UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: January 31
Registrant is making a filing for 7 of its series:
Allspring 100% Treasury Money Market Fund, Allspring Government Money Market Fund, Allspring Heritage Money Market Fund, Allspring Money Market Fund, Allspring Municipal Cash Management Money Market Fund, Allspring National Tax-Free Money Market Fund and Allspring Treasury Plus Money Market Fund.
Date of reporting period: July 31, 2022
ITEM 1. REPORT TO STOCKHOLDERS
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■ | Allspring Government Money Market Fund |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFGXX) | 11-8-1999 | 0.15 | 0.70 | 0.37 | 0.60 | 0.60 |
Administrator Class (WGAXX) | 7-31-2003 | 0.22 | 0.86 | 0.47 | 0.33 | 0.33 |
Institutional Class (GVIXX) | 7-28-2003 | 0.27 | 0.95 | 0.53 | 0.21 | 0.20 |
Select Class (WFFXX)3 | 6-30-2015 | 0.30 | 1.00 | 0.57 | 0.17 | 0.14 |
Service Class (NWGXX) | 11-16-1987 | 0.17 | 0.76 | 0.40 | 0.50 | 0.50 |
Sweep Class 4 | 7-31-2020 | 0.17 | 0.59 | 0.05 | 0.51 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Select Class shares would be higher. |
4 | Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Sweep Class shares. |
Yield summary (%) as of July 31, 2022 | ||||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
7-day current yield1 | 1.29 | 1.56 | 1.68 | 1.76 | 1.39 | 1.38 |
7-day compound yield | 1.30 | 1.57 | 1.70 | 1.78 | 1.40 | 1.39 |
30-day simple yield | 1.02 | 1.28 | 1.41 | 1.48 | 1.12 | 1.11 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of July 31, 2022 | ||||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
30-day compound yield | 1.02 | 1.29 | 1.42 | 1.49 | 1.12 | 1.11 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.19%, 1.46%, 1.58%, 1.62%, 1.29% and 1.28% for Class A, Administrator Class, Institutional Class, Select Class, Service Class and Sweep Class, respectively. |
Portfolio composition as of July 31, 20221 |
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1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
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1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
25 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
88 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.44 | $1.98 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,002.11 | $1.29 | 0.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.51 | $1.30 | 0.26% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.60 | $0.84 | 0.17% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.95 | $0.85 | 0.17% |
Select Class | ||||
Actual | $1,000.00 | $1,002.86 | $0.60 | 0.12% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $0.60 | 0.12% |
Service Class | ||||
Actual | $1,000.00 | $1,001.68 | $1.74 | 0.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $1.76 | 0.35% |
Sweep Class | ||||
Actual | $1,000.00 | $1,001.67 | $1.79 | 0.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.01 | $1.81 | 0.36% |
Interest rate | Maturity date | Principal | Value | ||
Corporate bonds and notes: 0.03% | |||||
Mitchell 2019 Irrevocable Life Insurance Trust § | 2.44% | 9-1-2059 | $ 18,495,000 | $ 18,495,000 | |
Renaissance 88 Company LP § | 2.45 | 3-1-2062 | 19,000,000 | 19,000,000 | |
Total Corporate bonds and notes (Cost $37,495,000) | 37,495,000 | ||||
Government agency debt: 10.03% | |||||
FFCB ☼ | 0.10 | 9-19-2022 | 20,000,000 | 19,997,278 | |
FFCB | 0.13 | 9-12-2022 | 425,000,000 | 424,994,715 | |
FFCB ☼ | 0.15 | 10-6-2022 | 5,000,000 | 4,998,625 | |
FFCB ☼ | 0.25 | 10-26-2022 | 15,000,000 | 14,991,042 | |
FFCB ☼ | 0.89 | 10-5-2022 | 40,000,000 | 39,935,722 | |
FFCB ☼ | 1.16 | 2-21-2023 | 35,000,000 | 34,771,917 | |
FFCB | 1.60 | 10-13-2022 | 15,000,000 | 15,044,453 | |
FFCB (U.S. SOFR +0.02%) ± | 2.30 | 6-23-2023 | 235,000,000 | 234,946,324 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 5-19-2023 | 35,000,000 | 34,998,585 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 9-20-2023 | 75,000,000 | 75,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 11-2-2023 | 25,000,000 | 24,996,828 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 12-15-2023 | 250,000,000 | 249,965,328 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 2-2-2024 | 130,000,000 | 130,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 2-5-2024 | 120,000,000 | 120,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 2-9-2024 | 125,000,000 | 125,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 2.32 | 3-4-2024 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 8-22-2023 | 110,000,000 | 110,020,557 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 9-29-2023 | 65,000,000 | 65,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 10-16-2023 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 11-9-2023 | 50,000,000 | 50,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 1-18-2024 | 115,000,000 | 115,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 2-15-2024 | 190,000,000 | 190,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 2-20-2024 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 3-1-2024 | 115,000,000 | 115,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 3-11-2024 | 95,000,000 | 95,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 4-4-2024 | 245,000,000 | 245,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 4-12-2024 | 170,000,000 | 170,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 4-26-2024 | 110,000,000 | 110,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 2.33 | 5-9-2024 | 130,000,000 | 130,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 2.34 | 1-13-2023 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 2.34 | 1-20-2023 | 98,000,000 | 98,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 2.34 | 2-9-2023 | 120,000,000 | 120,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 2.34 | 5-13-2024 | 98,250,000 | 98,258,832 | |
FFCB (U.S. SOFR +0.08%) ± | 2.36 | 10-14-2022 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.08%) ± | 2.36 | 11-3-2022 | 110,000,000 | 110,000,000 | |
FFCB (U.S. SOFR +0.09%) ± | 2.37 | 10-7-2022 | 140,000,000 | 140,000,000 | |
FFCB (U.S. Federal Funds Effective Rate +0.06%) ± | 2.39 | 1-19-2023 | 200,000,000 | 199,995,264 | |
FFCB (U.S. SOFR +0.12%) ± | 2.40 | 12-8-2023 | 50,000,000 | 50,054,770 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield (0.04)%) ± | 2.50 | 3-28-2024 | 100,000,000 | 100,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield (0.02)%) ± | 2.52 | 1-29-2024 | 50,000,000 | 50,022,609 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.02%) ± | 2.56 | 7-17-2023 | 185,000,000 | 184,977,493 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.56 | 7-27-2023 | 150,000,000 | 149,992,494 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 2.57 | 5-17-2023 | 185,000,000 | 185,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 2.60% | 8-1-2022 | $ 260,000,000 | $ 260,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 2.60 | 10-31-2022 | 100,000,000 | 100,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 2.61 | 10-19-2022 | 195,000,000 | 195,000,000 | |
FHLB | 0.13 | 8-12-2022 | 25,950,000 | 25,950,029 | |
FHLB | 0.21 | 12-2-2022 | 385,000,000 | 385,000,000 | |
FHLB | 0.21 | 12-12-2022 | 250,000,000 | 250,000,000 | |
FHLB øø | 1.02 | 3-30-2023 | 250,000,000 | 250,000,000 | |
FHLB øø | 1.13 | 3-30-2023 | 52,750,000 | 52,750,000 | |
FHLB øø | 1.13 | 3-30-2023 | 200,000,000 | 200,000,000 | |
FHLB ☼ | 1.21 | 9-19-2022 | 500,000,000 | 499,183,333 | |
FHLB øø | 1.28 | 4-5-2023 | 250,000,000 | 250,000,000 | |
FHLB øø | 1.35 | 4-12-2023 | 150,000,000 | 150,000,000 | |
FHLB | 1.38 | 2-17-2023 | 37,650,000 | 37,693,526 | |
FHLB øø | 1.85 | 5-4-2023 | 250,000,000 | 250,000,000 | |
FHLB | 1.88 | 12-9-2022 | 69,140,000 | 69,373,948 | |
FHLB | 1.98 | 2-10-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.13 | 3-10-2023 | 81,620,000 | 81,798,518 | |
FHLB | 2.28 | 6-30-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.34 | 7-3-2023 | 300,000,000 | 300,000,000 | |
FHLB | 2.40 | 7-7-2023 | 200,000,000 | 200,000,000 | |
FHLB | 2.42 | 7-7-2023 | 250,000,000 | 250,000,000 | |
FHLMC øø | 1.65 | 5-23-2023 | 350,000,000 | 350,000,000 | |
FHLMC øø | 2.00 | 5-26-2023 | 200,000,000 | 200,000,000 | |
FHLMC (U.S. SOFR +0.10%) ± | 2.38 | 9-9-2022 | 200,000,000 | 200,000,000 | |
FNMA | 1.38 | 9-6-2022 | 25,000,000 | 25,013,535 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 1-20-2027 | 51,000,000 | 51,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 1-20-2035 | 3,681,600 | 3,681,600 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 1-20-2035 | 11,044,800 | 11,044,800 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 4-20-2035 | 4,646,500 | 4,646,500 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 4-20-2035 | 16,262,750 | 16,262,750 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 11-20-2037 | 14,918,445 | 14,918,445 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.15 | 11-15-2025 | 4,863,158 | 4,863,158 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.15 | 10-15-2032 | 16,925,641 | 16,925,641 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.15 | 6-15-2034 | 14,238,889 | 14,238,889 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.30 | 7-9-2026 | 37,574,000 | 37,574,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.30 | 1-15-2030 | 11,320,754 | 11,320,754 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 11-15-2023 | 7,500,000 | 7,500,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 7-19-2027 | 6,666,667 | 6,666,667 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34% | 9-20-2027 | $ 18,749,999 | $ 18,749,999 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 7-7-2040 | 10,027,611 | 10,027,611 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 7-7-2040 | 7,839,768 | 7,839,768 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 7-7-2040 | 13,218,215 | 13,218,215 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 16,604,000 | 16,604,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 9,759,001 | 9,759,001 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 14,802,466 | 14,802,466 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 9,535,160 | 9,535,160 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 12-20-2031 | 57,441,861 | 57,441,861 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 5-15-2033 | 2,901,303 | 2,901,303 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 1-20-2035 | 9,572,160 | 9,572,160 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 1-15-2040 | 204,000 | 204,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 3-15-2030 | 18,000,000 | 18,000,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 3,754,000 | 3,754,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 1-15-2040 | 340,000 | 340,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 1-15-2040 | 136,000 | 136,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.40 | 7-5-2038 | 8,366,400 | 8,366,400 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 11-20-2037 | 11,000,000 | 11,000,000 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 9-20-2038 | 3,458,586 | 3,458,586 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 8,784,360 | 8,784,360 | |
U.S. International Development Finance Corporation Series 271 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 7-7-2040 | 18,232,020 | 18,232,020 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.35 | 12-15-2026 | 2,700,000 | 2,700,000 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 11,149,586 | 11,149,586 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 1-20-2035 | 8,283,600 | 8,283,600 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 4-20-2035 | 4,646,500 | 4,646,500 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.15 | 11-15-2033 | 18,598,291 | 18,598,291 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 2,905,700 | 2,905,700 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 5,105,440 | 5,105,440 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00% | 1-20-2035 | $ 9,111,960 | $ 9,111,960 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-2-2031 | 9,754,850 | 9,754,850 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 5,255,600 | 5,255,600 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 4-20-2035 | 8,270,770 | 8,270,770 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.34 | 7-7-2040 | 4,466,845 | 4,466,845 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 15,241,240 | 15,241,240 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.00 | 1-20-2035 | 2,669,160 | 2,669,160 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 6,006,400 | 6,006,400 | |
U.S. International Development Finance Corporation Series 8 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 11,262,000 | 11,262,000 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.15 | 5-15-2030 | 18,598,000 | 18,598,000 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 2.38 | 9-30-2031 | 3,528,760 | 3,528,760 | |
Total Government agency debt (Cost $10,703,650,541) | 10,703,650,541 | ||||
Municipal obligations: 0.02% | |||||
Colorado: 0.02% | |||||
Variable rate demand notes ø: 0.02% | |||||
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 D-2 (Housing revenue, GNMA Insured, FHLB SPA) | 2.32 | 5-1-2042 | 16,000,000 | 16,000,000 | |
Other: 0.00% | |||||
Variable rate demand notes ø: 0.00% | |||||
FHLMC MFHR Series M006 Class A (Housing revenue) | 2.45 | 10-15-2045 | 3,333,252 | 3,333,252 | |
Total Municipal obligations (Cost $19,333,252) | 19,333,252 | ||||
Other instruments: 0.15% | |||||
ASC Mercer Island LLC §øø | 2.45 | 6-1-2057 | 33,900,000 | 33,900,000 | |
Brandon Place Partners Series 2018 §øø | 2.45 | 12-1-2058 | 15,335,000 | 15,335,000 | |
Hacienda Senior Villas Series C §øø | 2.45 | 12-1-2058 | 20,575,000 | 20,575,000 | |
La Mesa Senior Living LP Secured §øø | 2.45 | 8-1-2057 | 48,125,000 | 48,125,000 | |
Plaza Patria Court Limited §øø | 2.45 | 12-1-2058 | 17,325,000 | 17,325,000 | |
Rohnert Park 668 LP Series A §øø | 2.45 | 6-1-2058 | 20,920,000 | 20,920,000 | |
Southside Brookshore §øø | 2.45 | 9-1-2059 | 5,000,000 | 5,000,000 | |
Total Other instruments (Cost $161,180,000) | 161,180,000 | ||||
Repurchase agreements^^: 58.91% | |||||
Bank of America, dated 7/29/2022, maturity value $900,165,000 (01) | 2.20 | 8-1-2022 | 900,000,000 | 900,000,000 | |
Bank of America National Association, dated 7/29/2022, maturity value $556,531,648 (02) | 2.30 | 8-1-2022 | 556,425,000 | 556,425,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Bank of Montreal, dated 11/10/2021, maturity value $50,050,333 (03) §∂øø | 0.12% | 9-8-2022 | $ 50,000,000 | $ 50,000,000 | |
Barclays Bank plc, dated 7/29/2022, maturity value $628,120,367 (04) | 2.30 | 8-1-2022 | 628,000,000 | 628,000,000 | |
BNP Paribas Securities Corporation, dated 7/29/2022, maturity value $100,019,167 (05) | 2.30 | 8-1-2022 | 100,000,000 | 100,000,000 | |
Canadian Imperial Bank of Commerce, dated 7/29/2022, maturity value $100,019,167 (06) | 2.30 | 8-1-2022 | 100,000,000 | 100,000,000 | |
Citibank National Association, dated 7/29/2022, maturity value $250,047,917 (07) | 2.30 | 8-1-2022 | 250,000,000 | 250,000,000 | |
Citibank National Association, dated 7/28/2022, maturity value $250,111,806 (08) | 2.30 | 8-4-2022 | 250,000,000 | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 7/29/2022, maturity value $1,150,220,417 (09) | 2.30 | 8-1-2022 | 1,150,000,000 | 1,150,000,000 | |
Citigroup Global Markets Incorporated, dated 7/28/2022, maturity value $250,079,861 (10) | 2.30 | 8-2-2022 | 250,000,000 | 250,000,000 | |
Daiwa Capital Markets America Incorporated, dated 7/29/2022, maturity value $500,095,833 (11) | 2.30 | 8-1-2022 | 500,000,000 | 500,000,000 | |
Deutsche Bank Securities, dated 7/29/2022, maturity value $500,095,833 (12) | 2.30 | 8-1-2022 | 500,000,000 | 500,000,000 | |
Federal Reserve Bank of New York, dated 7/29/2022, maturity value $46,508,912,500 (13) | 2.30 | 8-1-2022 | 46,500,000,000 | 46,500,000,000 | |
Goldman Sachs & Company, dated 7/29/2022, maturity value $331,027,583 (14) | 1.00 | 8-1-2022 | 331,000,000 | 331,000,000 | |
Goldman Sachs & Company, dated 7/29/2022, maturity value $100,018,500 (15) | 2.22 | 8-1-2022 | 100,000,000 | 100,000,000 | |
ING Financial Markets LLC, dated 7/28/2022, maturity value $751,588,125 (16) | 2.31 | 8-30-2022 | 750,000,000 | 750,000,000 | |
JP Morgan Securities, dated 7/29/2022, maturity value $250,047,917 (17) | 2.30 | 8-1-2022 | 250,000,000 | 250,000,000 | |
Mitsubishi Bank, dated 7/28/2022, maturity value $500,223,611 (18) | 2.30 | 8-4-2022 | 500,000,000 | 500,000,000 | |
Mizuho Bank, dated 7/29/2022, maturity value $250,047,917 (19) | 2.30 | 8-1-2022 | 250,000,000 | 250,000,000 | |
MUFG Securities Canada Limited, dated 7/29/2022, maturity value $2,000,383,333 (20) | 2.30 | 8-1-2022 | 2,000,000,000 | 2,000,000,000 | |
MUFG Securities Canada Limited, dated 7/28/2022, maturity value $1,503,176,250 (21) | 2.31 | 8-30-2022 | 1,500,000,000 | 1,500,000,000 | |
Nomura Securities Company Limited, dated 7/29/2022, maturity value $1,500,287,500 (22) | 2.30 | 8-1-2022 | 1,500,000,000 | 1,500,000,000 | |
RBC Dominion Securities, dated 7/29/2022, maturity value $600,110,000 (23) | 2.20 | 8-1-2022 | 600,000,000 | 600,000,000 | |
Royal Bank of Canada Dominion Securities, dated 7/29/2022, maturity value $1,500,287,500 (24) | 2.30 | 8-1-2022 | 1,500,000,000 | 1,500,000,000 | |
Standard Chartered Bank, dated 7/29/2022, maturity value $250,047,917 (25) | 2.30 | 8-1-2022 | 250,000,000 | 250,000,000 | |
Sumitomo Mitsui Banking Corporation, dated 5/16/2022, maturity value $423,504,385 (26) ∂ | 1.33 | 8-16-2022 | 422,069,817 | 422,069,817 | |
Sumitomo Mitsui Banking Corporation, dated 6/2/2022, maturity value $238,514,542 (27) ∂ | 1.50 | 9-2-2022 | 237,603,728 | 237,603,728 | |
Sumitomo Mitsui Banking Corporation, dated 6/16/2022, maturity value $148,495,042 (28) ∂ | 1.90 | 9-16-2022 | 147,777,500 | 147,777,500 | |
Sumitomo Mitsui Banking Corporation, dated 6/21/2022, maturity value $100,924,001 (29) ∂ | 2.08 | 9-15-2022 | 100,425,000 | 100,425,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Sumitomo Mitsui Banking Corporation, dated 7/27/2022, maturity value $414,355,829 (30) | 2.35% | 8-10-2022 | $ 413,977,500 | $ 413,977,500 | |
TD Securities USA Incorporated, dated 7/29/2022, maturity value $300,057,500 (31) | 2.30 | 8-1-2022 | 300,000,000 | 300,000,000 | |
Total Repurchase agreements (Cost $62,887,278,545) | 62,887,278,545 | ||||
U.S. Treasury securities: 27.82% | |||||
U.S. Treasury Bill ☼ | 0.11 | 10-6-2022 | 1,280,000,000 | 1,279,748,777 | |
U.S. Treasury Bill ☼ | 0.16 | 11-3-2022 | 930,000,000 | 929,618,713 | |
U.S. Treasury Bill ☼ | 0.39 | 12-29-2022 | 70,000,000 | 69,886,250 | |
U.S. Treasury Bill ☼ | 0.62 | 1-26-2023 | 40,000,000 | 39,877,773 | |
U.S. Treasury Bill ☼ | 0.97 | 8-16-2022 | 500,000,000 | 499,798,958 | |
U.S. Treasury Bill ☼ | 1.18 | 9-8-2022 | 310,000,000 | 309,921,166 | |
U.S. Treasury Bill ☼ | 1.65 | 9-22-2022 | 75,000,000 | 74,905,642 | |
U.S. Treasury Bill ☼ | 1.83 | 8-23-2022 | 250,000,000 | 249,834,694 | |
U.S. Treasury Bill ☼ | 1.86 | 10-13-2022 | 500,000,000 | 498,754,184 | |
U.S. Treasury Bill ☼ | 2.18 | 10-20-2022 | 250,000,000 | 249,301,111 | |
U.S. Treasury Bill ☼ | 2.20 | 12-15-2022 | 250,000,000 | 247,948,194 | |
U.S. Treasury Note | 0.13 | 8-31-2022 | 230,000,000 | 230,006,352 | |
U.S. Treasury Note | 0.13 | 9-30-2022 | 885,000,000 | 885,047,521 | |
U.S. Treasury Note | 0.13 | 10-31-2022 | 1,940,000,000 | 1,940,089,041 | |
U.S. Treasury Note | 0.13 | 11-30-2022 | 1,220,000,000 | 1,219,798,449 | |
U.S. Treasury Note | 0.13 | 12-31-2022 | 395,000,000 | 394,654,540 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 70,000,000 | 69,534,573 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 845,000,000 | 832,642,366 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 460,000,000 | 452,228,036 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 185,000,000 | 182,488,734 | |
U.S. Treasury Note | 1.38 | 10-15-2022 | 620,000,000 | 621,564,157 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 150,000,000 | 149,827,667 | |
U.S. Treasury Note | 1.38 | 6-30-2023 | 80,000,000 | 79,253,582 | |
U.S. Treasury Note | 1.50 | 8-15-2022 | 100,000,000 | 100,054,394 | |
U.S. Treasury Note | 1.50 | 9-15-2022 | 225,000,000 | 225,388,834 | |
U.S. Treasury Note | 1.50 | 1-15-2023 | 100,000,000 | 99,967,842 | |
U.S. Treasury Note | 1.63 | 8-15-2022 | 240,000,000 | 240,142,045 | |
U.S. Treasury Note | 1.63 | 8-31-2022 | 470,000,000 | 470,588,761 | |
U.S. Treasury Note | 1.63 | 11-15-2022 | 205,000,000 | 205,606,104 | |
U.S. Treasury Note | 1.75 | 9-30-2022 | 592,000,000 | 593,607,391 | |
U.S. Treasury Note | 1.75 | 1-31-2023 | 75,000,000 | 75,062,793 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 120,000,000 | 119,522,149 | |
U.S. Treasury Note | 1.88 | 8-31-2022 | 170,000,000 | 170,244,526 | |
U.S. Treasury Note | 1.88 | 9-30-2022 | 130,000,000 | 130,379,219 | |
U.S. Treasury Note | 1.88 | 10-31-2022 | 40,000,000 | 40,176,158 | |
U.S. Treasury Note | 2.00 | 10-31-2022 | 180,000,000 | 180,824,305 | |
U.S. Treasury Note | 2.00 | 11-30-2022 | 400,000,000 | 402,188,720 | |
U.S. Treasury Note | 2.13 | 12-31-2022 | 170,000,000 | 171,267,240 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield (0.08)%) ± | 2.46 | 4-30-2024 | 700,000,000 | 699,219,797 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 75,000,000 | 75,424,600 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield (0.02)%) ± | 2.52 | 1-31-2024 | 371,000,000 | 371,264,312 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 4-30-2023 | 3,600,000,000 | 3,600,075,503 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 7-31-2023 | 3,150,000,000 | 3,150,063,640 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 2.57% | 10-31-2023 | $ 2,190,000,000 | $ 2,190,072,222 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 2.59 | 10-31-2022 | 2,430,000,000 | 2,429,989,660 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 2.59 | 1-31-2023 | 2,300,000,000 | 2,300,225,861 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 150,000,000 | 150,786,140 | |
Total U.S. Treasury securities (Cost $29,698,872,696) | 29,698,872,696 | ||||
Total investments in securities (Cost $103,507,810,034) | 96.96% | 103,507,810,034 | |||
Other assets and liabilities, net | 3.04 | 3,246,408,610 | |||
Total net assets | 100.00% | $106,754,218,644 |
§ | The security is subject to a demand feature which reduces the effective maturity. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
øø | 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. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 1.13% to 6.25%, 8-15-2023 to 5-15-2051, fair value including accrued interest is $918,000,118. | |
(02) U.S. government securities, 3.00% to 3.50%, 7-20-2045 to 1-20-2050, fair value including accrued interest is $573,117,750. | |
(03) U.S. government securities, 0.00% to 6.88%, 8-15-2022 to 2-15-2051, fair value including accrued interest is $51,000,077. | |
(04) U.S. government securities, 0.00% to 7.63%, 7-31-2022 to 2-15-2052, fair value including accrued interest is $640,560,038. | |
(05) U.S. government securities, 2.00% to 7.00%, 4-15-2029 to 7-1-2052, fair value including accrued interest is $103,000,000. | |
(06) U.S. government securities, 1.66% to 5.50%, 10-1-2027 to 7-1-2052, fair value including accrued interest is $103,000,000. | |
(07) U.S. government securities, 2.50% to 4.00%, 5-1-2027 to 9-1-2042, fair value including accrued interest is $257,091,634. | |
(08) U.S. government securities, 0.00% to 8.00%, 9-15-2022 to 3-20-2072, fair value including accrued interest is $255,040,171. | |
(09) U.S. government securities, 2.00% to 5.50%, 2-20-2052 to 6-20-2052, fair value including accrued interest is $1,184,500,867. | |
(10) U.S. government securities, 0.13%, 5-15-2023, fair value including accrued interest is $255,000,026. | |
(11) U.S. government securities, 0.00% to 7.13%, 10-31-2022 to 7-20-2052, fair value including accrued interest is $514,576,916. | |
(12) U.S. government securities, 0.00% to 7.13%, 8-4-2022 to 6-1-2052, fair value including accrued interest is $512,232,100. | |
(13) U.S. government securities, 0.13% to 4.25%, 11-15-2022 to 11-15-2045, fair value including accrued interest is $46,508,912,588. | |
(14) U.S. government securities, 1.63%, 11-15-2050, fair value including accrued interest is $337,620,055. | |
(15) U.S. government securities, 2.50% to 4.00%, 7-20-2026 to 11-20-2050, fair value including accrued interest is $103,000,000. | |
(16) U.S. government securities, 1.50% to 8.00%, 4-1-2028 to 2-1-2057, fair value including accrued interest is $772,500,001. | |
(17) U.S. government securities, 0.88% to 7.00%, 10-25-2027 to 8-1-2052, fair value including accrued interest is $257,187,944. | |
(18) U.S. government securities, 0.00% to 9.56%, 4-1-2024 to 7-1-2052, fair value including accrued interest is $514,211,740. | |
(19) U.S. government securities, 0.00%, 8-11-2022 to 5-18-2023, fair value is $255,000,027. | |
(20) U.S. government securities, 0.00% to 7.00%, 1-5-2023 to 6-20-2072, fair value including accrued interest is $2,057,224,358. | |
(21) U.S. government securities, 0.00% to 6.50%, 8-15-2022 to 1-15-2063, fair value including accrued interest is $1,537,899,723. | |
(22) U.S. government securities, 0.00% to 8.88%, 8-15-2022 to 12-15-2042, fair value including accrued interest is $1,530,000,000. | |
(23) U.S. government securities, 1.13% to 2.88%, 4-30-2023 to 2-15-2031, fair value including accrued interest is $612,000,012. | |
(24) U.S. government securities, 0.00% to 5.50%, 3-15-2024 to 5-20-2052, fair value including accrued interest is $1,541,683,220. | |
(25) U.S. government securities, 0.13% to 4.75%, 11-30-2022 to 2-20-2052, fair value including accrued interest is $255,162,072. | |
(26) U.S. government securities, 2.25% to 4.00%, 11-20-2043 to 2-15-2052, fair value including accrued interest is $433,086,389. | |
(27) U.S. government securities, 1.25% to 3.50%, 7-31-2023 to 2-15-2052, fair value including accrued interest is $243,741,044. | |
(28) U.S. government securities, 3.50%, 7-1-2047 to 5-1-2048, fair value including accrued interest is $152,280,805. | |
(29) U.S. government securities, 3.50%, 1-20-2050, fair value including accrued interest is $103,477,910. | |
(30) U.S. government securities, 1.63%, 8-15-2029, fair value including accrued interest is $422,346,727. | |
(31) U.S. government securities, 2.50% to 5.00%, 8-25-2051 to 7-1-2052, fair value including accrued interest is $309,000,000. | |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
HFA | Housing Finance Authority |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 40,620,531,489 |
Investments in repurchase agreements, at amortized cost | 62,887,278,545 |
Cash | 765,547 |
Receivable for investments sold | 3,165,000,000 |
Receivable for interest | 144,723,528 |
Receivable for Fund shares sold | 1,845,111 |
Prepaid expenses and other assets | 2,315,658 |
Total assets | 106,822,459,878 |
Liabilities | |
Dividends payable | 59,305,830 |
Administration fees payable | 4,829,872 |
Management fee payable | 1,635,743 |
Payable for Fund shares redeemed | 1,480,310 |
Distribution fee payable | 95,440 |
Trustees’ fees and expenses payable | 633 |
Accrued expenses and other liabilities | 893,406 |
Total liabilities | 68,241,234 |
Total net assets | $106,754,218,644 |
Net assets consist of | |
Paid-in capital | $ 106,754,991,894 |
Total distributable loss | (773,250) |
Total net assets | $106,754,218,644 |
Computation of net asset value per share | |
Net assets – Class A | $ 328,246,380 |
Shares outstanding – Class A1 | 328,250,583 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 3,230,206,013 |
Shares outstanding – Administrator Class1 | 3,230,099,122 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 30,219,105,221 |
Shares outstanding – Institutional Class1 | 30,219,642,267 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 70,227,505,614 |
Shares outstanding – Select Class1 | 70,227,846,777 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,599,873,101 |
Shares outstanding – Service Class1 | 1,599,898,333 |
Net asset value per share – Service Class | $1.00 |
Net assets – Sweep Class | $ 1,149,282,315 |
Shares outstanding – Sweep Class1 | 1,149,316,716 |
Net asset value per share – Sweep Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 386,376,639 |
Expenses | |
Management fee | 75,268,012 |
Administration fees | |
Class A | 348,795 |
Administrator Class | 1,660,458 |
Institutional Class | 14,265,586 |
Select Class | 15,439,637 |
Service Class | 1,083,960 |
Sweep Class | 172,189 |
Shareholder servicing fees | |
Class A | 396,358 |
Administrator Class | 1,660,458 |
Service Class | 2,258,250 |
Sweep Class | 1,434,904 |
Distribution fee | |
Sweep Class | 573,962 |
Custody and accounting fees | 3,292,850 |
Professional fees | 42,640 |
Registration fees | 1,997,554 |
Shareholder report expenses | 58,680 |
Trustees’ fees and expenses | 10,172 |
Other fees and expenses | 710,465 |
Total expenses | 120,674,930 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (29,983,751) |
Class A | (162,238) |
Administrator Class | (470,901) |
Select Class | (3,888,412) |
Service Class | (714,011) |
Sweep Class | (455,187) |
Net expenses | 85,000,430 |
Net investment income | 301,376,209 |
Net realized losses on investments | (982,655) |
Net increase in net assets resulting from operations | $300,393,554 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 301,376,209 | $ 30,303,368 | ||
Net realized gains (losses) on investments | (982,655) | 425,866 | ||
Net increase in net assets resulting from operations | 300,393,554 | 30,729,234 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (464,876) | (32,156) | ||
Administrator Class | (6,548,306) | (407,833) | ||
Institutional Class | (84,413,763) | (4,315,675) | ||
Select Class | (205,245,939) | (25,942,933) | ||
Service Class | (2,793,906) | (201,661) | ||
Sweep Class | (1,909,416) | (89,466) | ||
Total distributions to shareholders | (301,376,206) | (30,989,724) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 44,155,233 | 44,155,233 | 101,363,824 | 101,363,824 |
Administrator Class | 10,331,907,425 | 10,331,907,425 | 21,325,222,248 | 21,325,222,248 |
Institutional Class | 70,289,509,677 | 70,289,509,677 | 197,535,730,467 | 197,535,730,467 |
Select Class | 420,366,573,613 | 420,366,573,613 | 1,160,483,999,071 | 1,160,483,999,071 |
Service Class | 21,910,986,352 | 21,910,986,352 | 77,872,528,777 | 77,872,528,777 |
Sweep Class | 3,676,118,302 | 3,676,118,302 | 7,001,689,901 | 7,001,689,901 |
526,619,250,602 | 1,464,320,534,288 | |||
Reinvestment of distributions | ||||
Class A | 462,605 | 462,605 | 31,866 | 31,866 |
Administrator Class | 2,630,177 | 2,630,177 | 188,849 | 188,849 |
Institutional Class | 27,094,449 | 27,094,449 | 1,487,445 | 1,487,445 |
Select Class | 127,263,895 | 127,263,895 | 16,408,984 | 16,408,984 |
Service Class | 239,262 | 239,262 | 19,548 | 19,548 |
Sweep Class | 1,909,416 | 1,909,416 | 89,474 | 89,474 |
159,599,804 | 18,226,166 | |||
Payment for shares redeemed | ||||
Class A | (32,825,536) | (32,825,536) | (91,800,580) | (91,800,580) |
Administrator Class | (12,131,686,901) | (12,131,686,901) | (20,838,430,663) | (20,838,430,663) |
Institutional Class | (80,175,364,769) | (80,175,364,769) | (200,342,145,260) | (200,342,145,260) |
Select Class | (435,463,179,040) | (435,463,179,040) | (1,170,469,084,534) | (1,170,469,084,534) |
Service Class | (22,184,712,858) | (22,184,712,858) | (77,862,043,660) | (77,862,043,660) |
Sweep Class | (3,630,535,212) | (3,630,535,212) | (5,901,420,153) | (5,901,420,153) |
(553,618,304,316) | (1,475,504,924,850) | |||
Net decrease in net assets resulting from capital share transactions | (26,839,453,910) | (11,166,164,396) | ||
Total decrease in net assets | (26,840,436,562) | (11,166,424,886) | ||
Net assets | ||||
Beginning of period | 133,594,655,206 | 144,761,080,092 | ||
End of period | $ 106,754,218,644 | $ 133,594,655,206 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.14% | 0.01% | 0.13% | 1.59% | 1.38% | 0.38% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.61% | 0.60% | 0.60% | 0.61% | 0.61% | 0.61% |
Net expenses | 0.40% * | 0.07% * | 0.28% * | 0.60% | 0.60% | 0.61% |
Net investment income | 0.07% | 0.01% | 0.13% | 1.56% | 1.39% | 0.38% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $328,246 | $316,459 | $306,864 | $366,601 | $311,616 | $264,735 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.20% |
Year ended January 31, 2022 | 0.53% |
Year ended January 31, 2021 | 0.32% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.21% | 0.01% | 0.17% | 1.85% | 1.65% | 0.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.34% | 0.33% | 0.33% | 0.34% | 0.34% | 0.34% |
Net expenses | 0.26% * | 0.07% * | 0.22% * | 0.34% | 0.34% | 0.34% |
Net investment income | 0.10% | 0.01% | 0.14% | 1.81% | 1.67% | 0.72% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $3,230,206 | $5,027,252 | $4,540,262 | $3,893,928 | $2,411,490 | $1,554,764 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.08% |
Year ended January 31, 2022 | 0.27% |
Year ended January 31, 2021 | 0.11% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.26% | 0.01% | 0.22% | 1.99% | 1.79% | 0.79% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.22% | 0.21% | 0.21% | 0.22% | 0.22% | 0.22% |
Net expenses | 0.17% * | 0.07% * | 0.18% * | 0.20% | 0.20% | 0.20% |
Net investment income | 0.12% | 0.01% | 0.16% | 1.97% | 1.79% | 0.79% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $30,219,105 | $40,078,395 | $42,883,663 | $29,289,517 | $26,000,569 | $21,931,321 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.03% |
Year ended January 31, 2022 | 0.13% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Select Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.29% | 0.03% | 0.26% | 2.05% | 1.85% | 0.85% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.18% | 0.17% | 0.17% | 0.18% | 0.18% | 0.18% |
Net expenses | 0.12% * | 0.05% * | 0.14% | 0.14% | 0.14% | 0.14% |
Net investment income | 0.13% | 0.03% | 0.19% | 2.02% | 1.82% | 0.86% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $70,227,506 | $85,197,344 | $95,165,936 | $51,954,718 | $45,335,385 | $46,288,730 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.02% |
Year ended January 31, 2022 | 0.09% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.17% | 0.01% | 0.14% | 1.69% | 1.48% | 0.49% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.51% | 0.50% | 0.50% | 0.51% | 0.51% | 0.51% |
Net expenses | 0.35% * | 0.07% * | 0.25% * | 0.50% | 0.50% | 0.50% |
Net investment income | 0.08% | 0.01% | 0.13% | 1.67% | 1.45% | 0.48% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,599,873 | $1,873,382 | $1,862,889 | $1,994,923 | $1,856,426 | $2,506,898 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.15% |
Year ended January 31, 2022 | 0.43% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | |||
Sweep Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.00 2 | 0.00 2 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.00 2 | 0.00 2 |
Distributions to shareholders from | |||
Net investment income | (0.00) 2 | (0.00) 2 | (0.00) 2 |
Net realized gains | 0.00 | (0.00) 2 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.00) 2 | (0.00) 2 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 |
Total return3 | 0.17% | 0.01% | 0.01% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.52% | 0.51% | 0.56% |
Net expenses | 0.36% * | 0.06% * | 0.13% * |
Net investment income | 0.08% | 0.01% | 0.01% |
Supplemental data | |||
Net assets, end of period (000s omitted) | $1,149,282 | $1,101,824 | $1,465 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.14% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 20211 | 0.37% |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Corporate bonds and notes | $0 | $ 37,495,000 | $0 | $ 37,495,000 |
Government agency debt | 0 | 10,703,650,541 | 0 | 10,703,650,541 |
Municipal obligations | 0 | 19,333,252 | 0 | 19,333,252 |
Other instruments | 0 | 161,180,000 | 0 | 161,180,000 |
Repurchase agreements | 0 | 62,887,278,545 | 0 | 62,887,278,545 |
U.S. Treasury securities | 0 | 29,698,872,696 | 0 | 29,698,872,696 |
Total assets | $0 | $103,507,810,034 | $0 | $103,507,810,034 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.50 |
Sweep Class | 0.50 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA303/SAR303 07-22
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■ | Allspring Heritage Money Market Fund |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (SHMXX) | 6-29-1995 | 0.28 | 1.02 | 0.59 | 0.36 | 0.33 |
Institutional Class (SHIXX) | 3-31-2000 | 0.33 | 1.12 | 0.66 | 0.24 | 0.20 |
Select Class (WFJXX) | 6-29-2007 | 0.37 | 1.18 | 0.73 | 0.20 | 0.13 |
Service Class (WHTXX) | 6-30-2010 | 0.24 | 0.95 | 0.54 | 0.53 | 0.43 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.33% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class and 0.43% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of July 31, 2022 | ||||
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 1.78 | 1.90 | 1.97 | 1.69 |
7-day compound yield | 1.80 | 1.92 | 1.99 | 1.70 |
30-day simple yield | 1.49 | 1.62 | 1.69 | 1.39 |
30-day compound yield | 1.50 | 1.63 | 1.70 | 1.40 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.75%, 1.86%, 1.90% and 1.58% for Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389717img3dcc36f34.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389717img6ce47e775.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
12 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
44 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,002.72 | $1.44 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.36 | $1.45 | 0.29% |
Institutional Class | ||||
Actual | $1,000.00 | $1,003.21 | $0.99 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.80 | $1.00 | 0.20% |
Select Class | ||||
Actual | $1,000.00 | $1,003.54 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,002.36 | $1.79 | 0.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.01 | $1.81 | 0.36% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 28.16% | |||||
ABN Amro Bank NV | 2.32% | 8-1-2022 | $ 50,000,000 | $ 50,000,000 | |
Australia & New Zealand Banking Group Limited | 2.32 | 8-1-2022 | 80,000,000 | 80,000,000 | |
Banco Santander (U.S. SOFR +0.19%) ± | 2.47 | 8-3-2022 | 30,000,000 | 30,000,670 | |
Banco Santander (U.S. SOFR +0.45%) ± | 2.73 | 11-9-2022 | 50,000,000 | 49,989,336 | |
Bank of Montreal (U.S. SOFR +0.75%) ±%% | 3.02 | 8-1-2023 | 35,000,000 | 34,996,171 | |
BNP Paribas (U.S. SOFR +0.13%) ± | 2.41 | 8-2-2022 | 35,000,000 | 35,000,440 | |
Cooperatieve Centrale (U.S. SOFR +0.20%) ± | 2.48 | 11-23-2022 | 35,000,000 | 34,974,641 | |
Cooperatieve Centrale (U.S. SOFR +0.42%) ± | 2.70 | 12-27-2022 | 35,000,000 | 34,993,715 | |
Credit Agricole Corporate and Investment Bank of New York | 2.31 | 8-1-2022 | 90,000,000 | 90,000,000 | |
HSBC Bank USA NA | 2.32 | 8-1-2022 | 80,000,000 | 80,000,000 | |
Mitsubishi UFJ Trust & Banking (U.S. SOFR +0.18%) ± | 2.46 | 8-15-2022 | 35,000,000 | 35,000,266 | |
Mizuho Bank Limited | 2.32 | 8-1-2022 | 125,000,000 | 125,000,000 | |
Nordea Bank AB (U.S. SOFR +0.55%) ± | 2.83 | 1-20-2023 | 65,000,000 | 64,995,240 | |
Norinchukin Bank (U.S. SOFR +0.32%) ± | 2.60 | 8-22-2022 | 30,000,000 | 30,002,119 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.35%) ± | 2.63 | 10-20-2022 | 35,000,000 | 35,000,463 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.44%) ± | 2.72 | 9-26-2022 | 30,000,000 | 30,005,737 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.56%) ± | 2.84 | 1-27-2023 | 25,000,000 | 24,994,864 | |
Standard Chartered Bank (U.S. SOFR +0.15%) ± | 2.43 | 10-17-2022 | 30,000,000 | 29,981,385 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.33%) ± | 1.86 | 8-1-2022 | 18,000,000 | 18,000,482 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.18%) ± | 2.46 | 8-10-2022 | 33,000,000 | 33,001,032 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.45%) ± | 2.73 | 12-7-2022 | 30,000,000 | 30,005,497 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.18%) ± | 2.46 | 8-11-2022 | 35,000,000 | 35,001,086 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.62%) ± | 2.90 | 2-2-2023 | 50,000,000 | 50,000,167 | |
Svenska Handelsbanken (U.S. SOFR +0.17%) ± | 2.45 | 9-9-2022 | 35,000,000 | 34,995,172 | |
Svenska Handelsbanken (U.S. SOFR +0.51%) ± | 2.79 | 3-28-2023 | 30,000,000 | 29,977,250 | |
Svenska Handelsbanken (U.S. SOFR +0.55%) ± | 2.83 | 1-23-2023 | 15,000,000 | 14,998,809 | |
Toronto Dominion Bank (U.S. SOFR +0.16%) ± | 1.69 | 8-19-2022 | 35,000,000 | 34,996,548 | |
Toronto Dominion Bank (U.S. SOFR +0.20%) ± | 1.73 | 11-8-2022 | 35,000,000 | 34,982,235 | |
Toronto Dominion Bank | 2.79 | 1-6-2023 | 25,000,000 | 24,997,943 | |
Total Certificates of deposit (Cost $1,235,983,730) | 1,235,891,268 |
Closed end municipal bond fund obligations: 1.00% | |||||
Nuveen Credit Strategies Income Fund Preferred Shares Series A (160 shares) 2.47% 144Aø | 16,000,000 | 16,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Series A (230 shares) 2.47% 144Aø | 23,000,000 | 23,000,000 | |||
Nuveen Preferred & Income Securities Fund Preferred Shares (50 shares) 2.47% 144Aø | 5,000,000 | 5,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $44,000,000) | 44,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Commercial paper: 40.28% | |||||
Asset-backed commercial paper: 17.59% | |||||
Angelsea Funding LLC (U.S. SOFR +0.32%) 144A± | 2.60% | 9-30-2022 | $ 55,000,000 | $ 54,991,841 | |
Atlantic Asset Securitization LLC 144A☼ | 1.77 | 8-1-2022 | 40,000,000 | 39,992,353 | |
Bennington Sark Capital Company ☼ | 1.88 | 8-4-2022 | 30,000,000 | 29,988,455 | |
Collateralized Commercial Paper V Company LLC ☼ | 2.03 | 11-10-2022 | 30,000,000 | 29,743,813 | |
Collateralized Commercial Paper V Company LLC (U.S. SOFR +0.59%) ± | 2.87 | 9-19-2022 | 20,000,000 | 20,008,999 | |
Concord Minutemen Capital Company ☼ | 2.13 | 8-2-2022 | 50,000,000 | 49,987,245 | |
Concord Minutemen Capital Company 144A☼ | 2.35 | 8-4-2022 | 20,000,000 | 19,992,337 | |
Concord Minutemen Capital Company ☼ | 2.35 | 8-5-2022 | 40,000,000 | 39,982,111 | |
Institutional Secured Funding LLC ☼ | 2.26 | 8-2-2022 | 20,000,000 | 19,994,747 | |
Institutional Secured Funding LLC ☼ | 2.26 | 8-3-2022 | 20,000,000 | 19,993,408 | |
Institutional Secured Funding LLC ☼ | 2.37 | 8-4-2022 | 40,000,000 | 39,984,127 | |
Legacy Capital Company 144A☼ | 1.46 | 8-3-2022 | 50,000,000 | 49,983,799 | |
Legacy Capital Company 144A☼ | 1.46 | 8-4-2022 | 30,000,000 | 29,988,295 | |
Lexington Parker Capital Company LLC 144A☼ | 2.35 | 8-4-2022 | 50,000,000 | 49,980,842 | |
LMA Americas LLC 144A☼ | 1.81 | 9-23-2022 | 18,700,000 | 18,627,423 | |
LMA Americas LLC 144A☼ | 2.23 | 12-1-2022 | 30,000,000 | 29,664,792 | |
Mountcliff Funding LLC (U.S. SOFR +0.47%) 144A± | 2.00 | 11-1-2022 | 50,000,000 | 50,000,639 | |
Mountcliff Funding LLC ☼ | 2.35 | 8-4-2022 | 35,000,000 | 34,986,589 | |
Old Line Funding LLC (U.S. SOFR +0.16%) 144A± | 1.69 | 8-18-2022 | 44,500,000 | 44,499,771 | |
Ridgefield Funding Company LLC ☼ | 3.07 | 12-22-2022 | 20,000,000 | 19,734,686 | |
Ridgefield Funding Company LLC (U.S. SOFR +0.40%) 144A± | 2.68 | 10-6-2022 | 35,000,000 | 34,999,172 | |
Victory Receivables Corporation 144A☼ | 1.40 | 8-4-2022 | 45,000,000 | 44,982,608 | |
772,108,052 | |||||
Financial company commercial paper: 18.91% | |||||
Alpine Securitization ☼ | 2.61 | 9-29-2022 | 45,000,000 | 44,800,120 | |
Australia & New Zealand Banking Group Limited (U.S. SOFR +0.50%) 144A± | 2.78 | 3-29-2023 | 35,000,000 | 34,976,164 | |
Bank of Montreal | 2.90 | 4-4-2023 | 35,000,000 | 34,992,597 | |
Bank of Nova Scotia (U.S. SOFR +0.42%) 144A± | 2.70 | 11-1-2022 | 35,000,000 | 35,000,908 | |
Bank of Nova Scotia (U.S. SOFR +0.50%) 144A± | 2.78 | 12-23-2022 | 35,000,000 | 35,001,826 | |
Barton Capital SA (U.S. SOFR +0.45%) 144A± | 2.73 | 11-22-2022 | 30,000,000 | 29,993,154 | |
Barton Capital SA (U.S. SOFR +0.47%) 144A± | 2.75 | 12-5-2022 | 15,000,000 | 14,996,303 | |
Charta LLC ☼ | 2.53 | 9-15-2022 | 25,000,000 | 24,917,600 | |
Chesham Finance Limited ☼## | 2.32 | 8-1-2022 | 75,000,000 | 74,985,663 | |
Credit Agricole Corporate and Investment Bank of New York | 1.39 | 8-1-2022 | 30,000,000 | 29,994,242 | |
DBS Bank Limited 144A | 1.74 | 8-1-2022 | 50,000,000 | 49,990,496 | |
Erste Finance LLC ☼ | 2.32 | 8-1-2022 | 71,000,000 | 70,986,268 | |
Mitsubishi Corporation ☼ | 2.44 | 8-26-2022 | 55,000,000 | 54,899,258 | |
Mitsubishi Corporation ☼ | 2.66 | 9-26-2022 | 35,000,000 | 34,857,400 | |
National Bank of Canada (U.S. SOFR +0.34%) 144A± | 2.62 | 10-7-2022 | 35,000,000 | 35,002,009 | |
Royal Bank of Canada (U.S. SOFR +0.44%) 144A± | 2.72 | 12-19-2022 | 30,000,000 | 29,990,168 | |
Royal Bank of Canada (U.S. SOFR +0.50%) 144A± | 2.78 | 3-2-2023 | 30,000,000 | 29,982,683 | |
The Fédération des caisses Desjardins du Québec ☼ | 2.58 | 9-28-2022 | 45,000,000 | 44,804,190 | |
The Fédération des caisses Desjardins du Québec (U.S. SOFR +0.35%) 144A± | 2.63 | 10-21-2022 | 35,000,000 | 34,995,202 | |
Toyota Credit de Puerto Rico Corporation (U.S. SOFR +0.41%) ± | 1.94 | 10-7-2022 | 20,000,000 | 19,999,713 |
Interest rate | Maturitydate | Principal | Value | ||
Financial company commercial paper (continued) | |||||
Toyota Motor Credit Corporation (U.S. SOFR +0.15%) (U.S. SOFR +0.15%) ± | 2.43% | 8-15-2022 | $ 25,000,000 | $ 24,998,848 | |
United Overseas Bank Limited ☼ | 2.39 | 9-23-2022 | 40,000,000 | 39,833,804 | |
829,998,616 | |||||
Other commercial paper: 3.78% | |||||
Nieuw Amsterdam Receivables Corporation BV 144A☼ | 1.38 | 8-3-2022 | 76,000,000 | 75,975,542 | |
Regents of University of California ☼ | 2.46 | 9-14-2022 | 10,000,000 | 9,970,056 | |
Singapore Technologies Engineering Limited ☼ | 2.55 | 9-22-2022 | 80,000,000 | 79,690,167 | |
165,635,765 | |||||
Total Commercial paper (Cost $1,768,293,103) | 1,767,742,433 | ||||
Municipal obligations: 13.49% | |||||
Arizona: 1.73% | |||||
Variable rate demand notes ø: 1.73% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-004 (Health revenue, Barclays Bank plc LOC) 144A | 2.55 | 11-15-2054 | 9,315,000 | 9,315,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 2.59 | 2-15-2041 | 66,660,189 | 66,660,189 | |
75,975,189 | |||||
Colorado: 2.23% | |||||
Variable rate demand notes ø: 2.23% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 2.36 | 5-1-2052 | 82,005,000 | 82,005,000 | |
Colorado HFA Single Family Mortgage Bonds Class II Series 2021-I (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 2.32 | 11-1-2051 | 16,000,000 | 16,000,000 | |
98,005,000 | |||||
Georgia: 2.44% | |||||
Variable rate demand notes ø: 2.44% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2015A (Industrial development revenue, Korea Development Bank LOC) | 2.39 | 12-1-2022 | 73,000,000 | 73,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2015B (Industrial development revenue, Korea Development Bank LOC) | 2.39 | 12-1-2022 | 34,000,000 | 34,000,000 | |
107,000,000 | |||||
Illinois: 0.36% | |||||
Variable rate demand notes ø: 0.36% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XFT993 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 2.52 | 5-15-2050 | 16,000,000 | 16,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Kansas: 0.20% | |||||
Variable rate demand notes ø: 0.20% | |||||
Olathe KS Multi-Modal-Diamant Boart Series B (Industrial development revenue, Svenska HandelsBanken LOC) | 2.45% | 3-1-2027 | $ 8,900,000 | $ 8,900,000 | |
Kentucky: 0.52% | |||||
Variable rate demand notes ø: 0.52% | |||||
Kentucky Housing Corporation Series B (Housing revenue, Kentucky Housing Corporation SPA) | 2.35 | 7-1-2041 | 23,000,000 | 23,000,000 | |
Minnesota: 0.46% | |||||
Variable rate demand notes ø: 0.46% | |||||
Minnesota Housing Finance Agency Series 2022H (Housing revenue, FHLB SPA) | 2.35 | 7-1-2052 | 20,000,000 | 20,000,000 | |
New Hampshire: 1.28% | |||||
Variable rate demand notes ø: 1.28% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 2.39 | 10-1-2028 | 56,000,000 | 56,000,000 | |
New York: 2.07% | |||||
Variable rate demand notes ø: 2.07% | |||||
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 2.40 | 3-15-2040 | 4,000,000 | 4,000,000 | |
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 2.40 | 3-15-2040 | 16,000,000 | 16,000,000 | |
New York Municipal Water Finance Authority Series T-30001-I (Water & sewer revenue, Citibank NA LIQ) 144A | 2.40 | 6-15-2044 | 16,000,000 | 16,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 2.55 | 5-15-2056 | 40,035,000 | 40,035,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-TPG020 (Tax revenue, Bank of America NA LIQ) 144A | 2.47 | 1-1-2023 | 15,000,000 | 15,000,000 | |
91,035,000 | |||||
Other: 2.20% | |||||
Variable rate demand notes ø: 2.20% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (Health revenue, Barclays Bank plc LOC) 144A | 2.55 | 12-1-2030 | 1,005,000 | 1,005,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (Health revenue, Barclays Bank plc LOC) 144A | 2.41% | 9-1-2030 | $ 8,855,000 | $ 8,855,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 2.55 | 9-1-2030 | 86,540,000 | 86,540,000 | |
96,400,000 | |||||
Total Municipal obligations (Cost $592,315,189) | 592,315,189 | ||||
Other instruments: 4.81% | |||||
Altoona Blair County Development Corporation 144A§øø | 2.35 | 4-1-2035 | 12,000,000 | 12,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 2.35 | 9-1-2038 | 14,850,000 | 14,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 2.35 | 9-1-2038 | 39,350,000 | 39,350,000 | |
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 2.45 | 4-1-2026 | 15,000,000 | 15,000,000 | |
Keep Memory Alive §øø | 2.35 | 5-1-2037 | 30,270,000 | 30,270,000 | |
Ken-Vin Life Company LLC §øø | 2.44 | 12-1-2059 | 19,645,000 | 19,645,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 2.44 | 4-1-2071 | 14,000,000 | 14,000,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 2.45 | 6-1-2041 | 24,790,000 | 24,790,000 | |
Morris Family Insurance Trust §øø | 2.44 | 10-1-2059 | 3,350,000 | 3,350,000 | |
New Grammercy LLC §øø | 2.45 | 2-1-2061 | 15,000,000 | 15,000,000 | |
Rock Hill SI LLC §øø | 2.45 | 6-1-2061 | 23,000,000 | 23,000,000 | |
Total Other instruments (Cost $211,255,000) | 211,255,000 | ||||
Other notes: 3.13% | |||||
Corporate bonds and notes: 3.13% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 2.45 | 6-1-2038 | 44,000,000 | 44,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 2.55 | 4-1-2047 | 55,965,000 | 55,965,000 | |
Jets Stadium Finance 144A§øø | 2.55 | 4-1-2047 | 22,025,000 | 22,025,000 | |
VPM Linden Manor LP §øø | 2.45 | 9-1-2060 | 15,200,000 | 15,200,000 | |
Total Other notes (Cost $137,190,000) | 137,190,000 | ||||
Repurchase agreements^^: 8.36% | |||||
Bank of America NA, dated 7-29-2022, maturity value $217,191,620 (01) | 2.30 | 8-1-2022 | 217,150,000 | 217,150,000 | |
TD Securities USA Incorporated, dated 7-29-2022, maturity value $150,028,750 (02) | 2.30 | 8-1-2022 | 150,000,000 | 150,000,000 | |
Total Repurchase agreements (Cost $367,150,000) | 367,150,000 | ||||
Total investments in securities (Cost $4,356,187,022) | 99.23% | 4,355,543,890 | |||
Other assets and liabilities, net | 0.77 | 33,576,906 | |||
Total net assets | 100.00% | $4,389,120,796 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | 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. |
^^ | Collateralized by: |
(01) U.S. government securities, 3.00% to 3.50%, 7-20-2045 to 1-20-2050, fair value including accrued interest is $223,664,500. | |
(02) U.S. government securities, 2.50% to 5.00%, 8-25-2051 to 7-1-2052, fair value including accrued interest is $154,500,000. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLB | Federal Home Loan Bank |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $4,356,187,022) | $ 4,355,543,890 |
Cash | 50,368 |
Receivable for investments sold | 65,922,458 |
Receivable for interest | 3,887,387 |
Receivable for Fund shares sold | 20,450 |
Prepaid expenses and other assets | 33,054 |
Total assets | 4,425,457,607 |
Liabilities | |
Payable for when-issued transactions | 35,000,000 |
Dividends payable | 570,716 |
Management fee payable | 293,816 |
Administration fees payable | 177,428 |
Payable for Fund shares redeemed | 9,502 |
Trustees’ fees and expenses payable | 2,892 |
Accrued expenses and other liabilities | 282,457 |
Total liabilities | 36,336,811 |
Total net assets | $4,389,120,796 |
Net assets consist of | |
Paid-in capital | $ 4,391,707,477 |
Total distributable loss | (2,586,681) |
Total net assets | $4,389,120,796 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 101,557,253 |
Shares outstanding – Administrator Class1 | 101,532,064 |
Net asset value per share – Administrator Class | $1.0002 |
Net assets – Institutional Class | $ 547,284,707 |
Shares outstanding – Institutional Class1 | 547,147,116 |
Net asset value per share – Institutional Class | $1.0003 |
Net assets – Select Class | $ 3,633,048,946 |
Shares outstanding – Select Class1 | 3,631,789,782 |
Net asset value per share – Select Class | $1.0003 |
Net assets – Service Class | $ 107,229,890 |
Shares outstanding – Service Class1 | 107,214,067 |
Net asset value per share – Service Class | $1.0001 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 19,945,230 |
Expenses | |
Management fee | 3,627,144 |
Administration fees | |
Administrator Class | 58,653 |
Institutional Class | 238,356 |
Select Class | 802,032 |
Service Class | 72,384 |
Shareholder servicing fees | |
Administrator Class | 58,653 |
Service Class | 150,799 |
Custody and accounting fees | 174,262 |
Professional fees | 40,789 |
Registration fees | 40,093 |
Shareholder report expenses | 15,623 |
Trustees’ fees and expenses | 10,172 |
Other fees and expenses | 54,528 |
Total expenses | 5,343,488 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,164,474) |
Administrator Class | (14,562) |
Select Class | (527,637) |
Service Class | (54,552) |
Net expenses | 3,582,263 |
Net investment income | 16,362,967 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (18,227) |
Net change in unrealized gains (losses) on investments | (668,747) |
Net realized and unrealized gains (losses) on investments | (686,974) |
Net increase in net assets resulting from operations | $15,675,993 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 16,362,967 | $ 2,288,509 | ||
Net realized gains (losses) on investments | (18,227) | 82,528 | ||
Net change in unrealized gains (losses) on investments | (668,747) | (496,573) | ||
Net increase in net assets resulting from operations | 15,675,993 | 1,874,464 | ||
Payment from affiliate | 0 | 1,808,392 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (304,801) | (12,502) | ||
Institutional Class | (1,899,102) | (86,623) | ||
Select Class | (13,890,397) | (2,177,520) | ||
Service Class | (268,668) | (11,864) | ||
Total distributions to shareholders | (16,362,968) | (2,288,509) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 35,889,966 | 35,901,988 | 93,914,370 | 93,954,103 |
Institutional Class | 1,630,768,725 | 1,631,325,029 | 2,738,058,572 | 2,739,217,888 |
Select Class | 6,447,756,808 | 6,450,541,981 | 15,622,488,773 | 15,630,572,259 |
Service Class | 216,725,464 | 216,783,206 | 657,349,101 | 657,531,937 |
8,334,552,204 | 19,121,276,187 | |||
Reinvestment of distributions | ||||
Administrator Class | 288,524 | 288,617 | 12,035 | 12,040 |
Institutional Class | 1,688,408 | 1,688,962 | 81,153 | 81,187 |
Select Class | 12,352,524 | 12,357,878 | 1,904,174 | 1,905,169 |
Service Class | 229,983 | 230,034 | 9,488 | 9,490 |
14,565,491 | 2,007,886 | |||
Payment for shares redeemed | ||||
Administrator Class | (66,131,570) | (66,154,178) | (113,886,118) | (113,934,702) |
Institutional Class | (1,764,022,639) | (1,764,628,254) | (2,963,747,935) | (2,964,979,464) |
Select Class | (7,199,492,084) | (7,202,683,579) | (19,930,356,193) | (19,940,662,649) |
Service Class | (237,965,148) | (238,028,425) | (670,596,763) | (670,804,688) |
(9,271,494,436) | (23,690,381,503) | |||
Net asset value of shares issued in acquisition | ||||
Administrator Class | 0 | 0 | 74,725,415 | 74,759,591 |
Institutional Class | 0 | 0 | 109,981,768 | 110,028,740 |
Select Class | 0 | 0 | 208,219,903 | 208,338,708 |
Service Class | 0 | 0 | 99,315,488 | 99,370,192 |
0 | 492,497,231 | |||
Net decrease in net assets resulting from capital share transactions | (922,376,741) | (4,074,600,199) | ||
Total decrease in net assets | (923,063,716) | (4,073,205,852) | ||
Net assets | ||||
Beginning of period | 5,312,184,512 | 9,385,390,364 | ||
End of period | $ 4,389,120,796 | $ 5,312,184,512 |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0004 | $1.0003 | $1.0005 | $1.0004 | $1.0003 | $1.0003 |
Net investment income | 0.0028 | 0.0001 | 0.0033 | 0.0203 | 0.0188 | 0.0096 |
Net realized and unrealized gains (losses) on investments | (0.0002) | 0.0000 1 | (0.0002) | 0.0001 | 0.0001 | 0.0000 1 |
Total from investment operations | 0.0026 | 0.0001 | 0.0031 | 0.0204 | 0.0189 | 0.0096 |
Payment from affiliate | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | ||||||
Net investment income | (0.0028) | (0.0001) | (0.0033) | (0.0203) | (0.0188) | (0.0096) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 |
Total distributions to shareholders | (0.0028) | (0.0001) | (0.0033) | (0.0203) | (0.0188) | (0.0096) |
Net asset value, end of period | $1.0002 | $1.0004 | $1.0003 | $1.0005 | $1.0004 | $1.0003 |
Total return2 | 0.26 % | 0.02% 3 | 0.32% | 2.05% | 1.91% | 0.96% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.36% | 0.36% | 0.35% | 0.35% | 0.36% | 0.40% |
Net expenses | 0.29% * | 0.15% * | 0.29% * | 0.33% | 0.33% | 0.32% |
Net investment income | 0.52% | 0.01% | 0.39% | 2.01% | 1.87% | 0.96% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $101,557 | $131,539 | $76,740 | $113,555 | $92,671 | $92,542 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.04% |
Year ended January 31, 2022 | 0.18% |
Year ended January 31, 2021 | 0.03% |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.01% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0004 | $1.0003 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Net investment income | 0.0033 | 0.0001 | 0.0041 | 0.0216 | 0.0202 | 0.0108 |
Net realized and unrealized gains (losses) on investments | (0.0001) | (0.0001) | 0.0000 | 0.0000 1 | 0.0000 1 | 0.0000 1 |
Total from investment operations | 0.0032 | 0.0000 | 0.0041 | 0.0216 | 0.0202 | 0.0108 |
Payment from affiliate | 0.0000 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | ||||||
Net investment income | (0.0033) | (0.0001) | (0.0042) | (0.0216) | (0.0201) | (0.0108) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 |
Total distributions to shareholders | (0.0033) | (0.0001) | (0.0042) | (0.0216) | (0.0201) | (0.0108) |
Net asset value, end of period | $1.0003 | $1.0004 | $1.0003 | $1.0004 | $1.0004 | $1.0003 |
Total return2 | 0.32% | 0.02% 3 | 0.42% | 2.18% | 2.04% | 1.09% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.24% | 0.24% | 0.23% | 0.23% | 0.24% | 0.28% |
Net expenses | 0.20% | 0.15% 4 | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.64% | 0.01% | 0.46% | 2.14% | 2.03% | 1.11% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $547,285 | $678,991 | $794,541 | $1,704,936 | $1,573,458 | $1,104,814 |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.02% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
4 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.05% higher. |
Year ended January 31 | ||||||
Select Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0005 | $1.0004 | $1.0005 | $1.0005 | $1.0004 | $1.0004 |
Net investment income | 0.0036 | 0.0004 1 | 0.0049 | 0.0223 | 0.0208 | 0.0116 |
Net realized and unrealized gains (losses) on investments | 0.0000 2 | (0.0002) | (0.0001) | 0.0000 2 | 0.0001 | 0.0000 2 |
Total from investment operations | 0.0036 | 0.0002 | 0.0048 | 0.0223 | 0.0209 | 0.0116 |
Payment from affiliate | 0.0000 | 0.0003 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | ||||||
Net investment income | (0.0036) | (0.0004) | (0.0049) | (0.0223) | (0.0208) | (0.0116) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 2 | 0.0000 | (0.0000) 2 |
Total distributions to shareholders | (0.0036) | (0.0004) | (0.0049) | (0.0223) | (0.0208) | (0.0116) |
Net asset value, end of period | $1.0003 | $1.0005 | $1.0004 | $1.0005 | $1.0005 | $1.0004 |
Total return3 | 0.34 % | 0.05% 4 | 0.49% | 2.25% | 2.11% | 1.16% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.20% | 0.20% | 0.19% | 0.19% | 0.20% | 0.24% |
Net expenses | 0.13% | 0.12% 5 | 0.13% | 0.13% | 0.13% | 0.12% |
Net investment income | 0.69% | 0.04% | 0.40% | 2.21% | 2.10% | 1.19% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $3,633,049 | $4,373,391 | $8,471,954 | $7,119,681 | $6,459,320 | $5,717,659 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.03% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
5 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.01% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0003 | $1.0002 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Net investment income | 0.0025 | 0.0001 1 | 0.0031 | 0.0194 | 0.0177 | 0.0085 |
Net realized and unrealized gains (losses) on investments | (0.0002) | 0.0000 | (0.0004) | (0.0001) | 0.0002 | 0.0000 2 |
Total from investment operations | 0.0023 | 0.0001 | 0.0027 | 0.0193 | 0.0179 | 0.0085 |
Payment from affiliate | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | ||||||
Net investment income | (0.0025) | (0.0001) | (0.0029) | (0.0193) | (0.0178) | (0.0085) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 2 | 0.0000 | (0.0000) 2 |
Total distributions to shareholders | (0.0025) | (0.0001) | (0.0029) | (0.0193) | (0.0178) | (0.0085) |
Net asset value, end of period | $1.0001 | $1.0003 | $1.0002 | $1.0004 | $1.0004 | $1.0003 |
Total return3 | 0.23 % | 0.02% 4 | 0.28% | 1.95% | 1.81% | 0.85% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.53% | 0.53% | 0.50% | 0.51% | 0.51% | 0.55% |
Net expenses | 0.36% * | 0.14% * | 0.34% * | 0.43% | 0.43% | 0.43% |
Net investment income | 0.45% | 0.01% | 0.33% | 1.92% | 1.79% | 0.84% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $107,230 | $128,263 | $42,155 | $55,893 | $70,327 | $61,415 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.07% |
Year ended January 31, 2022 | 0.29% |
Year ended January 31, 2021 | 0.09% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.01% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
Gross unrealized gains | $ 126,906 |
Gross unrealized losses | (744,423) |
Net unrealized losses | $(617,517) |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 1,235,891,268 | $0 | $ 1,235,891,268 |
Closed end municipal bond fund obligations | 0 | 44,000,000 | 0 | 44,000,000 |
Commercial paper | 0 | 1,767,742,433 | 0 | 1,767,742,433 |
Municipal obligations | 0 | 592,315,189 | 0 | 592,315,189 |
Other instruments | 0 | 211,255,000 | 0 | 211,255,000 |
Other notes | 0 | 137,190,000 | 0 | 137,190,000 |
Repurchase agreements | 0 | 367,150,000 | 0 | 367,150,000 |
Total assets | $0 | $4,355,543,890 | $0 | $4,355,543,890 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.33% |
Institutional Class | 0.20 |
Select Class | 0.13 |
Service Class | 0.43 |
Net investment income | $ 6,579,046 | |
Net realized and unrealized losses on investment | (412,563) | |
Net increase in net assets resulting from operations | 6,166,483 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389717imgf54797101.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389717img8052e4fd6.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA304/SAR304 07-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159imgaf3c5e341.jpg)
■ | Allspring Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159imgc8e5485f2.gif)
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6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159img98284f893.jpg)
President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STGXX) | 7-1-1992 | – | – | – | 0.21 | 0.85 | 0.46 | 0.70 | 0.60 | ||
Class C * | 6-30-2010 | -0.94 | 0.40 | 0.22 | 0.06 | 0.40 | 0.22 | 1.45 | 1.35 | ||
Premier Class (WMPXX)3 | 3-31-2016 | – | – | – | 0.38 | 1.15 | 0.66 | 0.31 | 0.20 | ||
Service Class (WMOXX) | 6-30-2010 | – | – | – | 0.24 | 0.92 | 0.50 | 0.60 | 0.50 |
* | Class C shares are available only to shareholders making an exchange out of Class C shares of another mutual fund within the Allspring family of funds. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.20% for Premier Class and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Premier Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Premier Class shares would be higher. |
Yield summary (%) as of July 31, 2022 | ||||
Class A | Class C* | Premier Class | Service Class | |
7-day current yield1 | 1.55 | 0.76 | 1.98 | 1.66 |
7-day compound yield | 1.56 | 0.76 | 2.00 | 1.67 |
30-day simple yield | 1.24 | 0.48 | 1.70 | 1.35 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of July 31, 2022 | ||||
Class A | Class C* | Premier Class | Service Class | |
30-day compound yield | 1.25 | 0.48 | 1.71 | 1.36 |
* | Class C shares are available only to shareholders making an exchange out of Class C shares of another mutual fund within the Allspring family of funds. |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.46%, 0.67%, 1.81% and 1.57% for Class A, Class C, Premier Class and Service Class, respectively. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159imgdfcacbe14.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159imgdc480ace5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
13 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
46 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,002.01 | $2.28 | 0.46% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.51 | $2.31 | 0.46% |
Class C | ||||
Actual | $1,000.00 | $1,000.56 | $3.92 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.88 | $3.96 | 0.79% |
Premier Class | ||||
Actual | $1,000.00 | $1,003.67 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,002.31 | $1.99 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 28.47% | |||||
ABN Amro Bank NV | 2.32% | 8-1-2022 | $100,000,000 | $ 100,000,000 | |
Australia & New Zealand Banking Group Limited | 2.32 | 8-1-2022 | 120,000,000 | 120,000,000 | |
Banco Santander (U.S. SOFR +0.19%) ± | 2.47 | 8-3-2022 | 20,000,000 | 20,000,000 | |
Banco Santander (U.S. SOFR +0.45%) ± | 2.73 | 11-9-2022 | 25,000,000 | 25,000,000 | |
Bank of Montreal (U.S. SOFR +0.75%) ±%% | 3.02 | 8-1-2023 | 40,000,000 | 40,000,000 | |
Bank of Nova Scotia (U.S. SOFR +0.52%) ± | 2.80 | 9-22-2022 | 20,000,000 | 20,000,000 | |
BNP Paribas (U.S. SOFR +0.13%) ± | 2.41 | 8-2-2022 | 25,000,000 | 24,999,848 | |
Cooperatieve Centrale (U.S. SOFR +0.20%) ± | 2.48 | 11-23-2022 | 15,000,000 | 15,000,000 | |
Cooperatieve Centrale (U.S. SOFR +0.42%) ± | 2.70 | 12-27-2022 | 15,000,000 | 15,000,000 | |
Credit Agricole Corporate and Investment Bank of New York | 2.31 | 8-1-2022 | 125,000,000 | 125,000,000 | |
HSBC Bank USA NA | 2.32 | 8-1-2022 | 120,000,000 | 120,000,000 | |
Mitsubishi UFJ Trust & Banking (U.S. SOFR +0.18%) ± | 2.46 | 8-15-2022 | 15,000,000 | 15,000,000 | |
Mizuho Bank Limited | 2.32 | 8-1-2022 | 145,000,000 | 145,000,000 | |
Nordea Bank AB (U.S. SOFR +0.17%) ± | 2.45 | 11-28-2022 | 20,000,000 | 19,996,688 | |
Nordea Bank AB (U.S. SOFR +0.42%) ± | 2.70 | 12-7-2022 | 35,000,000 | 35,000,000 | |
Nordea Bank AB (U.S. SOFR +0.55%) ± | 2.83 | 1-20-2023 | 35,000,000 | 35,000,000 | |
Norinchukin Bank (U.S. SOFR +0.32%) ± | 2.60 | 8-22-2022 | 20,000,000 | 20,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.35%) ± | 2.63 | 10-20-2022 | 15,000,000 | 15,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.44%) ± | 2.72 | 9-26-2022 | 20,000,000 | 20,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.48%) ± | 2.76 | 2-27-2023 | 15,000,000 | 15,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.51%) ± | 2.79 | 3-3-2023 | 25,000,000 | 25,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.56%) ± | 2.84 | 1-27-2023 | 50,000,000 | 50,000,000 | |
Royal Bank of Canada (U.S. SOFR +0.65%) ± | 2.93 | 7-3-2023 | 30,000,000 | 30,000,000 | |
Standard Chartered Bank (U.S. SOFR +0.15%) ± | 2.43 | 10-17-2022 | 20,000,000 | 19,989,294 | |
Standard Chartered Bank (U.S. SOFR +0.61%) ± | 2.89 | 1-31-2023 | 50,000,000 | 50,000,000 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.33%) ± | 1.86 | 8-1-2022 | 20,000,000 | 20,000,000 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.18%) ± | 2.46 | 8-10-2022 | 17,000,000 | 17,000,000 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.45%) ± | 2.73 | 12-7-2022 | 20,000,000 | 20,000,000 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.51%) ± | 2.79 | 12-15-2022 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.18%) ± | 2.46 | 8-11-2022 | 15,000,000 | 15,000,000 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.62%) ± | 2.90 | 2-2-2023 | 50,000,000 | 50,000,000 | |
Svenska Handelsbanken (U.S. SOFR +0.17%) ± | 2.45 | 9-9-2022 | 15,000,000 | 15,000,000 | |
Svenska Handelsbanken (U.S. SOFR +0.51%) ± | 2.79 | 3-28-2023 | 20,000,000 | 20,000,000 | |
Svenska Handelsbanken (U.S. SOFR +0.55%) ± | 2.83 | 1-23-2023 | 35,000,000 | 35,000,000 | |
Toronto Dominion Bank (U.S. SOFR +0.16%) ± | 1.69 | 8-19-2022 | 15,000,000 | 15,000,000 | |
Toronto Dominion Bank (U.S. SOFR +0.20%) ± | 1.73 | 11-8-2022 | 15,000,000 | 15,000,000 | |
Toronto Dominion Bank | 2.79 | 1-6-2023 | 50,000,000 | 50,000,000 | |
Total Certificates of deposit (Cost $1,416,985,830) | 1,416,985,830 |
Closed end municipal bond fund obligations: 1.18% | |||||
Nuveen Credit Strategies Income Fund Preferred Shares Series A (150 shares) 2.47% 144Aø | 15,000,000 | 15,000,000 |
Principal | Value | ||||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Series A (110 shares) 2.47% 144Aø | $ 11,000,000 | $ 11,000,000 | |||
Nuveen Preferred & Income Securities Fund Preferred Shares (100 shares) 2.47% 144Aø | 10,000,000 | 10,000,000 | |||
Nuveen Short Duration Credit Opportunities Fund Taxable Fund Preferred Shares Series A (230 shares) 2.47% 144Aø | 23,000,000 | 23,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $59,000,000) | 59,000,000 |
Interest rate | |||||
Commercial paper: 43.31% | |||||
Asset-backed commercial paper: 16.55% | |||||
Angelsea Funding LLC (U.S. SOFR +0.32%) 144A± | 2.60% | 9-30-2022 | 35,000,000 | 35,000,000 | |
Anglesea Funding LLC 144A☼ | 1.70 | 8-1-2022 | 25,000,000 | 25,000,000 | |
Antalis SA ☼ | 2.46 | 8-29-2022 | 15,000,000 | 14,971,417 | |
Atlantic Asset Securitization LLC 144A☼ | 1.77 | 8-1-2022 | 60,000,000 | 60,000,000 | |
Atlantic Asset Securitization LLC 144A☼ | 1.80 | 8-4-2022 | 11,000,000 | 10,998,350 | |
Autobahn Funding Company LLC ☼ | 2.32 | 8-5-2022 | 30,000,000 | 29,992,267 | |
Bennington Sark Capital Company ☼ | 1.88 | 8-4-2022 | 45,000,000 | 44,992,950 | |
Collateralized Commercial Paper V Company LLC ☼ | 2.03 | 11-10-2022 | 20,000,000 | 19,887,217 | |
Collateralized Commercial Paper V Company LLC (U.S. SOFR +0.59%) ± | 2.87 | 9-19-2022 | 20,000,000 | 20,000,000 | |
Concord Minutemen Capital Company ☼ | 2.13 | 8-2-2022 | 50,000,000 | 49,997,042 | |
Concord Minutemen Capital Company 144A☼ | 2.35 | 8-4-2022 | 21,000,000 | 20,995,888 | |
Concord Minutemen Capital Company ☼ | 2.35 | 8-5-2022 | 60,000,000 | 59,984,333 | |
Institutional Secured Funding LLC ☼ | 2.26 | 8-3-2022 | 25,000,000 | 24,996,861 | |
Institutional Secured Funding LLC ☼ | 2.37 | 8-4-2022 | 60,000,000 | 59,988,150 | |
Legacy Capital Company 144A☼ | 1.46 | 8-3-2022 | 25,000,000 | 24,997,986 | |
Legacy Capital Company 144A☼ | 1.46 | 8-4-2022 | 20,000,000 | 19,997,583 | |
Lexington Parker Capital Company LLC 144A☼ | 2.35 | 8-4-2022 | 60,000,000 | 59,988,250 | |
LMA Americas LLC 144A☼ | 1.81 | 9-23-2022 | 10,000,000 | 9,973,500 | |
LMA Americas LLC 144A☼ | 2.23 | 12-1-2022 | 20,000,000 | 19,850,889 | |
LMA Americas LLC ☼ | 2.59 | 9-28-2022 | 33,200,000 | 33,061,999 | |
Mountcliff Funding LLC (U.S. SOFR +0.47%) 144A± | 2.00 | 11-1-2022 | 25,000,000 | 25,000,000 | |
Mountcliff Funding LLC ☼ | 2.35 | 8-4-2022 | 40,000,000 | 39,992,167 | |
Old Line Funding LLC (U.S. SOFR +0.16%) 144A± | 1.69 | 8-18-2022 | 44,000,000 | 44,000,619 | |
Ridgefield Funding Company LLC ☼ | 3.07 | 12-22-2022 | 20,000,000 | 19,760,078 | |
Ridgefield Funding Company LLC (U.S. SOFR +0.40%) 144A± | 2.68 | 10-6-2022 | 20,000,000 | 20,000,000 | |
Victory Receivables Corporation 144A☼ | 1.40 | 8-4-2022 | 30,369,000 | 30,365,457 | |
823,793,003 | |||||
Financial company commercial paper: 20.75% | |||||
Alpine Securitization ☼ | 2.61 | 9-29-2022 | 55,000,000 | 54,765,639 | |
ASB BK Limited (U.S. SOFR +0.53%) 144A± | 2.06 | 10-28-2022 | 25,000,000 | 25,000,000 | |
Australia & New Zealand Banking Group Limited (U.S. SOFR +0.50%) 144A± | 2.78 | 3-29-2023 | 15,000,000 | 15,000,000 | |
Bank of Montreal (U.S. SOFR +0.42%) ± | 2.70 | 12-8-2022 | 35,000,000 | 35,000,000 | |
Bank of Montreal | 2.90 | 4-4-2023 | 40,000,000 | 40,000,000 | |
Bank of Nova Scotia (U.S. SOFR +0.42%) 144A± | 2.70 | 11-1-2022 | 15,000,000 | 15,000,712 | |
Bank of Nova Scotia (U.S. SOFR +0.50%) 144A± | 2.78 | 12-23-2022 | 15,000,000 | 15,000,000 | |
Barton Capital SA 144A☼ | 2.32 | 8-1-2022 | 50,000,000 | 50,000,000 | |
Barton Capital SA (U.S. SOFR +0.45%) 144A± | 2.73 | 11-22-2022 | 20,000,000 | 20,000,000 | |
Barton Capital SA (U.S. SOFR +0.47%) 144A± | 2.75 | 12-5-2022 | 10,000,000 | 10,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Financial company commercial paper (continued) | |||||
Charta LLC ☼ | 2.53% | 9-15-2022 | $ 25,000,000 | $ 24,921,250 | |
Chesham Finance Limited ☼ | 2.32 | 8-1-2022 | 50,000,000 | 50,000,000 | |
Credit Agricole Corporate and Investment Bank of New York ☼ | 1.39 | 8-1-2022 | 20,000,000 | 20,000,000 | |
DBS Bank Limited 144A☼## | 1.74 | 8-1-2022 | 50,000,000 | 50,000,000 | |
Erste Finance LLC ☼ | 2.32 | 8-1-2022 | 130,000,000 | 130,000,000 | |
Mitsubishi Corporation ☼ | 2.44 | 8-26-2022 | 70,000,000 | 69,881,389 | |
Mitsubishi Corporation ☼ | 2.66 | 9-26-2022 | 65,000,000 | 64,732,056 | |
Mitsubishi UFJ Trust & Banking ☼ | 2.59 | 9-20-2022 | 30,300,000 | 30,191,425 | |
National Australia Bank Limited (U.S. SOFR +0.42%) 144A± | 2.70 | 12-8-2022 | 35,000,000 | 35,000,000 | |
National Bank of Canada (U.S. SOFR +0.34%) 144A± | 2.62 | 10-7-2022 | 15,000,000 | 15,000,000 | |
Royal Bank of Canada (U.S. SOFR +0.44%) 144A± | 2.72 | 12-19-2022 | 20,000,000 | 20,000,194 | |
Royal Bank of Canada (U.S. SOFR +0.50%) 144A± | 2.78 | 3-2-2023 | 20,000,000 | 20,000,000 | |
Sumitomo Mitsui Trust 144A☼ | 1.85 | 9-22-2022 | 35,000,000 | 34,906,978 | |
The Fédération des caisses Desjardins du Québec ☼ | 2.58 | 9-28-2022 | 55,000,000 | 54,772,269 | |
The Fédération des caisses Desjardins du Québec (U.S. SOFR +0.35%) 144A± | 2.63 | 10-21-2022 | 15,000,000 | 15,000,000 | |
Toyota Credit de Puerto Rico Corporation (U.S. SOFR +0.41%) ± | 1.94 | 10-7-2022 | 10,000,000 | 10,000,000 | |
Toyota Motor Credit Corporation (U.S. SOFR +0.15%) ± | 2.43 | 8-15-2022 | 59,000,000 | 58,997,687 | |
United Overseas Bank Limited ☼ | 2.39 | 9-23-2022 | 35,000,000 | 34,877,364 | |
Westpac Banking Corporation (U.S. SOFR +0.50%) 144A± | 2.78 | 3-21-2023 | 15,000,000 | 15,000,000 | |
1,033,046,963 | |||||
Other commercial paper: 6.01% | |||||
Adventist Health System ☼ | 1.45 | 8-4-2022 | 25,000,000 | 24,996,979 | |
Adventist Health System ☼ | 2.06 | 8-17-2022 | 25,000,000 | 24,977,222 | |
Nieuw Amsterdam Receivables Corporation BV 144A☼ | 1.38 | 8-3-2022 | 50,000,000 | 49,996,167 | |
Nieuw Amsterdam Receivables Corporation BV 144A☼ | 1.81 | 9-22-2022 | 25,000,000 | 24,935,000 | |
Regents of University of California ☼ | 1.72 | 8-1-2022 | 10,280,000 | 10,280,000 | |
Regents of University of California ☼ | 2.46 | 9-14-2022 | 10,000,000 | 9,970,056 | |
Regents of University of California ☼ | 2.51 | 9-15-2022 | 7,500,000 | 7,476,563 | |
Regents of University of California ☼ | 2.56 | 8-17-2022 | 15,000,000 | 14,983,000 | |
Regents of University of California ☼ | 2.56 | 9-7-2022 | 12,000,000 | 11,968,550 | |
Singapore Technologies Engineering Limited ☼ | 2.55 | 9-22-2022 | 120,000,000 | 119,560,381 | |
299,143,918 | |||||
Total Commercial paper (Cost $2,155,983,884) | 2,155,983,884 | ||||
Municipal obligations: 18.08% | |||||
Alaska: 1.38% | |||||
Variable rate demand notes ø: 1.38% | |||||
Alaska Housing Finance Corporation Various Taxable Capital Project (Housing revenue) | 2.34 | 12-1-2043 | 68,900,000 | 68,900,000 |
Interest rate | Maturitydate | Principal | Value | ||
Arizona: 1.15% | |||||
Variable rate demand notes ø: 1.15% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-004 (Health revenue, Barclays Bank plc LOC) 144A | 2.55% | 11-15-2054 | $ 5,095,000 | $ 5,095,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 2.59 | 2-15-2041 | 52,096,157 | 52,096,157 | |
57,191,157 | |||||
California: 4.12% | |||||
Other municipal debt : 1.21% | |||||
California Series B4 (GO revenue) | 1.92 | 8-8-2022 | 20,745,000 | 20,745,000 | |
California Series B4 (GO revenue) | 2.50 | 9-22-2022 | 12,645,000 | 12,645,000 | |
San Francisco CA City & County Public Utilities Commission (Water & sewer revenue) | 1.95 | 8-17-2022 | 26,697,000 | 26,697,000 | |
60,087,000 | |||||
Variable rate demand notes ø: 2.91% | |||||
Metropolitan Water District of Southern California Series A (Water & sewer revenue, Bank of America NA SPA) | 2.34 | 7-1-2042 | 37,525,000 | 37,525,000 | |
San Francisco CA City & County Certificate of Participation Series 2016-XFT901 (Miscellaneous revenue, Morgan Stanley Bank LIQ) 144A | 2.40 | 11-1-2041 | 18,000,000 | 18,000,000 | |
Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2016-TXG002 (GO revenue, Bank of America NA LIQ) 144A | 2.47 | 8-1-2049 | 15,700,000 | 15,700,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 2.31 | 7-1-2041 | 73,540,000 | 73,540,000 | |
144,765,000 | |||||
Colorado: 1.42% | |||||
Variable rate demand notes ø: 1.42% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 2.36 | 5-1-2052 | 35,530,000 | 35,530,000 | |
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 C-2 (Housing revenue, GNMA Insured, FHLB SPA) | 2.32 | 5-1-2052 | 14,370,000 | 14,370,000 | |
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 D-2 (Housing revenue, GNMA Insured, FHLB SPA) | 2.32 | 5-1-2042 | 10,625,000 | 10,625,000 | |
Colorado HFA Single Family Mortgage Bonds Class II Series 2021-I (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 2.32 | 11-1-2051 | 10,000,000 | 10,000,000 | |
70,525,000 |
Interest rate | Maturitydate | Principal | Value | ||
Georgia: 1.07% | |||||
Variable rate demand notes ø: 1.07% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2015A (Industrial development revenue, Korea Development Bank LOC) | 2.39% | 12-1-2022 | $ 27,000,000 | $ 27,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2015B (Industrial development revenue, Korea Development Bank LOC) | 2.39 | 12-1-2022 | 26,000,000 | 26,000,000 | |
53,000,000 | |||||
Idaho: 0.82% | |||||
Other municipal debt : 0.82% | |||||
Idaho Housing and Finance Association (Housing revenue) | 2.35 | 9-7-2022 | 40,780,000 | 40,780,000 | |
Kentucky: 0.26% | |||||
Variable rate demand notes ø: 0.26% | |||||
Kentucky Housing Corporation Series B (Housing revenue, Kentucky Housing Corporation SPA) | 2.35 | 7-1-2041 | 13,150,000 | 13,150,000 | |
Maryland: 0.44% | |||||
Variable rate demand notes ø: 0.44% | |||||
Maryland Department of Housing and Community Development Series 2012B (Housing revenue, TD Bank NA SPA) | 2.40 | 9-1-2033 | 21,880,000 | 21,880,000 | |
Minnesota: 1.95% | |||||
Variable rate demand notes ø: 1.95% | |||||
Minnesota Housing Finance Agency Series 2022D (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 2.35 | 7-1-2052 | 29,875,000 | 29,875,000 | |
Minnesota Housing Finance Agency Series 2022F (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 2.35 | 7-1-2052 | 37,275,000 | 37,275,000 | |
Minnesota Housing Finance Agency Series 2022H (Housing revenue, FHLB SPA) | 2.35 | 7-1-2052 | 30,000,000 | 30,000,000 | |
97,150,000 | |||||
Missouri: 0.04% | |||||
Variable rate demand notes ø: 0.04% | |||||
Bridgeton MO IDA Stolze Printing (Industrial development revenue, Carrollton Bank LOC) | 2.45 | 12-1-2047 | 2,050,000 | 2,050,000 | |
New Hampshire: 0.97% | |||||
Variable rate demand notes ø: 0.97% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 2.39 | 10-1-2028 | 24,000,000 | 24,000,000 | |
New Hampshire National Finance Authority Industrial Development Revenue Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 2.39 | 7-1-2029 | 24,500,000 | 24,500,000 | |
48,500,000 |
Interest rate | Maturitydate | Principal | Value | ||
New York: 3.20% | |||||
Other municipal debt : 0.91% | |||||
Port Authority of New York & New Jersey Series C (Airport revenue) | 1.88% | 8-8-2022 | $ 23,125,000 | $ 23,125,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 2.00 | 8-15-2022 | 22,000,000 | 22,000,000 | |
45,125,000 | |||||
Variable rate demand notes ø: 2.29% | |||||
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 2.40 | 3-15-2040 | 8,000,000 | 8,000,000 | |
New York HFA Affordable Housing (Housing revenue, TD Bank NA SPA) | 2.38 | 11-1-2055 | 33,425,000 | 33,425,000 | |
New York Triborough Bridge & Tunnel Authority Refunding Bond Series 2018E (Transportation revenue, Bank of America NA LOC) | 2.31 | 11-15-2032 | 11,890,000 | 11,890,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 2.41 | 5-1-2041 | 17,840,000 | 17,840,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 2.55 | 5-15-2056 | 23,065,000 | 23,065,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2022-002 (GO revenue, Barclays Bank plc LOC) 144A | 2.55 | 11-1-2041 | 15,000,000 | 15,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-TPG020 (Tax revenue, Bank of America NA LIQ) 144A | 2.47 | 1-1-2023 | 5,000,000 | 5,000,000 | |
114,220,000 | |||||
Other: 1.10% | |||||
Variable rate demand notes ø: 1.10% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (Health revenue, Barclays Bank plc LOC) 144A | 2.55 | 12-1-2030 | 220,000 | 220,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (Health revenue, Barclays Bank plc LOC) 144A | 2.41 | 9-1-2030 | 5,465,000 | 5,465,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 2.55 | 9-1-2030 | 48,795,000 | 48,795,000 | |
54,480,000 | |||||
South Carolina: 0.16% | |||||
Variable rate demand notes ø: 0.16% | |||||
South Carolina Public Service Authority (Utilities revenue, Citibank NA LIQ) 144A | 2.42 | 1-1-2050 | 8,000,000 | 8,000,000 | |
Total Municipal obligations (Cost $899,803,157) | 899,803,157 | ||||
Other instruments: 2.23% | |||||
17th Street Rentals LLC §øø | 2.45 | 6-1-2025 | 18,200,000 | 18,200,000 | |
2020 Sheu Family Exempt Trust §øø | 2.45 | 7-1-2041 | 9,175,000 | 9,175,000 | |
Altoona Blair County Development Corporation 144A§øø | 2.35 | 4-1-2035 | 5,850,000 | 5,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 2.35 | 9-1-2038 | 3,000,000 | 3,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Other instruments (continued) | |||||
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 2.45% | 4-1-2026 | $ 9,675,000 | $ 9,675,000 | |
Keep Memory Alive §øø | 2.35 | 5-1-2037 | 2,630,000 | 2,630,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 2.44 | 4-1-2071 | 7,350,000 | 7,350,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 2.45 | 6-1-2041 | 10,000,000 | 10,000,000 | |
New Grammercy LLC §øø | 2.45 | 2-1-2061 | 9,800,000 | 9,800,000 | |
Rock Hill SI LLC §øø | 2.45 | 6-1-2061 | 12,700,000 | 12,700,000 | |
Solis Seattle LLC §øø | 2.45 | 2-1-2061 | 20,000,000 | 20,000,000 | |
Southside Brookshore §øø | 2.45 | 9-1-2059 | 2,640,000 | 2,640,000 | |
Total Other instruments (Cost $111,020,000) | 111,020,000 | ||||
Other notes: 0.52% | |||||
Corporate bonds and notes: 0.52% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 2.45 | 6-1-2038 | 16,000,000 | 16,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 2.55 | 4-1-2047 | 9,835,000 | 9,835,000 | |
Total Other notes (Cost $25,835,000) | 25,835,000 | ||||
Repurchase agreements^^: 6.59% | |||||
Bank of America NA, dated 7-29-2022, maturity value $178,309,169 (01) | 2.30 | 8-1-2022 | 178,275,000 | 178,275,000 | |
TD Securities USA Incorporated, dated 7-29-2022, maturity value $150,028,750 (02) | 2.30 | 8-1-2022 | 150,000,000 | 150,000,000 | |
Total Repurchase agreements (Cost $328,275,000) | 328,275,000 | ||||
Total investments in securities (Cost $4,996,902,871) | 100.38% | 4,996,902,871 | |||
Other assets and liabilities, net | (0.38) | (18,998,454) | |||
Total net assets | 100.00% | $4,977,904,417 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | 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. |
^^ | Collateralized by: |
(01) U.S. government securities, 3.00% to 3.50%, 7-20-2045 to 1-20-2050, fair value including accrued interest is $183,623,250. | |
(02) U.S. government securities, 2.50% to 5.00%, 8-25-2051 to 7-1-2052, fair value including accrued interest is $154,500,000. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 4,996,902,871 |
Cash | 14,170 |
Receivable for Fund shares sold | 40,340,331 |
Receivable for investments sold | 29,540,575 |
Receivable for interest | 4,029,050 |
Prepaid expenses and other assets | 219,780 |
Total assets | 5,071,046,777 |
Liabilities | |
Payable for Fund shares redeemed | 52,421,734 |
Payable for when-issued transactions | 40,000,000 |
Administration fees payable | 362,115 |
Management fee payable | 146,994 |
Dividends payable | 48,599 |
Distribution fee payable | 1,753 |
Trustees’ fees and expenses payable | 782 |
Accrued expenses and other liabilities | 160,383 |
Total liabilities | 93,142,360 |
Total net assets | $4,977,904,417 |
Net assets consist of | |
Paid-in capital | $ 4,978,704,169 |
Total distributable loss | (799,752) |
Total net assets | $4,977,904,417 |
Computation of net asset value per share | |
Net assets – Class A | $ 423,539,271 |
Shares outstanding – Class A1 | 423,557,034 |
Net asset value per share – Class A | $1.00 |
Net assets – Class C | $ 2,946,836 |
Shares outstanding – Class C1 | 2,946,951 |
Net asset value per share – Class C | $1.00 |
Net assets – Premier Class | $ 4,541,124,587 |
Shares outstanding – Premier Class1 | 4,541,314,446 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 10,293,723 |
Shares outstanding – Service Class1 | 10,294,157 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 16,309,987 |
Expenses | |
Management fee | 3,347,466 |
Administration fees | |
Class A | 465,712 |
Class C | 2,801 |
Premier Class | 1,164,361 |
Service Class | 6,385 |
Shareholder servicing fees | |
Class A | 529,219 |
Class C | 3,183 |
Service Class | 13,303 |
Distribution fee | |
Class C | 9,549 |
Custody and accounting fees | 109,547 |
Professional fees | 30,009 |
Registration fees | 238,779 |
Shareholder report expenses | 48,739 |
Trustees’ fees and expenses | 10,165 |
Other fees and expenses | 25,828 |
Total expenses | 6,005,046 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,973,856) |
Class A | (124,032) |
Class C | (5,822) |
Service Class | (1,824) |
Net expenses | 2,899,512 |
Net investment income | 13,410,475 |
Net realized gains on investments | 1,279 |
Net increase in net assets resulting from operations | $13,411,754 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 13,410,475 | $ 1,096,935 | ||
Net realized gains on investments | 1,279 | 13,887 | ||
Net increase in net assets resulting from operations | 13,411,754 | 1,110,822 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (851,134) | (45,509) | ||
Class C | (1,548) | (218) | ||
Premier Class | (12,533,447) | (1,050,078) | ||
Service Class | (24,346) | (1,130) | ||
Total distributions to shareholders | (13,410,475) | (1,096,935) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 49,080,610 | 49,080,610 | 116,628,006 | 116,628,006 |
Class C | 2,077,448 | 2,077,448 | 1,408,108 | 1,408,108 |
Premier Class | 3,444,557,806 | 3,444,557,806 | 1,050,830,115 | 1,050,830,115 |
Service Class | 205,981 | 205,981 | 946,410 | 946,410 |
3,495,921,845 | 1,169,812,639 | |||
Reinvestment of distributions | ||||
Class A | 841,400 | 841,400 | 37,827 | 37,827 |
Class C | 1,544 | 1,544 | 203 | 203 |
Premier Class | 12,432,119 | 12,432,119 | 1,028,386 | 1,028,386 |
Service Class | 23,821 | 23,821 | 994 | 994 |
13,298,884 | 1,067,410 | |||
Payment for shares redeemed | ||||
Class A | (61,285,860) | (61,285,860) | (148,324,202) | (148,324,202) |
Class C | (1,092,282) | (1,092,282) | (2,303,589) | (2,303,589) |
Premier Class | (1,347,121,940) | (1,347,121,940) | (3,073,049,703) | (3,073,049,703) |
Service Class | (764,555) | (764,555) | (2,081,671) | (2,081,671) |
(1,410,264,637) | (3,225,759,165) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 2,098,956,092 | (2,054,879,116) | ||
Total increase (decrease) in net assets | 2,098,957,371 | (2,054,865,229) | ||
Net assets | ||||
Beginning of period | 2,878,947,046 | 4,933,812,275 | ||
End of period | $ 4,977,904,417 | $ 2,878,947,046 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.20% | 0.01% | 0.27% | 1.76% | 1.61% | 0.64% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.70% | 0.70% | 0.68% | 0.70% | 0.76% | 0.85% |
Net expenses | 0.46% * | 0.15% * | 0.40% * | 0.60% | 0.62% | 0.65% |
Net investment income | 0.40% | 0.01% | 0.27% | 1.74% | 1.60% | 0.63% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $423,539 | $434,892 | $466,559 | $475,180 | $474,040 | $462,416 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.14% |
Year ended January 31, 2022 | 0.45% |
Year ended January 31, 2021 | 0.18% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005). |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Class C | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 1 | 0.00 | 0.00 | 0.00 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.06% | 0.01% | 0.08% 3 | 1.00% | 0.84% | 0.04% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.45% | 1.45% | 1.43% | 1.45% | 1.51% | 1.60% |
Net expenses | 0.79% * | 0.15% * | 0.59% * | 1.35% | 1.37% | 1.23% |
Net investment income | 0.12% | 0.01% | 0.07% | 1.03% | 0.87% | 0.03% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $2,947 | $1,960 | $2,855 | $3,153 | $8,229 | $7,763 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.56% |
Year ended January 31, 2022 | 1.20% |
Year ended January 31, 2021 | 0.76% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on the total return. |
Year ended January 31 | ||||||
Premier Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.01 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.01 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.37% | 0.03% | 0.54% | 2.20% | 2.03% | 1.09% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.31% | 0.31% | 0.29% | 0.30% | 0.33% | 0.45% |
Net expenses | 0.13% | 0.13% | 0.13% 4 | 0.15% | 0.20% | 0.20% |
Net investment income | 0.86% | 0.03% | 0.41% | 1.99% | 2.26% | 1.08% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $4,541,125 | $2,431,267 | $4,452,436 | $2,183,582 | $295,962 | $101 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005). |
3 | Returns for periods of less than one year are not annualized. |
4 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.07% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.23% | 0.01% | 0.31% | 1.86% | 1.72% | 0.79% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.60% | 0.59% | 0.58% | 0.60% | 0.66% | 0.74% |
Net expenses | 0.40% * | 0.15% * | 0.36% * | 0.50% | 0.50% | 0.50% |
Net investment income | 0.46% | 0.01% | 0.31% | 1.84% | 1.71% | 0.74% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $10,294 | $10,828 | $11,963 | $12,038 | $11,884 | $11,910 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.10% |
Year ended January 31, 2022 | 0.35% |
Year ended January 31, 2021 | 0.12% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005). |
3 | Returns for periods of less than one year are not annualized. |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 1,416,985,830 | $0 | $ 1,416,985,830 |
Closed end municipal bond fund obligations | 0 | 59,000,000 | 0 | 59,000,000 |
Commercial paper | 0 | 2,155,983,884 | 0 | 2,155,983,884 |
Municipal obligations | 0 | 899,803,157 | 0 | 899,803,157 |
Other instruments | 0 | 111,020,000 | 0 | 111,020,000 |
Other notes | 0 | 25,835,000 | 0 | 25,835,000 |
Repurchase agreements | 0 | 328,275,000 | 0 | 328,275,000 |
Total assets | $0 | $4,996,902,871 | $0 | $4,996,902,871 |
Average daily net assets | Management fee |
First $5 billion | 0.200% |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.22% |
Class C | 0.22 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Class C | 1.35 |
Premier Class | 0.20 |
Service Class | 0.50 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159imgaf3c5e341.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g388159img52b2b0b06.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA306/SAR306 07-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829img8cded0a11.jpg)
■ | Allspring Municipal Cash Management Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829img285d8d262.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (WUCXX) | 7-9-2010 | 0.19 | 0.70 | 0.43 | 0.41 | 0.30 |
Institutional Class (EMMXX) | 11-20-1996 | 0.23 | 0.76 | 0.48 | 0.29 | 0.20 |
Service Class (EISXX) | 11-25-1996 | 0.13 | 0.63 | 0.38 | 0.58 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.30% for Administrator Class, 0.20% for Institutional Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of July 31, 2022 | |||
Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 0.97 | 1.07 | 0.82 |
7-day compound yield | 0.98 | 1.07 | 0.82 |
30-day simple yield | 0.71 | 0.81 | 0.56 |
30-day compound yield | 0.71 | 0.81 | 0.56 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 0.84%, 0.95% and 0.66% for Administrator Class, Institutional Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829img017520784.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829imge97748d65.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
8 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
8 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.77 | $1.29 | 0.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.51 | $1.30 | 0.26% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.23 | $0.94 | 0.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.85 | $0.95 | 0.19% |
Service Class | ||||
Actual | $1,000.00 | $1,001.19 | $1.89 | 0.38% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.91 | $1.91 | 0.38% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 3.44% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (20 shares) 1.83% 144Aø | $ 2,000,000 | $ 2,000,000 | |||
Nuveen California Quality Municipal Income Fund Series 3 (30 shares) 1.40% 144Aø | 3,000,000 | 3,000,000 | |||
Nuveen Quality Municipal Income Fund Series 1-2118 (40 shares) 1.43% 144Aø | 4,000,000 | 4,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $9,000,000) | 9,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 89.14% | |||||
Arizona: 2.85% | |||||
Variable rate demand notes ø: 2.85% | |||||
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource recovery revenue, Farm Credit Services America LOC) | 1.44% | 8-1-2026 | 2,500,000 | 2,500,000 | |
Pinal County AZ IDA Shamrock Farms Project (Resource recovery revenue, Farm Credit Services America LOC) | 1.42 | 8-1-2022 | 3,700,000 | 3,700,000 | |
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource recovery revenue, Farm Credit Services America LOC) | 1.42 | 8-1-2027 | 1,250,000 | 1,250,000 | |
7,450,000 | |||||
Arkansas: 2.22% | |||||
Variable rate demand notes ø: 2.22% | |||||
Lowell AR Industrial Development Revenue Little Rock Newspapers Project Series 1996 (Industrial development revenue, JPMorgan Chase & Company LOC) | 1.40 | 6-1-2031 | 5,800,000 | 5,800,000 | |
California: 5.84% | |||||
Other municipal debt : 0.77% | |||||
Los Angeles CA Airport Series A-3 Commerical Paper (Airport revenue) | 0.95 | 8-2-2022 | 2,000,000 | 1,999,986 | |
Variable rate demand notes ø: 5.07% | |||||
California Series A (GO revenue, State Street Bank & Trust Company LOC) | 1.82 | 5-1-2048 | 7,000,000 | 7,000,000 | |
Modesto CA MFHR Live Oak Apartments Project (Tax revenue, FNMA Insured, FNMA LIQ) | 1.40 | 9-15-2024 | 130,000 | 130,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 10-1-2036 | 2,435,000 | 2,435,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-ZL0291 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 2-1-2027 | 2,700,000 | 2,700,000 | |
Tender Option Bond Trust Receipts/Various States (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 2-1-2036 | 1,000,000 | 1,000,000 | |
13,265,000 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 0.05% | |||||
Variable rate demand notes ø: 0.05% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 1.30% | 11-1-2038 | $ 135,000 | $ 135,000 | |
Connecticut: 0.15% | |||||
Other municipal debt : 0.15% | |||||
North Branford CT BAN (GO revenue) | 2.00 | 8-4-2022 | 400,000 | 400,020 | |
Florida: 8.06% | |||||
Variable rate demand notes ø: 8.06% | |||||
Brevard County FL HFA Wickham Club Partners Project Series 2004A (Housing revenue, FNMA LIQ) | 1.36 | 8-15-2037 | 5,095,000 | 5,095,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 1.35 | 11-15-2037 | 5,000,000 | 5,000,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 1.97 | 9-1-2028 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health revenue, Morgan Stanley Bank LIQ) 144A | 1.38 | 8-15-2047 | 6,000,000 | 6,000,000 | |
21,095,000 | |||||
Georgia: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
Roswell GA Housing Authority Refunding Bonds Belcourt Limited Project A (Housing revenue, Northern Trust Company LOC) | 0.68 | 9-1-2027 | 900,000 | 900,000 | |
Illinois: 12.43% | |||||
Variable rate demand notes ø: 12.43% | |||||
Illinois Finance Authority American College of Surgeons (Education revenue, Northern Trust Company LOC) | 1.30 | 8-1-2026 | 2,152,000 | 2,152,000 | |
Illinois State Finance Authority Revenue Various Northshore University Health System Series B (Health revenue, JPMorgan Chase & Company SPA) | 1.82 | 8-15-2049 | 7,000,000 | 7,000,000 | |
Peoria County IL Caterpillar Incorporated Project (Industrial development revenue) | 1.52 | 2-1-2030 | 4,300,000 | 4,300,000 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education revenue, BMO Harris Bank NA LOC) | 1.37 | 10-1-2035 | 2,500,000 | 2,500,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series E-151 (Miscellaneous revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.37 | 11-30-2023 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Miscellaneous revenue, Bank of America NA LIQ) 144A | 1.38 | 3-1-2046 | 1,550,000 | 1,550,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Tax revenue, Bank of America NA LIQ) 144A | 1.47 | 1-1-2048 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 1.38 | 1-1-2048 | 5,000,000 | 5,000,000 | |
32,502,000 |
Interest rate | Maturity date | Principal | Value | ||
Indiana: 1.39% | |||||
Variable rate demand notes ø: 1.39% | |||||
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial development revenue, Bank of America NA LOC) | 1.66% | 12-1-2027 | $ 2,000,000 | $ 2,000,000 | |
Noblesville IN Greystone Apartments Project Series B (Housing revenue, FHLB LOC) | 1.41 | 3-1-2041 | 1,295,000 | 1,295,000 | |
St. Joseph County IN Midcorr Land Development LLC Project (Industrial development revenue, PNC Bank NA LOC) | 1.42 | 10-1-2023 | 340,000 | 340,000 | |
3,635,000 | |||||
Iowa: 0.79% | |||||
Variable rate demand notes ø: 0.79% | |||||
Iowa Finance Authority John Maassen & Sons Project (Industrial development revenue, Farm Credit Services America LOC) | 1.45 | 11-1-2035 | 2,075,000 | 2,075,000 | |
Kentucky: 1.96% | |||||
Variable rate demand notes ø: 1.96% | |||||
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial development revenue, Stock Yards Bank & Trust LOC) | 1.42 | 9-1-2022 | 125,000 | 125,000 | |
Louisville & Jefferson Counties Regional Airport Authority UPS Worldwide Forwarding Series B (Industrial development revenue) | 1.95 | 1-1-2029 | 5,000,000 | 5,000,000 | |
5,125,000 | |||||
Louisiana: 1.53% | |||||
Variable rate demand notes ø: 1.53% | |||||
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial development revenue) | 1.52 | 12-1-2036 | 4,000,000 | 4,000,000 | |
Maryland: 2.44% | |||||
Variable rate demand notes ø: 2.44% | |||||
Maryland CDA Residences at Ellicott Gardens LLC Series 2008C (Housing revenue, FHLMC LIQ) | 1.39 | 12-1-2040 | 5,575,000 | 5,575,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-XG0332 (Housing revenue, Bank of America NA LIQ) 144A | 1.39 | 9-1-2043 | 795,000 | 795,000 | |
6,370,000 | |||||
Michigan: 4.51% | |||||
Other municipal debt : 0.76% | |||||
University of Michigan IAM Bonds Series L-1 Commercial Paper (Education revenue) | 1.15 | 9-6-2022 | 2,000,000 | 1,999,700 | |
Variable rate demand notes ø: 3.75% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, TD Bank NA SPA) | 1.38 | 6-1-2038 | 9,805,000 | 9,805,000 |
Interest rate | Maturity date | Principal | Value | ||
Minnesota: 3.95% | |||||
Variable rate demand notes ø: 3.95% | |||||
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LIQ) | 1.42% | 8-15-2038 | $ 690,000 | $ 690,000 | |
Minnesota HEFAR Concordia University Series 6Q (Education revenue, U.S. Bank NA LOC) | 1.97 | 4-1-2037 | 5,040,000 | 5,040,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LIQ) | 1.41 | 9-15-2031 | 1,200,000 | 1,200,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.53 | 11-1-2037 | 3,395,000 | 3,395,000 | |
10,325,000 | |||||
Mississippi: 2.68% | |||||
Variable rate demand notes ø: 2.68% | |||||
Mississippi Business Finance Corporation Gulf Opportunity Zone Chevron USA Incorporated Series J (Industrial development revenue) | 1.87 | 11-1-2035 | 7,000,000 | 7,000,000 | |
Missouri: 3.44% | |||||
Variable rate demand notes ø: 3.44% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2198 (Water & sewer revenue, Citibank NA LIQ) 144A | 1.41 | 5-1-2023 | 9,000,000 | 9,000,000 | |
Montana: 1.19% | |||||
Variable rate demand notes ø: 1.19% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 6-1-2034 | 1,110,000 | 1,110,000 | |
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 6-1-2034 | 2,000,000 | 2,000,000 | |
3,110,000 | |||||
Nebraska: 4.48% | |||||
Variable rate demand notes ø: 4.48% | |||||
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing revenue, Northern Trust Company LOC) | 1.45 | 9-1-2031 | 5,500,000 | 5,500,000 | |
Nebraska Investment Finance Authority Single Family Housing Series F (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 1.50 | 3-1-2038 | 6,230,000 | 6,230,000 | |
11,730,000 | |||||
New Jersey: 1.53% | |||||
Other municipal debt : 0.38% | |||||
Burlington County NJ Bridge Commission Series 2021C (Miscellaneous revenue) | 2.00 | 11-10-2022 | 1,000,000 | 1,001,523 | |
Variable rate demand notes ø: 1.15% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 1.36 | 11-1-2028 | 3,000,000 | 3,000,000 |
Interest rate | Maturity date | Principal | Value | ||
New York: 4.34% | |||||
Variable rate demand notes ø: 4.34% | |||||
New York NY Housing Development Corporation Refunding Bonds Series 2005-A (Housing revenue, Citibank NA LOC) | 1.35% | 6-1-2037 | $ 200,000 | $ 200,000 | |
New York NY Suboridnated Bond Series F5 (GO revenue, Barclays Bank plc SPA) | 1.82 | 6-1-2044 | 7,000,000 | 7,000,000 | |
New York Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 1.91 | 8-1-2043 | 2,790,000 | 2,790,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.37 | 7-15-2028 | 1,370,000 | 1,370,000 | |
11,360,000 | |||||
North Carolina: 0.40% | |||||
Variable rate demand notes ø: 0.40% | |||||
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial development revenue, Truist Bank LOC) | 1.46 | 1-1-2027 | 1,050,000 | 1,050,000 | |
Ohio: 5.26% | |||||
Variable rate demand notes ø: 5.26% | |||||
Ohio Special Obligation Various Capital Facilities Lease (Miscellaneous revenue) | 1.32 | 12-1-2041 | 5,000,000 | 5,000,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series 1 (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.37 | 1-15-2037 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 12-15-2040 | 750,000 | 750,000 | |
13,750,000 | |||||
Oregon: 1.03% | |||||
Variable rate demand notes ø: 1.03% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 1-1-2028 | 2,700,000 | 2,700,000 | |
Pennsylvania: 1.28% | |||||
Variable rate demand notes ø: 1.28% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 11-1-2034 | 530,000 | 530,000 | |
Pennsylvania EDFA Series D-7 (Industrial development revenue, PNC Bank NA LOC) | 1.42 | 8-1-2022 | 200,000 | 200,000 | |
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF0539 (Water & sewer revenue, BAM Insured, TD Bank NA LIQ) 144A | 1.47 | 8-15-2038 | 2,615,000 | 2,615,000 | |
3,345,000 |
Interest rate | Maturity date | Principal | Value | ||
South Dakota: 3.82% | |||||
Variable rate demand notes ø: 3.82% | |||||
South Dakota EDA Riverview Project (Resource recovery revenue, AgCountry Farm Credit Services LOC) | 1.45% | 11-1-2051 | $10,000,000 | $ 10,000,000 | |
Texas: 3.32% | |||||
Other municipal debt : 0.76% | |||||
Upper Trinity Regional Water District Series A (Water & sewer revenue) | 1.14 | 9-7-2022 | 2,000,000 | 1,999,391 | |
Variable rate demand notes ø: 2.56% | |||||
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource recovery revenue) | 1.45 | 8-1-2039 | 695,000 | 695,000 | |
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial development revenue) | 1.47 | 4-1-2027 | 3,000,000 | 3,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 MS0002 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.53 | 6-15-2056 | 3,000,000 | 3,000,000 | |
6,695,000 | |||||
Utah: 2.29% | |||||
Variable rate demand notes ø: 2.29% | |||||
RBC Municipal Products Incorporated Trust Series E-152 (Miscellaneous revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.36 | 9-1-2023 | 6,000,000 | 6,000,000 | |
Vermont: 0.78% | |||||
Variable rate demand notes ø: 0.78% | |||||
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education revenue, TD Bank NA LOC) | 1.96 | 7-1-2033 | 2,050,000 | 2,050,000 | |
Virginia: 1.86% | |||||
Variable rate demand notes ø: 1.86% | |||||
Mizuho Floater/Residual Trust Tender Option Bond Series 2020- MIZ9025 (Health revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.59 | 11-1-2035 | 2,890,000 | 2,890,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 1.36 | 12-15-2045 | 1,970,000 | 1,970,000 | |
4,860,000 | |||||
Washington: 1.69% | |||||
Variable rate demand notes ø: 1.69% | |||||
Eclipse Funding Trust (Water & sewer revenue, U.S. Bank NA LIQ) 144A | 1.99 | 7-1-2042 | 4,420,000 | 4,420,000 |
Interest rate | Maturity date | Principal | Value | ||
Wisconsin: 1.24% | |||||
Variable rate demand notes ø: 1.24% | |||||
Tender Option Bond Trust Receipts/Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.53% | 12-15-2040 | $ 735,000 | $ 735,000 | |
Wisconsin Housing & EDA Series B (Housing revenue, FHLB SPA) | 1.36 | 5-1-2055 | 2,510,000 | 2,510,000 | |
3,245,000 | |||||
Total Municipal obligations (Cost $233,202,012) | 233,197,620 | ||||
Repurchase agreements^^: 6.96% | |||||
Citigroup Global Markets, dated 7-29-2022, maturity value $18,203,488 | 2.30 | 8-1-2022 | 18,200,000 | 18,200,000 | |
Total Repurchase agreements (Cost $18,200,000) | 18,200,000 | ||||
Total investments in securities (Cost $260,402,012) | 99.54% | 260,397,620 | |||
Other assets and liabilities, net | 0.46 | 1,194,020 | |||
Total net assets | 100.00% | $261,591,640 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 1.13% to 4.75%, 5-15-2040 to 2-15-2041, fair value including accrued interest is $18,564,008. |
Abbreviations: | |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
PCFA | Pollution Control Financing Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $260,402,012) | $ 260,397,620 |
Cash | 294,762 |
Receivable for investments sold | 625,000 |
Receivable for interest | 312,632 |
Prepaid expenses and other assets | 37,122 |
Total assets | 261,667,136 |
Liabilities | |
Administration fees payable | 24,062 |
Management fee payable | 14,997 |
Custody and accounting fees payable | 14,829 |
Professional fees payable | 6,421 |
Shareholder report expenses payable | 4,499 |
Payable for Fund shares redeemed | 2,731 |
Dividends payable | 2,181 |
Accrued expenses and other liabilities | 5,776 |
Total liabilities | 75,496 |
Total net assets | $261,591,640 |
Net assets consist of | |
Paid-in capital | $ 261,567,320 |
Total distributable earnings | 24,320 |
Total net assets | $261,591,640 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 3,341,632 |
Shares outstanding – Administrator Class1 | 3,339,597 |
Net asset value per share – Administrator Class | $1.0006 |
Net assets – Institutional Class | $ 243,678,775 |
Shares outstanding – Institutional Class1 | 243,538,538 |
Net asset value per share – Institutional Class | $1.0006 |
Net assets – Service Class | $ 14,571,233 |
Shares outstanding – Service Class1 | 14,544,136 |
Net asset value per share – Service Class | $1.0019 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 935,779 |
Expenses | |
Management fee | 236,470 |
Administration fees | |
Administrator Class | 1,869 |
Institutional Class | 118,225 |
Service Class | 9,595 |
Shareholder servicing fees | |
Administrator Class | 1,869 |
Service Class | 19,990 |
Custody and accounting fees | 30,014 |
Professional fees | 25,522 |
Registration fees | 24,459 |
Shareholder report expenses | 13,960 |
Trustees’ fees and expenses | 10,165 |
Other fees and expenses | 10,882 |
Total expenses | 503,020 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (173,591) |
Administrator Class | (1,072) |
Service Class | (8,417) |
Net expenses | 319,940 |
Net investment income | 615,839 |
Net change in unrealized gains (losses) on investments | 2,157 |
Net increase in net assets resulting from operations | $ 617,996 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 615,839 | $ 36,459 | ||
Net realized gains on investments | 0 | 106,951 | ||
Net change in unrealized gains (losses) on investments | 2,157 | (15,014) | ||
Net increase in net assets resulting from operations | 617,996 | 128,396 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (5,894) | (612) | ||
Institutional Class | (591,666) | (47,079) | ||
Service Class | (18,279) | (2,629) | ||
Total distributions to shareholders | (615,839) | (50,320) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 57,872 | 57,909 | 3,997,602 | 4,000,000 |
Institutional Class | 3,042,592,338 | 3,044,226,840 | 4,854,975,318 | 4,857,045,209 |
Service Class | 299,864 | 300,429 | 595,530 | 596,580 |
3,044,585,178 | 4,861,641,789 | |||
Reinvestment of distributions | ||||
Administrator Class | 5,892 | 5,894 | 605 | 605 |
Institutional Class | 591,173 | 591,522 | 47,013 | 47,035 |
Service Class | 11,839 | 11,861 | 1,644 | 1,647 |
609,277 | 49,287 | |||
Payment for shares redeemed | ||||
Administrator Class | (1,998,801) | (2,000,000) | 0 | 0 |
Institutional Class | (3,124,279,774) | (3,125,954,352) | (4,893,287,361) | (4,895,358,721) |
Service Class | (2,430,564) | (2,435,157) | (2,376,949) | (2,381,199) |
(3,130,389,509) | (4,897,739,920) | |||
Net decrease in net assets resulting from capital share transactions | (85,195,054) | (36,048,844) | ||
Total decrease in net assets | (85,192,897) | (35,970,768) | ||
Net assets | ||||
Beginning of period | 346,784,537 | 382,755,305 | ||
End of period | $ 261,591,640 | $ 346,784,537 |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0006 | $1.0004 | $1.0004 | $1.0003 | $1.0010 | $1.0005 |
Net investment income | 0.0017 | 0.0003 | 0.0033 | 0.0124 | 0.0125 | 0.0069 |
Net realized and unrealized gains (losses) on investments | 0.0001 | 0.0001 | 0.0001 | 0.0005 | (0.0001) | 0.0005 |
Total from investment operations | 0.0018 | 0.0004 | 0.0034 | 0.0129 | 0.0124 | 0.0074 |
Distributions to shareholders from | ||||||
Net investment income | (0.0018) | (0.0001) | (0.0034) | (0.0125) | (0.0124) | (0.0069) |
Net realized gains | 0.0000 | (0.0001) | (0.0000) 1 | (0.0003) | (0.0007) | (0.0000) 1 |
Total distributions to shareholders | (0.0018) | (0.0002) | (0.0034) | (0.0128) | (0.0131) | (0.0069) |
Net asset value, end of period | $1.0006 | $1.0006 | $1.0004 | $1.0004 | $1.0003 | $1.0010 |
Total return2 | 0.18% | 0.04% | 0.34% | 1.29% | 1.25% | 0.74% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.42% | 0.42% | 0.45% | 0.43% | 0.44% | 0.41% |
Net expenses | 0.26% * | 0.08% * | 0.23% * | 0.30% | 0.30% | 0.30% |
Net investment income | 0.32% | 0.01% | 0.46% | 1.28% | 1.25% | 0.68% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $3,342 | $5,278 | $1,277 | $2,238 | $6,313 | $3,247 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.04% |
Year ended January 31, 2022 | 0.22% |
Year ended January 31, 2021 | 0.06% |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0005 | $1.0003 | $1.0004 | $1.0004 | $1.0011 | $1.0005 |
Net investment income | 0.0020 | 0.0001 | 0.0040 | 0.0137 | 0.0133 1 | 0.0080 |
Net realized and unrealized gains (losses) on investments | 0.0002 | 0.0003 | (0.0003) | 0.0001 | 0.0001 | 0.0005 |
Total from investment operations | 0.0022 | 0.0004 | 0.0037 | 0.0138 | 0.0134 | 0.0085 |
Distributions to shareholders from | ||||||
Net investment income | (0.0021) | (0.0001) | (0.0038) | (0.0135) | (0.0134) | (0.0079) |
Net realized gains | 0.0000 | (0.0001) | (0.0000) 2 | (0.0003) | (0.0007) | (0.0000) 2 |
Total distributions to shareholders | (0.0021) | (0.0002) | (0.0038) | (0.0138) | (0.0141) | (0.0079) |
Net asset value, end of period | $1.0006 | $1.0005 | $1.0003 | $1.0004 | $1.0004 | $1.0011 |
Total return3 | 0.22% | 0.04% | 0.38% | 1.38% | 1.35% | 0.85% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.30% | 0.29% | 0.32% | 0.31% | 0.31% | 0.29% |
Net expenses | 0.19% * | 0.08% * | 0.18% * | 0.20% | 0.20% | 0.20% |
Net investment income | 0.40% | 0.01% | 0.41% | 1.34% | 1.32% | 0.79% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $243,679 | $324,813 | $363,006 | $224,247 | $166,024 | $336,215 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.01% |
Year ended January 31, 2022 | 0.12% |
Year ended January 31, 2021 | 0.02% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.0019 | $1.0016 | $1.0003 | $1.0004 | $1.0010 | $1.0005 |
Net investment income | 0.0018 | 0.0004 | 0.0024 | 0.0110 1 | 0.0109 1 | 0.0059 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0013 | 0.0000 | 0.0000 | 0.0000 |
Net realized and unrealized gains (losses) on investments | (0.0006) | 0.0001 | 0.0006 | 0.0002 | 0.0001 | 0.0000 |
Total from investment operations | 0.0012 | 0.0005 | 0.0043 | 0.0112 | 0.0110 | 0.0059 |
Distributions to shareholders from | ||||||
Net investment income | (0.0012) | (0.0001) | (0.0030) | (0.0110) | (0.0109) | (0.0054) |
Net realized gains | 0.0000 | (0.0001) | (0.0000) 2 | (0.0003) | (0.0007) | (0.0000) 2 |
Total distributions to shareholders | (0.0012) | (0.0002) | (0.0030) | (0.0113) | (0.0116) | (0.0054) |
Net asset value, end of period | $1.0019 | $1.0019 | $1.0016 | $1.0003 | $1.0004 | $1.0010 |
Total return3 | 0.12% | 0.05% | 0.44% 4 | 1.12% | 1.11% | 0.59% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.60% | 0.59% | 0.62% | 0.60% | 0.61% | 0.58% |
Net expenses | 0.38% * | 0.09% * | 0.26% * | 0.45% | 0.45% | 0.45% |
Net investment income | 0.23% | 0.01% | 0.27% | 1.09% | 1.09% | 0.53% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $14,571 | $16,694 | $18,472 | $15,255 | $19,001 | $19,355 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.07% |
Year ended January 31, 2022 | 0.36% |
Year ended January 31, 2021 | 0.19% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.13% impact on the total return. |
Gross unrealized gains | $ 19 |
Gross unrealized losses | (4,411) |
Net unrealized losses | $(4,392) |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $0 | $ 9,000,000 | $0 | $ 9,000,000 |
Municipal obligations | 0 | 233,197,620 | 0 | 233,197,620 |
Repurchase agreements | 0 | 18,200,000 | 0 | 18,200,000 |
Total assets | $0 | $260,397,620 | $0 | $260,397,620 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.30% |
Institutional Class | 0.20 |
Service Class | 0.45 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829img8cded0a11.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303829img2da3ad596.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA307/SAR307 07-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img797d8d0d1.jpg)
■ | Allspring National Tax-Free Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img211b07ec2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img8f58683b3.jpg)
President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (NWMXX) | 7-28-2003 | 0.10 | 0.49 | 0.28 | 0.66 | 0.60 |
Administrator Class (WNTXX) | 4-8-2005 | 0.20 | 0.68 | 0.41 | 0.39 | 0.30 |
Premier Class (WFNXX) | 11-8-1999 | 0.23 | 0.75 | 0.45 | 0.27 | 0.20 |
Service Class (MMIXX) | 8-3-1993 | 0.14 | 0.59 | 0.34 | 0.56 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Premier Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of July 31, 2022 | ||||
Class A | Administrator Class | Premier Class | Service Class | |
7-day current yield1 | 0.69 | 0.97 | 1.05 | 0.81 |
7-day compound yield | 0.70 | 0.97 | 1.06 | 0.81 |
30-day simple yield | 0.45 | 0.74 | 0.84 | 0.59 |
30-day compound yield | 0.46 | 0.75 | 0.84 | 0.59 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 0.63%, 0.87%, 0.98% and 0.70% for Class A, Administrator Class, Premier Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img6ce180ae4.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img615c62205.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
22 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
82 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.84 | $2.23 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.26 | 0.45% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.76 | $1.34 | 0.27% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.46 | $1.35 | 0.27% |
Premier Class | ||||
Actual | $1,000.00 | $1,002.13 | $0.99 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.80 | $1.00 | 0.20% |
Service Class | ||||
Actual | $1,000.00 | $1,001.19 | $1.94 | 0.39% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.86 | $1.96 | 0.39% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 2.32% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (50 shares) 1.83% 144Aø | $ 5,000,000 | $ 5,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 1.39% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $15,000,000) | 15,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 85.34% | |||||
Alabama: 0.70% | |||||
Variable rate demand notes ø: 0.70% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0098 (Utilities revenue, Royal Bank of Canada LIQ) 144A | 1.39% | 12-1-2022 | 4,500,000 | 4,500,000 | |
Arizona: 2.26% | |||||
Variable rate demand notes ø: 2.26% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.37 | 12-1-2037 | 3,215,000 | 3,215,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 12-15-2047 | 11,398,763 | 11,398,763 | |
14,613,763 | |||||
California: 12.79% | |||||
Other municipal debt : 2.91% | |||||
California Series A-1 (GO revenue) | 1.20 | 8-23-2022 | 1,190,000 | 1,190,000 | |
California Series A-2 (GO revenue) | 1.13 | 9-15-2022 | 7,000,000 | 7,000,000 | |
Los Angeles CA 2022-23 Tax and Revenue Anticipation Notes (GO revenue) | 4.00 | 6-30-2023 | 7,000,000 | 7,147,609 | |
Los Angeles CA Capital Asset Leasing Corporation Lease Revenue Series B (Lease revenue) | 1.25 | 8-24-2022 | 3,500,000 | 3,500,000 | |
18,837,609 | |||||
Variable rate demand notes ø: 9.88% | |||||
California CDA Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, East West Bank LOC) | 1.37 | 3-1-2057 | 17,500,000 | 17,500,000 | |
California Series A (GO revenue, State Street Bank & Trust Company LOC) | 1.82 | 5-1-2048 | 10,000,000 | 10,000,000 | |
California Statewide CDA Revenue Various Sweep Loan Program Series A (Health revenue, U.S. Bank NA LOC) | 0.85 | 8-1-2035 | 700,000 | 700,000 | |
Los Angeles CA Airport Series A-3 Commerical Paper (Airport revenue) | 0.95 | 8-2-2022 | 16,100,000 | 16,100,000 | |
Los Angeles CA Department Water & Power Revenue Various Power System Subordinated Bond Series A5 (Utilities revenue, Bank of America NA SPA) | 1.60 | 7-1-2035 | 100,000 | 100,000 | |
Riverside County CA Certificates Various Refunding Bond Public Safety (Miscellaneous revenue, Bank of America NA LOC) | 1.22 | 11-1-2039 | 585,000 | 584,944 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.58% | 10-1-2036 | $ 6,005,000 | $ 6,005,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XX1040 (Miscellaneous revenue, Barclays Bank plc LIQ) 144A | 1.36 | 2-1-2046 | 4,160,000 | 4,160,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0188 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 2-1-2026 | 1,600,000 | 1,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2830 (GO revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 10-1-2034 | 3,450,000 | 3,450,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1142 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.38 | 10-1-2049 | 2,555,000 | 2,555,000 | |
Tender Option Bond Trust Receipts/Various States (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 2-1-2036 | 1,203,000 | 1,203,000 | |
63,957,944 | |||||
Colorado: 0.08% | |||||
Variable rate demand notes ø: 0.08% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 1.30 | 11-1-2038 | 490,000 | 490,000 | |
Connecticut: 1.22% | |||||
Other municipal debt : 0.77% | |||||
North Branford CT BAN (GO revenue) | 2.00 | 8-4-2022 | 5,000,000 | 5,000,767 | |
Variable rate demand notes ø: 0.45% | |||||
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.48 | 6-1-2037 | 2,600,000 | 2,600,000 | |
Connecticut State Housing Authority Various Subordinated Bond Series A-3 (Housing revenue, Bank of America NA SPA) | 1.30 | 5-15-2048 | 300,000 | 299,976 | |
2,899,976 | |||||
Delaware: 0.02% | |||||
Variable rate demand notes ø: 0.02% | |||||
University of Delaware (Education revenue, TD Bank NA SPA) | 1.90 | 11-1-2035 | 100,000 | 100,000 | |
District of Columbia: 1.37% | |||||
Variable rate demand notes ø: 1.37% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0621 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 4-1-2026 | 4,000,000 | 4,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2784 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 1.36 | 9-1-2039 | 2,800,000 | 2,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2785 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 1.36 | 9-1-2039 | 2,070,000 | 2,070,000 | |
8,870,000 |
Interest rate | Maturity date | Principal | Value | ||
Florida: 3.27% | |||||
Variable rate demand notes ø: 3.27% | |||||
Highlands County FL Health Facilities Authority Adventist Health System Series I5 (Health revenue) | 1.35% | 11-15-2035 | $ 2,200,000 | $ 2,200,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health revenue) | 1.42 | 11-15-2032 | 600,000 | 600,000 | |
Miami-Dade County FL IDA Revenue Various Refunding Florida Power & Light Company Project (Utilities revenue) | 1.96 | 5-1-2046 | 1,500,000 | 1,500,000 | |
Seminole County FL Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0444 (Tax revenue, NPFGC Insured, JPMorgan Chase & Company LIQ) 144A | 1.43 | 4-1-2027 | 5,250,000 | 5,250,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 1.97 | 9-1-2028 | 1,685,000 | 1,685,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-TX1073 (Housing revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank plc LIQ) 144A | 1.36 | 7-1-2037 | 3,405,000 | 3,405,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health revenue, Morgan Stanley Bank LIQ) 144A | 1.38 | 8-15-2047 | 4,130,000 | 4,130,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1136 (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.37 | 7-1-2049 | 2,375,000 | 2,375,000 | |
21,145,000 | |||||
Georgia: 0.80% | |||||
Variable rate demand notes ø: 0.80% | |||||
Dekalb County GA Series 2006-B ROC RR-II-R-11900 (Water & sewer revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | 1.36 | 4-1-2023 | 2,500,000 | 2,500,000 | |
Roswell GA Housing Authority Refunding Bonds Belcourt Limited Project A (Housing revenue, Northern Trust Company LOC) | 0.68 | 9-1-2027 | 2,700,000 | 2,700,000 | |
5,200,000 | |||||
Illinois: 7.10% | |||||
Variable rate demand notes ø: 7.10% | |||||
Brookfield IL Revenue Adjusted Brookfield Zoo Project (Miscellaneous revenue, Northern Trust Company LOC) | 1.32 | 6-1-2038 | 1,430,000 | 1,430,000 | |
Illinois Educational Facilities Authority Aurora University (Education revenue, BMO Harris Bank NA LOC) | 1.34 | 3-1-2032 | 3,800,000 | 3,800,000 | |
Illinois State Finance Authority Revenue Various Northshore University Health System Series B (Health revenue, JPMorgan Chase & Company SPA) | 1.82 | 8-15-2049 | 10,000,000 | 10,000,000 | |
Lake County IL MFHR Various Whispering Oaks Apartments Project (Housing revenue, FHLMC LIQ) | 1.31 | 11-1-2045 | 250,000 | 249,976 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education revenue, BMO Harris Bank NA LOC) | 1.37 | 10-1-2035 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Miscellaneous revenue, Bank of America NA LIQ) 144A | 1.38 | 3-1-2046 | 2,500,000 | 2,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2202 (Transportation revenue, TD Bank NA LIQ) 144A | 1.38 | 1-1-2037 | 1,140,000 | 1,140,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0120 (Transportation revenue, Royal Bank of Canada LIQ) 144A | 1.39% | 7-1-2023 | $ 3,100,000 | $ 3,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0722 (Tax revenue, Royal Bank of Canada LIQ) 144A | 1.47 | 7-1-2026 | 7,900,000 | 7,900,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Tax revenue, Bank of America NA LIQ) 144A | 1.47 | 1-1-2048 | 3,340,000 | 3,340,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0713 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 1.45 | 1-1-2043 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XG0299 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.37 | 5-15-2050 | 2,500,000 | 2,500,000 | |
45,959,976 | |||||
Indiana: 0.50% | |||||
Variable rate demand notes ø: 0.50% | |||||
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial development revenue, Sumitomo Mitsui Banking Corporation LOC) | 1.91 | 12-1-2039 | 3,000,000 | 3,000,000 | |
Indiana Finance Authority Various Refunding Bond Duke Energy Industry project A-3 (Industrial development revenue, Mizuho Bank Limited LOC) | 1.31 | 12-1-2039 | 250,000 | 249,976 | |
3,249,976 | |||||
Kansas: 0.29% | |||||
Variable rate demand notes ø: 0.29% | |||||
University of Kansas Hospital Authority Health System (Health revenue, U.S. Bank NA LOC) | 1.87 | 9-1-2034 | 1,900,000 | 1,900,000 | |
Louisiana: 0.50% | |||||
Variable rate demand notes ø: 0.50% | |||||
East Baton Rouge Parish Louisiana Incorporate Various ExxonMobil Project Gulf (Industrial development revenue) | 1.87 | 12-1-2051 | 228,000 | 227,978 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0735 (Water & sewer revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 1.38 | 12-1-2045 | 3,000,000 | 3,000,000 | |
3,227,978 | |||||
Maryland: 0.46% | |||||
Variable rate demand notes ø: 0.46% | |||||
Montgomery County MD Housing Opportunities Commission Single Family Mortgage Revenue Various Series C (Housing revenue, PNC Bank NA LOC) | 1.37 | 1-1-2041 | 3,000,000 | 3,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Massachusetts: 1.24% | |||||
Variable rate demand notes ø: 1.24% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2692 (Education revenue, Citibank NA LIQ) 144A | 1.34% | 7-1-2025 | $ 4,190,000 | $ 4,190,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2891 (Health revenue, Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144A | 1.37 | 10-1-2045 | 3,845,000 | 3,845,000 | |
8,035,000 | |||||
Michigan: 2.46% | |||||
Variable rate demand notes ø: 2.46% | |||||
Michigan Finance Authority Hospital Revenue Bonds Trinity Health Credit Group Series 2013 MI-1 (Health revenue) | 1.35 | 12-1-2034 | 2,750,000 | 2,750,000 | |
University of Michigan IAM Bonds Series L-1 Commercial Paper (Education revenue) | 1.15 | 9-6-2022 | 13,175,000 | 13,175,000 | |
15,925,000 | |||||
Minnesota: 3.11% | |||||
Variable rate demand notes ø: 3.11% | |||||
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.41 | 10-15-2033 | 2,375,000 | 2,375,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.42 | 8-15-2038 | 4,160,000 | 4,160,000 | |
Minneapolis & St. Paul MN Allina Health System 2007 C-1 (Health revenue, Wells Fargo Bank NA LOC) | 1.30 | 11-15-2034 | 1,945,000 | 1,945,000 | |
Oak Park Heights MN Boutwells Landing Project Series 2005 (Housing revenue, FHLMC LIQ) | 1.33 | 11-1-2035 | 9,290,000 | 9,290,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.41 | 9-15-2031 | 1,665,000 | 1,665,000 | |
Rochester MN HCFR Mayo Clinic (Health revenue) | 1.23 | 11-15-2047 | 700,000 | 700,000 | |
20,135,000 | |||||
Mississippi: 1.29% | |||||
Variable rate demand notes ø: 1.29% | |||||
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue (Industrial development revenue) | 1.87 | 11-1-2035 | 8,340,000 | 8,340,000 | |
Missouri: 0.26% | |||||
Variable rate demand notes ø: 0.26% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2198 (Water & sewer revenue, Citibank NA LIQ) 144A | 1.41 | 5-1-2023 | 1,680,000 | 1,680,000 | |
Montana: 0.39% | |||||
Variable rate demand notes ø: 0.39% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 6-1-2034 | 2,515,000 | 2,515,000 |
Interest rate | Maturity date | Principal | Value | ||
Nebraska: 0.87% | |||||
Variable rate demand notes ø: 0.87% | |||||
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing revenue, Northern Trust Company LOC) | 1.45% | 9-1-2031 | $ 5,600,000 | $ 5,600,000 | |
Nevada: 1.69% | |||||
Other municipal debt : 0.58% | |||||
Nevada Housing Division Single Family Mortgage Revenue Senior Series D (Housing revenue, GNMA / FNMA / FHLMC Insured) | 0.25 | 12-1-2022 | 3,730,000 | 3,730,000 | |
Variable rate demand notes ø: 1.11% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZM0634 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 12-1-2025 | 3,330,000 | 3,330,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0845 (GO revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 1.45 | 6-15-2026 | 3,870,000 | 3,870,000 | |
7,200,000 | |||||
New Jersey: 3.44% | |||||
Other municipal debt : 1.55% | |||||
Burlington County NJ Bridge Commission Series 2021C (Miscellaneous revenue) | 2.00 | 11-10-2022 | 10,000,000 | 10,049,697 | |
Variable rate demand notes ø: 1.89% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2495 (Miscellaneous revenue, BAM Insured, Morgan Stanley Bank LIQ) 144A | 1.38 | 7-1-2031 | 8,450,000 | 8,450,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 1.36 | 11-1-2028 | 3,795,000 | 3,795,000 | |
12,245,000 | |||||
New York: 6.00% | |||||
Variable rate demand notes ø: 6.00% | |||||
New York Fiscal Subordinate Bond Series 2017A-6 (GO revenue, JPMorgan Chase & Company SPA) | 1.90 | 8-1-2044 | 3,190,000 | 3,190,000 | |
New York Housing Development MFHR Bonds Series C3 (Housing revenue, Barclays Bank plc SPA) | 1.35 | 5-1-2062 | 5,000,000 | 5,000,000 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 1.80 | 11-15-2041 | 1,600,000 | 1,600,000 | |
New York NY Subordinated Bond (Health revenue, TD Bank NA LOC) | 1.35 | 2-15-2031 | 1,200,000 | 1,200,000 | |
New York NY Suboridnated Bond Series F5 (GO revenue, Barclays Bank plc SPA) | 1.82 | 6-1-2044 | 13,000,000 | 13,000,000 | |
New York Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 1.91 | 8-1-2043 | 2,100,000 | 2,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2556 (Tax revenue, TD Bank NA LIQ) 144A | 1.36 | 9-15-2025 | 6,720,000 | 6,720,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Triborough Bridge & Tunnel Authority Subordinated Bonds Series B-2 (Transportation revenue, State Street Bank & Trust Company LOC) | 1.50% | 1-1-2032 | $ 1,400,000 | $ 1,400,000 | |
Triborough Bridge & Tunnel Authority Subordinated Bonds Series B-2 (Transportation revenue, State Street Bank & Trust Company LOC) | 1.80 | 1-1-2032 | 4,600,000 | 4,600,000 | |
38,810,000 | |||||
North Carolina: 3.58% | |||||
Variable rate demand notes ø: 3.58% | |||||
Charlotte NC Mecklenburg Hospital Authority Atrium Health Variable Rate Healthcare Series 2021-E (Health revenue, Royal Bank of Canada LOC) | 1.87 | 1-15-2042 | 13,800,000 | 13,800,000 | |
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 1-1-2026 | 2,430,000 | 2,430,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0105 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.36 | 10-1-2055 | 2,250,500 | 2,250,500 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF1270 (Miscellaneous revenue, JPMorgan Chase & Company LIQ) 144A | 1.36 | 1-1-2028 | 4,716,000 | 4,716,000 | |
23,196,500 | |||||
Ohio: 7.86% | |||||
Other municipal debt : 0.82% | |||||
American Municipal Power Incorporated Electric System Improvement Holiday City OH Series 2022 (Utilities revenue) | 3.00 | 4-27-2023 | 730,000 | 734,537 | |
American Municipal Power Incorporated Electric System Improvement Monroeville OH Series 2022 (Utilities revenue) | 3.00 | 4-20-2023 | 470,000 | 472,845 | |
Lakewood City OH Various Purpose Income Tax Revenue Notes Series 2022 (Tax revenue) | 1.75 | 3-16-2023 | 2,500,000 | 2,510,305 | |
Mahoning County OH BAN Various Purpose (GO revenue) | 1.00 | 9-8-2022 | 1,590,000 | 1,591,321 | |
5,309,008 | |||||
Variable rate demand notes ø: 7.04% | |||||
Allen County OH Catholic Healthcare Series C (Health revenue, Bank of Montreal LOC) | 1.86 | 6-1-2034 | 1,145,000 | 1,145,000 | |
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous revenue) | 1.50 | 10-1-2036 | 17,300,000 | 17,300,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0225 (Water & sewer revenue, TD Bank NA LIQ) 144A | 1.38 | 11-15-2043 | 9,375,000 | 9,375,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2438 (Education revenue, JPMorgan Chase & Company LIQ) 144A | 1.36 | 12-1-2024 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0074 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 1.48 | 2-1-2029 | 9,485,000 | 9,485,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9020 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.43% | 5-1-2039 | $ 3,870,000 | $ 3,870,000 | |
Tender Option Bond Trust Receipts/Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 12-15-2040 | 2,370,000 | 2,370,000 | |
45,545,000 | |||||
Oregon: 2.01% | |||||
Variable rate demand notes ø: 2.01% | |||||
Oregon Housing & Community Services Department Mortgage Revenue Various Single Family Mortgage Program (Housing revenue, Sumitomo Mitsui Banking Corporation LOC) | 1.32 | 7-1-2037 | 3,500,000 | 3,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0813 (Health revenue, Royal Bank of Canada LIQ) 144A | 1.38 | 5-15-2027 | 4,895,000 | 4,895,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 1.36 | 1-1-2028 | 4,605,000 | 4,605,000 | |
13,000,000 | |||||
Pennsylvania: 3.39% | |||||
Variable rate demand notes ø: 3.39% | |||||
Delaware Valley Regional Finance Authority Local Government Series D (Miscellaneous revenue, TD Bank NA LOC) | 1.35 | 11-1-2055 | 2,000,000 | 2,000,000 | |
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.58 | 11-1-2034 | 3,000,000 | 3,000,000 | |
Lehigh County General Purpose Authority Hospital Revenue Various Lehigh Valley Health Network (Health revenue, Bank of America NA LOC) | 1.29 | 7-1-2049 | 575,000 | 574,944 | |
Pennsylvania EDFA Exempt Facilities Refunding Bond Energy Supply LLC (Utilities revenue, MUFG Bank Limited LOC) | 1.90 | 12-1-2038 | 1,000,000 | 1,000,000 | |
Pennsylvania Public School Building Authority Series A (Miscellaneous revenue, AGM Insured, Citibank NA LIQ) 144A | 1.41 | 12-1-2023 | 5,000,000 | 5,000,000 | |
South Central Pennsylvania General Authority WellSpan Health Obligated Group Series 2019E (Health revenue, U.S. Bank NA SPA) | 1.97 | 6-1-2035 | 300,000 | 300,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0081 (Health revenue, Morgan Stanley Bank LIQ) 144A | 1.36 | 6-1-2044 | 1,700,000 | 1,700,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0504 (Water & sewer revenue, TD Bank NA LIQ) 144A | 1.45 | 8-15-2042 | 4,115,000 | 4,115,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-SM0860 (GO revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | 1.36 | 9-1-2027 | 4,275,000 | 4,275,000 | |
21,964,944 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 0.29% | |||||
Variable rate demand notes ø: 0.29% | |||||
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education revenue, Truist Bank LOC) | 1.42% | 8-1-2025 | $ 1,150,000 | $ 1,150,000 | |
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial development revenue, Truist Bank LOC) | 1.42 | 11-1-2034 | 735,000 | 735,000 | |
1,885,000 | |||||
Texas: 8.26% | |||||
Variable rate demand notes ø: 8.26% | |||||
Lower Neches Valley TX Authority Industrial Development Corporation ExxonMobil Project Series 2010 (Industrial development revenue) | 1.80 | 11-1-2038 | 10,000,000 | 10,000,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial development revenue) | 1.44 | 6-1-2041 | 15,000,000 | 15,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 MS0002 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.53 | 6-15-2056 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Transportation revenue, JPMorgan Chase & Company LIQ) 144A | 1.45 | 3-1-2051 | 2,175,000 | 2,175,000 | |
Texas A&M University Series B (Education revenue) | 1.20 | 9-19-2022 | 10,000,000 | 10,000,000 | |
Texas Transportation Commission State Highway Fund First Tier Series 2014-B (Tax revenue, Sumitomo Mitsui Banking Corporation LIQ) | 1.33 | 4-1-2032 | 5,000,000 | 5,000,000 | |
Upper Trinity Regional Water District Series A (Water & sewer revenue) | 1.14 | 9-7-2022 | 6,300,000 | 6,300,000 | |
53,475,000 | |||||
Utah: 0.46% | |||||
Variable rate demand notes ø: 0.46% | |||||
Utah Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0171 (Health revenue, Royal Bank of Canada LIQ) 144A | 1.37 | 11-15-2022 | 3,000,000 | 3,000,000 | |
Virginia: 0.47% | |||||
Variable rate demand notes ø: 0.47% | |||||
Mizuho Floater/Residual Trust Tender Option Bond Series 2020- MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.59 | 11-1-2035 | 2,030,000 | 2,030,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 1.36 | 12-15-2045 | 980,000 | 980,000 | |
3,010,000 | |||||
Wisconsin: 6.91% | |||||
Variable rate demand notes ø: 6.91% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2869 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.55 | 11-1-2025 | 8,300,000 | 8,300,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Certificates Series 2022-MS0004 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.53% | 6-1-2053 | $ 7,010,000 | $ 7,010,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0127 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 1.36 | 9-29-2022 | 3,520,000 | 3,520,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2831 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 7-1-2029 | 1,800,000 | 1,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XL0148 (Health revenue, Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144A | 1.37 | 6-1-2045 | 2,250,000 | 2,250,000 | |
Tender Option Bond Trust Receipts/Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.53 | 12-15-2040 | 1,915,000 | 1,915,000 | |
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (Housing revenue, JPMorgan Chase & Company LOC) | 1.40 | 8-15-2034 | 2,500,000 | 2,500,000 | |
Wisconsin Series 2019A (GO revenue) | 1.65 | 5-1-2029 | 17,400,000 | 17,400,000 | |
44,695,000 | |||||
Total Municipal obligations (Cost $552,298,138) | 552,298,138 | ||||
Repurchase agreements^^: 7.17% | |||||
Citigroup Global Markets, dated 7-29-2022, maturity value $46,408,893 | 2.30 | 8-1-2022 | 46,400,000 | 46,400,000 | |
Total Repurchase agreements (Cost $46,400,000) | 46,400,000 | ||||
Total investments in securities (Cost $613,698,138) | 94.83% | 613,698,138 | |||
Other assets and liabilities, net | 5.17 | 33,488,706 | |||
Total net assets | 100.00% | $647,186,844 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 1.13% to 4.75%, 5-15-2040 to 2-15-2041, fair value including accrued interest is $47,328,019. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 613,698,138 |
Cash | 211,750 |
Receivable for Fund shares sold | 32,853,116 |
Receivable for interest | 1,079,164 |
Receivable for investments sold | 329,000 |
Prepaid expenses and other assets | 40,223 |
Total assets | 648,211,391 |
Liabilities | |
Payable for Fund shares redeemed | 773,758 |
Administration fees payable | 54,660 |
Dividends payable | 39,336 |
Management fee payable | 36,929 |
Accrued expenses and other liabilities | 119,864 |
Total liabilities | 1,024,547 |
Total net assets | $647,186,844 |
Net assets consist of | |
Paid-in capital | $ 647,233,633 |
Total distributable loss | (46,789) |
Total net assets | $647,186,844 |
Computation of net asset value per share | |
Net assets – Class A | $ 80,512,637 |
Shares outstanding – Class A1 | 80,498,785 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 99,025,128 |
Shares outstanding – Administrator Class1 | 99,008,834 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Premier Class | $ 402,015,811 |
Shares outstanding – Premier Class1 | 401,957,594 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 65,633,268 |
Shares outstanding – Service Class1 | 65,621,984 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 2,204,583 |
Expenses | |
Management fee | 545,080 |
Administration fees | |
Class A | 90,527 |
Administrator Class | 50,700 |
Premier Class | 191,261 |
Service Class | 38,953 |
Shareholder servicing fees | |
Class A | 102,871 |
Administrator Class | 50,700 |
Service Class | 81,153 |
Custody and accounting fees | 26,544 |
Professional fees | 25,371 |
Registration fees | 44,881 |
Shareholder report expenses | 12,236 |
Trustees’ fees and expenses | 10,165 |
Other fees and expenses | 10,134 |
Total expenses | 1,280,576 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (260,285) |
Class A | (48,212) |
Administrator Class | (23,188) |
Service Class | (29,009) |
Net expenses | 919,882 |
Net investment income | 1,284,701 |
Net realized gains on investments | 9,189 |
Net increase in net assets resulting from operations | $1,293,890 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 1,284,701 | $ 84,890 | ||
Net realized gains on investments | 9,189 | 118,683 | ||
Net increase in net assets resulting from operations | 1,293,890 | 203,573 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (67,677) | (21,610) | ||
Administrator Class | (174,476) | (25,998) | ||
Premier Class | (964,609) | (138,801) | ||
Service Class | (77,939) | (16,045) | ||
Total distributions to shareholders | (1,284,701) | (202,454) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 11,128,276 | 11,128,276 | 19,081,495 | 19,081,495 |
Administrator Class | 19,219,947 | 19,219,947 | 82,252,702 | 82,252,702 |
Premier Class | 236,506,436 | 236,506,436 | 239,015,930 | 239,015,930 |
Service Class | 1,779,295 | 1,779,295 | 4,336,224 | 4,336,224 |
268,633,954 | 344,686,351 | |||
Reinvestment of distributions | ||||
Class A | 65,730 | 65,730 | 20,678 | 20,678 |
Administrator Class | 172,247 | 172,247 | 25,556 | 25,556 |
Premier Class | 659,143 | 659,143 | 83,214 | 83,214 |
Service Class | 17,497 | 17,497 | 3,828 | 3,828 |
914,617 | 133,276 | |||
Payment for shares redeemed | ||||
Class A | (15,217,868) | (15,217,868) | (35,489,215) | (35,489,215) |
Administrator Class | (28,528,149) | (28,528,149) | (59,613,625) | (59,613,625) |
Premier Class | (394,410,446) | (394,410,446) | (311,871,568) | (311,871,568) |
Service Class | (1,840,733) | (1,840,733) | (2,850,800) | (2,850,800) |
(439,997,196) | (409,825,208) | |||
Net decrease in net assets resulting from capital share transactions | (170,448,625) | (65,005,581) | ||
Total decrease in net assets | (170,439,436) | (65,004,462) | ||
Net assets | ||||
Beginning of period | 817,626,280 | 882,630,742 | ||
End of period | $ 647,186,844 | $ 817,626,280 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.08% | 0.02% | 0.27% | 0.93% | 0.89% | 0.35% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.66% | 0.66% | 0.64% | 0.66% | 0.66% | 0.68% |
Net expenses | 0.45% * | 0.12% * | 0.33% * | 0.60% | 0.61% | 0.64% |
Net investment income | 0.16% | 0.01% | 0.25% | 0.92% | 0.88% | 0.30% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $80,513 | $84,532 | $100,920 | $95,632 | $101,680 | $119,524 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.15% |
Year ended January 31, 2022 | 0.48% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.18% | 0.02% | 0.35% | 1.23% | 1.21% | 0.69% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.39% | 0.38% | 0.37% | 0.39% | 0.39% | 0.41% |
Net expenses | 0.27% * | 0.11% * | 0.25% * | 0.30% | 0.30% | 0.30% |
Net investment income | 0.34% | 0.01% | 0.34% | 1.22% | 1.21% | 0.64% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $99,025 | $108,157 | $85,489 | $107,457 | $131,395 | $132,964 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.03% |
Year ended January 31, 2022 | 0.19% |
Year ended January 31, 2021 | 0.04% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Premier Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.21% | 0.02% | 0.40% | 1.33% | 1.31% | 0.79% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.27% | 0.27% | 0.25% | 0.27% | 0.27% | 0.28% |
Net expenses | 0.20% | 0.12% 3 | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.40% | 0.01% | 0.38% | 1.28% | 1.31% | 0.79% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $402,016 | $559,264 | $632,040 | $847,871 | $593,961 | $339,331 |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
3 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.12% | 0.02% | 0.30% | 1.08% | 1.06% | 0.54% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.56% | 0.56% | 0.54% | 0.56% | 0.56% | 0.58% |
Net expenses | 0.39% * | 0.12% * | 0.29% * | 0.45% | 0.45% | 0.45% |
Net investment income | 0.24% | 0.01% | 0.28% | 1.06% | 1.05% | 0.49% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $65,633 | $65,673 | $64,183 | $64,802 | $65,682 | $66,460 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.06% |
Year ended January 31, 2022 | 0.33% |
Year ended January 31, 2021 | 0.15% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $0 | $ 15,000,000 | $0 | $ 15,000,000 |
Municipal obligations | 0 | 552,298,138 | 0 | 552,298,138 |
Repurchase agreements | 0 | 46,400,000 | 0 | 46,400,000 |
Total assets | $0 | $613,698,138 | $0 | $613,698,138 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Premier Class | 0.20 |
Service Class | 0.45 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792img797d8d0d1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g355792imgb7e2472b6.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA309/SAR309 07-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img4496c04b1.jpg)
■ | Allspring Treasury Plus Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499imga7ac3f1c2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img6be1837c3.jpg)
President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (PIVXX) | 7-28-2003 | 0.15 | 0.69 | 0.36 | 0.61 | 0.60 |
Administrator Class (WTPXX) | 3-31-2008 | 0.22 | 0.85 | 0.46 | 0.34 | 0.34 |
Institutional Class (PISXX) | 8-11-1995 | 0.27 | 0.94 | 0.52 | 0.22 | 0.20 |
Select Class (WTLXX)3 | 3-15-2019 | 0.29 | 0.96 | 0.53 | 0.18 | 0.14 |
Service Class (PRVXX) | 10-1-1985 | 0.19 | 0.78 | 0.42 | 0.51 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Select Class shares would be higher. |
Yield summary (%) as of July 31, 2022 | |||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 1.26 | 1.52 | 1.66 | 1.72 | 1.41 |
7-day compound yield | 1.27 | 1.53 | 1.68 | 1.74 | 1.42 |
30-day simple yield | 1.00 | 1.26 | 1.40 | 1.46 | 1.15 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of July 31, 2022 | |||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
30-day compound yield | 1.00 | 1.26 | 1.41 | 1.47 | 1.15 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.25%, 1.52%, 1.64%, 1.68% and 1.35% for Class A, Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img1131ff434.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img862c8c6e5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
22 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
82 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.45 | $2.03 | 0.41% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.76 | $2.06 | 0.41% |
Administrator Class | ||||
Actual | $1,000.00 | $1,002.13 | $1.14 | 0.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.65 | $1.15 | 0.23% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.65 | $0.89 | 0.18% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.90 | $0.90 | 0.18% |
Select Class | ||||
Actual | $1,000.00 | $1,002.87 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,001.81 | $1.74 | 0.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $1.76 | 0.35% |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 62.38% | |||||
ANZ Bank New Zealand Limited, dated 7-29-2022, maturity value $50,009,185 (01) | 2.30% | 8-1-2022 | $ 49,999,602 | $ 49,999,602 | |
Bank of America, dated 7-29-2022, maturity value $100,018,333 (02) | 2.20 | 8-1-2022 | 100,000,000 | 100,000,000 | |
Bank of New York Mellon Corporation, dated 7-29-2022, maturity value $500,095,833 (03) | 2.30 | 8-1-2022 | 500,000,000 | 500,000,000 | |
Barclays Bank plc, dated 7-29-2022, maturity value $872,167,133 (04) | 2.30 | 8-1-2022 | 872,000,000 | 872,000,000 | |
Citigroup Global Markets Incorporated, dated 7-29-2022, maturity value $100,419,243 (05) | 2.30 | 8-1-2022 | 100,400,000 | 100,400,000 | |
Citigroup Global Markets Incorporated, dated 7-29-2022, maturity value $250,111,806 (06) | 2.30 | 8-4-2022 | 250,000,000 | 250,000,000 | |
Federal Reserve Bank of New York, dated 7-29-2022, maturity value $8,201,571,667 (07) | 2.30 | 8-1-2022 | 8,200,000,000 | 8,200,000,000 | |
ING Financial Markets LLC, dated 7-29-2022, maturity value $500,101,291 (08) | 2.30 | 8-1-2022 | 500,005,457 | 500,005,457 | |
MUFG Securities Canada Limited, dated 7-29-2022, maturity value $750,143,750 (09) | 2.30 | 8-1-2022 | 750,000,000 | 750,000,000 | |
RBS Securities Incorporated, dated 7-29-2022, maturity value $400,076,667 (10) | 2.30 | 8-1-2022 | 400,000,000 | 400,000,000 | |
Standard Chartered Bank, dated 7-29-2022, maturity value $100,019,167 (11) | 2.30 | 8-1-2022 | 100,000,000 | 100,000,000 | |
Standard Chartered Bank, dated 7-29-2022, maturity value $497,778,001 (12) | 2.30 | 8-1-2022 | 497,682,612 | 497,682,612 | |
Total Repurchase agreements (Cost $12,320,087,671) | 12,320,087,671 | ||||
U.S. Treasury securities: 33.03% | |||||
U.S. Treasury Bill ☼ | 0.11 | 10-6-2022 | 320,000,000 | 319,751,180 | |
U.S. Treasury Bill ☼ | 0.16 | 11-3-2022 | 100,000,000 | 99,958,222 | |
U.S. Treasury Bill ☼ | 0.39 | 12-29-2022 | 20,000,000 | 19,967,500 | |
U.S. Treasury Bill ☼ | 0.62 | 1-26-2023 | 10,000,000 | 9,969,443 | |
U.S. Treasury Bill ☼ | 0.97 | 8-16-2022 | 100,000,000 | 99,959,792 | |
U.S. Treasury Bill ☼ | 1.18 | 9-8-2022 | 56,000,000 | 55,981,000 | |
U.S. Treasury Bill ☼ | 1.65 | 9-22-2022 | 15,000,000 | 14,981,128 | |
U.S. Treasury Bill ☼ | 1.83 | 8-23-2022 | 50,000,000 | 49,966,939 | |
U.S. Treasury Bill ☼ | 1.86 | 10-13-2022 | 100,000,000 | 99,750,837 | |
U.S. Treasury Bill ☼ | 2.18 | 10-20-2022 | 50,000,000 | 49,860,222 | |
U.S. Treasury Bill ☼ | 2.20 | 12-15-2022 | 50,000,000 | 49,589,639 | |
U.S. Treasury Note | 0.13 | 8-31-2022 | 100,000,000 | 100,002,762 | |
U.S. Treasury Note | 0.13 | 9-30-2022 | 158,000,000 | 158,008,575 | |
U.S. Treasury Note | 0.13 | 10-31-2022 | 317,850,000 | 317,864,327 | |
U.S. Treasury Note ## | 0.13 | 11-30-2022 | 152,000,000 | 151,971,100 | |
U.S. Treasury Note | 0.13 | 12-31-2022 | 90,000,000 | 89,922,790 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 20,000,000 | 19,867,021 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 205,000,000 | 201,948,047 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 160,000,000 | 157,307,895 | |
U.S. Treasury Note | 0.13 | 6-30-2023 | 30,000,000 | 29,453,276 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 110,000,000 | 108,507,195 | |
U.S. Treasury Note | 1.38 | 10-15-2022 | 167,000,000 | 167,422,887 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 30,000,000 | 29,965,533 | |
U.S. Treasury Note | 1.38 | 6-30-2023 | 20,000,000 | 19,813,396 | |
U.S. Treasury Note | 1.50 | 8-15-2022 | 30,000,000 | 30,016,318 | |
U.S. Treasury Note | 1.50 | 9-15-2022 | 50,000,000 | 50,086,408 | |
U.S. Treasury Note | 1.50 | 1-15-2023 | 30,000,000 | 29,990,353 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 1.63% | 8-15-2022 | $ 40,000,000 | $ 40,023,674 | |
U.S. Treasury Note | 1.63 | 8-31-2022 | 95,000,000 | 95,117,892 | |
U.S. Treasury Note | 1.63 | 11-15-2022 | 70,600,000 | 70,811,914 | |
U.S. Treasury Note | 1.75 | 9-30-2022 | 80,000,000 | 80,216,964 | |
U.S. Treasury Note | 1.75 | 1-31-2023 | 15,000,000 | 15,012,559 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 80,000,000 | 79,752,931 | |
U.S. Treasury Note | 1.88 | 8-31-2022 | 47,000,000 | 47,068,025 | |
U.S. Treasury Note | 1.88 | 9-30-2022 | 83,000,000 | 83,242,383 | |
U.S. Treasury Note | 2.00 | 10-31-2022 | 45,000,000 | 45,205,462 | |
U.S. Treasury Note | 2.00 | 11-30-2022 | 65,000,000 | 65,335,903 | |
U.S. Treasury Note | 2.13 | 12-31-2022 | 40,000,000 | 40,298,362 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.08%) ± | 2.46 | 4-30-2024 | 360,000,000 | 359,614,267 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 15,000,000 | 15,084,920 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ± | 2.52 | 1-31-2024 | 290,000,000 | 290,168,926 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±%% | 2.54 | 7-31-2024 | 130,000,000 | 129,999,940 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 4-30-2023 | 640,000,000 | 640,013,289 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 7-31-2023 | 520,000,000 | 520,011,213 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 2.57 | 10-31-2023 | 520,000,000 | 520,010,116 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 2.59 | 10-31-2022 | 570,000,000 | 569,997,324 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 2.59 | 1-31-2023 | 255,000,000 | 255,030,680 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 30,000,000 | 30,157,228 | |
Total U.S. Treasury securities (Cost $6,524,057,757) | 6,524,057,757 | ||||
Total investments in securities (Cost $18,844,145,428) | 95.41% | 18,844,145,428 | |||
Other assets and liabilities, net | 4.59 | 906,602,739 | |||
Total net assets | 100.00% | $19,750,748,167 |
^^ | Collateralized by: |
(01) U.S. government securities, 0.75% to 3.13%, 4-30-2025 to 11-15-2051, fair value including accrued interest is $50,755,958. | |
(02) U.S. government securities, 1.88% to 6.25%, 8-15-2023 to 8-15-2047, fair value including accrued interest is $102,000,018. | |
(03) U.S. government securities, 2.88% to 3.25%, 6-30-2027 to 5-15-2032, fair value including accrued interest is $510,000,087. | |
(04) U.S. government securities, 0.00% to 7.63%, 7-31-2022 to 2-15-2052, fair value including accrued interest is $889,440,052. | |
(05) U.S. government securities, 1.13% to 4.75%, 5-15-2040 to 2-15-2041, fair value including accrued interest is $102,408,042. | |
(06) U.S. government securities, 1.38% to 4.75%, 8-15-2040 to 5-15-2041, fair value including accrued interest is $255,000,055. | |
(07) U.S. government securities, 2.38% to 4.75%, 5-15-2029 to 11-15-2045, fair value including accrued interest is $8,201,571,676. | |
(08) U.S. government securities, 0.38% to 1.50%, 1-31-2026 to 2-15-2030, fair value including accrued interest is $510,005,566. | |
(09) U.S. government securities, 0.13% to 3.13%, 9-30-2022 to 11-15-2031, fair value including accrued interest is $765,000,000. | |
(10) U.S. government securities, 0.00%, 8-15-2022 to 2-15-2052, fair value is $408,000,019. | |
(11) U.S. government securities, 0.13% to 3.63%, 2-15-2022 to 11-15-2051, fair value including accrued interest is $102,000,088. | |
(12) U.S. government securities, 0.25% to 4.63%, 5-31-2028 to 2-15-2050, fair value including accrued interest is $507,839,400. | |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 6,524,057,757 |
Investments in repurchase agreements, at amortized cost | 12,320,087,671 |
Cash | 116,946 |
Receivable for investments sold | 1,030,000,000 |
Receivable for interest | 25,197,529 |
Receivable for Fund shares sold | 4,255,360 |
Prepaid expenses and other assets | 1,194,828 |
Total assets | 19,904,910,091 |
Liabilities | |
Payable for when-issued transactions | 130,009,232 |
Dividends payable | 15,965,527 |
Payable for Fund shares redeemed | 4,025,376 |
Management fee payable | 1,869,111 |
Administration fees payable | 1,572,406 |
Accrued expenses and other liabilities | 720,272 |
Total liabilities | 154,161,924 |
Total net assets | $19,750,748,167 |
Net assets consist of | |
Paid-in capital | $ 19,751,200,916 |
Total distributable loss | (452,749) |
Total net assets | $19,750,748,167 |
Computation of net asset value per share | |
Net assets – Class A | $ 1,821,891,696 |
Shares outstanding – Class A1 | 1,821,746,076 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 21,464,922 |
Shares outstanding – Administrator Class1 | 21,463,667 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 13,032,351,204 |
Shares outstanding – Institutional Class1 | 13,031,418,598 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 3,492,291,284 |
Shares outstanding – Select Class1 | 3,491,819,127 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,382,749,061 |
Shares outstanding – Service Class1 | 1,382,634,850 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 75,750,450 |
Expenses | |
Management fee | 14,675,078 |
Administration fees | |
Class A | 2,336,624 |
Administrator Class | 27,518 |
Institutional Class | 5,426,704 |
Select Class | 892,092 |
Service Class | 893,076 |
Shareholder servicing fees | |
Class A | 2,655,255 |
Administrator Class | 27,518 |
Service Class | 1,860,575 |
Custody and accounting fees | 512,503 |
Professional fees | 31,875 |
Registration fees | 259,955 |
Shareholder report expenses | 21,947 |
Trustees’ fees and expenses | 10,165 |
Other fees and expenses | 174,401 |
Total expenses | 29,805,286 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (5,912,090) |
Class A | (1,067,163) |
Administrator Class | (15,700) |
Service Class | (626,323) |
Net expenses | 22,184,010 |
Net investment income | 53,566,440 |
Net realized losses on investments | (200,533) |
Net increase in net assets resulting from operations | $53,365,907 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 53,566,440 | $ 2,331,198 | ||
Net realized gains (losses) on investments | (200,533) | 78,655 | ||
Net increase in net assets resulting from operations | 53,365,907 | 2,409,853 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,835,932) | (214,632) | ||
Administrator Class | (57,300) | (9,840) | ||
Institutional Class | (35,748,203) | (1,626,052) | ||
Select Class | (12,214,501) | (469,032) | ||
Service Class | (2,710,505) | (153,404) | ||
Total distributions to shareholders | (53,566,441) | (2,472,960) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 8,982,634,919 | 8,982,634,919 | 17,292,778,758 | 17,292,778,758 |
Administrator Class | 6,398,645 | 6,398,645 | 301,493,085 | 301,493,085 |
Institutional Class | 35,950,780,708 | 35,950,780,708 | 78,183,860,257 | 78,183,860,257 |
Select Class | 85,963,207,250 | 85,963,207,250 | 158,221,246,956 | 158,221,246,956 |
Service Class | 6,935,602,768 | 6,935,602,768 | 8,837,003,941 | 8,837,003,941 |
137,838,624,290 | 262,836,382,997 | |||
Reinvestment of distributions | ||||
Class A | 866,724 | 866,724 | 102,289 | 102,289 |
Administrator Class | 57,300 | 57,300 | 9,834 | 9,834 |
Institutional Class | 10,180,333 | 10,180,333 | 513,020 | 513,020 |
Select Class | 5,989,017 | 5,989,017 | 321,522 | 321,522 |
Service Class | 693,772 | 693,772 | 31,358 | 31,358 |
17,787,146 | 978,023 | |||
Payment for shares redeemed | ||||
Class A | (9,583,082,057) | (9,583,082,057) | (16,408,606,695) | (16,408,606,695) |
Administrator Class | (102,540,003) | (102,540,003) | (327,688,424) | (327,688,424) |
Institutional Class | (37,913,082,190) | (37,913,082,190) | (79,078,616,429) | (79,078,616,429) |
Select Class | (86,837,623,829) | (86,837,623,829) | (156,979,444,837) | (156,979,444,837) |
Service Class | (6,960,068,900) | (6,960,068,900) | (8,846,695,273) | (8,846,695,273) |
(141,396,396,979) | (261,641,051,658) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (3,539,985,543) | 1,196,309,362 | ||
Total increase (decrease) in net assets | (3,540,186,077) | 1,196,246,255 | ||
Net assets | ||||
Beginning of period | 23,290,934,244 | 22,094,687,989 | ||
End of period | $ 19,750,748,167 | $ 23,290,934,244 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.14% | 0.01% | 0.12% | 1.56% | 1.37% | 0.38% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | 0.62% |
Net expenses | 0.41% * | 0.06% * | 0.25% * | 0.60% | 0.60% | 0.61% |
Net investment income | 0.27% | 0.01% | 0.11% | 1.53% | 1.36% | 0.38% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,821,892 | $2,421,542 | $1,537,192 | $1,379,059 | $1,202,749 | $1,291,723 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.19% |
Year ended January 31, 2022 | 0.54% |
Year ended January 31, 2021 | 0.35% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.21% | 0.01% | 0.16% | 1.83% | 1.63% | 0.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.34% | 0.34% | 0.34% | 0.34% | 0.35% | 0.35% |
Net expenses | 0.23% * | 0.06% * | 0.24% * | 0.34% | 0.35% | 0.35% |
Net investment income | 0.21% | 0.01% | 0.16% | 1.84% | 1.48% | 0.61% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $21,465 | $117,556 | $143,745 | $137,102 | $101,340 | $142,198 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.11% |
Year ended January 31, 2022 | 0.28% |
Year ended January 31, 2021 | 0.10% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.26% | 0.01% | 0.21% | 1.97% | 1.78% | 0.79% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.23% |
Net expenses | 0.18% * | 0.06% * | 0.18% * | 0.20% | 0.20% | 0.20% |
Net investment income | 0.53% | 0.01% | 0.16% | 1.95% | 1.77% | 0.81% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $13,032,351 | $14,984,670 | $15,879,274 | $11,295,226 | $12,466,864 | $13,085,244 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.02% |
Year ended January 31, 2022 | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||
Select Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | ||||
Net investment income | (0.00) 2 | (0.00) 2 | (0.00) 2 | (0.02) |
Net realized gains | 0.00 | (0.00) 2 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.00) 2 | (0.00) 2 | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.29% | 0.01% | 0.24% | 1.74% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.18% | 0.18% | 0.18% | 0.18% |
Net expenses | 0.13% * | 0.06% * | 0.14% | 0.14% |
Net investment income | 0.55% | 0.01% | 0.09% | 1.81% |
Supplemental data | ||||
Net assets, end of period (000s omitted) | $3,492,291 | $4,360,652 | $3,118,274 | $691,825 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.01% |
Year ended January 31, 2022 | 0.08% |
1 | For the period from March 15, 2019 (commencement of class operations) to January 31, 2020 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.18% | 0.01% | 0.14% | 1.72% | 1.53% | 0.54% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% | 0.52% |
Net expenses | 0.35% * | 0.06% * | 0.23% * | 0.45% | 0.45% | 0.45% |
Net investment income | 0.36% | 0.01% | 0.12% | 1.71% | 1.51% | 0.54% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,382,749 | $1,406,514 | $1,416,203 | $1,168,901 | $1,431,420 | $1,459,295 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.10% |
Year ended January 31, 2022 | 0.39% |
Year ended January 31, 2021 | 0.22% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Repurchase agreements | $0 | $ 12,320,087,671 | $0 | $ 12,320,087,671 |
U.S. Treasury securities | 0 | 6,524,057,757 | 0 | 6,524,057,757 |
Total assets | $0 | $18,844,145,428 | $0 | $18,844,145,428 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.45 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img4496c04b1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g389499img7c28d5f36.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA314/SAR314 07-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832img490d66b91.jpg)
■ | Allspring 100% Treasury Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832img7295624f2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832imga0756b7e3.jpg)
President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFTXX) | 11-8-1999 | 0.13 | 0.68 | 0.35 | 0.61 | 0.60 |
Administrator Class (WTRXX) | 6-30-2010 | 0.20 | 0.87 | 0.46 | 0.34 | 0.30 |
Institutional Class (WOTXX)3 | 10-31-2014 | 0.24 | 0.93 | 0.51 | 0.22 | 0.20 |
Service Class (NWTXX) | 12-3-1990 | 0.14 | 0.74 | 0.39 | 0.51 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
Yield summary (%) as of July 31, 2022 | ||||
Class A | Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 1.11 | 1.39 | 1.49 | 1.19 |
7-day compound yield | 1.12 | 1.40 | 1.50 | 1.20 |
30-day simple yield | 0.86 | 1.15 | 1.25 | 0.95 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of July 31, 2022 | ||||
Class A | Administrator Class | Institutional Class | Service Class | |
30-day compound yield | 0.87 | 1.16 | 1.26 | 0.96 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.09%, 1.34%, 1.46% and 1.17% for Class A, Administrator Class, Institutional Class and Service Class, respectively. |
Portfolio composition as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832img617710cd4.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832imge6d4ac7a5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20221 |
42 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20221 |
87 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2022 | Ending account value 7-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.14 | $2.13 | 0.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.66 | $2.16 | 0.43% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.96 | $1.29 | 0.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.51 | $1.30 | 0.26% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.33 | $0.94 | 0.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.85 | $0.95 | 0.19% |
Service Class | ||||
Actual | $1,000.00 | $1,001.36 | $1.89 | 0.38% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.91 | $1.91 | 0.38% |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities: 105.69% | |||||
U.S. Cash Management Bill ☼ | 1.39% | 10-4-2022 | $ 200,000,000 | $ 199,506,844 | |
U.S. Cash Management Bill ☼ | 1.52 | 10-11-2022 | 200,000,000 | 199,403,403 | |
U.S. Cash Management Bill ☼ | 2.07 | 10-25-2022 | 200,000,000 | 199,029,111 | |
U.S. Cash Management Bill ☼ | 2.09 | 10-18-2022 | 200,000,000 | 199,100,833 | |
U.S. Cash Management Bill ☼ | 2.21 | 11-1-2022 | 200,000,000 | 198,879,389 | |
U.S. Cash Management Bill ☼ | 2.26 | 11-8-2022 | 250,000,000 | 248,458,281 | |
U.S. Cash Management Bill ☼ | 2.56 | 11-15-2022 | 250,000,000 | 248,130,278 | |
U.S. Cash Management Bill ☼%% | 2.74 | 11-29-2022 | 250,000,000 | 247,755,528 | |
U.S. Cash Management Bill ☼ | 2.77 | 11-22-2022 | 250,000,000 | 247,845,938 | |
U.S. Treasury Bill ☼ | 0.11 | 10-6-2022 | 200,000,000 | 199,399,354 | |
U.S. Treasury Bill ☼ | 0.16 | 11-3-2022 | 70,000,000 | 69,970,756 | |
U.S. Treasury Bill ☼ | 0.39 | 12-29-2022 | 10,000,000 | 9,983,750 | |
U.S. Treasury Bill ☼ | 0.51 | 9-27-2022 | 500,000,000 | 498,557,500 | |
U.S. Treasury Bill ☼ | 0.62 | 1-26-2023 | 10,000,000 | 9,969,443 | |
U.S. Treasury Bill ☼ | 0.73 | 8-30-2022 | 1,200,000,000 | 1,198,300,987 | |
U.S. Treasury Bill ☼ | 0.92 | 8-4-2022 | 200,000,000 | 199,984,708 | |
U.S. Treasury Bill ☼ | 0.97 | 8-16-2022 | 1,000,000,000 | 999,252,916 | |
U.S. Treasury Bill ☼ | 1.04 | 8-18-2022 | 200,000,000 | 199,902,014 | |
U.S. Treasury Bill ☼ | 1.08 | 8-25-2022 | 200,000,000 | 199,857,000 | |
U.S. Treasury Bill ☼## | 1.12 | 8-2-2022 | 839,000,000 | 838,973,919 | |
U.S. Treasury Bill ☼ | 1.13 | 9-1-2022 | 200,000,000 | 199,806,078 | |
U.S. Treasury Bill ☼ | 1.16 | 9-13-2022 | 200,000,000 | 199,722,889 | |
U.S. Treasury Bill ☼ | 1.17 | 8-11-2022 | 442,180,000 | 442,036,997 | |
U.S. Treasury Bill ☼ | 1.18 | 9-8-2022 | 230,000,000 | 229,713,982 | |
U.S. Treasury Bill ☼ | 1.32 | 8-9-2022 | 1,450,000,000 | 1,449,574,522 | |
U.S. Treasury Bill ☼ | 1.53 | 9-15-2022 | 250,000,000 | 249,523,438 | |
U.S. Treasury Bill ☼ | 1.63 | 9-6-2022 | 750,000,000 | 748,784,375 | |
U.S. Treasury Bill ☼ | 1.65 | 9-22-2022 | 210,000,000 | 209,500,641 | |
U.S. Treasury Bill ☼ | 1.74 | 9-20-2022 | 400,000,000 | 399,038,611 | |
U.S. Treasury Bill ☼ | 1.76 | 9-29-2022 | 200,000,000 | 199,425,406 | |
U.S. Treasury Bill ☼ | 1.83 | 8-23-2022 | 1,663,590,000 | 1,661,732,226 | |
U.S. Treasury Bill ☼ | 1.86 | 10-13-2022 | 200,000,000 | 199,249,596 | |
U.S. Treasury Bill ☼ | 2.18 | 10-20-2022 | 200,000,000 | 199,038,555 | |
U.S. Treasury Bill ☼ | 2.55 | 10-27-2022 | 150,000,000 | 149,082,875 | |
U.S. Treasury Note | 0.13 | 8-31-2022 | 20,000,000 | 20,000,552 | |
U.S. Treasury Note | 0.13 | 10-31-2022 | 20,000,000 | 20,000,671 | |
U.S. Treasury Note | 0.13 | 11-30-2022 | 65,000,000 | 64,983,332 | |
U.S. Treasury Note | 0.13 | 12-31-2022 | 15,000,000 | 14,983,627 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 10,000,000 | 9,933,510 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 100,000,000 | 98,531,841 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 30,000,000 | 29,487,189 | |
U.S. Treasury Note | 0.13 | 6-30-2023 | 20,000,000 | 19,635,517 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 55,000,000 | 54,253,598 | |
U.S. Treasury Note | 1.38 | 10-15-2022 | 80,000,000 | 80,202,431 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 20,000,000 | 19,977,022 | |
U.S. Treasury Note | 1.50 | 8-15-2022 | 20,000,000 | 20,010,879 | |
U.S. Treasury Note | 1.50 | 1-15-2023 | 20,000,000 | 19,993,568 | |
U.S. Treasury Note | 1.63 | 8-15-2022 | 20,000,000 | 20,011,837 | |
U.S. Treasury Note | 1.63 | 8-31-2022 | 40,000,000 | 40,050,332 | |
U.S. Treasury Note | 1.63 | 11-15-2022 | 40,000,000 | 40,077,945 | |
U.S. Treasury Note | 1.75 | 1-31-2023 | 10,000,000 | 10,008,372 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 70,000,000 | 69,757,004 | |
U.S. Treasury Note | 1.88 | 10-31-2022 | 10,000,000 | 10,044,039 | |
U.S. Treasury Note | 2.00 | 11-30-2022 | 40,000,000 | 40,185,094 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.08%) ± | 2.46% | 4-30-2024 | $ 240,000,000 | $ 239,742,845 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 10,000,000 | 10,056,613 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.02%) ± | 2.52 | 1-31-2024 | 190,000,000 | 190,109,841 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±%% | 2.54 | 7-31-2024 | 90,000,000 | 89,999,959 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 4-30-2023 | 360,000,000 | 360,007,853 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 2.57 | 7-31-2023 | 80,000,000 | 80,002,424 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 2.57 | 10-31-2023 | 440,000,000 | 440,072,458 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 2.59 | 10-31-2022 | 400,000,000 | 399,998,056 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 2.59 | 1-31-2023 | 190,000,000 | 190,023,853 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 20,000,000 | 20,104,818 | |
Total U.S. Treasury securities (Cost $15,670,739,223) | 15,670,739,223 | ||||
Total investments in securities (Cost $15,670,739,223) | 105.69% | 15,670,739,223 | |||
Other assets and liabilities, net | (5.69) | (843,083,392) | |||
Total net assets | 100.00% | $14,827,655,831 |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 15,670,739,223 |
Cash | 8,207 |
Receivable for investments sold | 400,000,000 |
Receivable for interest | 11,216,734 |
Receivable for Fund shares sold | 5,657,985 |
Prepaid expenses and other assets | 524,366 |
Total assets | 16,088,146,515 |
Liabilities | |
Payable for investments purchased | 897,968,600 |
Payable for when-issued transactions | 337,761,919 |
Payable for Fund shares redeemed | 13,078,648 |
Dividends payable | 7,926,076 |
Management fee payable | 1,423,740 |
Administration fees payable | 1,193,728 |
Trustees’ fees and expenses payable | 781 |
Accrued expenses and other liabilities | 1,137,192 |
Total liabilities | 1,260,490,684 |
Total net assets | $14,827,655,831 |
Net assets consist of | |
Paid-in capital | $ 14,827,765,597 |
Total distributable loss | (109,766) |
Total net assets | $14,827,655,831 |
Computation of net asset value per share | |
Net assets – Class A | $ 43,736,838 |
Shares outstanding – Class A1 | 43,735,468 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 403,437,063 |
Shares outstanding – Administrator Class1 | 403,421,589 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 9,905,071,310 |
Shares outstanding – Institutional Class1 | 9,904,803,766 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Service Class | $ 4,475,410,620 |
Shares outstanding – Service Class1 | 4,475,294,322 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 49,595,670 |
Expenses | |
Management fee | 10,630,047 |
Administration fees | |
Class A | 52,787 |
Administrator Class | 205,818 |
Institutional Class | 3,972,488 |
Service Class | 2,900,407 |
Shareholder servicing fees | |
Class A | 59,985 |
Administrator Class | 205,818 |
Service Class | 6,042,515 |
Custody and accounting fees | 393,223 |
Professional fees | 31,507 |
Registration fees | 164,660 |
Shareholder report expenses | 20,865 |
Trustees’ fees and expenses | 10,165 |
Other fees and expenses | 95,117 |
Total expenses | 24,785,402 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (3,914,523) |
Class A | (24,677) |
Administrator Class | (91,096) |
Service Class | (1,713,605) |
Net expenses | 19,041,501 |
Net investment income | 30,554,169 |
Net realized losses on investments | (167,217) |
Net increase in net assets resulting from operations | $30,386,952 |
Six months ended July 31, 2022 (unaudited) | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 30,554,169 | $ 1,896,261 | ||
Net realized losses on investments | (167,217) | (58,032) | ||
Net increase in net assets resulting from operations | 30,386,952 | 1,838,229 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (53,178) | (12,378) | ||
Administrator Class | (831,300) | (50,308) | ||
Institutional Class | (23,248,088) | (1,190,941) | ||
Service Class | (6,421,603) | (567,854) | ||
Sweep Class | N/A | (30,845) 1 | ||
Total distributions to shareholders | (30,554,169) | (1,852,326) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 12,812,692 | 12,812,692 | 118,470,894 | 118,470,894 |
Administrator Class | 430,636,525 | 430,636,525 | 1,836,092,008 | 1,836,092,008 |
Institutional Class | 17,533,657,617 | 17,533,657,617 | 35,621,095,104 | 35,621,095,104 |
Service Class | 11,816,001,325 | 11,816,001,325 | 25,165,686,665 | 25,165,686,665 |
Sweep Class | N/A | N/A | 1,687,760,994 1 | 1,687,760,994 1 |
29,793,108,159 | 64,429,105,665 | |||
Reinvestment of distributions | ||||
Class A | 52,111 | 52,111 | 12,172 | 12,172 |
Administrator Class | 570,367 | 570,367 | 34,027 | 34,027 |
Institutional Class | 11,962,768 | 11,962,768 | 648,015 | 648,015 |
Service Class | 2,170,423 | 2,170,423 | 190,790 | 190,790 |
Sweep Class | N/A | N/A | 24,216 1 | 24,216 1 |
14,755,669 | 909,220 | |||
Payment for shares redeemed | ||||
Class A | (16,536,517) | (16,536,517) | (274,067,705) | (274,067,705) |
Administrator Class | (463,588,197) | (463,588,197) | (1,893,982,528) | (1,893,982,528) |
Institutional Class | (18,438,134,436) | (18,438,134,436) | (37,145,224,574) | (37,145,224,574) |
Service Class | (12,678,958,853) | (12,678,958,853) | (25,055,393,988) | (25,055,393,988) |
Sweep Class | N/A | N/A | (2,509,539,856) 1 | (2,509,539,856) 1 |
(31,597,218,003) | (66,878,208,651) | |||
Net decrease in net assets resulting from capital share transactions | (1,789,354,175) | (2,448,193,766) | ||
Total decrease in net assets | (1,789,521,392) | (2,448,207,863) | ||
Net assets | ||||
Beginning of period | 16,617,177,223 | 19,065,385,086 | ||
End of period | $ 14,827,655,831 | $ 16,617,177,223 |
1 | For the period from February 1, 2021 to April 26, 2021. Effective at the close of business on April 26, 2021, Sweep Class shares were liquidated and the class was subsequently closed. |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1,2 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | (0.00) 3 | (0.00) 3 | 0.00 1 | 0.00 1 | (0.00) 3 | (0.00) 3 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return4 | 0.11% | 0.02% | 0.14% | 1.54% | 1.35% | 0.32% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.62% | 0.61% | 0.61% | 0.63% | 0.71% | 0.79% |
Net expenses | 0.43% * | 0.06% * | 0.31% * | 0.60% | 0.62% | 0.64% |
Net investment income | 0.22% | 0.02% | 0.15% | 1.49% | 1.35% | 0.31% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $43,737 | $47,409 | $202,999 | $468,360 | $384,013 | $291,246 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.17% |
Year ended January 31, 2022 | 0.54% |
Year ended January 31, 2021 | 0.29% |
1 | Amount is less than $0.005. |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | (0.00) 2 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.20% | 0.01% | 0.20% | 1.84% | 1.67% | 0.67% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.35% | 0.34% | 0.34% | 0.36% | 0.44% | 0.52% |
Net expenses | 0.26% * | 0.06% * | 0.22% * | 0.30% | 0.30% | 0.30% |
Net investment income | 0.40% | 0.01% | 0.19% | 1.85% | 1.63% | 0.65% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $403,437 | $435,818 | $493,677 | $554,447 | $692,247 | $914,471 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.04% |
Year ended January 31, 2022 | 0.24% |
Year ended January 31, 2021 | 0.08% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Net realized gains (losses) on investments | (0.00) 2 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.23% | 0.01% | 0.24% | 1.95% | 1.77% | 0.77% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.23% | 0.23% | 0.22% | 0.24% | 0.31% | 0.40% |
Net expenses | 0.19% * | 0.06% * | 0.18% * | 0.20% | 0.20% | 0.20% |
Net investment income | 0.47% | 0.01% | 0.17% | 1.92% | 1.79% | 0.78% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $9,905,071 | $10,797,673 | $12,321,170 | $7,564,485 | $7,296,690 | $4,700,731 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.01% |
Year ended January 31, 2022 | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2022 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | (0.00) 2 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.14% | 0.01% | 0.15% | 1.64% | 1.46% | 0.46% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.52% | 0.52% | 0.51% | 0.53% | 0.61% | 0.69% |
Net expenses | 0.38% * | 0.06% * | 0.25% * | 0.50% | 0.50% | 0.50% |
Net investment income | 0.27% | 0.01% | 0.12% | 1.58% | 1.45% | 0.45% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $4,475,411 | $5,336,278 | $5,225,755 | $4,230,537 | $2,796,397 | $2,945,498 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2022 (unaudited) | 0.12% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
U.S. Treasury securities | $0 | $15,670,739,223 | $0 | $15,670,739,223 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Institutional Class | 0.20 |
Service Class | 0.50 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832img490d66b91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-254180/g303832img0e70edbf6.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA300/SAR300 07-22
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | September 27, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | September 27, 2022 | |
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | September 27, 2022 |