UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
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)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: December 31
Registrant is making a filing for 2 of its series:
Allspring Managed Account CoreBuilder® Shares - Series M and Allspring Managed Account®
CoreBuilder Shares - Series SM
Date of reporting period: December 31, 2022
ITEM 1. REPORT TO STOCKHOLDERS
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993img2d931be81.jpg)
■ | Allspring Managed Account CoreBuilder® Shares – Series M |
2 | |
6 | |
7 | |
Financial statements | |
29 | |
30 | |
31 | |
32 | |
33 | |
37 | |
38 |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2022 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Allspring Managed Account CoreBuilder Shares - Series M (WFCMX) | 4-14-2008 | -8.37 | 1.76 | 3.06 | 0.02 | 0.00 |
Bloomberg Municipal Bond Index3 | – | -8.53 | 1.25 | 2.13 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectus. 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 | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
3 | 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993imgc0af1bb52.gif)
1 | The chart compares the performance of the Fund for the most recent ten years with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund. |
■ | The Fund outperformed its benchmark, the Bloomberg Municipal Bond Index, for the 12-month period that ended December 31, 2022. |
■ | Duration and yield curve positioning contributed to performance, but they were largely offset by credit positioning and security selection—both of which were detractors. |
■ | The sector allocation was basically neutral while a modest overweight to 4% coupon bonds was a slight detractor. |
Credit quality as of December 31, 20221 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993img774e80ad3.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
* | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
Effective maturity distribution as of December 31, 20221 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993img8b525c194.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2022 | Ending account value 12-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,006.34 | $0.00 * | 0.00% * |
Hypothetical (5% return before expenses) | $1,000.00 | $1,025.21 | $0.00 * | 0.00% * |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 91.19% | |||||
Alabama: 0.83% | |||||
Utilities revenue: 0.55% | |||||
Southeast Alabama Energy Authority Commodity Supply Project #2 Series B | 4.00% | 12-1-2051 | $ 1,000,000 | $ 964,493 | |
Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR +0.85%) ± | 3.61 | 6-1-2049 | 2,925,000 | 2,877,764 | |
3,842,257 | |||||
Water & sewer revenue: 0.28% | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2026 | 1,350,000 | 1,156,347 | |
Jefferson County AL Sewer Revenue Senior Lien (AGM Insured) | 5.50 | 10-1-2053 | 760,000 | 782,084 | |
1,938,431 | |||||
5,780,688 | |||||
Alaska: 0.27% | |||||
Health revenue: 0.27% | |||||
Alaska Industrial Development & Export Authority Series A | 5.00 | 10-1-2032 | 1,740,000 | 1,874,039 | |
Arizona: 2.85% | |||||
Education revenue: 1.89% | |||||
Arizona IDA Education Revenue Candeo Schools Incorporated Project Series 2020A (State School District Credit Program Insured) | 4.00 | 7-1-2047 | 650,000 | 579,513 | |
Arizona IDA Education Revenue Series 2021A | 4.00 | 7-1-2041 | 1,000,000 | 866,958 | |
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses 144A | 5.00 | 7-1-2023 | 145,000 | 146,260 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 4.90 | 6-15-2028 | 800,000 | 770,725 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | 6-15-2038 | 1,000,000 | 946,145 | |
Maricopa County AZ IDA Horizon Community Learning Center Project | 5.00 | 7-1-2035 | 3,000,000 | 2,879,290 | |
Pima County AZ IDA Educational Facility Desert Heights Charter School | 7.00 | 5-1-2034 | 1,000,000 | 1,021,246 | |
Pima County AZ IDA Facility Revenue Refunding Bond Series 2022 144A | 4.00 | 6-15-2031 | 1,045,000 | 971,639 | |
Pima County AZ IDA Noah Webster Schools Project Series A | 6.75 | 12-15-2033 | 1,120,000 | 1,144,434 | |
Pima County AZ IDA Paideia Academies Project 144A | 5.00 | 7-1-2025 | 305,000 | 303,520 | |
Pima County AZ IDA Paideia Academies Project 144A | 6.00 | 7-1-2035 | 1,475,000 | 1,489,899 | |
Pima County AZ IDA Paideia Academies Project 144A | 6.13 | 7-1-2045 | 2,000,000 | 1,998,773 | |
13,118,402 | |||||
Health revenue: 0.12% | |||||
Tempe AZ IDA Series 2021A | 4.00 | 12-1-2030 | 495,000 | 441,130 | |
Tempe AZ IDA Series 2021A | 4.00 | 12-1-2031 | 470,000 | 409,679 | |
850,809 | |||||
Industrial development revenue: 0.05% | |||||
Maricopa County AZ PCR Refunding Bonds Series A | 2.40 | 6-1-2035 | 500,000 | 379,547 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.18% | |||||
City of San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00% | 7-1-2038 | $ 1,200,000 | $ 1,227,941 | |
Utilities revenue: 0.61% | |||||
Salt River Agricultural Improvement & Power Project Series A | 5.00 | 12-1-2045 | 2,000,000 | 2,090,669 | |
Salt Verde Financial Corporation Gas Revenue Bond Series 2007-1 | 5.00 | 12-1-2032 | 2,055,000 | 2,147,372 | |
4,238,041 | |||||
19,814,740 | |||||
California: 3.65% | |||||
Airport revenue: 2.02% | |||||
Los Angeles CA International Airports Revenue Bonds 2022 Series G | 5.25 | 5-15-2047 | 1,000,000 | 1,048,741 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | 5-1-2046 | 10,000,000 | 10,106,098 | |
San Jose CA Airport Revenue Refunding Bond AMT Series A | 5.00 | 3-1-2033 | 1,695,000 | 1,835,699 | |
San Jose CA Airport Revenue Refunding Bond AMT Series A | 5.00 | 3-1-2035 | 1,000,000 | 1,038,442 | |
14,028,980 | |||||
Education revenue: 0.15% | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 1,000,000 | 1,023,538 | |
GO revenue: 0.49% | |||||
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2029 | 500,000 | 397,995 | |
Hawthorne CA School District CAB Series C (NPFGC Insured) ¤ | 0.00 | 11-1-2025 | 100,000 | 91,239 | |
Los Angeles CA Unified School District Series R | 4.00 | 7-1-2044 | 3,000,000 | 2,893,977 | |
3,383,211 | |||||
Health revenue: 0.34% | |||||
California HFFA Revenue Bond Sutter Health Series A | 5.00 | 11-15-2048 | 1,200,000 | 1,225,763 | |
California HFFA Stanford Health Care Series A | 4.00 | 8-15-2050 | 1,000,000 | 948,503 | |
University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | 5-15-2038 | 220,000 | 220,873 | |
2,395,139 | |||||
Housing revenue: 0.13% | |||||
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 500,000 | 449,444 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 476,193 | 459,726 | |
909,170 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.22% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00% | 5-1-2046 | $ 1,000,000 | $ 1,029,786 | |
San Diego CA PFA Capital Improvement Project Series B | 5.00 | 10-15-2029 | 500,000 | 532,354 | |
1,562,140 | |||||
Transportation revenue: 0.30% | |||||
Riverside County CA Transportation Commission Toll Revenue 2021 Series B-1 | 4.00 | 6-1-2046 | 2,250,000 | 2,082,063 | |
25,384,241 | |||||
Colorado: 3.02% | |||||
Airport revenue: 0.20% | |||||
Denver CO City & County Airport Revenue Bonds Series 2022B | 5.25 | 11-15-2053 | 1,250,000 | 1,359,860 | |
Education revenue: 0.40% | |||||
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | 12-15-2037 | 1,310,000 | 1,382,802 | |
Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | 8-1-2033 | 385,000 | 390,516 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | 9-1-2048 | 1,000,000 | 1,031,929 | |
2,805,247 | |||||
GO revenue: 0.69% | |||||
Broadway Station Metropolitan District #3 | 5.00 | 12-1-2039 | 749,000 | 638,137 | |
Colorado Aviation Station North Metropolitan District #2 Limited Series A | 5.00 | 12-1-2039 | 750,000 | 690,857 | |
Colorado Aviation Station North Metropolitan District #2 Refunding & Improvement Bonds Limited Tax Series A | 5.00 | 12-1-2048 | 850,000 | 734,421 | |
Douglas County CO Rampart Range Metropolitan District #5 Series 2021 | 4.00 | 12-1-2036 | 1,000,000 | 817,386 | |
Southlands CO Metropolitan District #1 Series A-2 | 5.00 | 12-1-2047 | 650,000 | 591,433 | |
Thompson Crossing Metropolitan District #4 | 5.00 | 12-1-2039 | 1,400,000 | 1,299,188 | |
4,771,422 | |||||
Health revenue: 0.85% | |||||
Colorado Health Facilities Authority CommonSpirit Health Series 2022A | 5.50 | 11-1-2047 | 1,000,000 | 1,053,918 | |
Colorado Health Facilities Authority CommonSpirit Health Series A2 | 5.00 | 8-1-2044 | 3,000,000 | 3,005,317 | |
Colorado Health Facilities Authority Revenue Bonds Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 2,000,000 | 1,863,455 | |
5,922,690 | |||||
Industrial development revenue: 0.37% | |||||
Denver CO Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 | 5.00 | 12-1-2033 | 2,500,000 | 2,541,905 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.51% | |||||
Colorado Certificate of Participation Rural Colorado Series A | 4.00% | 12-15-2038 | $ 2,000,000 | $ 1,980,240 | |
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | 12-1-2048 | 1,500,000 | 1,590,959 | |
3,571,199 | |||||
20,972,323 | |||||
Connecticut: 1.35% | |||||
Education revenue: 0.61% | |||||
Connecticut State HEFAR Trinity College Series R | 5.00 | 6-1-2035 | 850,000 | 931,159 | |
Connecticut State HEFAR Trinity College Series R | 5.00 | 6-1-2036 | 880,000 | 958,311 | |
University of Connecticut Series A | 5.00 | 2-15-2041 | 2,200,000 | 2,382,851 | |
4,272,321 | |||||
GO revenue: 0.35% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,096,847 | |
Hamden CT (BAM Insured) | 5.00 | 8-15-2025 | 275,000 | 283,560 | |
Hamden CT Series A (BAM Insured) | 4.00 | 8-1-2039 | 500,000 | 494,768 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-1-2035 | 500,000 | 536,698 | |
2,411,873 | |||||
Health revenue: 0.39% | |||||
Connecticut HEFA Revenue Nuvance Health Series A | 4.00 | 7-1-2041 | 860,000 | 763,116 | |
Connecticut HEFA Revenue Stamford Hospital Series M | 4.00 | 7-1-2040 | 2,150,000 | 1,958,521 | |
2,721,637 | |||||
9,405,831 | |||||
Delaware: 0.29% | |||||
Education revenue: 0.22% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 1,500,000 | 1,545,976 | |
Transportation revenue: 0.07% | |||||
Delaware River & Bay Authority Revenue Bonds Refunding Series 2022 | 5.00 | 1-1-2037 | 400,000 | 446,552 | |
1,992,528 | |||||
District of Columbia: 0.22% | |||||
Airport revenue: 0.22% | |||||
Metropolitan Washington Airports Authority Series 2021A | 5.00 | 10-1-2046 | 1,500,000 | 1,537,277 | |
Florida: 6.17% | |||||
Airport revenue: 3.54% | |||||
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2036 | 4,500,000 | 4,599,738 | |
Broward County FL Port Facilities Revenue Bond Series 2019B | 4.00 | 9-1-2037 | 7,490,000 | 7,377,996 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2040 | 2,625,000 | 2,791,517 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2044 | 5,500,000 | 5,824,773 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00% | 10-1-2049 | $ 3,000,000 | $ 3,015,676 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2033 | 1,000,000 | 1,020,785 | |
24,630,485 | |||||
Education revenue: 0.60% | |||||
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 1,000,000 | 1,022,549 | |
Florida Development Finance Corporation Educational Facilities Revenue Bonds Series 2022 144A | 5.00 | 10-1-2042 | 500,000 | 457,690 | |
Florida Higher Educational Facilities Financing Authority Jacksonville University 144A | 4.50 | 6-1-2033 | 1,300,000 | 1,173,025 | |
Miami-Dade County FL IDA Youth Co-Op Charter School Project Series 2015A 144A | 5.75 | 9-15-2035 | 1,500,000 | 1,500,965 | |
4,154,229 | |||||
Health revenue: 0.96% | |||||
Atlantic Beach FL HCFR Fleet Landing Project Series B | 5.63 | 11-15-2043 | 1,500,000 | 1,506,469 | |
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 225,888 | |
Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | 11-1-2045 | 1,500,000 | 1,340,666 | |
Sarasota County FL Public Hospital District Revenue Bonds Series 2022 | 5.00 | 7-1-2052 | 1,250,000 | 1,297,429 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2030 | 225,000 | 246,194 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2031 | 450,000 | 491,692 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2032 | 250,000 | 272,495 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2033 | 250,000 | 271,711 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2035 | 475,000 | 509,200 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2036 | 475,000 | 504,681 | |
6,666,425 | |||||
Transportation revenue: 0.58% | |||||
Florida State Department of Transportation Sunshine Bridge (AGM Insured) | 4.00 | 7-1-2037 | 4,000,000 | 4,039,004 | |
Utilities revenue: 0.09% | |||||
Lakeland FL Energy System Revenue Bond Series 2021 | 5.00 | 10-1-2048 | 500,000 | 580,555 | |
Water & sewer revenue: 0.40% | |||||
Orange County FL Water and Wastewater Revenue Utility | 5.00 | 10-1-2040 | 1,090,000 | 1,204,994 | |
Wildwood FL Utility Dependent District Series 2021 (BAM Insured) | 5.00 | 10-1-2038 | 1,455,000 | 1,599,769 | |
2,804,763 | |||||
42,875,461 |
Interest rate | Maturity date | Principal | Value | ||
Georgia: 1.93% | |||||
Energy revenue: 0.26% | |||||
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project M | 5.00% | 1-1-2036 | $ 800,000 | $ 833,555 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2044 | 1,000,000 | 1,005,785 | |
1,839,340 | |||||
Health revenue: 0.15% | |||||
Fulton County GA Development Authority Hospital WellStar Health System Series A | 5.00 | 4-1-2042 | 1,000,000 | 1,013,613 | |
Industrial development revenue: 0.12% | |||||
Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Ambac Insured) | 5.00 | 1-1-2027 | 50,000 | 52,191 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 1,000,000 | 794,993 | |
847,184 | |||||
Utilities revenue: 1.40% | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 | 2.93 | 11-1-2048 | 5,000,000 | 4,943,390 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2022C 144Aøø | 4.00 | 8-1-2052 | 3,500,000 | 3,290,637 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C | 4.00 | 5-1-2052 | 1,500,000 | 1,464,895 | |
9,698,922 | |||||
13,399,059 | |||||
Guam: 0.18% | |||||
Airport revenue: 0.05% | |||||
Guam International Airport Authority General Revenue Bonds 2023 Series A %% | 5.25 | 10-1-2036 | 370,000 | 359,864 | |
Tax revenue: 0.13% | |||||
Guam Government Business Privilege Tax Revenue Refunding Bonds Series F | 4.00 | 1-1-2042 | 1,000,000 | 871,510 | |
1,231,374 | |||||
Hawaii: 0.29% | |||||
Airport revenue: 0.29% | |||||
Hawaii Airports System Revenue Series A | 5.00 | 7-1-2048 | 2,000,000 | 2,024,654 | |
Idaho: 0.19% | |||||
Education revenue: 0.19% | |||||
Idaho Housing & Finance Association Idaho Arts Charter School Series A 144A | 5.00 | 12-1-2036 | 900,000 | 914,886 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | 5-1-2033 | 390,000 | 390,845 | |
1,305,731 |
Interest rate | Maturity date | Principal | Value | ||
Illinois: 15.87% | |||||
Airport revenue: 1.53% | |||||
Chicago IL Midway Airport Second Lien Refunding Bonds Series A | 5.50% | 1-1-2031 | $ 4,500,000 | $ 4,504,824 | |
Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | 1-1-2044 | 1,100,000 | 1,100,000 | |
Chicago IL O'Hare International Airport AMT Series A | 5.00 | 1-1-2048 | 2,000,000 | 2,026,600 | |
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75 | 1-1-2043 | 1,500,000 | 1,506,733 | |
Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | 1-1-2032 | 1,000,000 | 1,000,000 | |
Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | 7-1-2038 | 500,000 | 502,403 | |
10,640,560 | |||||
Education revenue: 0.41% | |||||
Illinois Finance Authority Wesley University | 5.00 | 9-1-2036 | 2,345,000 | 2,403,247 | |
Southern Illinois University Housing and Auxiliary Facilities System Refunding Revenue Series A (BAM Insured) | 4.00 | 4-1-2031 | 450,000 | 452,436 | |
2,855,683 | |||||
GO revenue: 6.14% | |||||
Chicago IL Board of Education Series 2021A | 5.00 | 12-1-2035 | 4,250,000 | 4,279,119 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 6,000,000 | 5,139,500 | |
Chicago IL City Colleges Capital Improvement Project CAB (NPFGC Insured) ¤ | 0.00 | 1-1-2031 | 800,000 | 573,018 | |
Chicago IL Emergency Telephone System Project (NPFGC Insured) | 5.50 | 1-1-2023 | 195,000 | 195,000 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2030 | 1,000,000 | 1,038,394 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2031 | 1,000,000 | 1,038,234 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2032 | 1,225,000 | 1,270,452 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2035 | 1,000,000 | 1,032,835 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016A | 5.00 | 11-15-2028 | 1,655,000 | 1,736,870 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016E | 5.00 | 11-15-2029 | 1,735,000 | 1,820,355 | |
Chicago IL Series 2021A | 5.00 | 1-1-2034 | 2,500,000 | 2,632,724 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,069,672 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 3,500,000 | 3,691,164 | |
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00 | 12-1-2025 | 675,000 | 607,494 | |
Cook County IL School District #159 CAB Prerefunded Bond (AGM Insured) ¤ | 0.00 | 12-1-2023 | 455,000 | 442,457 | |
Cook County IL School District #159 CAB Unrefunded Bond (AGM Insured) ¤ | 0.00 | 12-1-2023 | 160,000 | 154,785 | |
Illinois Series 2014 (AGM Insured) | 5.00 | 4-1-2026 | 1,130,000 | 1,150,360 | |
Illinois Series 2016 | 5.00 | 11-1-2025 | 2,000,000 | 2,050,126 | |
Illinois Series B | 5.00 | 10-1-2031 | 2,000,000 | 2,048,853 | |
Kane, Cook & DuPage Counties IL Series A | 5.00 | 1-1-2034 | 1,000,000 | 1,010,119 | |
Kane, Cook & DuPage Counties IL Series D | 5.00 | 1-1-2034 | 1,700,000 | 1,717,202 | |
Village Bolingbrook IL (AGM Insured) | 5.00 | 1-1-2031 | 500,000 | 519,163 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00% | 1-1-2033 | $ 1,625,000 | $ 1,102,849 | |
Will County IL Community High School Refunding Bond Series B (BAM Insured) | 5.00 | 1-1-2030 | 1,000,000 | 1,000,000 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2032 | 715,000 | 748,500 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2033 | 745,000 | 776,452 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2035 | 475,000 | 489,591 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2027 | 1,030,000 | 898,685 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2028 | 475,000 | 398,824 | |
Winnebago County IL Series A (AGM Insured) | 4.00 | 12-30-2025 | 1,035,000 | 1,069,842 | |
42,702,639 | |||||
Health revenue: 0.82% | |||||
Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery Center | 4.00 | 10-1-2050 | 1,000,000 | 841,876 | |
Illinois Finance Authority Revenue Bonds Series 2015A | 5.00 | 11-15-2045 | 1,750,000 | 1,752,698 | |
Illinois Finance Authority University of Chicago Series 2022A | 5.00 | 8-15-2047 | 3,000,000 | 3,117,270 | |
5,711,844 | |||||
Miscellaneous revenue: 1.08% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,809,000 | 1,809,977 | |
Illinois Finance Authority Rogers Park Montessori School | 5.00 | 2-1-2024 | 95,000 | 95,067 | |
Illinois GO Series June 2013 | 5.25 | 7-1-2028 | 400,000 | 401,995 | |
Illinois Refunding Bonds | 5.00 | 2-1-2026 | 1,000,000 | 1,026,595 | |
Illinois Series 2013 | 5.50 | 7-1-2025 | 1,250,000 | 1,260,822 | |
Illinois Series 2013 | 5.50 | 7-1-2033 | 1,000,000 | 1,003,545 | |
Illinois Series 2014 | 5.00 | 5-1-2025 | 870,000 | 881,183 | |
Illinois Sports Facilities Authority | 5.00 | 6-15-2029 | 1,000,000 | 1,015,574 | |
7,494,758 | |||||
Tax revenue: 3.21% | |||||
Cook County IL Sales Tax Bond Series 2021A | 5.00 | 11-15-2037 | 1,625,000 | 1,748,245 | |
Illinois Series A | 4.00 | 1-1-2029 | 1,000,000 | 981,193 | |
Illinois Sports Facilities Authority State Tax Supported (AGM Insured) | 5.25 | 6-15-2031 | 2,500,000 | 2,554,317 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,529,478 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 11,000,000 | 7,980,320 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 1,950,000 | 1,511,567 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B1 (AGM Insured) ¤ | 0.00 | 6-15-2027 | 5,150,000 | 4,371,569 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Metropolitan Pier & Exposition Authority Revenue Refunding Bonds McCormick Place Expansion Project Series A | 4.00% | 12-15-2042 | $ 750,000 | $ 652,601 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | 1-1-2038 | 1,000,000 | 963,986 | |
22,293,276 | |||||
Transportation revenue: 0.45% | |||||
Illinois Toll Highway Authority Senior Series A | 5.00 | 1-1-2043 | 2,000,000 | 2,117,564 | |
Illinois Toll Highway Authority Senior Series B | 5.00 | 1-1-2039 | 1,030,000 | 1,040,652 | |
3,158,216 | |||||
Water & sewer revenue: 2.23% | |||||
Chicago IL Wastewater Second Lien Transmission Revenue Project Bonds Series 2014 | 5.00 | 1-1-2025 | 1,985,000 | 2,019,150 | |
Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | 1-1-2027 | 1,000,000 | 1,001,133 | |
Chicago IL Water Revenue Refunding Bond Second Lien | 5.00 | 11-1-2025 | 2,600,000 | 2,714,446 | |
Chicago IL Water Revenue Second Lien Project | 5.00 | 11-1-2026 | 2,750,000 | 2,817,522 | |
Chicago IL Waterworks Second Lien Series 2004 | 5.00 | 11-1-2027 | 2,250,000 | 2,363,031 | |
Chicago IL Waterworks Second Lien Series 2012 | 5.00 | 11-1-2030 | 1,000,000 | 1,006,113 | |
Chicago IL Waterworks Second Lien Series 2014 | 5.00 | 11-1-2044 | 2,500,000 | 2,511,185 | |
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | 11-1-2037 | 1,000,000 | 1,034,053 | |
15,466,633 | |||||
110,323,609 | |||||
Indiana: 1.00% | |||||
Education revenue: 0.22% | |||||
Indiana Finance Authority Educational Facilities Multipurpose DePauw University Project Series 2022A | 5.00 | 7-1-2047 | 1,500,000 | 1,507,408 | |
Health revenue: 0.78% | |||||
Indiana Finance Authority Health System Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2034 | 5,360,000 | 5,421,177 | |
6,928,585 | |||||
Kansas: 0.75% | |||||
Tax revenue: 0.75% | |||||
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB 144A¤ | 0.00 | 9-1-2034 | 15,015,000 | 5,236,370 | |
Kentucky: 2.03% | |||||
Miscellaneous revenue: 0.36% | |||||
Kentucky State Property and Buildings Commission Revenue Bonds Series A (AGM Insured) | 5.00 | 11-1-2039 | 2,325,000 | 2,534,206 | |
Transportation revenue: 0.15% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,039,427 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 1.52% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00% | 12-1-2049 | $ 9,020,000 | $ 8,936,749 | |
Paducah KY Electric Plant (AGM Insured) | 5.00 | 10-1-2035 | 1,510,000 | 1,626,913 | |
10,563,662 | |||||
14,137,295 | |||||
Louisiana: 0.79% | |||||
Airport revenue: 0.27% | |||||
New Orleans LA Aviation Board General Airport Revenue Bonds Series 2015A | 5.00 | 1-1-2040 | 1,215,000 | 1,228,622 | |
Port New Orleans LA Board Commuters Port Facility Revenue AMT Series E | 5.00 | 4-1-2038 | 640,000 | 657,594 | |
1,886,216 | |||||
Industrial development revenue: 0.13% | |||||
St. John the Baptist Parish LA Revenue Refunding Bonds Marathon Oil Corporation Project Series 2017A-3 | 2.20 | 6-1-2037 | 1,000,000 | 920,351 | |
Water & sewer revenue: 0.39% | |||||
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2033 | 600,000 | 629,584 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2034 | 500,000 | 521,596 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2035 | 500,000 | 518,607 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2036 | 565,000 | 580,617 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2037 | 415,000 | 419,119 | |
2,669,523 | |||||
5,476,090 | |||||
Maine: 0.03% | |||||
Airport revenue: 0.03% | |||||
Portland ME General Airport | 5.00 | 7-1-2023 | 175,000 | 176,376 | |
Maryland: 1.91% | |||||
Airport revenue: 0.48% | |||||
Maryland State Economic Development Corporation | 4.00 | 7-1-2039 | 1,100,000 | 988,188 | |
Maryland State Economic Development Corporation | 4.00 | 7-1-2044 | 750,000 | 647,679 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2024 | 645,000 | 651,770 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2027 | 800,000 | 825,971 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2029 | 220,000 | 229,784 | |
3,343,392 | |||||
Education revenue: 0.78% | |||||
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | 8-1-2033 | 1,000,000 | 1,002,710 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | 8-1-2046 | 1,500,000 | 1,557,486 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2018-A2 | 6.00 | 8-1-2048 | 2,825,000 | 2,822,197 | |
5,382,393 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.65% | |||||
Maryland HEFAR Adventist Healthcare Series 2021B | 4.00% | 1-1-2051 | $ 5,000,000 | $ 4,009,296 | |
Maryland HEFAR Frederick Health System | 4.00 | 7-1-2040 | 550,000 | 512,167 | |
4,521,463 | |||||
13,247,248 | |||||
Massachusetts: 0.89% | |||||
Airport revenue: 0.30% | |||||
Massachusetts State Port Authority Revenue Bonds Series 2022-A | 5.00 | 7-1-2041 | 2,000,000 | 2,093,604 | |
Health revenue: 0.29% | |||||
Massachusetts State Development Finance Authority Revenue Bonds Series F | 5.00 | 8-15-2045 | 2,000,000 | 2,020,407 | |
Tax revenue: 0.30% | |||||
Massachusetts School Building Authority Series D | 5.00 | 8-15-2037 | 2,000,000 | 2,078,232 | |
6,192,243 | |||||
Michigan: 3.50% | |||||
Education revenue: 0.06% | |||||
Western Michigan University | 5.25 | 11-15-2031 | 400,000 | 408,094 | |
Health revenue: 0.15% | |||||
Michigan Finance Authority Hospital Revenue & Refunding Bonds Series 2015 | 5.00 | 11-15-2045 | 1,000,000 | 1,011,055 | |
Miscellaneous revenue: 0.26% | |||||
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | 11-1-2048 | 2,000,000 | 1,831,478 | |
Tax revenue: 0.58% | |||||
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2039 | 4,000,000 | 4,007,600 | |
Water & sewer revenue: 2.45% | |||||
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00 | 7-1-2036 | 3,560,000 | 3,723,880 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | 7-1-2032 | 4,000,000 | 4,095,813 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | 7-1-2033 | 4,000,000 | 4,113,339 | |
Michigan Finance Authority Local Government Loan Program Series D | 5.00 | 7-1-2030 | 4,000,000 | 4,099,591 | |
Michigan Finance Authority Local Government Loan Program Series D4 | 5.00 | 7-1-2029 | 1,000,000 | 1,024,898 | |
17,057,521 | |||||
24,315,748 |
Interest rate | Maturity date | Principal | Value | ||
Minnesota: 0.14% | |||||
Airport revenue: 0.10% | |||||
Minneapolis & St Paul MN Metropolitan Airports Commission Revenue Bonds Series 2022B | 5.25% | 1-1-2047 | $ 650,000 | $ 674,803 | |
Education revenue: 0.04% | |||||
Independence MN Charter School Lease Series A | 4.25 | 7-1-2026 | 300,000 | 290,169 | |
964,972 | |||||
Mississippi: 0.58% | |||||
Miscellaneous revenue: 0.58% | |||||
Mississippi City of Jackson Convention Center Series A (Municipal Government Guaranty Insured) | 5.00 | 3-1-2026 | 3,050,000 | 3,204,067 | |
Mississippi Development Bank Special Obligation Bonds Series 2012A Jackson Water & Sewer System Project (AGM Insured) | 5.00 | 9-1-2030 | 835,000 | 840,167 | |
4,044,234 | |||||
Missouri: 0.73% | |||||
Miscellaneous revenue: 0.73% | |||||
Kansas City MO IDA Series B (AGM Insured) | 5.00 | 3-1-2049 | 5,000,000 | 5,077,304 | |
Nebraska: 0.30% | |||||
Utilities revenue: 0.30% | |||||
Central Plains Energy Nebraska Gas Project #1 (Royal Bank of Canada LIQ) | 4.00 | 12-1-2049 | 2,080,000 | 2,074,575 | |
Nevada: 0.91% | |||||
GO revenue: 0.85% | |||||
Clark County NV School District Limited Tax Building Series A (AGM Insured) | 4.00 | 6-15-2040 | 750,000 | 739,345 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 2,000,000 | 2,029,935 | |
Clark County NV Series A | 5.00 | 5-1-2048 | 3,000,000 | 3,153,092 | |
5,922,372 | |||||
Industrial development revenue: 0.06% | |||||
Clark County NV Southern California Edison Company Project | 2.10 | 6-1-2031 | 500,000 | 402,769 | |
6,325,141 | |||||
New Hampshire: 0.87% | |||||
Housing revenue: 0.27% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 1,915,775 | 1,857,575 | |
Water & sewer revenue: 0.60% | |||||
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,040,097 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2027 | 845,000 | 895,742 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00% | 1-1-2028 | $ 480,000 | $ 508,824 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2028 | 1,690,000 | 1,757,765 | |
4,202,428 | |||||
6,060,003 | |||||
New Jersey: 3.78% | |||||
Education revenue: 0.36% | |||||
Atlantic County NJ Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2041 | 530,000 | 499,162 | |
New Jersey EDA | 5.00 | 3-1-2027 | 160,000 | 160,438 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.00 | 7-1-2027 | 500,000 | 491,139 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.25 | 7-1-2037 | 1,500,000 | 1,353,066 | |
2,503,805 | |||||
Housing revenue: 1.17% | |||||
New Jersey Housing and Mortgage Finance Agency Series B | 3.30 | 10-1-2025 | 3,375,000 | 3,342,738 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.40 | 4-1-2026 | 3,405,000 | 3,325,387 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.45 | 10-1-2026 | 1,495,000 | 1,447,284 | |
8,115,409 | |||||
Miscellaneous revenue: 0.30% | |||||
New Jersey EDA Transportation Project Bonds Portal North Bridge Project Series 2022A | 5.25 | 11-1-2041 | 2,000,000 | 2,129,100 | |
Tax revenue: 0.77% | |||||
New Jersey EDA Motor Vehicle Surcharge Unrefunded Bonds Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 205,000 | 217,365 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2039 | 2,250,000 | 2,080,865 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,000,000 | 1,746,511 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2040 | 1,250,000 | 1,294,245 | |
5,338,986 | |||||
Transportation revenue: 1.01% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 2,500,000 | 1,728,551 | |
New Jersey TTFA Series A | 4.00 | 6-15-2042 | 750,000 | 671,596 | |
New Jersey TTFA Series A | 5.00 | 6-15-2029 | 2,000,000 | 2,108,588 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 1,500,000 | 1,510,272 | |
South Jersey Transportation Authority Transportation System Revenue Bonds 2022 Series A | 5.25 | 11-1-2052 | 1,000,000 | 1,014,939 | |
7,033,946 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.17% | |||||
New Jersey EDA Water Facilities Revenue Refunding Bonds AMT American Water Company Incorporated Project Series A | 2.20% | 10-1-2039 | $ 1,350,000 | $ 1,160,313 | |
26,281,559 | |||||
New York: 6.26% | |||||
Airport revenue: 0.59% | |||||
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2033 | 1,000,000 | 1,069,563 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2034 | 2,000,000 | 2,123,501 | |
Port Authority of New York and New Jersey Consolidated Series 221 | 4.00 | 7-15-2040 | 1,000,000 | 937,999 | |
4,131,063 | |||||
Education revenue: 1.82% | |||||
City of Troy NY Capital Resource Corporation Revenue Refunding Bonds | 4.00 | 9-1-2032 | 350,000 | 356,129 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bond Academy Charter School Project | 5.66 | 2-1-2044 | 4,585,000 | 4,420,907 | |
Hempstead NY Local Development Corporation Evergreen Charter School Project Series 2022A | 5.25 | 6-15-2042 | 1,500,000 | 1,474,839 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 1,155,000 | 905,308 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 1,915,000 | 1,410,954 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 3,500,000 | 3,574,041 | |
Monroe County NY IDA Refunding Bond Monroe Community College Association (AGM Insured) | 5.00 | 1-15-2038 | 500,000 | 509,205 | |
12,651,383 | |||||
Health revenue: 0.24% | |||||
Broome County NY Local Development Corporation Revenue United Health Services Hospitals Incorporated Project (AGM Insured) | 4.00 | 4-1-2038 | 1,250,000 | 1,205,741 | |
Westchester County NY Local Development Corporation Purchase Senior Learning Community Incorporated 144A | 2.88 | 7-1-2026 | 500,000 | 480,801 | |
1,686,542 | |||||
Industrial development revenue: 0.80% | |||||
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.80 | 9-15-2069 | 1,000,000 | 894,848 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 1-1-2031 | 1,135,000 | 1,154,711 | |
New York Transportation Development Corporation Special Facility AMT Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 10-1-2035 | 3,500,000 | 3,480,954 | |
5,530,513 | |||||
Miscellaneous revenue: 0.10% | |||||
New York Western Regional Off Track Betting Corporation 144A | 4.13 | 12-1-2041 | 1,000,000 | 721,895 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 1.18% | |||||
New York Dormitory Authority Personal Income Tax Revenue Bonds Series 2019A | 5.00% | 3-15-2043 | $ 2,350,000 | $ 2,474,037 | |
New York Dormitory Authority Series A | 4.00 | 3-15-2042 | 1,500,000 | 1,437,562 | |
New York Urban Development Corporation Series 2020C | 4.00 | 3-15-2042 | 3,000,000 | 2,856,288 | |
New York Urban Development Corporation Series 2020E | 4.00 | 3-15-2043 | 1,500,000 | 1,418,640 | |
8,186,527 | |||||
Transportation revenue: 1.18% | |||||
New York Metropolitan Transportation Authority Refunding Bond Subordinated Series C1 | 5.25 | 11-15-2031 | 3,000,000 | 3,080,269 | |
New York Metropolitan Transportation Authority Series C | 5.00 | 11-15-2034 | 3,000,000 | 3,061,715 | |
New York Metropolitan Transportation Authority Series C | 5.25 | 11-15-2030 | 2,000,000 | 2,054,056 | |
8,196,040 | |||||
Water & sewer revenue: 0.35% | |||||
New York NY Municipal Water Finance Authority 2nd General Resolution Series FF | 4.00 | 6-15-2041 | 2,545,000 | 2,447,874 | |
43,551,837 | |||||
Ohio: 2.68% | |||||
Airport revenue: 0.31% | |||||
Port of Greater Cincinnati Development Authority | 4.38 | 6-15-2056 | 2,340,000 | 2,152,284 | |
Health revenue: 1.02% | |||||
Cleveland Cuyahoga County OH Port Authority Economic Development Center for Dialysis Care Project Series A | 5.00 | 12-1-2037 | 2,700,000 | 2,734,861 | |
Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | 11-15-2048 | 750,000 | 653,308 | |
Middleburg Heights OH Hospital Revenue Refunding Bonds Facilities Southwest General Health Center | 4.00 | 8-1-2041 | 2,000,000 | 1,855,090 | |
Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | 11-15-2039 | 2,000,000 | 1,838,976 | |
7,082,235 | |||||
Industrial development revenue: 0.27% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | 2-1-2026 | 2,000,000 | 1,907,004 | |
Miscellaneous revenue: 0.60% | |||||
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2035 | 2,000,000 | 2,038,542 | |
Ohio Private Activity Bond Series A (AGM Insured) | 5.00 | 12-31-2029 | 2,070,000 | 2,129,618 | |
4,168,160 | |||||
Utilities revenue: 0.48% | |||||
Lancaster OH Port Authority Gas Supply Series A (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 1,920,000 | 1,952,574 | |
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series 2019A | 3.25 | 9-1-2029 | 1,500,000 | 1,375,105 | |
3,327,679 | |||||
18,637,362 |
Interest rate | Maturity date | Principal | Value | ||
Oklahoma: 2.00% | |||||
Airport revenue: 0.86% | |||||
Oklahoma City OK Airport Trust AMT Junior Lien Thirty Third Series | 5.00% | 7-1-2037 | $ 3,805,000 | $ 3,922,522 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | 6-1-2048 | 2,000,000 | 2,057,455 | |
5,979,977 | |||||
Miscellaneous revenue: 1.14% | |||||
Custer County OK EDA Series E | 4.00 | 12-1-2031 | 3,250,000 | 3,382,666 | |
Garfield County OK Educational Facilities Authority Enid Public Schools Project | 5.00 | 9-1-2027 | 1,895,000 | 2,035,244 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2030 | 2,000,000 | 2,057,390 | |
Pontotoc County OK Education Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2040 | 500,000 | 460,317 | |
7,935,617 | |||||
13,915,594 | |||||
Oregon: 0.41% | |||||
Health revenue: 0.41% | |||||
Medford OR Hospital Facilities Authority Revenue Refunding Asante Projects Series A | 5.00 | 8-15-2045 | 2,750,000 | 2,864,799 | |
Pennsylvania: 6.48% | |||||
Airport revenue: 1.15% | |||||
Allegheny County PA Airport Authority Series 2021A (AGM Insured) | 4.00 | 1-1-2046 | 3,715,000 | 3,303,981 | |
Philadelphia PA Airport Revenue Bond Series 2020C | 4.00 | 7-1-2036 | 1,630,000 | 1,552,131 | |
Philadelphia PA Airport Revenue Bond Series 2020C | 4.00 | 7-1-2040 | 655,000 | 604,737 | |
Philadelphia PA Airport Revenue Bond Series B | 5.00 | 7-1-2042 | 2,500,000 | 2,533,994 | |
7,994,843 | |||||
Education revenue: 0.61% | |||||
Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 90,000 | 90,659 | |
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | 7-1-2023 | 760,000 | 766,977 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 1,000,000 | 1,041,460 | |
Philadelphia PA IDA Southwest Leadership Academy Series A | 6.47 | 11-1-2037 | 2,490,000 | 2,329,980 | |
4,229,076 | |||||
GO revenue: 1.04% | |||||
Armstrong PA School District Series A (BAM Insured) | 4.00 | 3-15-2037 | 1,000,000 | 1,011,265 | |
Philadelphia PA Refunding Bond Series A | 5.25 | 7-15-2033 | 1,010,000 | 1,034,653 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2036 | 3,000,000 | 3,109,885 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2037 | 1,000,000 | 1,033,183 | |
Philadelphia PA School District Unrefunded Bond Series F | 5.00 | 9-1-2030 | 1,000,000 | 1,060,071 | |
7,249,057 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.64% | |||||
Bucks County PA IDA Hospital Revenue | 4.00% | 8-15-2035 | $ 450,000 | $ 451,856 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2036 | 900,000 | 894,857 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2037 | 2,285,000 | 2,249,767 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A-1 | 4.00 | 4-15-2045 | 1,000,000 | 887,682 | |
4,484,162 | |||||
Industrial development revenue: 0.73% | |||||
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2034 | 5,000,000 | 5,057,689 | |
Miscellaneous revenue: 1.30% | |||||
Philadelphia PA IDA | 5.00 | 12-1-2037 | 1,500,000 | 1,567,955 | |
Philadelphia PA Municipal Authority Revenue Refunding Bond City Agreement Juvenile Justice Services Center | 5.00 | 4-1-2033 | 2,355,000 | 2,549,913 | |
Philadelphia PA Public School Building Authority Prerefunded Bond Series A | 5.00 | 6-1-2036 | 190,000 | 206,134 | |
State Public School Building Authority Project Series 2016-A | 5.00 | 6-1-2036 | 4,525,000 | 4,706,073 | |
9,030,075 | |||||
Tax revenue: 0.33% | |||||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2043 | 1,115,000 | 1,165,477 | |
Southeastern Pennsylvania Transportation Authority Series 2022 | 5.25 | 6-1-2047 | 1,000,000 | 1,096,831 | |
2,262,308 | |||||
Transportation revenue: 0.68% | |||||
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2041 | 1,500,000 | 1,486,810 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,033,584 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 4.00 | 12-1-2045 | 1,000,000 | 926,632 | |
Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | 12-1-2038 | 1,150,000 | 1,299,037 | |
4,746,063 | |||||
45,053,273 | |||||
South Carolina: 0.10% | |||||
Resource recovery revenue: 0.10% | |||||
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.00 | 2-1-2035 | 1,500,000 | 600,000 | |
South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC Green Bond † | 8.00 | 12-6-2029 | 115,000 | 93,793 | |
693,793 | |||||
Tennessee: 0.72% | |||||
Utilities revenue: 0.72% | |||||
Tennergy Corporation Tennessee Gas Supply Series A | 4.00 | 12-1-2051 | 4,050,000 | 3,958,041 | |
Tennergy Corporation Tennessee Gas Supply Series A | 5.50 | 10-1-2053 | 1,000,000 | 1,057,890 | |
5,015,931 |
Interest rate | Maturity date | Principal | Value | ||
Texas: 6.48% | |||||
Airport revenue: 0.71% | |||||
Austin TX Airport System AMT | 5.00% | 11-15-2044 | $ 2,500,000 | $ 2,499,963 | |
Port of Houston TX Series 2021 | 4.00 | 10-1-2039 | 2,500,000 | 2,456,105 | |
4,956,068 | |||||
Education revenue: 1.35% | |||||
Arlington TX Higher Education Finance Corporation Revenue Bonds Series 2022A 144A | 6.00 | 2-15-2042 | 250,000 | 239,572 | |
Arlington TX Higher Education Finance Corporation Universal Academy Project Series A | 7.13 | 3-1-2044 | 1,250,000 | 1,271,246 | |
Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | 8-15-2038 | 1,000,000 | 1,009,571 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | 8-15-2038 | 2,500,000 | 2,545,073 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | 8-15-2048 | 2,250,000 | 2,283,097 | |
Clifton TX Higher Educational Finance Corporation International Leadership Series A | 5.50 | 8-15-2035 | 2,000,000 | 2,012,424 | |
9,360,983 | |||||
GO revenue: 0.82% | |||||
El Paso County TX Hospital District | 5.00 | 8-15-2029 | 1,555,000 | 1,569,072 | |
Palestine TX Certificates of Obligation (AGM Insured) | 4.00 | 2-15-2051 | 3,625,000 | 3,272,007 | |
Port Isabel TX Series 2019 144A | 5.10 | 2-15-2049 | 485,000 | 489,874 | |
Temple TX College District Series 2021 | 3.00 | 7-1-2027 | 400,000 | 403,421 | |
5,734,374 | |||||
Resource recovery revenue: 1.44% | |||||
Port Corpus Christi Solid Waste Disposal Revenue Bonds Series 2002A 144Aø | 3.90 | 7-1-2029 | 10,000,000 | 10,000,000 | |
Tax revenue: 0.16% | |||||
Old Spanish Trail Alameda Corridors RDA (BAM Insured) | 4.00 | 9-1-2035 | 1,070,000 | 1,113,342 | |
Transportation revenue: 0.75% | |||||
Central Texas Regional Mobility Authority Revenue Refunding Senior Lien Series B | 4.00 | 1-1-2038 | 550,000 | 530,781 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2049 | 1,000,000 | 1,026,284 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | 12-31-2037 | 2,500,000 | 2,302,717 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 1,300,000 | 1,324,015 | |
5,183,797 | |||||
Utilities revenue: 1.06% | |||||
Lower Colorado TX River Authority Series A (AGM Insured) | 4.00 | 5-15-2040 | 7,500,000 | 7,353,707 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.19% | |||||
Upper Trinity TX Regional Water District (BAM Insured) | 5.00% | 8-1-2028 | $ 750,000 | $ 799,085 | |
Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | 8-1-2029 | 500,000 | 531,871 | |
1,330,956 | |||||
45,033,227 | |||||
Utah: 1.34% | |||||
Airport revenue: 0.29% | |||||
Salt Lake City UT AMT Series A | 5.00 | 7-1-2043 | 1,000,000 | 1,028,103 | |
Salt Lake City UT AMT Series A | 5.25 | 7-1-2048 | 1,000,000 | 1,023,320 | |
2,051,423 | |||||
Education revenue: 1.05% | |||||
Utah Charter School Finance Authority Christian School Early Light Academy Project 144A | 4.50 | 7-15-2027 | 510,000 | 493,350 | |
Utah Charter School Finance Authority Freedom Academy Foundation Project 144A | 5.25 | 6-15-2037 | 3,000,000 | 2,871,052 | |
Utah Charter School Finance Authority Refunding Bond Freedom Academy Foundation Project 144A | 5.38 | 6-15-2048 | 1,500,000 | 1,369,311 | |
Utah Charter School Finance Authority Refunding Bond Summit Academy Incorporated Series A (Charter School Credit Enhancement Insured) | 5.00 | 4-15-2039 | 1,550,000 | 1,610,269 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 3.63 | 6-15-2029 | 370,000 | 336,328 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 5.00 | 6-15-2039 | 675,000 | 616,892 | |
7,297,202 | |||||
9,348,625 | |||||
Virginia: 0.11% | |||||
Health revenue: 0.05% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 5.00 | 9-1-2050 | 500,000 | 322,672 | |
Transportation revenue: 0.06% | |||||
Virginia Small Business Financing Authority Series 2022 | 4.00 | 1-1-2040 | 500,000 | 446,609 | |
769,281 | |||||
Washington: 2.73% | |||||
Airport revenue: 1.19% | |||||
Port of Seattle WA AMT Intermediate Lien | 4.00 | 4-1-2044 | 3,500,000 | 3,104,709 | |
Port of Seattle WA AMT Intermediate Lien | 5.00 | 4-1-2044 | 3,000,000 | 3,074,501 | |
Port of Seattle WA AMT Intermediate Lien | 5.00 | 8-1-2046 | 1,000,000 | 1,028,061 | |
Port of Seattle WA AMT Intermediate Lien Revenue and Refunding Bonds Series 2022B | 5.00 | 8-1-2047 | 1,000,000 | 1,028,777 | |
8,236,048 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.90% | |||||
King County WA Public Hospital District #1 Series 2016 | 5.00% | 12-1-2036 | $ 475,000 | $ 495,935 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2035 | 5,500,000 | 5,760,733 | |
6,256,668 | |||||
Health revenue: 0.64% | |||||
Washington HCFR Authority Catholic Health Initiatives Series 2013B-2 (SIFMA Municipal Swap +1.40%) ± | 5.06 | 1-1-2035 | 2,000,000 | 2,008,711 | |
Washington HCFR Authority Catholic Health Initiatives Series A | 5.00 | 1-1-2029 | 1,300,000 | 1,373,948 | |
Washington HCFR Authority Seattle Cancer Care Alliance Series A | 5.00 | 9-1-2036 | 365,000 | 386,436 | |
Washington HCFR Authority Seattle Cancer Care Alliance Series A | 5.00 | 9-1-2037 | 670,000 | 705,591 | |
4,474,686 | |||||
18,967,402 | |||||
Wisconsin: 6.56% | |||||
Airport revenue: 0.36% | |||||
Wisconsin PFA Airport Facilities Series C | 5.00 | 7-1-2042 | 2,585,000 | 2,494,230 | |
Education revenue: 2.21% | |||||
Wisconsin PFA Carolina International School Series A 144A | 7.20 | 8-1-2048 | 1,000,000 | 1,009,319 | |
Wisconsin PFA Educational Revenue Series 2021A 144A | 4.00 | 7-1-2041 | 3,895,000 | 2,896,869 | |
Wisconsin PFA Hotel/Conference Center Series 2021A 144A | 4.00 | 9-1-2041 | 2,000,000 | 1,654,333 | |
Wisconsin PFA Lease Development University of Kansas Campus Development Project | 5.00 | 3-1-2046 | 4,500,000 | 4,687,491 | |
Wisconsin PFA Pine Lake Preparatory 144A | 4.95 | 3-1-2030 | 1,370,000 | 1,384,578 | |
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,790,000 | 1,796,371 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 4.38 | 7-1-2025 | 235,000 | 233,114 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 5.38 | 7-1-2035 | 1,730,000 | 1,734,980 | |
15,397,055 | |||||
Health revenue: 2.33% | |||||
Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.00 | 12-1-2037 | 500,000 | 535,003 | |
Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.00 | 12-1-2038 | 685,000 | 727,932 | |
Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.25 | 12-1-2048 | 1,000,000 | 1,052,656 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2034 | 700,000 | 710,130 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2035 | 500,000 | 503,003 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2036 | 600,000 | 598,907 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2037 | 550,000 | 541,733 | |
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporated Series B | 5.00 | 7-1-2038 | 750,000 | 767,363 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series A | 5.00% | 7-1-2044 | $ 1,050,000 | $ 1,063,490 | |
Wisconsin HEFA Series 2021B | 4.00 | 9-15-2036 | 525,000 | 461,903 | |
Wisconsin HEFA Series 2021B | 4.00 | 9-15-2041 | 510,000 | 429,766 | |
Wisconsin PFA Series A | 4.00 | 10-1-2049 | 10,000,000 | 8,781,853 | |
16,173,739 | |||||
Industrial development revenue: 0.20% | |||||
Wisconsin PFA Series 2022A 144A | 5.50 | 2-1-2042 | 1,500,000 | 1,383,271 | |
Miscellaneous revenue: 0.34% | |||||
Wisconsin PFA Capital Improvements Series 2018 | 5.00 | 7-1-2041 | 2,280,000 | 2,394,660 | |
Tax revenue: 1.12% | |||||
Mount Pleasant WI Series A | 5.00 | 4-1-2043 | 5,000,000 | 5,263,504 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 330,000 | 341,620 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 2,090,000 | 2,153,685 | |
7,758,809 | |||||
45,601,764 | |||||
Total Municipal obligations (Cost $672,376,304) | 633,912,186 |
Yield | Shares | ||||
Short-term investments: 7.35% | |||||
Investment companies: 7.35% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 3.56 | 51,083,419 | 51,093,636 | ||
Total Short-term investments (Cost $51,095,155) | 51,093,636 | ||||
Total investments in securities (Cost $723,471,459) | 98.54% | 685,005,822 | |||
Other assets and liabilities, net | 1.46 | 10,146,663 | |||
Total net assets | 100.00% | $695,152,485 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
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. |
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. |
† | Non-income-earning security |
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 issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
NPFGC | National Public Finance Guarantee Corporation |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $11,666,359 | $314,892,632 | $(275,458,185) | $(3,300) | $(3,870) | $51,093,636 | 51,083,419 | $217,654 |
Assets | |
Investments in unaffiliated securities, at value (cost $672,376,304) | $ 633,912,186 |
Investments in affiliated securities, at value (cost $51,095,155) | 51,093,636 |
Receivable for interest | 8,529,427 |
Receivable for Fund shares sold | 4,829,929 |
Receivable for investments sold | 90,000 |
Receivable from manager | 5,215 |
Prepaid expenses and other assets | 187,860 |
Total assets | 698,648,253 |
Liabilities | |
Dividends payable | 2,219,903 |
Payable for Fund shares redeemed | 908,853 |
Payable for when-issued transactions | 365,456 |
Overdraft due to custodian bank | 1,556 |
Total liabilities | 3,495,768 |
Total net assets | $695,152,485 |
Net assets consist of | |
Paid-in capital | $ 755,642,756 |
Total distributable loss | (60,490,271) |
Total net assets | $695,152,485 |
Computation of net asset value per share | |
Net assets | $ 695,152,485 |
Share outstanding 1 | 63,254,128 |
Net asset value per share | $10.99 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 25,580,252 |
Income from affiliated securities | 217,654 |
Total investment income | 25,797,906 |
Expenses | |
Custody and accounting fees | 34,238 |
Professional fees | 73,743 |
Registration fees | 48,072 |
Shareholder report expenses | 20,384 |
Trustees’ fees and expenses | 21,605 |
Other fees and expenses | 21,425 |
Total expenses | 219,467 |
Less: Fee waivers and/or expense reimbursements | (219,467) |
Net expenses | 0 |
Net investment income | 25,797,906 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (6,792,900) |
Affiliated securities | (3,300) |
Net realized losses on investments | (6,796,200) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (93,647,418) |
Affiliated securities | (3,870) |
Net change in unrealized gains (losses) on investments | (93,651,288) |
Net realized and unrealized gains (losses) on investments | (100,447,488) |
Net decrease in net assets resulting from operations | $ (74,649,582) |
Year ended December 31, 2022 | Year ended December 31, 2021 | |||
Operations | ||||
Net investment income | $ 25,797,906 | $ 27,397,595 | ||
Net realized gains (losses) on investments | (6,796,200) | 845,801 | ||
Net change in unrealized gains (losses) on investments | (93,651,288) | (3,959,276) | ||
Net increase (decrease) in net assets resulting from operations | (74,649,582) | 24,284,120 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (25,799,892) | (27,407,495) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | 27,070,768 | 302,420,197 | 16,917,397 | 211,011,034 |
Payment for shares redeemed | (35,345,356) | (395,546,547) | (15,061,995) | (187,730,732) |
Net increase (decrease) in net assets resulting from capital share transactions | (93,126,350) | 23,280,302 | ||
Total increase (decrease) in net assets | (193,575,824) | 20,156,927 | ||
Net assets | ||||
Beginning of period | 888,728,309 | 868,571,382 | ||
End of period | $ 695,152,485 | $ 888,728,309 |
Year ended December 31 | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $12.42 | $12.47 | $12.36 | $11.79 | $11.91 |
Net investment income | 0.39 | 0.39 | 0.40 | 0.41 | 0.43 |
Net realized and unrealized gains (losses) on investments | (1.43) | (0.05) | 0.11 | 0.57 | (0.13) |
Total from investment operations | (1.04) | 0.34 | 0.51 | 0.98 | 0.30 |
Distributions to shareholders from | |||||
Net investment income | (0.39) | (0.39) | (0.40) | (0.41) | (0.42) |
Net asset value, end of period | $10.99 | $12.42 | $12.47 | $12.36 | $11.79 |
Total return | (8.37)% | 2.73% | 4.19% | 8.42% | 2.63% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.03% | 0.02% | 0.03% | 0.02% | 0.03% |
Net expenses | 0.00% 1 | 0.00% 1 | 0.00% 1 | 0.00% 1 | 0.00% 1 |
Net investment income | 3.47% | 3.10% | 3.23% | 3.37% | 3.62% |
Supplemental data | |||||
Portfolio turnover rate | 14% | 9% | 19% | 7% | 28% |
Net assets, end of period (000s omitted) | $695,152 | $888,728 | $868,571 | $858,102 | $656,446 |
1 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $ 3,110,373 |
Gross unrealized losses | (41,764,350) |
Net unrealized losses | $(38,653,977) |
■ | 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: | ||||
Municipal obligations | $ 0 | $ 633,912,186 | $0 | $ 633,912,186 |
Short-term investments | ||||
Investment companies | 51,093,636 | 0 | 0 | 51,093,636 |
Total assets | $51,093,636 | $633,912,186 | $0 | $685,005,822 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$2,401,569 | $(38,653,977) | $(22,017,960) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993img882e46055.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-064597/g429993img2d931be81.jpg)
Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g429993img677998556.jpg)
1-888-877-9275 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR4901 12-22
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g430041img6d9f84161.jpg)
■ | Allspring Managed Account CoreBuilder® Shares – Series SM |
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Financial statements | |
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Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2022 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net 2 | |
Allspring Managed Account CoreBuilder Shares - Series SM (WFCSX) | 5-26-2021 | -9.00 | -5.77 | 0.87 | 0.00 |
Bloomberg Municipal Bond Index3 | – | -8.53 | -4.98 ¤ | – | – |
¤ | Based on the Fund's inception date. |
1 | Reflects the expense ratios as stated in the most recent prospectus. 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 | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
3 | 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g430041img0a026b212.gif)
1 | The chart compares the performance of the Fund since inception with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund. |
■ | The Fund underperformed the Bloomberg Municipal Bond Index for the 12-month period that ended December 31, 2022. |
■ | The Fund’s credit-quality profile detracted from performance. The Fund was overweight A and BBB category bonds, which were among the weakest performers with higher-grade bonds (AAA-rated and AA-rated) outperforming. An overweight to the weakest long bond maturity segment also detracted. |
■ | Contributors to performance included a defensive duration position with rates increasing over the period; a small out-of-benchmark exposure to nonrated bonds, which outperformed the market; and an underweight to housing, the weakest-performing sector. An overweight to premium-coupon bonds also helped as lower-coupon bonds underperformed for the period. |
Credit quality as of December 31, 20221 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g430041imgb4e2fe843.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
* | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index |
Effective maturity distribution as of December 31, 20221 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g430041img906970b84.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2022 | Ending account value 12-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,004.93 | $0.00 * | 0.00% * |
Hypothetical (5% return before expenses) | $1,000.00 | $1,025.21 | $0.00 * | 0.00% * |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 98.63% | |||||
Arizona: 6.73% | |||||
Education revenue: 3.47% | |||||
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00% | 7-1-2027 | $ 60,000 | $ 62,747 | |
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | 7-1-2028 | 60,000 | 63,131 | |
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | 7-1-2029 | 65,000 | 68,646 | |
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | 7-1-2030 | 65,000 | 68,841 | |
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | 7-1-2031 | 70,000 | 74,381 | |
Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | 7-1-2032 | 325,000 | 343,695 | |
Arizona IDA Education Revenue Refunding Bond Doral Academy Northern Nevada Series A 144A | 4.00 | 7-15-2027 | 125,000 | 120,772 | |
802,213 | |||||
Health revenue: 3.26% | |||||
Arizona IDA Hospital Revenue Phoenix Children's Hospital Series A | 5.00 | 2-1-2024 | 300,000 | 306,213 | |
Maricopa County AZ IDA HonorHealth Project Series A | 4.00 | 9-1-2051 | 500,000 | 445,361 | |
751,574 | |||||
1,553,787 | |||||
California: 2.73% | |||||
Utilities revenue: 2.73% | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series B 2 Green Buildings (SIFMA Municipal Swap +0.45%) ± | 4.11 | 2-1-2052 | 700,000 | 631,839 | |
Colorado: 1.89% | |||||
Education revenue: 1.89% | |||||
Colorado Board of Trustees School of Mines Institutional Enterprise Revenue Bonds Series 2022B (AGM Insured) | 5.25 | 12-1-2052 | 300,000 | 321,179 | |
Colorado ECFA Charter School New Summit Charter Academy 144A | 4.00 | 7-1-2031 | 125,000 | 114,404 | |
435,583 | |||||
Connecticut: 4.62% | |||||
Education revenue: 0.58% | |||||
Connecticut HEFA Trinity College Series S | 5.00 | 6-1-2029 | 120,000 | 133,015 | |
Health revenue: 4.04% | |||||
Connecticut HEFA Hartford Healthcare Series A | 5.00 | 7-1-2025 | 725,000 | 754,839 | |
Connecticut HEFA Stamford Hospital Series M | 5.00 | 7-1-2024 | 175,000 | 178,435 | |
933,274 | |||||
1,066,289 |
Interest rate | Maturity date | Principal | Value | ||
Florida: 3.80% | |||||
Education revenue: 0.36% | |||||
Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00% | 6-30-2056 | $ 125,000 | $ 82,936 | |
Health revenue: 3.44% | |||||
Florida Development Finance Corporation HCFR Lakeland Regional Health System | 5.00 | 11-15-2026 | 750,000 | 796,001 | |
878,937 | |||||
Georgia: 1.39% | |||||
Education revenue: 0.95% | |||||
Georgia Private College & University Authority Mercer University Project | 5.00 | 10-1-2028 | 200,000 | 218,900 | |
Utilities revenue: 0.44% | |||||
Municipal Electric Authority Georgia Plant Vogtle Units 3 & 4 Project Series A | 5.00 | 1-1-2024 | 100,000 | 101,705 | |
320,605 | |||||
Illinois: 4.05% | |||||
Education revenue: 1.11% | |||||
Illinois Finance Authority Revenue Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2035 | 125,000 | 107,049 | |
Illinois Finance Authority Revenue LEARN Charter School Project | 4.00 | 11-1-2027 | 150,000 | 150,638 | |
257,687 | |||||
Miscellaneous revenue: 2.94% | |||||
Chicago IL Transit Authority Federal Transit Administration Capital Grant Receipts | 5.00 | 6-1-2029 | 625,000 | 679,159 | |
936,846 | |||||
Indiana: 5.04% | |||||
Health revenue: 3.37% | |||||
Indiana Finance Authority Hospital Revenue Reid Health Series 2022 (AGM Insured) | 5.00 | 1-1-2041 | 725,000 | 777,509 | |
Water & sewer revenue: 1.67% | |||||
Indiana Finance Authority Wastewater Utility Revenue First Lien Communications Workers of America Authority Project Series A | 5.00 | 10-1-2023 | 380,000 | 385,755 | |
1,163,264 | |||||
Kentucky: 0.93% | |||||
Health revenue: 0.93% | |||||
Hazard KY Appalachian Regional Healthcare Revenue | 4.00 | 7-1-2051 | 250,000 | 215,040 | |
Louisiana: 2.05% | |||||
Education revenue:��2.05% | |||||
Louisiana Public Facilities Authority Refunding Bonds Loyola University Project | 4.00 | 10-1-2051 | 575,000 | 472,801 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 3.66% | |||||
Education revenue: 1.11% | |||||
Prince Georges County MD Chesapeake Lighthouse Foundation 144A | 6.50% | 8-1-2035 | $ 250,000 | $ 256,434 | |
Housing revenue: 0.84% | |||||
Maryland CDA Department of Housing & Community Multifamily Development Woodside Gardens Series A 144A | 1.33 | 1-1-2024 | 200,000 | 193,430 | |
Transportation revenue: 1.71% | |||||
Maryland Economic Development Corporation Private Activity Revenue Bonds Series B | 5.25 | 6-30-2055 | 400,000 | 395,431 | |
845,295 | |||||
Massachusetts: 1.67% | |||||
Education revenue: 0.58% | |||||
Massachusetts Development Finance Agency Revenue Simmons Collateral Series H (AGC Insured) | 5.25 | 10-1-2033 | 125,000 | 134,115 | |
Health revenue: 1.09% | |||||
Massachusetts Development Finance Agency Revenue Bonds Boston Medical Center Issue Series D | 5.00 | 7-1-2044 | 250,000 | 251,234 | |
385,349 | |||||
Michigan: 6.30% | |||||
Education revenue: 2.20% | |||||
Central Michigan University General Revenue | 5.00 | 10-1-2026 | 175,000 | 186,943 | |
Universal Academy Michigan Public School Revenue Refunding Bond | 2.00 | 12-1-2026 | 340,000 | 321,040 | |
507,983 | |||||
GO revenue: 4.10% | |||||
Redford MI Union School District # 1 Series 1 (Qualified School Board Loan Fund Insured) | 5.00 | 11-1-2029 | 845,000 | 947,318 | |
1,455,301 | |||||
Mississippi: 1.25% | |||||
Miscellaneous revenue: 1.25% | |||||
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2023 | 285,000 | 288,724 | |
Missouri: 0.67% | |||||
Health revenue: 0.67% | |||||
Missouri HEFA Lake Regional Health System | 5.00 | 2-15-2025 | 150,000 | 153,913 | |
New Hampshire: 2.34% | |||||
Health revenue: 2.34% | |||||
New Hampshire HEFA Concord Hospital Project Series A | 5.00 | 10-1-2028 | 500,000 | 540,976 | |
New Jersey: 6.06% | |||||
Miscellaneous revenue: 3.25% | |||||
New Jersey EDA School Facilities Construction Series Q | 4.00 | 6-15-2034 | 750,000 | 752,300 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 2.81% | |||||
New Jersey Transportation Trust Fund CAB Transportation System Series A ¤ | 0.00% | 12-15-2032 | $ 215,000 | $ 141,425 | |
South Jersey Transportation Authority Transportation System Revenue Bonds 2022 Series A | 5.25 | 11-1-2052 | 500,000 | 507,469 | |
648,894 | |||||
1,401,194 | |||||
New York: 8.57% | |||||
Education revenue: 4.98% | |||||
Build New York City Resource Corporation Academic Leadership Charter Project | 4.00 | 6-15-2036 | 400,000 | 369,213 | |
Build New York City Resource Corporation New World Preparatory Charter School Project | 4.00 | 6-15-2031 | 300,000 | 280,708 | |
New York Dormitory Authority Revenues Non Fordham University Series A | 5.00 | 7-1-2041 | 285,000 | 293,436 | |
Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | 9-1-2040 | 100,000 | 103,579 | |
Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | 9-1-2041 | 100,000 | 103,462 | |
1,150,398 | |||||
Transportation revenue: 1.80% | |||||
Metropolitan Transportation Authority Revenue Transportation Climate Bond Certified | 4.00 | 11-15-2047 | 500,000 | 415,145 | |
Water & sewer revenue: 1.79% | |||||
Buffalo NY Sewer Authority Green Bonds (BAM Insured) | 5.00 | 6-15-2031 | 175,000 | 196,509 | |
Western Nassau County NY Water Authority Series A Green Bonds | 4.00 | 4-1-2041 | 225,000 | 217,118 | |
413,627 | |||||
1,979,170 | |||||
North Carolina: 3.60% | |||||
Education revenue: 1.60% | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Bond Campbell University Series A | 5.00 | 10-1-2027 | 350,000 | 369,744 | |
Miscellaneous revenue: 2.00% | |||||
Fayetteville State University Revenue Refunding Bond Limited Obligation Student Housing Project (AGM Insured) | 5.00 | 4-1-2025 | 445,000 | 462,812 | |
832,556 | |||||
North Dakota: 2.31% | |||||
Health revenue: 1.20% | |||||
Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | 12-1-2024 | 270,000 | 277,321 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.11% | |||||
University of North Dakota Certificates of Participation Housing Infrastructure Project Series A (AGM Insured) | 5.00% | 6-1-2024 | $ 250,000 | $ 256,943 | |
534,264 | |||||
Ohio: 1.73% | |||||
Education revenue: 0.89% | |||||
Northeast Ohio Medical University General Receipts Refunding Bond Series B (BAM Insured) | 5.00 | 12-1-2023 | 100,000 | 101,649 | |
Northeast Ohio Medical University General Receipts Refunding Bond Series B (BAM Insured) | 5.00 | 12-1-2024 | 100,000 | 103,724 | |
205,373 | |||||
Housing revenue: 0.84% | |||||
Columbus OH Metropolitan Housing Authority General Revenue Bonds | 1.00 | 8-1-2024 | 200,000 | 193,197 | |
398,570 | |||||
Oklahoma: 3.18% | |||||
Transportation revenue: 3.18% | |||||
Oklahoma Turnpike Authority Second Senior Revenue Bonds Series C | 5.00 | 1-1-2047 | 705,000 | 735,152 | |
Pennsylvania: 10.66% | |||||
Education revenue: 3.82% | |||||
Montgomery County PA IDA Germantown Academy Project | 4.00 | 10-1-2046 | 400,000 | 324,627 | |
Pennsylvania HEFAR Drexel University | 5.00 | 5-1-2026 | 445,000 | 472,191 | |
Pennsylvania HEFAR Widener University Series A | 4.00 | 7-15-2046 | 100,000 | 84,662 | |
881,480 | |||||
Health revenue: 3.10% | |||||
Lehigh County PA General Purpose Authority Revenues Good Shepherd Group Series A | 4.00 | 11-1-2027 | 700,000 | 716,591 | |
Transportation revenue: 3.74% | |||||
Pennsylvania Turnpike Commission Subordinated Revenue Refunding Bonds | 5.00 | 6-1-2028 | 275,000 | 289,856 | |
Pennsylvania Turnpike Commission Subordinated Revenue Refunding Bonds Series B-1 | 5.00 | 6-1-2030 | 535,000 | 574,830 | |
864,686 | |||||
2,462,757 | |||||
Rhode Island: 2.60% | |||||
Education revenue: 2.60% | |||||
Rhode Island HEFA Providence College Project Series A | 4.00 | 11-1-2050 | 645,000 | 601,747 | |
Texas: 2.79% | |||||
Education revenue: 1.96% | |||||
Odessa College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2025 | 440,000 | 452,421 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.83% | |||||
Upper Trinity Regional Water District Regional Treated Water Supply Project (BAM Insured) | 4.00% | 8-1-2038 | $ 200,000 | $ 192,581 | |
645,002 | |||||
Washington: 6.12% | |||||
Health revenue: 4.41% | |||||
Washington Health Care Facilities Authority Revenue Bonds Series 2020 | 5.00 | 9-1-2050 | 1,000,000 | 1,020,276 | |
Housing revenue: 0.65% | |||||
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 3.00 | 10-1-2025 | 150,000 | 149,533 | |
Utilities revenue: 1.06% | |||||
Seattle WA Municipal Light & Power Refunding Bond Series B (SIFMA Municipal Swap +0.25%) ± | 3.91 | 5-1-2045 | 250,000 | 245,133 | |
1,414,942 | |||||
Wisconsin: 1.89% | |||||
Education revenue: 0.86% | |||||
Coral Academy of Science Wisconsin PFA Education Revenue | 4.00 | 7-1-2024 | 100,000 | 99,292 | |
Coral Academy of Science Wisconsin PFA Education Revenue | 4.00 | 7-1-2025 | 100,000 | 98,818 | |
198,110 | |||||
Health revenue: 1.03% | |||||
Carson Valley Medical Center Wisconsin PFA Hospital Revenue Series A | 3.00 | 12-1-2026 | 250,000 | 238,530 | |
436,640 | |||||
Total Municipal obligations (Cost $25,488,420) | 22,786,543 |
Yield | Shares | ||||
Short-term investments: 0.14% | |||||
Investment companies: 0.14% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞ | 3.56 | 33,242 | 33,248 | ||
Total Short-term investments (Cost $33,261) | 33,248 | ||||
Total investments in securities (Cost $25,521,681) | 98.77% | 22,819,791 | |||
Other assets and liabilities, net | 1.23 | 283,532 | |||
Total net assets | 100.00% | $23,103,323 |
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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
IDA | Industrial Development Authority |
PFA | Public Finance Authority |
SIFMA | Securities Industry and Financial Markets Association |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $144,685 | $1,833,324 | $(1,944,641) | $(98) | $(22) | $33,248 | 33,242 | $2,262 |
Assets | |
Investments in unaffiliated securities, at value (cost $25,488,420) | $ 22,786,543 |
Investments in affiliated securities, at value (cost $33,261) | 33,248 |
Receivable for interest | 277,842 |
Receivable from manager | 29 |
Prepaid expenses and other assets | 8,816 |
Total assets | 23,106,478 |
Liabilities | |
Dividends payable | 3,127 |
Accrued expenses and other liabilities | 28 |
Total liabilities | 3,155 |
Total net assets | $23,103,323 |
Net assets consist of | |
Paid-in capital | $ 25,850,000 |
Total distributable loss | (2,746,677) |
Total net assets | $23,103,323 |
Computation of net asset value per share | |
Net assets | $ 23,103,323 |
Share outstanding 1 | 1,296,731 |
Net asset value per share | $17.82 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 331,741 |
Income from affiliated securities | 2,262 |
Total investment income | 334,003 |
Expenses | |
Custody and accounting fees | 5,855 |
Professional fees | 60,223 |
Registration fees | 30,583 |
Shareholder report expenses | 16,194 |
Trustees’ fees and expenses | 21,605 |
Other fees and expenses | 2,714 |
Total expenses | 137,174 |
Less: Fee waivers and/or expense reimbursements | (137,174) |
Net expenses | 0 |
Net investment income | 334,003 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (44,235) |
Affiliated securities | (98) |
Net realized losses on investments | (44,333) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (2,541,143) |
Affiliated securities | (22) |
Net change in unrealized gains (losses) on investments | (2,541,165) |
Net realized and unrealized gains (losses) on investments | (2,585,498) |
Net decrease in net assets resulting from operations | $(2,251,495) |
Year ended December 31, 2022 | Year ended December 31, 20211 | |||
Operations | ||||
Net investment income | $ 334,003 | $ 140,736 | ||
Net realized gains (losses) on investments | (44,333) | 3,905 | ||
Net change in unrealized gains (losses) on investments | (2,541,165) | (160,725) | ||
Net decrease in net assets resulting from operations | (2,251,495) | (16,084) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (334,529) | (144,569) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | 25,895 | 470,000 | 1,250,000 | 25,000,000 |
Reinvestment of distributions | 18,347 | 330,550 | 2,489 | 49,450 |
Net increase in net assets resulting from capital share transactions | 800,550 | 25,049,450 | ||
Total increase (decrease) in net assets | (1,785,474) | 24,888,797 | ||
Net assets | ||||
Beginning of period | 24,888,797 | 0 | ||
End of period | $23,103,323 | $24,888,797 |
1 | For the period from May 26, 2021 (commencement of operations) to December 31, 2021 |
Year ended December 31 | ||
2022 | 2021 1 | |
Net asset value, beginning of period | $19.87 | $20.00 |
Net investment income | 0.26 | 0.12 |
Net realized and unrealized gains (losses) on investments | (2.05) | (0.13) |
Total from investment operations | (1.79) | (0.01) |
Distributions to shareholders from | ||
Net investment income | (0.26) | (0.12) |
Net realized gains | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.26) | (0.12) |
Net asset value, end of period | $17.82 | $19.87 |
Total return3 | (9.00)% | (0.07)% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.59% | 0.88% |
Net expenses4 | 0.00% | 0.00% |
Net investment income | 1.45% | 0.94% |
Supplemental data | ||
Portfolio turnover rate | 15% | 14% |
Net assets, end of period (000s omitted) | $23,103 | $24,889 |
1 | For the period from May 26, 2021 (commencement of operations) to December 31, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $ 20,276 |
Gross unrealized losses | (2,722,166) |
Net unrealized losses | $(2,701,890) |
■ | 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: | ||||
Municipal obligations | $ 0 | $ 22,786,543 | $0 | $ 22,786,543 |
Short-term investments | ||||
Investment companies | 33,248 | 0 | 0 | 33,248 |
Total assets | $33,248 | $22,786,543 | $0 | $22,819,791 |
Year ended December 31 | ||
2022 | 2021 | |
Ordinary income | $ 404 | $ 3,905 |
Tax-exempt income | 334,125 | 140,664 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$2,673 | $(2,701,890) | $(44,333) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-064597/g430041imga9270b2d5.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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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Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
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1-888-877-9275 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR4902 12-22
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal | Fiscal | |||||||
year ended | year ended | |||||||
December 31, 2022 | December 31 2021 | |||||||
Audit fees | $ | 97,320 | $ | 93,810 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 4,320 | 4,160 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 101,640 | $ | 97,970 | |||||
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(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) 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 MANAGEMENT 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) |
(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: | February 27, 2023 |
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: | February 27, 2023 | |
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | February 27, 2023 |