;&nbsp; 196774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. Series T (5 Year Treasury <br> Constant Maturity+2.97%)ʊ±<br>| 3.80 | &nbsp;&nbsp; 5-10-2026 | 325000 | &nbsp;&nbsp; 319905 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.55%)± | 5.53 | &nbsp;&nbsp; 11-29-2045 | 300000 | &nbsp;&nbsp; 300668 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (U.S. SOFR+1.75%)± | 4.57 | &nbsp;&nbsp; 6-14-2030 | 335000 | &nbsp;&nbsp; 336476 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.29%)± | 2.94 | &nbsp;&nbsp; 1-21-2033 | 810000 | &nbsp;&nbsp; 722920 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 470000 | &nbsp;&nbsp; 459298 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | &nbsp;&nbsp; 11-9-2031 | 80000 | &nbsp;&nbsp; 89233 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp (U.S. SOFR+1.86%)± | 5.68 | &nbsp;&nbsp; 1-23-2035 | 475000 | &nbsp;&nbsp; 493133 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 360000 | &nbsp;&nbsp; 378149 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (U.S. SOFR+2.06%)± | 6.49 | &nbsp;&nbsp; 10-23-2034 | 685000 | &nbsp;&nbsp; 748726 |
|  |  |  |  | &nbsp;&nbsp; **4981608** |
| **Diversified financial services: 0.79%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 205000 | &nbsp;&nbsp; 211779 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 400000 | &nbsp;&nbsp; 403296 |
| &nbsp;&nbsp;&nbsp; Citadel LP144A | 6.38 | &nbsp;&nbsp; 1-23-2032 | 255000 | &nbsp;&nbsp; 266277 |
| &nbsp;&nbsp;&nbsp; Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 415000 | &nbsp;&nbsp; 427592 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 100000 | &nbsp;&nbsp; 105216 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 170000 | &nbsp;&nbsp; 156670 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 65000 | &nbsp;&nbsp; 63093 |
|  |  |  |  | &nbsp;&nbsp; **1633923** |

---

See accompanying notes to portfolio of investments

6 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance: 1.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AssuredPartners, Inc.144A | 5.63<br> %<br>| &nbsp;&nbsp; 1-15-2029 | $47000 | &nbsp;&nbsp; $46875 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc.144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 268000 | &nbsp;&nbsp; 264853 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 160000 | &nbsp;&nbsp; 161489 |
| &nbsp;&nbsp;&nbsp; Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 160000 | &nbsp;&nbsp; 132828 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 350000 | &nbsp;&nbsp; 237621 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 6.40 | &nbsp;&nbsp; 12-15-2036 | 450000 | &nbsp;&nbsp; 471226 |
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 280000 | &nbsp;&nbsp; 293262 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 305000 | &nbsp;&nbsp; 318499 |
| &nbsp;&nbsp;&nbsp; Omnis Funding Trust144A | 6.72 | &nbsp;&nbsp; 5-15-2055 | 490000 | &nbsp;&nbsp; 507775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 45000 | &nbsp;&nbsp; 42341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.04%)±<br>| 3.70 | &nbsp;&nbsp; 10-1-2050 | 85000 | &nbsp;&nbsp; 77531 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 285000 | &nbsp;&nbsp; 285619 |
|  |  |  |  | &nbsp;&nbsp; **2839919** |
| **Investment Companies: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. BDC | 2.88 | &nbsp;&nbsp; 6-15-2028 | 130000 | &nbsp;&nbsp; 122503 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 250000 | &nbsp;&nbsp; 249224 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. BDC | 2.63 | &nbsp;&nbsp; 1-15-2027 | 355000 | &nbsp;&nbsp; 342858 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund BDC | 5.88 | &nbsp;&nbsp; 5-1-2030 | 245000 | &nbsp;&nbsp; 244704 |
|  |  |  |  | &nbsp;&nbsp; **959289** |
| **REITs: 1.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.30 | &nbsp;&nbsp; 3-15-2028 | 346000 | &nbsp;&nbsp; 370972 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 55000 | &nbsp;&nbsp; 59547 |
| &nbsp;&nbsp;&nbsp; EPR Properties | 3.75 | &nbsp;&nbsp; 8-15-2029 | 205000 | &nbsp;&nbsp; 195193 |
| &nbsp;&nbsp;&nbsp; Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 265000 | &nbsp;&nbsp; 235667 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 190000 | &nbsp;&nbsp; 181030 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 50000 | &nbsp;&nbsp; 49781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 432000 | &nbsp;&nbsp; 451738 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 150000 | &nbsp;&nbsp; 167076 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 5.13 | &nbsp;&nbsp; 7-6-2034 | 415000 | &nbsp;&nbsp; 533780 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 50000 | &nbsp;&nbsp; 51643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC144A<br>| 4.75 | &nbsp;&nbsp; 9-17-2044 | 240000 | &nbsp;&nbsp; 195233 |
|  |  |  |  | &nbsp;&nbsp; **2491660** |
| **Industrial: 1.16%** |  |  |  |  |
| **Aerospace/defense: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co. | 6.86 | &nbsp;&nbsp; 5-1-2054 | 585000 | &nbsp;&nbsp; 640409 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 70000 | &nbsp;&nbsp; 72477 |
|  |  |  |  | &nbsp;&nbsp; **712886** |
| **Building materials: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2034 | 70000 | &nbsp;&nbsp; 71335 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 360000 | &nbsp;&nbsp; 331996 |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 7

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Building materials**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63<br> %<br>| &nbsp;&nbsp; 12-15-2030 | $60000 | &nbsp;&nbsp; $61330 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.144A | 5.00 | &nbsp;&nbsp; 2-15-2027 | 50000 | &nbsp;&nbsp; 49887 |
|  |  |  |  | &nbsp;&nbsp; **514548** |
| **Electrical components & equipment: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 100000 | &nbsp;&nbsp; **103917** |
| **Engineering & construction: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 350000 | &nbsp;&nbsp; **345284** |
| **Environmental control: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 60000 | &nbsp;&nbsp; **61472** |
| **Machinery-diversified: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 50000 | &nbsp;&nbsp; **52346** |
| **Packaging & containers: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 2.88 | &nbsp;&nbsp; 8-15-2030 | 55000 | &nbsp;&nbsp; 49582 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 480000 | &nbsp;&nbsp; 490955 |
|  |  |  |  | &nbsp;&nbsp; **540537** |
| **Transportation: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 55000 | &nbsp;&nbsp; **56121** |
| **Technology: 1.84%** |  |  |  |  |
| **Computers: 0.46%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 4-15-2035 | 200000 | &nbsp;&nbsp; 202978 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.144A | 6.63 | &nbsp;&nbsp; 5-15-2032 | 45000 | &nbsp;&nbsp; 46356 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. | 4.10 | &nbsp;&nbsp; 10-15-2041 | 310000 | &nbsp;&nbsp; 246887 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 5.70 | &nbsp;&nbsp; 3-17-2035 | 385000 | &nbsp;&nbsp; 395381 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman | 9.63 | &nbsp;&nbsp; 12-1-2032 | 50000 | &nbsp;&nbsp; 56364 |
|  |  |  |  | &nbsp;&nbsp; **947966** |
| **Semiconductors: 0.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 130000 | &nbsp;&nbsp; 128558 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 70000 | &nbsp;&nbsp; 71113 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC144A | 5.88 | &nbsp;&nbsp; 1-25-2034 | 200000 | &nbsp;&nbsp; 203226 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 385000 | &nbsp;&nbsp; 400741 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 270000 | &nbsp;&nbsp; 181447 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 90000 | &nbsp;&nbsp; 57002 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 6.05 | &nbsp;&nbsp; 11-1-2035 | 480000 | &nbsp;&nbsp; 502351 |
|  |  |  |  | &nbsp;&nbsp; **1544438** |
| **Software: 0.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 654000 | &nbsp;&nbsp; 643710 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 443000 | &nbsp;&nbsp; 471453 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 182000 | &nbsp;&nbsp; 188648 |
|  |  |  |  | &nbsp;&nbsp; **1303811** |

---

See accompanying notes to portfolio of investments

8 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 1.93%** |  |  |  |  |
| **Electric: 1.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60<br> %<br>| &nbsp;&nbsp; 1-15-2055 | $45000 | &nbsp;&nbsp; $46332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 130000 | &nbsp;&nbsp; 131933 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 245000 | &nbsp;&nbsp; 290595 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 300000 | &nbsp;&nbsp; 350645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 240000 | &nbsp;&nbsp; 248451 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 125000 | &nbsp;&nbsp; 126904 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp.144A%% | 6.00 | &nbsp;&nbsp; 7-3-2055 | 375000 | &nbsp;&nbsp; 375000 |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp. | 4.25 | &nbsp;&nbsp; 4-1-2046 | 145000 | &nbsp;&nbsp; 112425 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 65000 | &nbsp;&nbsp; 61922 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 605000 | &nbsp;&nbsp; 572947 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC144A | 5.75 | &nbsp;&nbsp; 5-15-2035 | 395000 | &nbsp;&nbsp; 406795 |
| &nbsp;&nbsp;&nbsp; Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 325000 | &nbsp;&nbsp; 314382 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. | 5.90 | &nbsp;&nbsp; 3-1-2055 | 395000 | &nbsp;&nbsp; 361173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Series B (5 Year Treasury Constant <br> Maturity+3.73%)±<br>| 4.00 | &nbsp;&nbsp; 1-15-2051 | 105000 | &nbsp;&nbsp; 104393 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 400000 | &nbsp;&nbsp; 394792 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 65000 | &nbsp;&nbsp; 69085 |
|  |  |  |  | &nbsp;&nbsp; **3967774** |
| **Total corporate bonds and notes (Cost $49,141,975)** |  |  |  | &nbsp;&nbsp; **49933884** |
| **Foreign corporate bonds and notes: 13.42%** |  |  |  |  |
| **Basic materials: 0.14%** |  |  |  |  |
| **Mining: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC | 4.75 | &nbsp;&nbsp; 9-21-2032 | 240000 | &nbsp;&nbsp; **299879** |
| **Communications: 3.40%** |  |  |  |  |
| **Internet: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United Group BV144A | 6.50 | &nbsp;&nbsp; 10-31-2031 | 525000 | &nbsp;&nbsp; **624840** |
| **Media: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG (PIK at 10.00%)144A¥ | 10.00 | &nbsp;&nbsp; 1-1-2029 | 420000 | &nbsp;&nbsp; **339391** |
| **Telecommunications: 2.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC (UK Gilts 5 Year+3.82%)± | 8.38 | &nbsp;&nbsp; 12-20-2083 | 265000 | &nbsp;&nbsp; 389798 |
| &nbsp;&nbsp;&nbsp; Chorus Ltd. | 3.63 | &nbsp;&nbsp; 9-7-2029 | 365000 | &nbsp;&nbsp; 440403 |
| &nbsp;&nbsp;&nbsp; Eutelsat SA | 1.50 | &nbsp;&nbsp; 10-13-2028 | 300000 | &nbsp;&nbsp; 321331 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 390000 | &nbsp;&nbsp; 420009 |
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 600000 | &nbsp;&nbsp; 733510 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 500000 | &nbsp;&nbsp; 588491 |
| &nbsp;&nbsp;&nbsp; SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 100000 | &nbsp;&nbsp; 114032 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 250000 | &nbsp;&nbsp; 280087 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA | 4.18 | &nbsp;&nbsp; 11-21-2033 | 600000 | &nbsp;&nbsp; 725257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 200000 | &nbsp;&nbsp; 252317 |
| &nbsp;&nbsp;&nbsp; VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 485000 | &nbsp;&nbsp; 585446 |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 9

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00<br> %<br>| &nbsp;&nbsp; 8-27-2080 | EUR | 320000 | &nbsp;&nbsp; $357569 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (UK Gilts 5 Year+3.84%)± | 8.00 | &nbsp;&nbsp; 8-30-2086 | GBP | 150000 | &nbsp;&nbsp; 223460 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | EUR | 485000 | &nbsp;&nbsp; 607013 |
|  |  |  |  |  | &nbsp;&nbsp; **6038723** |
| **Consumer, cyclical: 2.24%** |  |  |  |  |  |
| **Entertainment: 1.09%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd.144A | 7.56 | &nbsp;&nbsp; 7-15-2027 | EUR | 395000 | &nbsp;&nbsp; 468199 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | EUR | 477000 | &nbsp;&nbsp; 590116 |
| &nbsp;&nbsp;&nbsp; Motion Finco Sarl | 7.38 | &nbsp;&nbsp; 6-15-2030 | EUR | 450000 | &nbsp;&nbsp; 497080 |
| &nbsp;&nbsp;&nbsp; Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | EUR | 560000 | &nbsp;&nbsp; 687462 |
|  |  |  |  |  | &nbsp;&nbsp; **2242857** |
| **Leisure time: 0.68%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC144A | 10.00 | &nbsp;&nbsp; 10-11-2028 | GBP | 200000 | &nbsp;&nbsp; 290178 |
| &nbsp;&nbsp;&nbsp; TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 650000 | &nbsp;&nbsp; 794380 |
| &nbsp;&nbsp;&nbsp; TUI Cruises GmbH144A | 5.00 | &nbsp;&nbsp; 5-15-2030 | EUR | 265000 | &nbsp;&nbsp; 313929 |
|  |  |  |  |  | &nbsp;&nbsp; **1398487** |
| **Lodging: 0.31%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Essendi SA | 6.38 | &nbsp;&nbsp; 10-15-2029 | EUR | 515000 | &nbsp;&nbsp; **636201** |
| **Toys/games/hobbies: 0.16%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asmodee Group AB | 5.75 | &nbsp;&nbsp; 12-15-2029 | EUR | 266667 | &nbsp;&nbsp; **328648** |
| **Consumer, non-cyclical: 2.26%** |  |  |  |  |  |
| **Agriculture: 0.30%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC | 2.25 | &nbsp;&nbsp; 1-16-2030 | EUR | 550000 | &nbsp;&nbsp; **626400** |
| **Commercial services: 0.93%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 380000 | &nbsp;&nbsp; 468346 |
| &nbsp;&nbsp;&nbsp; Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 250000 | &nbsp;&nbsp; 280357 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 450000 | &nbsp;&nbsp; 554446 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB | 5.50 | &nbsp;&nbsp; 5-15-2030 | EUR | 250000 | &nbsp;&nbsp; 305544 |
| &nbsp;&nbsp;&nbsp; Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | EUR | 300000 | &nbsp;&nbsp; 310487 |
|  |  |  |  |  | &nbsp;&nbsp; **1919180** |
| **Food: 0.64%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Iceland Bondco PLC | 4.38 | &nbsp;&nbsp; 5-15-2028 | GBP | 500000 | &nbsp;&nbsp; 637887 |
| &nbsp;&nbsp;&nbsp; Market Bidco Finco PLC | 5.50 | &nbsp;&nbsp; 11-4-2027 | GBP | 500000 | &nbsp;&nbsp; 672619 |
|  |  |  |  |  | &nbsp;&nbsp; **1310506** |
| **Healthcare-services: 0.39%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ephios Subco 3 Sarl | 7.88 | &nbsp;&nbsp; 1-31-2031 | EUR | 150000 | &nbsp;&nbsp; 190034 |
| &nbsp;&nbsp;&nbsp; Eurofins Scientific SE (3 Month EURIBOR+4.24%)ʊ± | 6.75 | &nbsp;&nbsp; 4-24-2028 | EUR | 490000 | &nbsp;&nbsp; 616130 |
|  |  |  |  |  | &nbsp;&nbsp; **806164** |

---

See accompanying notes to portfolio of investments

10 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Energy: 0.87%** |  |  |  |  |  |
| **Oil & gas: 0.57%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | 1.13<br> %<br>| &nbsp;&nbsp; 5-12-2029 | EUR | 450000 | &nbsp;&nbsp; $492331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA (EURIBOR ICE Swap Rate <br> 11:00am+4.77%)±<br>| 7.86 | &nbsp;&nbsp; 11-15-2083 | EUR | 100000 | &nbsp;&nbsp; 129280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual <br> (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 500000 | &nbsp;&nbsp; 552999 |
|  |  |  |  |  | &nbsp;&nbsp; **1174610** |
| **Oil & gas services: 0.30%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; OEG Finance PLC | 7.25 | &nbsp;&nbsp; 9-27-2029 | EUR | 500000 | &nbsp;&nbsp; **615257** |
| **Financial: 2.60%** |  |  |  |  |  |
| **Banks: 1.67%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 600000 | &nbsp;&nbsp; 704297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 600000 | &nbsp;&nbsp; 736010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 400000 | &nbsp;&nbsp; 505077 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 400000 | &nbsp;&nbsp; 502550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 200000 | &nbsp;&nbsp; 260940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+1.60%)±<br>| 1.38 | &nbsp;&nbsp; 6-17-2033 | EUR | 200000 | &nbsp;&nbsp; 221329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 400000 | &nbsp;&nbsp; 505717 |
|  |  |  |  |  | &nbsp;&nbsp; **3435920** |
| **Insurance: 0.50%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NN Group NV (3 Month EURIBOR+4.20%)± | 5.25 | &nbsp;&nbsp; 3-1-2043 | EUR | 440000 | &nbsp;&nbsp; 554528 |
| &nbsp;&nbsp;&nbsp; Sampo Oyj (3 Month EURIBOR+3.60%)± | 2.50 | &nbsp;&nbsp; 9-3-2052 | EUR | 440000 | &nbsp;&nbsp; 469932 |
|  |  |  |  |  | &nbsp;&nbsp; **1024460** |
| **Real estate: 0.43%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aedas Homes Opco SL144A | 4.00 | &nbsp;&nbsp; 8-15-2026 | EUR | 265000 | &nbsp;&nbsp; 312157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13 | &nbsp;&nbsp; 12-2-2026 | EUR | 500000 | &nbsp;&nbsp; 576121 |
|  |  |  |  |  | &nbsp;&nbsp; **888278** |
| **Government securities: 0.29%** |  |  |  |  |  |
| **Multi-national: 0.29%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 600000 | &nbsp;&nbsp; **591144** |
| **Industrial: 0.12%** |  |  |  |  |  |
| **Machinery-diversified: 0.12%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nova Alexandre III SAS (3 Month EURIBOR+5.25%)144A± | 7.53 | &nbsp;&nbsp; 7-15-2029 | EUR | 200000 | &nbsp;&nbsp; **238542** |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 11

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Technology: 0.40%** |  |  |  |  |  |
| **Computers: 0.40%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA144A | 5.00<br> %<br>| &nbsp;&nbsp; 10-30-2030 | EUR | 265000 | &nbsp;&nbsp; $313331 |
| &nbsp;&nbsp;&nbsp; Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 400000 | &nbsp;&nbsp; 507315 |
|  |  |  |  |  | &nbsp;&nbsp; **820646** |
| **Utilities: 1.10%** |  |  |  |  |  |
| **Electric: 0.50%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energia Group Roi Financeco DAC144A | 6.88 | &nbsp;&nbsp; 7-31-2028 | EUR | 235000 | &nbsp;&nbsp; 286646 |
| &nbsp;&nbsp;&nbsp; Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 600000 | &nbsp;&nbsp; 745200 |
|  |  |  |  |  | &nbsp;&nbsp; **1031846** |
| **Gas: 0.34%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 635000 | &nbsp;&nbsp; **705880** |
| **Water: 0.26%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Holding d'Infrastructures des Metiers de l'Environnement | 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 435000 | &nbsp;&nbsp; **530805** |
| **Total foreign corporate bonds and notes (Cost $24,814,091)** |  |  |  |  | &nbsp;&nbsp; **27628664** |
| **Foreign government bonds: 9.92%** |  |  |  |  |  |
| **Brazil: 1.69%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil## | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 21000000 | &nbsp;&nbsp; **3486259** |
| **Colombia: 1.03%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colombia TES## | 7.75 | &nbsp;&nbsp; 9-18-2030 | COP | 10000000000 | &nbsp;&nbsp; **2113988** |
| **France: 2.48%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; French Republic OAT144A## | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 4325000 | &nbsp;&nbsp; **5099646** |
| **Indonesia: 1.04%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Indonesia## | 6.88 | &nbsp;&nbsp; 4-15-2029 | IDR | 34000000000 | &nbsp;&nbsp; **2133691** |
| **South Africa: 0.74%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa## | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 27595000 | &nbsp;&nbsp; **1532887** |
| **United Kingdom: 2.94%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.K. Gilts## | 4.38 | &nbsp;&nbsp; 3-7-2030 | GBP | 2000000 | &nbsp;&nbsp; 2794162 |
| &nbsp;&nbsp;&nbsp; U.K. Gilts## | 4.50 | &nbsp;&nbsp; 3-7-2035 | GBP | 2380000 | &nbsp;&nbsp; 3268348 |
|  |  |  |  |  | &nbsp;&nbsp; **6062510** |
| **Total foreign government bonds (Cost $19,961,954)** |  |  |  |  | &nbsp;&nbsp; **20428981** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 1.75%** |  |  |
| **Exchange-traded funds: 1.75%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio High Yield Bond ETF | 151214 | &nbsp;&nbsp; **3598893** |
| **Total investment companies (Cost $3,566,684)** |  | &nbsp;&nbsp; **3598893** |

---

See accompanying notes to portfolio of investments

12 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Loans: 1.16%** |  |  |  |  |
| **Communications: 0.16%** |  |  |  |  |
| **Media: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.54<br> %<br>| &nbsp;&nbsp; 8-2-2027 | $18726 | &nbsp;&nbsp; **$18778** |
| **Telecommunications: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CommScope, Inc. (U.S. SOFR 1 Month+5.25%)± | 9.58 | &nbsp;&nbsp; 12-17-2029 | 200000 | &nbsp;&nbsp; 202188 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.79 | &nbsp;&nbsp; 4-15-2030 | 99746 | &nbsp;&nbsp; 98390 |
|  |  |  |  | &nbsp;&nbsp; **300578** |
| **Consumer, cyclical: 0.59%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.05 | &nbsp;&nbsp; 4-1-2031 | 45000 | &nbsp;&nbsp; **45075** |
| **Auto parts & equipment: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC (U.S. SOFR 3 Month+5.00%)± | 9.54 | &nbsp;&nbsp; 3-30-2027 | 223807 | &nbsp;&nbsp; **211064** |
| **Entertainment: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Crown Finance U.S., Inc. (U.S. SOFR 1 Month+5.25%)± | 9.57 | &nbsp;&nbsp; 12-2-2031 | 532325 | &nbsp;&nbsp; **531659** |
| **Housewares: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 10.08 | &nbsp;&nbsp; 10-30-2029 | 162912 | &nbsp;&nbsp; **162776** |
| **Retail: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.81 | &nbsp;&nbsp; 3-3-2028 | 285000 | &nbsp;&nbsp; **261921** |
| **Financial: 0.11%** |  |  |  |  |
| **Insurance: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.69 | &nbsp;&nbsp; 1-31-2028 | 245000 | &nbsp;&nbsp; **233669** |
| **Industrial: 0.23%** |  |  |  |  |
| **Building materials: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)± | 8.18 | &nbsp;&nbsp; 11-23-2027 | 482054 | &nbsp;&nbsp; **479847** |
| **Technology: 0.07%** |  |  |  |  |
| **Software: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)± | 8.58 | &nbsp;&nbsp; 11-28-2028 | 134187 | &nbsp;&nbsp; **134444** |
| **Total loans (Cost $2,405,315)** |  |  |  | &nbsp;&nbsp; **2379811** |
| **Non-agency mortgage-backed securities: 4.95%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 456144 | &nbsp;&nbsp; 457943 |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± | 1.74 | &nbsp;&nbsp; 12-25-2060 | 557681 | &nbsp;&nbsp; 489724 |
| &nbsp;&nbsp;&nbsp; BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 500000 | &nbsp;&nbsp; 522488 |
| &nbsp;&nbsp;&nbsp; Bank Series 2019-BN19 Class A3 | 3.18 | &nbsp;&nbsp; 8-15-2061 | 250000 | &nbsp;&nbsp; 233855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 752525 | &nbsp;&nbsp; 752605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2023-VLT3 Class B <br> (U.S. SOFR 1 Month+2.69%)144A±<br>| 7.00 | &nbsp;&nbsp; 11-15-2028 | 1000000 | &nbsp;&nbsp; 1000000 |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 13

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.32<br> %<br>| &nbsp;&nbsp; 10-15-2036 | $680000 | &nbsp;&nbsp; $678725 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 386399 | &nbsp;&nbsp; 374408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust Series 2024-<br> FBLU Class D (U.S. SOFR 1 Month+2.60%)144A±<br>| 6.91 | &nbsp;&nbsp; 12-15-2039 | 360000 | &nbsp;&nbsp; 359100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-CES1 <br> Class A3144A±±<br>| 6.07 | &nbsp;&nbsp; 5-25-2055 | 1000000 | &nbsp;&nbsp; 1010375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 405000 | &nbsp;&nbsp; 358648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-RPL3 <br> Class M1144A±±<br>| 3.25 | &nbsp;&nbsp; 7-25-2059 | 275000 | &nbsp;&nbsp; 246090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.38 | &nbsp;&nbsp; 1-15-2036 | 360000 | &nbsp;&nbsp; 349895 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± | 5.58 | &nbsp;&nbsp; 12-25-2044 | 230370 | &nbsp;&nbsp; 231352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCKT Mortgage Trust Series 2025-CES1 <br> Class A1A144A±±##<br>| 5.65 | &nbsp;&nbsp; 1-25-2045 | 1025170 | &nbsp;&nbsp; 1031260 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR Class A144A | 5.39 | &nbsp;&nbsp; 11-13-2041 | 500000 | &nbsp;&nbsp; 511493 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR Class B144A | 5.93 | &nbsp;&nbsp; 11-13-2041 | 360000 | &nbsp;&nbsp; 371087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 300000 | &nbsp;&nbsp; 235997 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2024-9 Class M1144A±± | 6.20 | &nbsp;&nbsp; 11-25-2069 | 960000 | &nbsp;&nbsp; 966394 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $10,140,942)**<br>|  |  |  | &nbsp;&nbsp; **10181439** |
| **U.S. Treasury securities: 15.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 11-15-2044 | 145000 | &nbsp;&nbsp; 141942 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 2-15-2055 | 6190000 | &nbsp;&nbsp; 6025578 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 2-15-2045 | 60000 | &nbsp;&nbsp; 59681 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 3-15-2028 | 685000 | &nbsp;&nbsp; 688291 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 4-30-2030 | 7935000 | &nbsp;&nbsp; 7965996 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 4.00 | &nbsp;&nbsp; 5-31-2030 | 2715000 | &nbsp;&nbsp; 2741302 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 4.25 | &nbsp;&nbsp; 1-15-2028 | 140000 | &nbsp;&nbsp; 141810 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 4.25 | &nbsp;&nbsp; 5-15-2035 | 12285000 | &nbsp;&nbsp; 12304195 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes## | 4.63 | &nbsp;&nbsp; 2-15-2035 | 1905000 | &nbsp;&nbsp; 1965424 |
| **Total U.S. Treasury securities (Cost $31,638,846)** |  |  |  | &nbsp;&nbsp; **32034219** |
| **Yankee corporate bonds and notes: 10.91%** |  |  |  |  |
| **Basic materials: 0.45%** |  |  |  |  |
| **Chemicals: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV144A | 7.25 | &nbsp;&nbsp; 2-13-2033 | 430000 | &nbsp;&nbsp; 340653 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 215000 | &nbsp;&nbsp; 222637 |
|  |  |  |  | &nbsp;&nbsp; **563290** |
| **Mining: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC | 5.88 | &nbsp;&nbsp; 3-14-2065 | 365000 | &nbsp;&nbsp; **366562** |

---

See accompanying notes to portfolio of investments

14 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Communications: 0.41%** |  |  |  |  |
| **Media: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC144A | 4.50<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $90000 | &nbsp;&nbsp; **$83645** |
| **Telecommunications: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 547000 | &nbsp;&nbsp; 554441 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± | 7.00 | &nbsp;&nbsp; 10-15-2055 | 195000 | &nbsp;&nbsp; 196305 |
|  |  |  |  | &nbsp;&nbsp; **750746** |
| **Consumer, cyclical: 0.55%** |  |  |  |  |
| **Leisure time: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 260000 | &nbsp;&nbsp; 266020 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 95000 | &nbsp;&nbsp; 95580 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 755000 | &nbsp;&nbsp; 769554 |
|  |  |  |  | &nbsp;&nbsp; **1131154** |
| **Consumer, non-cyclical: 0.84%** |  |  |  |  |
| **Beverages: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS144A | 4.50 | &nbsp;&nbsp; 1-20-2029 | 635000 | &nbsp;&nbsp; **617292** |
| **Cosmetics/Personal Care: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 65000 | &nbsp;&nbsp; **65624** |
| **Pharmaceuticals: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 730000 | &nbsp;&nbsp; 736402 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 9-30-2028 | 200000 | &nbsp;&nbsp; 198000 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 95000 | &nbsp;&nbsp; 107574 |
|  |  |  |  | &nbsp;&nbsp; **1041976** |
| **Energy: 1.25%** |  |  |  |  |
| **Oil & gas: 0.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aker BP ASA144A | 5.13 | &nbsp;&nbsp; 10-1-2034 | 210000 | &nbsp;&nbsp; 201627 |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 178049 | &nbsp;&nbsp; 162610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 790000 | &nbsp;&nbsp; 781813 |
| &nbsp;&nbsp;&nbsp; Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 505000 | &nbsp;&nbsp; 488557 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 215000 | &nbsp;&nbsp; 201143 |
|  |  |  |  | &nbsp;&nbsp; **1835750** |
| **Pipelines: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. | 5.95 | &nbsp;&nbsp; 4-5-2054 | 235000 | &nbsp;&nbsp; 232578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75 | &nbsp;&nbsp; 7-15-2080 | 370000 | &nbsp;&nbsp; 368965 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP144A | 6.75 | &nbsp;&nbsp; 7-15-2032 | 45000 | &nbsp;&nbsp; 46603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (5 Year <br> Treasury Constant Maturity+3.95%)144A±<br>| 7.63 | &nbsp;&nbsp; 3-1-2055 | 85000 | &nbsp;&nbsp; 88243 |
|  |  |  |  | &nbsp;&nbsp; **736389** |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 15

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 6.01%** |  |  |  |  |
| **Banks: 4.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AIB Group PLC (U.S. SOFR+1.65%)144A± | 5.32<br> %<br>| &nbsp;&nbsp; 5-15-2031 | $200000 | &nbsp;&nbsp; $203508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Industrial SA (5 Year Treasury Constant <br> Maturity+4.44%)144A±<br>| 4.88 | &nbsp;&nbsp; 1-29-2031 | 195000 | &nbsp;&nbsp; 193928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38 | &nbsp;&nbsp; 5-20-2031 | 695000 | &nbsp;&nbsp; 703952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 410000 | &nbsp;&nbsp; 387981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 200000 | &nbsp;&nbsp; 210283 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 575000 | &nbsp;&nbsp; 587355 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 665000 | &nbsp;&nbsp; 679688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 535000 | &nbsp;&nbsp; 525763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 230000 | &nbsp;&nbsp; 241908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 460000 | &nbsp;&nbsp; 451695 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (5 Year USD Swap Rate+6.19%)144Aʊ± | 8.13 | &nbsp;&nbsp; 12-23-2025 | 345000 | &nbsp;&nbsp; 349313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.75%)144A±<br>| 4.30 | &nbsp;&nbsp; 4-1-2028 | 900000 | &nbsp;&nbsp; 896810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 200000 | &nbsp;&nbsp; 201060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury <br> Constant Maturity+1.27%)±<br>| 5.62 | &nbsp;&nbsp; 4-24-2036 | 465000 | &nbsp;&nbsp; 478166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 1080000 | &nbsp;&nbsp; 954348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (5 Year Treasury Constant <br> Maturity+5.63%)ʊ±<br>| 6.00 | &nbsp;&nbsp; 12-29-2025 | 325000 | &nbsp;&nbsp; 324466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+1.77%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-8-2035 | 675000 | &nbsp;&nbsp; 701119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 240000 | &nbsp;&nbsp; 233435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 200000 | &nbsp;&nbsp; 200878 |
|  |  |  |  | &nbsp;&nbsp; **8525656** |
| **Diversified financial services: 1.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 630000 | &nbsp;&nbsp; 654689 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 210000 | &nbsp;&nbsp; 199287 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 475000 | &nbsp;&nbsp; 488953 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 375000 | &nbsp;&nbsp; 384417 |
| &nbsp;&nbsp;&nbsp; Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 195000 | &nbsp;&nbsp; 203571 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC | 5.83 | &nbsp;&nbsp; 5-8-2028 | 540000 | &nbsp;&nbsp; 546996 |
|  |  |  |  | &nbsp;&nbsp; **2477913** |

---

See accompanying notes to portfolio of investments

16 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance: 0.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. | 5.75<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $150000 | &nbsp;&nbsp; $152479 |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp.144A | 5.46 | &nbsp;&nbsp; 9-22-2032 | 705000 | &nbsp;&nbsp; 721849 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 485000 | &nbsp;&nbsp; 498301 |
|  |  |  |  | &nbsp;&nbsp; **1372629** |
| **Government securities: 0.13%** |  |  |  |  |
| **Multi-national: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 305000 | &nbsp;&nbsp; **263410** |
| **Industrial: 0.57%** |  |  |  |  |
| **Electronics: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV144A | 5.88 | &nbsp;&nbsp; 9-1-2030 | 50000 | &nbsp;&nbsp; **50067** |
| **Engineering & construction: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 50000 | &nbsp;&nbsp; **53233** |
| **Machinery-diversified: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH144A | 7.63 | &nbsp;&nbsp; 7-15-2028 | 269000 | &nbsp;&nbsp; **269279** |
| **Packaging & containers: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 565000 | &nbsp;&nbsp; **605643** |
| **Trucking & leasing: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 200000 | &nbsp;&nbsp; **204459** |
| **Utilities: 0.70%** |  |  |  |  |
| **Electric: 0.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad144A | 3.35 | &nbsp;&nbsp; 2-9-2031 | 380000 | &nbsp;&nbsp; 334739 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 760000 | &nbsp;&nbsp; 646322 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 455000 | &nbsp;&nbsp; 457854 |
|  |  |  |  | &nbsp;&nbsp; **1438915** |
| **Total yankee corporate bonds and notes (Cost $22,151,732)** |  |  |  | &nbsp;&nbsp; **22453632** |
| **Yankee government bonds: 2.58%** |  |  |  |  |
| **Argentina: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Argentinaøø## | 4.13 | &nbsp;&nbsp; 7-9-2035 | 275000 | &nbsp;&nbsp; 184998 |
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba144Aøø## | 6.88 | &nbsp;&nbsp; 12-10-2025 | 25000 | &nbsp;&nbsp; 25063 |
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba144Aøø## | 6.88 | &nbsp;&nbsp; 2-1-2029 | 355000 | &nbsp;&nbsp; 334587 |
|  |  |  |  | &nbsp;&nbsp; **544648** |
| **Benin: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Benin144A## | 7.96 | &nbsp;&nbsp; 2-13-2038 | 350000 | &nbsp;&nbsp; **331588** |
| **Colombia: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colombia## | 7.50 | &nbsp;&nbsp; 2-2-2034 | 350000 | &nbsp;&nbsp; 347836 |
| &nbsp;&nbsp;&nbsp; Colombia## | 8.00 | &nbsp;&nbsp; 11-14-2035 | 345000 | &nbsp;&nbsp; 346480 |
|  |  |  |  | &nbsp;&nbsp; **694316** |

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 17

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Dominican Republic: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dominican Republic144A## | 4.50<br> %<br>| &nbsp;&nbsp; 1-30-2030 | $160000 | &nbsp;&nbsp; $151712 |
| &nbsp;&nbsp;&nbsp; Dominican Republic144A## | 4.88 | &nbsp;&nbsp; 9-23-2032 | 175000 | &nbsp;&nbsp; 161411 |
| &nbsp;&nbsp;&nbsp; Dominican Republic144A## | 5.50 | &nbsp;&nbsp; 2-22-2029 | 215000 | &nbsp;&nbsp; 213839 |
| &nbsp;&nbsp;&nbsp; Dominican Republic144A## | 7.05 | &nbsp;&nbsp; 2-3-2031 | 260000 | &nbsp;&nbsp; 272402 |
|  |  |  |  | &nbsp;&nbsp; **799364** |
| **Israel: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Israel## | 5.75 | &nbsp;&nbsp; 3-12-2054 | 395000 | &nbsp;&nbsp; **365582** |
| **Ivory Coast: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ivory Coast144A## | 8.25 | &nbsp;&nbsp; 1-30-2037 | 200000 | &nbsp;&nbsp; **192642** |
| **Mexico: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mexico## | 6.35 | &nbsp;&nbsp; 2-9-2035 | 560000 | &nbsp;&nbsp; **571956** |
| **Panama: 0.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Panama## | 2.25 | &nbsp;&nbsp; 9-29-2032 | 745000 | &nbsp;&nbsp; 568040 |
| &nbsp;&nbsp;&nbsp; Panama## | 4.50 | &nbsp;&nbsp; 1-19-2063 | 830000 | &nbsp;&nbsp; 533167 |
|  |  |  |  | &nbsp;&nbsp; **1101207** |
| **Peru: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA144A## | 5.95 | &nbsp;&nbsp; 4-30-2029 | 695000 | &nbsp;&nbsp; **716559** |
| **Total yankee government bonds (Cost $5,227,375)** |  |  |  | &nbsp;&nbsp; **5317862** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 5.09%** |  |  |  |
| **Investment companies: 2.66%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>| 4.26 | 5491332 | &nbsp;&nbsp; **5491332** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Principal |  |
| **U.S. Treasury securities: 2.43%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills☼ |  | 2.81 | &nbsp;&nbsp; 7-3-2025 | $5000000 | &nbsp;&nbsp; **4998836** |
| **Total short-term investments (Cost $10,490,161)** |  |  |  |  | &nbsp;&nbsp; **10490168** |
| **Total investments in securities (Cost $265,046,756)** | 131.39<br> %<br>|  |  |  | &nbsp;&nbsp; 270472568 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (31.39)<br>|  |  |  | &nbsp;&nbsp; (64625028)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$205847540** |

---

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

See accompanying notes to portfolio of investments

18 \| Allspring Income Plus ETF

------

Portfolio of investments—June 30, 2025 (unaudited)

---

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

---

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

---

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

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class<br>| $0 | $211540666 | $(206049334)<br>| $0 | $0 | $5491332 | 5491332 | $280596 |

---

**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 | 871173 | BRL | 4900000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(10617)<br>|
| USD | 2872635 | BRL | 16185000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (39972)<br>|
| USD | 32213167 | EUR | 27820000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (751935)<br>|
| EUR | 220000 | USD | 256569 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 4118 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9007052 | GBP | 6676000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (162094)<br>|
| JPY | 145000000 | USD | 1007494 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 9588 | &nbsp;&nbsp;&nbsp; 0 |
| JPY | 15000000 | USD | 104202 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 1013 | &nbsp;&nbsp;&nbsp; 0 |
| JPY | 149000000 | USD | 1028785 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 16356 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1464986 | ZAR | 26400000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (16539)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$31075** | &nbsp;&nbsp;&nbsp; **$(981157)**<br>|

---

See accompanying notes to portfolio of investments

Allspring Income Plus ETF \| 19

------

Portfolio of investments—June 30, 2025 (unaudited)

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp; Notional <br>cost<br>| &nbsp;&nbsp; Notional <br>value<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| &nbsp;&nbsp; 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; $25493502 | &nbsp;&nbsp; $25586883 | &nbsp;&nbsp; $93381 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; 3478619 | &nbsp;&nbsp; 3488000 | &nbsp;&nbsp; 9381 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| &nbsp;&nbsp; 10-Year Euro BUND Index | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (11270641)<br>| &nbsp;&nbsp; (11191650)<br>| &nbsp;&nbsp; 78991 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (9186987)<br>| &nbsp;&nbsp; (9149001)<br>| &nbsp;&nbsp; 37986 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (18088344)<br>| &nbsp;&nbsp; (18396766)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (308422)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$219739** | &nbsp;&nbsp; **$(308422)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate <br>received<br>| &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX Emerging Markets Index S42  | 5.00% | Quarterly | 6-20-2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; $17462 | &nbsp;&nbsp; $6945 | &nbsp;&nbsp; $10517 | &nbsp;&nbsp; $0 |
| Markit CDX.NA.HY.S43  | 5.00 | Quarterly | 12-20-2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp; 127096 | &nbsp;&nbsp; 124964 | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 0 |
| Markit iTraxx Europe Crossover S42  | 5.00 | Quarterly | 12-20-2029 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 863336 | &nbsp;&nbsp; 92530 | &nbsp;&nbsp; 71918 | &nbsp;&nbsp; 20612 | &nbsp;&nbsp; 0 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; **$33261** | &nbsp;&nbsp; **$0** |

---

See accompanying notes to portfolio of investments

20 \| Allspring Income Plus ETF

------

Notes to portfolio of investments—June 30, 2025 (unaudited)

Notes to portfolio of investments

Securities valuation

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

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

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

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

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

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Foreign currency translation

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

When-issued transactions

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

Loans

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

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the

Allspring Income Plus ETF \| 21

------

Notes to portfolio of investments—June 30, 2025 (unaudited)

risk to the Fund 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 Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

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

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

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps*** <br>The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

22 \| Allspring Income Plus ETF

------

Notes to portfolio of investments—June 30, 2025 (unaudited)

Mortgage dollar roll transactions

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

Fair valuation measurements

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $70464572 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $70464572 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 15560443 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 15560443 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 49933884 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 49933884 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 27628664 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 27628664 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20428981 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20428981 |
| **Investment companies** | &nbsp;&nbsp; 3598893 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3598893 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2379811 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2379811 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 10181439 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 10181439 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 32034219 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 32034219 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 22453632 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 22453632 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5317862 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5317862 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 5491332 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 5491332 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 4998836 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4998836 |
|  | &nbsp;&nbsp; 46123280 | &nbsp;&nbsp;&nbsp;&nbsp; 224349288 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 270472568 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 31075 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 31075 |
| **Futures contracts** | &nbsp;&nbsp; 219739 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 219739 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 33261 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 33261 |
| **Total assets** | &nbsp;&nbsp; **$46343019** | &nbsp;&nbsp;&nbsp; **$224413624** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$270756643** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $981157 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $981157 |
| **Futures contracts** | &nbsp;&nbsp; 308422 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 308422 |
| **Total liabilities** | &nbsp;&nbsp; **$308422** | &nbsp;&nbsp;&nbsp; **$981157** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1289579** |

---

Allspring Income Plus ETF \| 23

------

Notes to portfolio of investments—June 30, 2025 (unaudited)

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

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

As of June 30, 2025, $829,000 was segregated as cash collateral for these open futures contracts and $187,845 was segregated as cash collateral for swap contracts. The Fund also had $3,030,000 segregated as cash collateral for open forward foreign currency contracts.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

24 \| Allspring Income Plus ETF

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1415 VANTAGE PARK DRIVE

  - **City:** CHARLOTTE

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28203

  - **Telephone number:** 833-568-4225

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

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

- **b. EDGAR series identifier (if any):** S000088478

- **c. LEI of Series:** 254900NN3J8PSS8W3163

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $300332623.47

**Total Liabilities:** $81963930.05

**Net Assets:** $218368693.42

**Delayed Delivery Securities:** $736944.88

**Cash Not Reported:** $3628844.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -159.93000000 | **1-Year:** -3392.15000000 | **5-Year:** -14767.76000000 | **10-Year:** -16322.85000000 | **30-Year:** -7839.56000000

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

- **3-Month:** -231.79000000 | **1-Year:** -4874.14000000 | **5-Year:** -10582.55000000 | **10-Year:** -4755.98000000 | **30-Year:** -3206.07000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254755 | -0.24%               | 0.55%                | 1.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-976142.21              | $1623022.21                                |
| Month 2  | $824239.46               | $-720992.63                                |
| Month 3  | $218742.16               | $3738055.74                                |

**Designated Index Information**

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

- **Index Identifier:** agg_returns

### Schedule of Portfolio Investments

| Name                                                             | Title                                                                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN CHASE & CO                                              | JPMorgan Chase & Co                                                                                                          | CUSIP: 46647PES1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      315000 | PA      | $315701.36    | 0.14%             | 2045-11-29      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                                         | African Export-Import Bank/The                                                                                               | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |      320000 | PA      | $276364.74    | 0.13%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                         | Outfront Media Capital LLC / Outfront Media Capital Corp                                                                     | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        5000 | PA      | $4775.56      | 0.00%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                    | Boeing Co/The                                                                                                                | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      620000 | PA      | $678723.85    | 0.31%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                              | Braskem Netherlands Finance BV                                                                                               | CUSIP: 10554TAG0<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |      495000 | PA      | $392146.92    | 0.18%             | 2033-02-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                                       | TELUS Corp                                                                                                                   | CUSIP: 87971MCM3<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |      210000 | PA      | $211405.12    | 0.10%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Transurban Finance Co. Pty. Ltd.                                 | Transurban Finance Co. Pty. Ltd.                                                                                             | CUSIP: 000000000<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |      450000 | PA      | $554445.81    | 0.25%             | 2033-04-26      | Fixed         | 4.23%                 | Yes           |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC                                     | Jack in the Box Funding LLC                                                                                                  | CUSIP: 466365AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1005375 | PA      | $970879.98    | 0.44%             | 2049-08-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                                                                     | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      266000 | PA      | $256524.89    | 0.12%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RAIFFEISEN BANK INTL                                             | Raiffeisen Bank International AG                                                                                             | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | DBT              | CORP              | AT        |      400000 | PA      | $505717.30    | 0.23%             | 2032-12-20      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| VAR ENERGI ASA                                                   | Var Energi ASA                                                                                                               | CUSIP: 000000000<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |      100000 | PA      | $129280.08    | 0.06%             | 2083-11-15      | Fixed         | 7.86%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                                                | DISH Network Corp                                                                                                            | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |      234000 | PA      | $241213.28    | 0.11%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                           | Mitsubishi UFJ Financial Group Inc                                                                                           | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      490000 | PA      | $503874.03    | 0.23%             | 2036-04-24      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                       | U.K. Gilts                                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     2380000 | PA      | $3268347.92   | 1.50%             | 2035-03-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED USD / SOLD BRL                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-10617.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      140000 | PA      | $141810.16    | 0.06%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| EUSHI FINANCE INC                                                | EUSHI Finance Inc                                                                                                            | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      255000 | PA      | $263978.81    | 0.12%             | 2054-12-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                         | PetSmart Inc / PetSmart Finance Corp                                                                                         | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $194348.42    | 0.09%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                            | RIO TINTO FIN USA PLC                                                                                                        | CUSIP: 76720AAW6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      385000 | PA      | $386648.15    | 0.18%             | 2065-03-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                       | ROCK Trust 2024-CNTR                                                                                                         | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      360000 | PA      | $371086.70    | 0.17%             | 2041-11-13      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                    | LGI Homes Inc                                                                                                                | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |       38000 | PA      | $39502.48     | 0.02%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                  | Long: SPJO0MA79 CDS EUR R F  5.00000 SPJO0MA79_FEE CCPITRAXX / Short: SPJO0MA79 CDS EUR P V 03MEVENT SPJO0MA79_PRO CCPITRAXX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      863336 | OU      | $90999.90     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                           | BP Capital Markets PLC                                                                                                       | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |      835000 | PA      | $826346.93    | 0.38%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                                             | Lorca Telecom Bondco SA                                                                                                      | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |      500000 | PA      | $588491.14    | 0.27%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MetLife Inc                                                      | MetLife Inc                                                                                                                  | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      475000 | PA      | $497405.35    | 0.23%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                                                 | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      382000 | PA      | $374824.66    | 0.17%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                     | Barclays PLC                                                                                                                 | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      705000 | PA      | $720571.92    | 0.33%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                              | Kinetik Holdings LP                                                                                                          | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |       82000 | PA      | $82695.36     | 0.04%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                                         | Banque Ouest Africaine de Developpement                                                                                      | CUSIP: 000000000<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |      600000 | PA      | $591144.17    | 0.27%             | 2033-01-22      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                                          | Borr IHC Ltd / Borr Finance LLC                                                                                              | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      178049 | PA      | $162610.53    | 0.07%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                 | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      776000 | PA      | $690785.11    | 0.32%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                               | Dominican Republic International Bond                                                                                        | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      200000 | PA      | $184470.00    | 0.08%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WEA FINANCE LLC/WESTFIEL                                         | WEA Finance LLC / Westfield UK & Europe Finance PLC                                                                          | CUSIP: 92890HAD4<br>LEI: N/A                  | Long             | DBT              |  | US        |      255000 | PA      | $207434.81    | 0.09%             | 2044-09-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bonds                                                                                                          | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       60000 | PA      | $59681.25     | 0.03%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| UMBS, TBA                                                        | Uniform Mortgage-Backed Security, TBA                                                                                        | CUSIP: 01F062671<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    12855000 | PA      | $13272486.82  | 6.08%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                              | LYB International Finance III LLC                                                                                            | CUSIP: 50249AAP8<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      175000 | PA      | $181634.58    | 0.08%             | 2035-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                                           | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co                                              | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $51571.73     | 0.02%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Provincia de Cordoba                                             | Provincia de Cordoba                                                                                                         | CUSIP: 74408DAC8<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |       25000 | PA      | $25063.00     | 0.01%             | 2025-12-10      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR                                   | ALLSPRING GOVERNMENT MONEY MAR                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     5491332 | NS      | $5491331.75   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORP                                                       | Nucor Corp                                                                                                                   | CUSIP: 670346BA2<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |      300000 | PA      | $300936.28    | 0.14%             | 2035-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                             | Bank of America Corp                                                                                                         | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      200000 | PA      | $207130.60    | 0.09%             | 2030-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VISTA MANAGEMENT HOLDING INC                                     | Vista Management Holding Inc 2025 Term Loan B                                                                                | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |       45000 | PA      | $45075.15     | 0.02%             | 2031-04-01      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                                | Brown & Brown Inc                                                                                                            | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      170000 | PA      | $171581.83    | 0.08%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                             | Las Vegas Sands Corp                                                                                                         | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      440000 | PA      | $453936.18    | 0.21%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                          | United Rentals North America Inc                                                                                             | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       35000 | PA      | $32912.53     | 0.02%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                               | Kohl's Corp                                                                                                                  | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |      416000 | PA      | $298632.70    | 0.14%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Hipgnosis Music Assets LP                                        | Hipgnosis Music Assets 2022-1 LP                                                                                             | CUSIP: 43351RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      499404 | PA      | $494569.69    | 0.23%             | 2062-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                                          | United Airlines 2020-1 Class B Pass Through Trust                                                                            | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       81432 | PA      | $81318.69     | 0.04%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                                            | Genesee & Wyoming Inc                                                                                                        | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |       55000 | PA      | $56120.52     | 0.03%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                                         | CQP Holdco LP / BIP-V Chinook Holdco LLC                                                                                     | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      315000 | PA      | $341802.72    | 0.16%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                         | Rogers Communications Inc                                                                                                    | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      587000 | PA      | $594985.28    | 0.27%             | 2055-04-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                                 | TUI Cruises GmbH                                                                                                             | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |      265000 | PA      | $313928.58    | 0.14%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                       | DaVita Inc                                                                                                                   | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      180000 | PA      | $186512.40    | 0.09%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                               | Energy Transfer LP                                                                                                           | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |       88000 | PA      | $93621.79     | 0.04%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                           | Radiology Partners Inc                                                                                                       | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |      230000 | PA      | $230535.90    | 0.11%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    12915000 | PA      | $12935179.69  | 5.92%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                                                     | Entegris Inc                                                                                                                 | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       70000 | PA      | $71112.58     | 0.03%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                                          | Wintershall Dea Finance 2 BV                                                                                                 | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |      500000 | PA      | $552998.36    | 0.25%             | 2028-07-20      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                           | WESCO Distribution Inc                                                                                                       | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      105000 | PA      | $109112.85    | 0.05%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Bank                                                             | Bank 2019-BNK19                                                                                                              | CUSIP: 06540WBD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      250000 | PA      | $233855.03    | 0.11%             | 2061-08-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED USD / SOLD BRL                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-39972.40    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                                 | Deutsche Bank AG                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      400000 | PA      | $502550.03    | 0.23%             | 2030-09-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| First Brands Group LLC                                           | First Brands Group LLC 2021 Term Loan                                                                                        | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      223807 | PA      | $211063.70    | 0.10%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| DI Issuer LLC                                                    | DI Issuer LLC                                                                                                                | CUSIP: 23292FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      225000 | PA      | $224319.04    | 0.10%             | 2054-09-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                                     | Sabey Data Center Issuer LLC                                                                                                 | CUSIP: 78520EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $494353.05    | 0.23%             | 2047-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO NACIONAL COM EXT                                           | Banco Nacional de Comercio Exterior SNC/Cayman Islands                                                                       | CUSIP: 05973JAA8<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |      475000 | PA      | $449489.79    | 0.21%             | 2031-08-11      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                            | Foundry JV Holdco LLC                                                                                                        | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      200000 | PA      | $203225.60    | 0.09%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2715000 | PA      | $2741301.56   | 1.26%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                                                 | Duke Energy Corp                                                                                                             | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      245000 | PA      | $290594.61    | 0.13%             | 2028-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                                         | SMBC Aviation Capital Finance DAC                                                                                            | CUSIP: 78448TAH5<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |      200000 | PA      | $204458.64    | 0.09%             | 2028-05-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AEDAS HOMES OPCO SL                                              | Aedas Homes Opco SL                                                                                                          | CUSIP: 000000000<br>LEI: 959800NRD7BJBYEDBG71 | Long             | DBT              | CORP              | ES        |      265000 | PA      | $312156.92    | 0.14%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                                    | CommScope Inc 2024 Term Loan                                                                                                 | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |      200000 | PA      | $202188.00    | 0.09%             | 2029-12-17      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                   | EPR Properties                                                                                                               | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              |  | US        |      215000 | PA      | $204714.90    | 0.09%             | 2029-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC                                                                                                             | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      186000 | PA      | $177582.86    | 0.08%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                              | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      330000 | PA      | $345491.58    | 0.16%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                                   | 1261229 BC Ltd                                                                                                               | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      730000 | PA      | $736402.08    | 0.34%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PG&E CORP                                                        | PG&E Corp                                                                                                                    | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       65000 | PA      | $61921.76     | 0.03%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                             | Michaels Cos Inc/The                                                                                                         | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      268000 | PA      | $175540.00    | 0.08%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                   | Sabre GLBL Inc                                                                                                               | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      605000 | PA      | $621665.36    | 0.28%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                     | Barclays PLC                                                                                                                 | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      610000 | PA      | $623106.79    | 0.29%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                | NatWest Group PLC                                                                                                            | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      345000 | PA      | $344433.27    | 0.16%             | 2025-12-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                        | Uniform Mortgage-Backed Security, TBA                                                                                        | CUSIP: 01F052672<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     5170000 | PA      | $5168817.21   | 2.37%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Universal Music Group NV                                         | Universal Music Group NV                                                                                                     | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | DBT              | CORP              | NL        |      560000 | PA      | $687462.12    | 0.31%             | 2031-06-13      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                         | Cheniere Energy Partners LP                                                                                                  | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      170000 | PA      | $171336.56    | 0.08%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                               | Dominican Republic International Bond                                                                                        | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      300000 | PA      | $314310.00    | 0.14%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC                                            | Jackson Financial Inc                                                                                                        | CUSIP: 46817MAN7<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |      370000 | PA      | $251199.01    | 0.12%             | 2051-11-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust 2021-ARIA                                                                                                           | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      680000 | PA      | $678725.00    | 0.31%             | 2036-10-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                           | Clydesdale Acquisition Holdings Inc                                                                                          | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      515000 | PA      | $526754.36    | 0.24%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                                      | Aker BP ASA                                                                                                                  | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |      220000 | PA      | $211228.07    | 0.10%             | 2034-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                     | Comcast Corp                                                                                                                 | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      115000 | PA      | $117426.74    | 0.05%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                                                       | Hasbro Inc                                                                                                                   | CUSIP: 418056BA4<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      325000 | PA      | $335171.62    | 0.15%             | 2034-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                                          | Schlumberger Holdings Corp                                                                                                   | CUSIP: 806851AP6<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |      245000 | PA      | $240658.43    | 0.11%             | 2033-05-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                                    | Aircastle Ltd                                                                                                                | CUSIP: 00928QAY7<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |      215000 | PA      | $222109.48    | 0.10%             | 2029-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                          | Colombia Government International Bonds                                                                                      | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      400000 | PA      | $401716.00    | 0.18%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                         | BroadStreet Partners Inc                                                                                                     | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |      288000 | PA      | $284618.74    | 0.13%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                            | Tenet Healthcare Corp                                                                                                        | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       55000 | PA      | $56902.40     | 0.03%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Avant Loans Funding Trust                                        | Avant Loans Funding Trust 2024-REV1                                                                                          | CUSIP: 05352UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1015227.20   | 0.46%             | 2033-10-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                         | Warnermedia Holdings Inc                                                                                                     | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      660000 | PA      | $460350.00    | 0.21%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                            | Micron Technology Inc                                                                                                        | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      510000 | PA      | $533747.95    | 0.24%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                               | Koninklijke KPN NV                                                                                                           | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $733510.13    | 0.34%             | 2031-07-03      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                         | JP Morgan Mortgage Trust Series 2025-CES1                                                                                    | CUSIP: 46658XAE5<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1010375.40   | 0.46%             | 2055-05-25      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                      | Ivory Coast Government International Bond                                                                                    | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      200000 | PA      | $192641.83    | 0.09%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                         | PetSmart Inc / PetSmart Finance Corp                                                                                         | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $195029.87    | 0.09%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                                  | Danske Bank A/S                                                                                                              | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |      955000 | PA      | $951615.41    | 0.44%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bonds                                                                                                          | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      150000 | PA      | $146835.94    | 0.07%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| The BAHA Trust                                                   | BAHA Trust 2024-MAR                                                                                                          | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      500000 | PA      | $522488.35    | 0.24%             | 2041-12-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| RAIFFEISEN BANK INTL                                             | Raiffeisen Bank International AG                                                                                             | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | DBT              | CORP              | AT        |      200000 | PA      | $221328.92    | 0.10%             | 2033-06-17      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                                          | Sensata Technologies BV                                                                                                      | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |       50000 | PA      | $50067.30     | 0.02%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                              | LYB International Finance III LLC                                                                                            | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      380000 | PA      | $379285.31    | 0.17%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                        | PG&E Corp                                                                                                                    | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      650000 | PA      | $615563.10    | 0.28%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOVA ALEXANDRE III SAS                                           | Nova Alexandre III SAS                                                                                                       | CUSIP: 000000000<br>LEI: 969500J0AKOB1UHO6I65 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $238541.51    | 0.11%             | 2029-07-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                                  | OEG Finance PLC                                                                                                              | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $615257.35    | 0.28%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                           | Cloud Software Group Inc                                                                                                     | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      473000 | PA      | $503380.32    | 0.23%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                         | Northwestern Mutual Life Insurance Co/The                                                                                    | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |      320000 | PA      | $334162.65    | 0.15%             | 2055-05-29      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                     | AES Corp/The                                                                                                                 | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |       45000 | PA      | $46332.00     | 0.02%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| OMNIS FUNDING TRUST                                              | Omnis Funding Trust                                                                                                          | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      520000 | PA      | $538863.08    | 0.25%             | 2055-05-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED JPY / SOLD USD                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $9588.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTEL CORP                                                       | Intel Corp                                                                                                                   | CUSIP: 458140BJ8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |       95000 | PA      | $60168.57     | 0.03%             | 2049-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                         | Ajax Mortgage Loan Trust 2021-E                                                                                              | CUSIP: 009740AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      557681 | PA      | $489724.31    | 0.22%             | 2060-12-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                    | TransDigm Inc                                                                                                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       75000 | PA      | $77654.51     | 0.04%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                           | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                 | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |      620000 | PA      | $609295.95    | 0.28%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                                           | Eurofins Scientific SE                                                                                                       | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |      490000 | PA      | $616130.56    | 0.28%             | 2028-04-24      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Panama Government International Bonds                            | Panama Government International Bonds                                                                                        | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      880000 | PA      | $565285.71    | 0.26%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                            | Foundry JV Holdco LLC                                                                                                        | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      405000 | PA      | $421558.94    | 0.19%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Uniti Fiber ABS Issuer LLC                                       | Uniti Fiber Abs Issuer Llc                                                                                                   | CUSIP: 91326EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      420000 | PA      | $429420.39    | 0.20%             | 2055-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                                    | PRA Group Inc                                                                                                                | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      180000 | PA      | $165886.42    | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                         | United Wholesale Mortgage LLC                                                                                                | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |       65000 | PA      | $63092.58     | 0.03%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                                               | Iceland Bondco PLC                                                                                                           | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $637887.46    | 0.29%             | 2028-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| A&D Mortgage Trust                                               | A&D Mortgage Trust 2024-NQM5                                                                                                 | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |      456144 | PA      | $457942.73    | 0.21%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                           | UnitedHealth Group Inc                                                                                                       | CUSIP: 91324PFR8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |       65000 | PA      | $66012.21     | 0.03%             | 2055-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                                         | Brandywine Operating Partnership LP                                                                                          | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |      371000 | PA      | $397776.18    | 0.18%             | 2028-03-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                       | Intel Corp                                                                                                                   | CUSIP: 458140BV1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      285000 | PA      | $191527.94    | 0.09%             | 2041-08-12      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                         | Republic of South Africa Government Bond                                                                                     | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    27595000 | PA      | $1532886.81   | 0.70%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                                                           | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      365000 | PA      | $369562.50    | 0.17%             | 2025-12-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust 2024-9                                                                                            | CUSIP: 92540RAF1<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |      960000 | PA      | $966394.27    | 0.44%             | 2069-11-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BAWAG GROUP AG                                                   | BAWAG Group AG                                                                                                               | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | DBT              | CORP              | AT        |      600000 | PA      | $736009.48    | 0.34%             | 2029-09-18      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ESSENTIAL PROPER                                                 | Essential Properties LP                                                                                                      | CUSIP: 29670VAA7<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              |  | US        |      280000 | PA      | $249006.60    | 0.11%             | 2031-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                                         | Perrigo Finance Unlimited Co                                                                                                 | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |       65000 | PA      | $65623.42     | 0.03%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                                       | Mattel Inc                                                                                                                   | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |      265000 | PA      | $265642.10    | 0.12%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                       | US Bancorp                                                                                                                   | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      500000 | PA      | $519087.88    | 0.24%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                            | Mexico Government International Bonds                                                                                        | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      590000 | PA      | $602596.50    | 0.28%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                      | Asurion LLC 2021 2nd Lien Term Loan B3                                                                                       | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      245000 | PA      | $233668.75    | 0.11%             | 2028-01-31      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                | Ares Capital Corp                                                                                                            | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      265000 | PA      | $264177.30    | 0.12%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                                              | Rocket Software Inc 2023 USD Term Loan B                                                                                     | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |      134186 | PA      | $134444.14    | 0.06%             | 2028-11-28      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                                 | Insight Enterprises Inc                                                                                                      | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |       45000 | PA      | $46356.12     | 0.02%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                           | Lumen Technologies Inc 2024 Extended Term Loan B2                                                                            | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |      100000 | PA      | $98641.00     | 0.05%             | 2030-04-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                                 | Lamar Media Corp                                                                                                             | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $66870.86     | 0.03%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                 | BAT Capital Corp                                                                                                             | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      450000 | PA      | $457906.88    | 0.21%             | 2035-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED USD / SOLD EUR                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-751934.80   | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                                            | Oglethorpe Power Corp                                                                                                        | CUSIP: 677050AL0<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |      150000 | PA      | $116301.69    | 0.05%             | 2046-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                               | Expand Energy Corp                                                                                                           | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      160000 | PA      | $160448.64    | 0.07%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                              | PFS Financing Corp                                                                                                           | CUSIP: 69335PEP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1120000 | PA      | $1119398.00   | 0.51%             | 2027-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT                             | French Republic Government Bonds OAT                                                                                         | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     4325000 | PA      | $5099645.96   | 2.34%             | 2031-02-25      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                         | Avolon Holdings Funding Ltd                                                                                                  | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      220000 | PA      | $208776.57    | 0.10%             | 2028-02-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                           | US 2YR NOTE (CBT) SEP25                                                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         123 | NC      | $93373.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMIC FINANCE USA PTY LT                                         | CIMIC Finance USA Pty Ltd                                                                                                    | CUSIP: 171873AB8<br>LEI: 213800GNWSV32LXHCZ50 | Long             | DBT              | CORP              | AU        |       50000 | PA      | $53233.39     | 0.02%             | 2034-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                             | Las Vegas Sands Corp                                                                                                         | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      615000 | PA      | $628205.59    | 0.29%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                                                                        | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      119000 | PA      | $107695.00    | 0.05%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALMAVIVA THE ITALIAN INN                                         | Almaviva-The Italian Innovation Co SpA                                                                                       | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |      265000 | PA      | $313331.29    | 0.14%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                             | Bank of America Corp                                                                                                         | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      525000 | PA      | $524845.15    | 0.24%             | 2035-08-15      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                             | Cleveland-Cliffs Inc                                                                                                         | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       90000 | PA      | $76985.07     | 0.04%             | 2031-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                                  | Amber Finco PLC                                                                                                              | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |      380000 | PA      | $468346.11    | 0.21%             | 2029-07-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| KBC GROUP NV                                                     | KBC Group NV                                                                                                                 | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |      200000 | PA      | $260940.10    | 0.12%             | 2028-09-05      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| APA CORP                                                         | APA Corp                                                                                                                     | CUSIP: 03743QAJ7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |      117000 | PA      | $93589.65     | 0.04%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                                  | Star Parent Inc                                                                                                              | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |      344000 | PA      | $361825.66    | 0.17%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                    | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      665000 | PA      | $691060.96    | 0.32%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                              | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $48041.69     | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                      | Southern Co/The                                                                                                              | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      110000 | PA      | $109364.34    | 0.05%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                            | Global Payments, Inc.                                                                                                        | CUSIP: 37940XAS1<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      735000 | PA      | $908996.83    | 0.42%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                       | AbbVie Inc                                                                                                                   | CUSIP: 00287YEB1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      310000 | PA      | $310110.31    | 0.14%             | 2055-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                            | Time Warner Cable LLC                                                                                                        | CUSIP: 88732JBB3<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |      245000 | PA      | $222770.75    | 0.10%             | 2041-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                            | Bausch Health Cos Inc                                                                                                        | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      200000 | PA      | $198000.00    | 0.09%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| US FOODS INC                                                     | US Foods Inc                                                                                                                 | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |       45000 | PA      | $44952.76     | 0.02%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                                        | News Corp                                                                                                                    | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |      360000 | PA      | $352295.32    | 0.16%             | 2032-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                           | APA Infrastructure Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |      635000 | PA      | $705880.26    | 0.32%             | 2030-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                         | Rockies Express Pipeline LLC                                                                                                 | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      130000 | PA      | $130226.59    | 0.06%             | 2040-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                  | Long: SPXG06L57 CDS USD R F  5.00000 SPXG06L57_FEE CCPCDX / Short: SPXG06L57 CDS USD P V 03MEVENT SPXG06L57_PRO CCPCDX       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1720000 | OU      | $124468.18    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                                  | United Group BV                                                                                                              | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |      525000 | PA      | $624840.25    | 0.29%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                                         | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd                                                    | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      182000 | PA      | $182238.78    | 0.08%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                         | Comision Federal de Electricidad                                                                                             | CUSIP: 200447AK6<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |      805000 | PA      | $684591.08    | 0.31%             | 2033-07-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                         | Jersey Mike's Funding LLC                                                                                                    | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      339150 | PA      | $344442.61    | 0.16%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                               | Energy Transfer LP                                                                                                           | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      195000 | PA      | $195871.25    | 0.09%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                                           | Commonwealth Bank of Australia                                                                                               | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |      485000 | PA      | $476243.49    | 0.22%             | 2046-03-14      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                                          | Centersquare Issuer LLC                                                                                                      | CUSIP: 15201EAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | PA      | $290116.80    | 0.13%             | 2055-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                              | JPMorgan Chase & Co                                                                                                          | CUSIP: 46647PDF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      355000 | PA      | $356564.12    | 0.16%             | 2030-06-14      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                              | Sirius XM Radio LLC                                                                                                          | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |       60000 | PA      | $57625.41     | 0.03%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                                 | Arches Buyer Inc                                                                                                             | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |      265000 | PA      | $243723.57    | 0.11%             | 2028-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CROWN FINANCE US INC                                             | Crown Finance US Inc 2024 Term Loan B                                                                                        | CUSIP: 22834KAU5<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |      532325 | PA      | $531659.59    | 0.24%             | 2031-12-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                                                | Iron Mountain Inc                                                                                                            | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |       50000 | PA      | $49781.62     | 0.02%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                   | Morgan Stanley                                                                                                               | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      860000 | PA      | $767544.96    | 0.35%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                         | Clear Channel Outdoor Holdings Inc                                                                                           | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      234000 | PA      | $245190.57    | 0.11%             | 2028-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                            | Panama Government International Bonds                                                                                        | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      790000 | PA      | $602351.56    | 0.28%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                        | Uniform Mortgage-Backed Security, TBA                                                                                        | CUSIP: 01F060675<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    13055000 | PA      | $13265483.68  | 6.07%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2024-A                              | Sotheby's Artfi Master Trust                                                                                                 | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1008256.30   | 0.46%             | 2031-12-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                                              | AssuredPartners Inc                                                                                                          | CUSIP: 04624VAB5<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |       47000 | PA      | $46875.37     | 0.02%             | 2029-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                             | Provincia de Cordoba                                                                                                         | CUSIP: 74408DAE4<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |      410000 | PA      | $386425.00    | 0.18%             | 2029-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                                       | Biogen Inc                                                                                                                   | CUSIP: 09062XAM5<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |      230000 | PA      | $236857.31    | 0.11%             | 2055-05-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                                                | Motion Finco Sarl                                                                                                            | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | DBT              | CORP              | LU        |      450000 | PA      | $497080.45    | 0.23%             | 2030-06-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                             | Cleveland-Cliffs Inc                                                                                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      410000 | PA      | $386491.13    | 0.18%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American Greetings Corporation                                   | American Greetings Corporation 2024 Term Loan B                                                                              | CUSIP: 02639DAN6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | LON              | CORP              | US        |      162911 | PA      | $162776.18    | 0.07%             | 2029-10-30      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                               | RGA Global Funding                                                                                                           | CUSIP: 76209PAF0<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |      300000 | PA      | $300651.92    | 0.14%             | 2031-12-06      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                         | Virgin Media Secured Finance PLC                                                                                             | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |       90000 | PA      | $83645.05     | 0.04%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD                                         | Aspen Insurance Holdings Ltd                                                                                                 | CUSIP: 04530DAE2<br>LEI: 549300YX6HECG9XQCQ75 | Long             | DBT              | CORP              | BM        |      155000 | PA      | $157561.77    | 0.07%             | 2030-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                                         | RenaissanceRe Holdings Ltd                                                                                                   | CUSIP: 75968NAG6<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |      515000 | PA      | $529124.09    | 0.24%             | 2035-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                                          | Saks Global Enterprises LLC                                                                                                  | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      370000 | PA      | $138750.00    | 0.06%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                                         | Camelot Return Merger Sub Inc                                                                                                | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      385000 | PA      | $355050.85    | 0.16%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                         | Lloyds Banking Group PLC                                                                                                     | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $201060.20    | 0.09%             | 2026-06-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                               | Dominican Republic International Bond                                                                                        | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      250000 | PA      | $248650.00    | 0.11%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                             | Indonesia Treasury Bond                                                                                                      | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 34000000000 | PA      | $2133690.55   | 0.98%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                         | Avolon Holdings Funding Ltd                                                                                                  | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      500000 | PA      | $514687.85    | 0.24%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                | Ares Capital Corp                                                                                                            | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      135000 | PA      | $127215.01    | 0.06%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     1800000 | PA      | $1802812.50   | 0.83%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                           | Cloud Software Group Inc                                                                                                     | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      192000 | PA      | $199012.88    | 0.09%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                            | Petco Health and Wellness Company Inc 2021 Term Loan B                                                                       | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |      285000 | PA      | $261920.70    | 0.12%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                      | FIGRE Trust 2025-HE1                                                                                                         | CUSIP: 30191LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      902224 | PA      | $909224.31    | 0.42%             | 2055-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                           | Sempra                                                                                                                       | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      345000 | PA      | $333728.92    | 0.15%             | 2055-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Ziply Fiber Issuer, LLC                                          | Ziply Fiber Issuer LLC                                                                                                       | CUSIP: 98979QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | PA      | $313637.31    | 0.14%             | 2054-04-20      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                    | FirstCash Inc                                                                                                                | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      455000 | PA      | $470830.82    | 0.22%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                 | Duke Energy Corp                                                                                                             | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      300000 | PA      | $350644.77    | 0.16%             | 2034-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                                                       | Evergy Inc                                                                                                                   | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |      130000 | PA      | $131980.44    | 0.06%             | 2055-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                         | Comision Federal de Electricidad                                                                                             | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |      400000 | PA      | $352356.40    | 0.16%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                           | Switch ABS Issuer LLC                                                                                                        | CUSIP: 871044AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | PA      | $101991.93    | 0.05%             | 2054-03-25      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                         | Banco Mercantil del Norte SA/Grand Cayman                                                                                    | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      805000 | PA      | $815368.40    | 0.37%             | 2031-05-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                | Argentina Republic Government International Bonds                                                                            | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      315000 | PA      | $211906.33    | 0.10%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| COMPUTERSHARE US INC                                             | Computershare US Inc                                                                                                         | CUSIP: 000000000<br>LEI: 549300BXQ1PX3KGZRT72 | Long             | DBT              | CORP              | US        |      415000 | PA      | $427592.56    | 0.20%             | 2031-10-07      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                               | Subway Funding LLC                                                                                                           | CUSIP: 864300AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1094500 | PA      | $1082617.56   | 0.50%             | 2054-07-30      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                                | Ephios Subco 3 Sarl                                                                                                          | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |      150000 | PA      | $190033.60    | 0.09%             | 2031-01-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ESSENDI SA                                                       | Essendi SA                                                                                                                   | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      515000 | PA      | $636200.58    | 0.29%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Ginnie Mae II Pool                                                                                                           | CUSIP: 3618N5C64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3586395 | PA      | $3593293.43   | 1.65%             | 2054-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                                                | Bristow Group Inc                                                                                                            | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |      228000 | PA      | $229141.60    | 0.10%             | 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        |       18727 | PA      | $18777.88     | 0.01%             | 2027-08-02      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                           | ConocoPhillips Co                                                                                                            | CUSIP: 20826FBM7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      440000 | PA      | $417480.33    | 0.19%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                             | BAT International Finance PLC                                                                                                | CUSIP: 000000000<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |      550000 | PA      | $626399.76    | 0.29%             | 2030-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                         | Vistra Operations Co LLC                                                                                                     | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       65000 | PA      | $69084.83     | 0.03%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                  | Long: SPX003IX2 CDS USD R F  5.00000 SPX003IX2_FEE CCPCDX / Short: SPX003IX2 CDS USD P V 03MEVENT SPX003IX2_PRO CCPCDX       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      225000 | OU      | $17117.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                            | Nabors Industries Inc                                                                                                        | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |      195000 | PA      | $144847.55    | 0.07%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA                                               | Telecom Italia SpA/Milano                                                                                                    | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |      250000 | PA      | $280087.22    | 0.13%             | 2029-01-18      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                            | Blue Owl Capital Corp                                                                                                        | CUSIP: 69121KAF1<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |      375000 | PA      | $362174.18    | 0.17%             | 2027-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                     | Entegris Inc                                                                                                                 | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      135000 | PA      | $133502.92    | 0.06%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust                      | MF1 2021-FL7 Ltd                                                                                                             | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      270000 | PA      | $263578.42    | 0.12%             | 2036-10-16      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                                              | Prairie Acquiror LP                                                                                                          | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |      505000 | PA      | $526016.14    | 0.24%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NN Group NV                                                      | NN Group NV                                                                                                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | DBT              | CORP              | NL        |      440000 | PA      | $554528.37    | 0.25%             | 2043-03-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP                                          | Pediatrix Medical Group Inc                                                                                                  | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      109000 | PA      | $107756.68    | 0.05%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TUI AG                                                           | TUI AG                                                                                                                       | CUSIP: 000000000<br>LEI: 529900SL2WSPV293B552 | Long             | DBT              | CORP              | DE        |      650000 | PA      | $794380.47    | 0.36%             | 2029-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                               | Ford Motor Co                                                                                                                | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      170000 | PA      | $169761.24    | 0.08%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                | Iron Mountain Inc                                                                                                            | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      200000 | PA      | $190558.08    | 0.09%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAREX GROUP PLC                                                  | Marex Group PLC                                                                                                              | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |      570000 | PA      | $577384.82    | 0.26%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                            | LoanCore 2025 2025-CRE8 Issuer LLC                                                                                           | CUSIP: 53947FAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1000000 | PA      | $989371.20    | 0.45%             | 2042-08-17      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                                  | Israel Government International Bond                                                                                         | CUSIP: 46514BRM1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      415000 | PA      | $384092.29    | 0.18%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                               | Seagate HDD Cayman                                                                                                           | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |       50000 | PA      | $56363.70     | 0.03%             | 2032-12-01      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                 | BAT Capital Corp                                                                                                             | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      300000 | PA      | $303846.47    | 0.14%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                         | TotalEnergies Capital SA                                                                                                     | CUSIP: 89157XAF8<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |      225000 | PA      | $210498.02    | 0.10%             | 2064-09-10      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                                             | 888 Acquisitions Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |      395000 | PA      | $468198.57    | 0.21%             | 2027-07-15      | Fixed         | 7.56%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                       | ROCK Trust 2024-CNTR                                                                                                         | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      500000 | PA      | $511492.60    | 0.23%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                           | BP Capital Markets America Inc                                                                                               | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      550000 | PA      | $559598.39    | 0.26%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                         | Brazil Notas do Tesouro Nacional Serie F                                                                                     | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    21000000 | PA      | $3667128.53   | 1.68%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                              | Dominion Energy Inc                                                                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      135000 | PA      | $137007.86    | 0.06%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HLDNG D'INFRA METIERS                                            | Holding d'Infrastructures des Metiers de l'Environnement                                                                     | CUSIP: 000000000<br>LEI: 969500I3QVK40XEORU25 | Long             | DBT              | CORP              | FR        |      435000 | PA      | $530805.02    | 0.24%             | 2029-10-24      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Ginnie Mae                                                                                                                   | CUSIP: 21H060671<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    12525000 | PA      | $12707956.06  | 5.82%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                              | Worldline SA/France                                                                                                          | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $310486.88    | 0.14%             | 2028-09-12      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                                     | Enbridge Inc                                                                                                                 | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      390000 | PA      | $388908.51    | 0.18%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                               | One New York Plaza Trust 2020-1NYP                                                                                           | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      360000 | PA      | $349894.55    | 0.16%             | 2036-01-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                        | Block Inc                                                                                                                    | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       75000 | PA      | $68795.12     | 0.03%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                               | Ford Motor Co                                                                                                                | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      120000 | PA      | $101171.87    | 0.05%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                         | Builders FirstSource Inc                                                                                                     | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       75000 | PA      | $76430.48     | 0.04%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                 | CSC Holdings LLC                                                                                                             | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      350000 | PA      | $348682.78    | 0.16%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MASTEC INC                                                       | MasTec Inc                                                                                                                   | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |      370000 | PA      | $365014.82    | 0.17%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2000000 | PA      | $2063437.50   | 0.94%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| TITULOS DE TESORERIA                                             | Colombian TES                                                                                                                | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 10000000000 | PA      | $2113987.76   | 0.97%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                             | Kyndryl Holdings Inc                                                                                                         | CUSIP: 50155QAM2<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      325000 | PA      | $258833.68    | 0.12%             | 2041-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                     | UBS Group AG                                                                                                                 | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      255000 | PA      | $248024.53    | 0.11%             | 2027-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                          | Royal Caribbean Cruises Ltd                                                                                                  | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      100000 | PA      | $100610.91    | 0.05%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                              | Ashtead Capital Inc                                                                                                          | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |      410000 | PA      | $414069.90    | 0.19%             | 2033-05-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                                           | Orbia Advance Corp SAB de CV                                                                                                 | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |      225000 | PA      | $232992.00    | 0.11%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                | EURO-BUND FUTURE SEP25                                                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -73 | NC      | $78990.78     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| U.K. Gilts                                                       | U.K. Gilts                                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     2000000 | PA      | $2794162.56   | 1.28%             | 2030-03-07      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                                     | Enbridge Inc                                                                                                                 | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      245000 | PA      | $242474.57    | 0.11%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                         | Warnermedia Holdings Inc                                                                                                     | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      445000 | PA      | $330968.75    | 0.15%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                                      | Eutelsat SA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $321330.87    | 0.15%             | 2028-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Ginnie Mae II Pool                                                                                                           | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1880637 | PA      | $1848478.46   | 0.85%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                      | RCKT Mortgage Trust 2025-CES1                                                                                                | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1025170 | PA      | $1031260.54   | 0.47%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 A PTT                                          | United Airlines 2020-1 Class A Pass Through Trust                                                                            | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       55649 | PA      | $56784.60     | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                     | Fibercop SpA                                                                                                                 | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |      390000 | PA      | $420008.98    | 0.19%             | 2029-01-18      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                          | Beach Acquisition Bidco LLC                                                                                                  | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |      430000 | PA      | $445701.45    | 0.20%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                          | Central Garden & Pet Co                                                                                                      | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |      124000 | PA      | $117055.02    | 0.05%             | 2030-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ASMODEE GROUP AB                                                 | Asmodee Group AB                                                                                                             | CUSIP: 000000000<br>LEI: 636700G5993BBAFDYD02 | Long             | DBT              | CORP              | SE        |      266667 | PA      | $328648.23    | 0.15%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                                                                                          | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     5000000 | PA      | $4998835.85   | 2.29%             | 2025-07-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| NMEF Funding LLC                                                 | NMEF Funding 2025-A LLC                                                                                                      | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      560000 | PA      | $563596.82    | 0.26%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| BANCOLOMBIA SA                                                   | Bancolombia SA                                                                                                               | CUSIP: 05968LAN2<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |      200000 | PA      | $210283.00    | 0.10%             | 2034-12-24      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                                                                        | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |       54000 | PA      | $45427.50     | 0.02%             | 2029-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Commercial Mortgage Trust 2023-VLT3                                                                                       | CUSIP: 05611GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1000000.00   | 0.46%             | 2028-11-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                        | Towd Point Mortgage Trust 2024-CES1                                                                                          | CUSIP: 89183CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      285000 | PA      | $287934.59    | 0.13%             | 2064-01-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                                   | Hertz Corp/The                                                                                                               | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      410000 | PA      | $428760.94    | 0.20%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                            | Wells Fargo & Co                                                                                                             | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      725000 | PA      | $792447.55    | 0.36%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC                                          | Aircastle Ltd / Aircastle Ireland DAC                                                                                        | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      420000 | PA      | $423460.61    | 0.19%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                               | Realty Income Corp                                                                                                           | CUSIP: 000000000<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      415000 | PA      | $533779.97    | 0.24%             | 2034-07-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chorus Ltd.                                                      | Chorus Ltd.                                                                                                                  | CUSIP: 000000000<br>LEI: R7NJHU48LTCIOB9BVU57 | Long             | DBT              | CORP              | NZ        |      365000 | PA      | $440402.56    | 0.20%             | 2029-09-07      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                   | Morgan Stanley Capital I Trust 2014-150E                                                                                     | CUSIP: 61764BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      405000 | PA      | $358648.16    | 0.16%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                    | Carnival Corp                                                                                                                | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      280000 | PA      | $286482.56    | 0.13%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL CAP FND                                            | Golub Capital Private Credit Fund                                                                                            | CUSIP: 38179RAD7<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |      260000 | PA      | $259685.22    | 0.12%             | 2030-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                         | Ginnie Mae                                                                                                                   | CUSIP: 21H062677<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    19465000 | PA      | $19981398.66  | 9.15%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                               | Pinnacle Bidco PLC                                                                                                           | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $290178.14    | 0.13%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                  | BRAVO Residential Funding Trust 2023-NQM1                                                                                    | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      752524 | PA      | $752604.84    | 0.34%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                               | Vodafone Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      150000 | PA      | $223459.53    | 0.10%             | 2086-08-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                              | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      305000 | PA      | $213861.66    | 0.10%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| VATTENFALL AB                                                    | Vattenfall AB                                                                                                                | CUSIP: 000000000<br>LEI: 549300T5RZ1HA5HZ3109 | Long             | DBT              | CORP              | SE        |      600000 | PA      | $745200.02    | 0.34%             | 2083-06-29      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp                                             | Bank of America Corp                                                                                                         | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      230000 | PA      | $231536.65    | 0.11%             | 2026-03-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                         | Hess Midstream Operations LP                                                                                                 | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $50221.50     | 0.02%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                           | Match Group Holdings II LLC                                                                                                  | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      155000 | PA      | $144953.88    | 0.07%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      685000 | PA      | $688291.21    | 0.32%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| COCA-COLA ICECEK AS                                              | Coca-Cola Icecek AS                                                                                                          | CUSIP: 1912ERAA8<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |      735000 | PA      | $714503.26    | 0.33%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                                         | Encino Acquisition Partners Holdings LLC                                                                                     | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |      108000 | PA      | $119270.45    | 0.05%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                     | CSMC 2018-RPL9 Trust                                                                                                         | CUSIP: 12654PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      386399 | PA      | $374407.71    | 0.17%             | 2057-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                | Nexstar Media Inc                                                                                                            | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      150000 | PA      | $149649.09    | 0.07%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                         | California Resources Corp                                                                                                    | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      189000 | PA      | $194004.15    | 0.09%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                           | US ULTRA BOND CBT SEP25                                                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          -6 | NC      | $-19363.48    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                                                              | CUSIP: 209031AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      850000 | PA      | $876503.26    | 0.40%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust                    | ClickLease Equipment Receivables 2024-1 Trust                                                                                | CUSIP: 18682FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $508913.05    | 0.23%             | 2030-02-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                            | New Economy Assets - Phase 1 Sponsor LLC                                                                                     | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | PA      | $183368.30    | 0.08%             | 2061-10-20      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                                           | Market Bidco Finco PLC                                                                                                       | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $672618.93    | 0.31%             | 2027-11-04      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                                                         | AT&T Inc                                                                                                                     | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      310000 | PA      | $209171.84    | 0.10%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                                | Clean Harbors Inc                                                                                                            | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |       60000 | PA      | $61471.38     | 0.03%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                                               | Zegona Finance PLC                                                                                                           | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |      485000 | PA      | $607012.69    | 0.28%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAMPO OYJ                                                        | Sampo Oyj                                                                                                                    | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | DBT              | CORP              | FI        |      440000 | PA      | $469931.73    | 0.22%             | 2052-09-03      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                           | SES SA                                                                                                                       | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $114032.08    | 0.05%             | 2054-09-12      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                         | EMRLD Borrower LP / Emerald Co-Issuer Inc                                                                                    | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |       60000 | PA      | $61330.32     | 0.03%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF                               | SPDR Portfolio High Yield Bond ETF                                                                                           | CUSIP: 78468R606<br>LEI: N/A                  | Long             | EC               | RF                | US        |      151214 | NS      | $3598893.20   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINICAN REPUBLIC                                               | Dominican Republic International Bond                                                                                        | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      160000 | PA      | $151712.00    | 0.07%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                       | US Bancorp                                                                                                                   | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      380000 | PA      | $399157.18    | 0.18%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                           | Venture Global LNG Inc                                                                                                       | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      531000 | PA      | $516237.56    | 0.24%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG                                                 | Tele Columbus AG                                                                                                             | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |      420000 | PA      | $339391.14    | 0.16%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEXI SPA                                                         | Nexi SpA                                                                                                                     | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | DBT              | CORP              | IT        |      250000 | PA      | $280356.97    | 0.13%             | 2029-04-30      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                                | GEO Group Inc/The                                                                                                            | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      297000 | PA      | $314442.80    | 0.14%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                           | Anglo American Capital PLC                                                                                                   | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      240000 | PA      | $299878.72    | 0.14%             | 2032-09-21      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                         | CHS/Community Health Systems Inc                                                                                             | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      273000 | PA      | $289343.69    | 0.13%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                            | Trivium Packaging Finance BV                                                                                                 | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |      605000 | PA      | $648520.07    | 0.30%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                              | Buckeye Partners LP                                                                                                          | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       40000 | PA      | $35254.26     | 0.02%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Booking Holdings, Inc.                                           | Booking Holdings, Inc.                                                                                                       | CUSIP: 000000000<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      635000 | PA      | $779950.17    | 0.36%             | 2033-05-12      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR HOLDCO GMBH                                          | TK Elevator Holdco GmbH                                                                                                      | CUSIP: 92537VAA8<br>LEI: 2549008GCHWX9EEMIS56 | Long             | DBT              | CORP              | DE        |      289000 | PA      | $289300.00    | 0.13%             | 2028-07-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                                  | Aligned Data Centers Issuer LLC                                                                                              | CUSIP: 01627AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      160000 | PA      | $153577.65    | 0.07%             | 2046-08-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                                         | TerraForm Power Operating LLC                                                                                                | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |      220000 | PA      | $210626.13    | 0.10%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                                            | American Airlines 2015-1 Class A Pass Through Trust                                                                          | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      512008 | PA      | $498948.60    | 0.23%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                         | Prudential Financial Inc                                                                                                     | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |       90000 | PA      | $82091.21     | 0.04%             | 2050-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                          | Teva Pharmaceutical Finance Netherlands III BV                                                                               | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |       95000 | PA      | $107574.20    | 0.05%             | 2031-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                                                                     | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $10375.87     | 0.00%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                          | Jane Street Group / JSG Finance Inc                                                                                          | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $105215.70    | 0.05%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ENERGIA GROUP ROI                                                | Energia Group Roi Financeco DAC                                                                                              | CUSIP: 000000000<br>LEI: 2138006WRV8S2EFW9516 | Long             | DBT              | CORP              | IE        |      235000 | PA      | $286645.46    | 0.13%             | 2028-07-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                                         | Northriver Midstream Finance LP                                                                                              | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |       45000 | PA      | $46603.26     | 0.02%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                         | Occidental Petroleum Corp                                                                                                    | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      255000 | PA      | $263981.94    | 0.12%             | 2031-01-01      | Fixed         | 6.13%                 | 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        |      400000 | PA      | $410044.40    | 0.19%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE B LLC                                          | PartnerRe Finance B LLC                                                                                                      | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |       45000 | PA      | $42341.12     | 0.02%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                           | ConocoPhillips Co                                                                                                            | CUSIP: 20826FBN5<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |       75000 | PA      | $71345.74     | 0.03%             | 2065-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED USD / SOLD ZAR                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-16539.33    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                         | Celanese US Holdings LLC                                                                                                     | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |       40000 | PA      | $41934.88     | 0.02%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                          | Macy's Retail Holdings LLC                                                                                                   | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      328000 | PA      | $312706.71    | 0.14%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                                     | Highmark Inc                                                                                                                 | CUSIP: 431116AE2<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |      245000 | PA      | $210083.64    | 0.10%             | 2031-05-10      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                         | Vistra Operations Co LLC                                                                                                     | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      420000 | PA      | $414531.32    | 0.19%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                           | Adient Global Holdings Ltd                                                                                                   | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       45000 | PA      | $46375.16     | 0.02%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                                       | NetApp Inc                                                                                                                   | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      405000 | PA      | $415920.04    | 0.19%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                         | Standard Industries Inc/NY                                                                                                   | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49886.94     | 0.02%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASTELLUM AB                                                     | Castellum AB                                                                                                                 | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | DBT              | CORP              | SE        |      500000 | PA      | $576121.53    | 0.26%             | 2026-12-02      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                            | Nabors Industries Inc                                                                                                        | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |      273000 | PA      | $261398.44    | 0.12%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                     | UBS Group AG                                                                                                                 | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      715000 | PA      | $742666.95    | 0.34%             | 2035-02-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer Inc                                               | CP Atlas Buyer Inc 2021 Term Loan B                                                                                          | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |      482054 | PA      | $479846.50    | 0.22%             | 2027-11-23      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                         | Outfront Media Capital LLC / Outfront Media Capital Corp                                                                     | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $52935.70     | 0.02%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                                             | TierPoint Issuer LLC                                                                                                         | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       33333 | PA      | $33337.04     | 0.02%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEB Funding LLC                                                  | SEB Funding LLC                                                                                                              | CUSIP: 78433DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      498750 | PA      | $489444.52    | 0.22%             | 2052-01-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                                        | News Corp                                                                                                                    | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |      400000 | PA      | $382696.16    | 0.18%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                      | BNP Paribas SA                                                                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      240000 | PA      | $252426.00    | 0.12%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                                         | Brandywine Operating Partnership LP                                                                                          | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |       55000 | PA      | $59546.76     | 0.03%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CABLEVISION LIGHTPATH                                            | Cablevision Lightpath LLC                                                                                                    | CUSIP: 12687GAB5<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |      203000 | PA      | $196109.31    | 0.09%             | 2028-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                          | Royal Caribbean Cruises Ltd                                                                                                  | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      800000 | PA      | $815421.60    | 0.37%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                     | UBS Group AG                                                                                                                 | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      210000 | PA      | $210921.69    | 0.10%             | 2029-09-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                        | Emera Inc                                                                                                                    | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |      490000 | PA      | $493073.92    | 0.23%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                           | Vmed O2 UK Financing I PLC                                                                                                   | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      485000 | PA      | $585445.89    | 0.27%             | 2032-04-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED EUR / SOLD USD                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |           1 | NC      | $4118.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freedom Financial                                                | FREED ABS Trust 2022-3FP                                                                                                     | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      119539 | PA      | $120223.70    | 0.06%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                                 | MercadoLibre Inc                                                                                                             | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |      350000 | PA      | $314740.79    | 0.14%             | 2031-01-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                                   | Whirlpool Corp                                                                                                               | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60527.33     | 0.03%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                         | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                           | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              |  | US        |      457000 | PA      | $477880.33    | 0.22%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN                                         | Piedmont Operating Partnership LP                                                                                            | CUSIP: 720198AG5<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              |  | US        |      155000 | PA      | $172645.10    | 0.08%             | 2028-07-20      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                      | Freddie Mac Pool                                                                                                             | CUSIP: 3132DWMS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5368161 | PA      | $5369169.25   | 2.46%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                                         | Macquarie Airfinance Holdings Ltd                                                                                            | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      205000 | PA      | $214010.57    | 0.10%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                                | Upbound Group Inc                                                                                                            | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |       90000 | PA      | $89031.85     | 0.04%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                                    | AIB Group PLC                                                                                                                | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      200000 | PA      | $203508.25    | 0.09%             | 2031-05-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                             | Telefonica Europe BV                                                                                                         | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $252317.03    | 0.12%             | 2030-02-03      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                               | Vodafone Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      320000 | PA      | $357569.28    | 0.16%             | 2080-08-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                           | Taco Bell Funding LLC                                                                                                        | CUSIP: 87342RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1095375 | PA      | $1098108.73   | 0.50%             | 2048-11-25      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                          | Booz Allen Hamilton Inc                                                                                                      | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |      210000 | PA      | $213126.69    | 0.10%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                             | Kaiser Aluminum Corp                                                                                                         | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       55000 | PA      | $53812.58     | 0.02%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE INSURANCE                                          | New York Life Insurance Co                                                                                                   | CUSIP: 64952GAE8<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |      295000 | PA      | $308972.05    | 0.14%             | 2033-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                      | RCKT Mortgage Trust 2024-CES9                                                                                                | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      230370 | PA      | $231351.72    | 0.11%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                | EURO-BOBL FUTURE SEP25                                                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -66 | NC      | $37986.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC INC                                                    | CoreCivic Inc                                                                                                                | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |      190000 | PA      | $201448.45    | 0.09%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                                          | National Australia Bank Ltd                                                                                                  | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |     1145000 | PA      | $1011785.57   | 0.46%             | 2037-01-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                              | Cirsa Finance International Sarl                                                                                             | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      477000 | PA      | $590115.51    | 0.27%             | 2027-11-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED JPY / SOLD USD                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $1013.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                 | ABN AMRO Bank NV                                                                                                             | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $704296.69    | 0.32%             | 2027-09-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bonds                          | Colombia Government International Bonds                                                                                      | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      405000 | PA      | $402495.68    | 0.18%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                      | Viatris Inc                                                                                                                  | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      555000 | PA      | $409918.65    | 0.19%             | 2040-06-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                                         | Encino Acquisition Partners Holdings LLC                                                                                     | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |      122000 | PA      | $125355.37    | 0.06%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TELEPERFORMANCE                                                  | Teleperformance SE                                                                                                           | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $507315.07    | 0.23%             | 2031-11-22      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| OCEANEERING INTL INC                                             | Oceaneering International Inc                                                                                                | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |      187000 | PA      | $188541.44    | 0.09%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                         | Sally Holdings LLC / Sally Capital Inc                                                                                       | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $51330.40     | 0.02%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                | Newell Brands Inc                                                                                                            | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       75000 | PA      | $72961.81     | 0.03%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                  | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                                                                           | CUSIP: 34461WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      360000 | PA      | $359100.00    | 0.16%             | 2039-12-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                          | Goldman Sachs Group Inc/The                                                                                                  | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      350000 | PA      | $344512.88    | 0.16%             | 2026-05-10      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                           | Five Guys Holdings Inc                                                                                                       | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |      348250 | PA      | $359861.07    | 0.16%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| BANCO INDUSTRIAL SA                                              | Banco Industrial SA/Guatemala                                                                                                | CUSIP: 05991CAA1<br>LEI: 529900GF99QF67JEQU85 | Long             | DBT              | CORP              | GT        |      225000 | PA      | $223762.50    | 0.10%             | 2031-01-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                        | Ball Corp                                                                                                                    | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       55000 | PA      | $49581.66     | 0.02%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                           | AthenaHealth Group Inc                                                                                                       | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |      704000 | PA      | $692922.91    | 0.32%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                                     | CaixaBank SA                                                                                                                 | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $505077.44    | 0.23%             | 2033-02-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                             | Bank of America Corp                                                                                                         | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      230000 | PA      | $230002.09    | 0.11%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                         | British Telecommunications PLC                                                                                               | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |      265000 | PA      | $389798.50    | 0.18%             | 2083-12-20      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                              | Global Payments Inc                                                                                                          | CUSIP: 37940XAR3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |       75000 | PA      | $72098.11     | 0.03%             | 2052-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                         | Corp Financiera de Desarrollo SA                                                                                             | CUSIP: 21987DAG9<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |      735000 | PA      | $757799.70    | 0.35%             | 2029-04-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                           | US 5YR NOTE (CBT) SEP25                                                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          11 | NC      | $10070.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO GROUP INC/THE                                                | GEO Group Inc/The                                                                                                            | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      140000 | PA      | $153546.12    | 0.07%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ENI SPA                                                          | Eni SpA                                                                                                                      | CUSIP: 26874RAP3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      535000 | PA      | $517579.98    | 0.24%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                              | Benin Government International Bond                                                                                          | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      405000 | PA      | $383694.47    | 0.18%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bonds                                                                                                          | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6745000 | PA      | $6565835.94   | 3.01%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| INTACT FINANCIAL CORP                                            | Intact Financial Corp                                                                                                        | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |      745000 | PA      | $762804.84    | 0.35%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                         | South Bow USA Infrastructure Holdings LLC                                                                                    | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      355000 | PA      | $356145.20    | 0.16%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED JPY / SOLD USD                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $16355.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                                | Service Corp International/US                                                                                                | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       75000 | PA      | $75764.85     | 0.03%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMISIONES SAU                                         | Telefonica Emisiones SA                                                                                                      | CUSIP: 000000000<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $725257.19    | 0.33%             | 2033-11-21      | Fixed         | 4.18%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                           | Venture Global LNG Inc                                                                                                       | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      188000 | PA      | $195263.51    | 0.09%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                                      | Aker BP ASA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |      450000 | PA      | $492330.95    | 0.23%             | 2029-05-12      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                              | PURCHASED USD / SOLD GBP                                                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-162094.25   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                                              | Verisure Holding AB                                                                                                          | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |      250000 | PA      | $305543.94    | 0.14%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                      | Hertz Vehicle Financing III LLC                                                                                              | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |      800000 | PA      | $834170.08    | 0.38%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                              | Southern California Edison Co                                                                                                | CUSIP: 842400JH7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      415000 | PA      | $379460.77    | 0.17%             | 2055-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GUARDIAN LIFE INSURANCE                                          | Guardian Life Insurance Co of America/The                                                                                    | CUSIP: 401378AC8<br>LEI: N1YIDVMMKBHFYCCAIX69 | Long             | DBT              | CORP              | US        |      170000 | PA      | $141129.49    | 0.06%             | 2077-01-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                              | New Residential Mortgage Loan Trust 2019-RPL3                                                                                | CUSIP: 64830NAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      275000 | PA      | $246089.91    | 0.11%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                   | Morgan Stanley                                                                                                               | CUSIP: 61747YFV2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      495000 | PA      | $483729.03    | 0.22%             | 2055-11-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                                                                        | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      197000 | PA      | $223348.75    | 0.10%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                 | Paramount Global                                                                                                             | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      605000 | PA      | $569453.23    | 0.26%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                           | US 10YR ULTRA FUT SEP25                                                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -173 | NC      | $-331410.05   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                          | Starwood Property Trust Inc                                                                                                  | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |       50000 | PA      | $51643.00     | 0.02%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Notes                                                                                                          | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     8340000 | PA      | $8372578.13   | 3.83%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| PSEG POWER LLC                                                   | PSEG Power LLC                                                                                                               | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      415000 | PA      | $427392.25    | 0.20%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                                       | Citadel LP                                                                                                                   | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      270000 | PA      | $281940.58    | 0.13%             | 2032-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                                        | Crocs Inc                                                                                                                    | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |      250000 | PA      | $225127.88    | 0.10%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                           | Santander Holdings USA Inc                                                                                                   | CUSIP: 80282KBH8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |       80000 | PA      | $89232.54     | 0.04%             | 2031-11-09      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Securities Trust                       | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                                                                         | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $235997.25    | 0.11%             | 2043-01-05      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                         | South Bow Canadian Infrastructure Holdings Ltd                                                                               | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |       90000 | PA      | $93434.13     | 0.04%             | 2055-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                             | Chart Industries Inc                                                                                                         | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |       50000 | PA      | $52346.30     | 0.02%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                    | EchoStar Corp                                                                                                                | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |      518562 | PA      | $473255.42    | 0.22%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer