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: January 31
Registrant is making a filing for 7 of its series:
Allspring 100% Treasury Money Market Fund, Allspring Government Money Market Fund, Allspring Heritage Money Market Fund, Allspring Money Market Fund, Allspring Municipal Cash Management Money Market Fund, Allspring National Tax-Free Money Market Fund and Allspring Treasury Plus Money Market Fund.
Date of reporting period: January 31, 2023
ITEM 1. | REPORT TO STOCKHOLDERS |
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■ | Allspring 100% Treasury Money Market Fund |
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11 | |
Financial statements | |
13 | |
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15 | |
16 | |
20 | |
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25 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459904imga474240e3.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFTXX) | 11-8-1999 | 1.42 | 0.89 | 0.48 | 0.61 | 0.60 |
Administrator Class (WTRXX) | 6-30-2010 | 1.65 | 1.07 | 0.61 | 0.34 | 0.30 |
Institutional Class (WOTXX)3 | 10-31-2014 | 1.74 | 1.14 | 0.66 | 0.22 | 0.20 |
Service Class (NWTXX) | 12-3-1990 | 1.49 | 0.95 | 0.52 | 0.51 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
Yield summary (%) as of January 31, 2023 | ||||
Class A | Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 3.73 | 4.03 | 4.13 | 3.83 |
7-day compound yield | 3.80 | 4.11 | 4.21 | 3.90 |
30-day simple yield | 3.60 | 3.90 | 4.00 | 3.70 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of January 31, 2023 | ||||
Class A | Administrator Class | Institutional Class | Service Class | |
30-day compound yield | 3.66 | 3.97 | 4.08 | 3.76 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.70%, 3.97%, 4.09% and 3.80% for Class A, Administrator Class, Institutional Class and Service Class, respectively. |
Portfolio composition as of January 31, 20231 |
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1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459904imge6f871b35.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
* | The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services. You cannot invest directly in an index. |
Weighted average maturity as of January 31, 20231 |
41 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
83 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.03 | $2.99 | 0.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.23 | $3.01 | 0.59% |
Administrator Class | ||||
Actual | $1,000.00 | $1,014.52 | $1.52 | 0.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30% |
Institutional Class | ||||
Actual | $1,000.00 | $1,015.03 | $1.02 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Service Class | ||||
Actual | $1,000.00 | $1,013.50 | $2.54 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities: 101.01% | |||||
U.S. Treasury Bill ☼ | 4.07% | 2-7-2023 | $ 958,230,000 | $ 957,583,306 | |
U.S. Treasury Bill ☼ | 4.11 | 2-14-2023 | 1,000,000,000 | 998,525,186 | |
U.S. Treasury Bill ☼ | 4.14 | 2-9-2023 | 100,000,000 | 99,908,944 | |
U.S. Treasury Bill ☼ | 4.20 | 2-16-2023 | 100,000,000 | 99,827,042 | |
U.S. Treasury Bill ☼ | 4.22 | 2-21-2023 | 1,200,000,000 | 1,197,205,000 | |
U.S. Treasury Bill ☼ | 4.29 | 3-16-2023 | 100,000,000 | 99,492,958 | |
U.S. Treasury Bill ☼ | 4.31 | 2-28-2023 | 1,400,000,000 | 1,395,506,263 | |
U.S. Treasury Bill ☼ | 4.31 | 3-9-2023 | 100,000,000 | 99,573,850 | |
U.S. Treasury Bill ☼ | 4.33 | 3-2-2023 | 100,000,000 | 99,655,222 | |
U.S. Treasury Bill ☼ | 4.37 | 3-21-2023 | 100,000,000 | 99,425,333 | |
U.S. Treasury Bill ☼ | 4.39 | 2-23-2023 | 250,000,000 | 249,333,584 | |
U.S. Treasury Bill ☼ | 4.39 | 3-7-2023 | 400,000,000 | 398,355,675 | |
U.S. Treasury Bill ☼ | 4.43 | 4-6-2023 | 100,000,000 | 99,221,778 | |
U.S. Treasury Bill ☼ | 4.45 | 4-11-2023 | 150,000,000 | 148,737,875 | |
U.S. Treasury Bill ☼ | 4.46 | 3-14-2023 | 400,000,000 | 397,983,996 | |
U.S. Treasury Bill ☼ | 4.51 | 4-4-2023 | 150,000,000 | 148,851,192 | |
U.S. Treasury Bill ☼ | 4.51 | 4-18-2023 | 150,000,000 | 148,593,208 | |
U.S. Treasury Bill ☼ | 4.52 | 4-25-2023 | 150,000,000 | 148,460,696 | |
U.S. Treasury Bill ☼ | 4.54 | 3-28-2023 | 550,000,000 | 546,214,014 | |
U.S. Treasury Bill ☼ | 4.61 | 5-2-2023 | 150,000,000 | 148,296,563 | |
U.S. Treasury Bill ☼ | 4.62 | 4-13-2023 | 150,000,000 | 148,648,633 | |
U.S. Treasury Bill ☼ | 4.62 | 4-20-2023 | 150,000,000 | 148,517,025 | |
U.S. Treasury Bill ☼ | 4.64 | 4-27-2023 | 150,000,000 | 148,376,146 | |
U.S. Treasury Bill ☼ | 4.64 | 5-4-2023 | 100,000,000 | 98,841,519 | |
U.S. Treasury Bill ☼ | 4.66 | 5-9-2023 | 250,000,000 | 246,909,472 | |
U.S. Treasury Bill ☼ | 4.69 | 5-23-2023 | 401,000,000 | 395,285,265 | |
U.S. Treasury Bill ☼ | 4.69 | 5-30-2023 | 500,000,000 | 492,428,333 | |
U.S. Treasury Bill ☼ | 4.70 | 6-29-2023 | 125,000,000 | 122,642,792 | |
U.S. Treasury Bill ☼ | 4.74 | 5-16-2023 | 150,000,000 | 147,978,500 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 10,000,000 | 9,991,492 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 100,000,000 | 99,525,007 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 30,000,000 | 29,815,960 | |
U.S. Treasury Note | 0.13 | 6-30-2023 | 20,000,000 | 19,836,913 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 55,000,000 | 54,787,986 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 20,000,000 | 19,998,375 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 70,000,000 | 69,912,792 | |
U.S. Treasury Note | 2.00 | 2-15-2023 | 450,000,000 | 449,626,906 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 10,000,000 | 10,013,568 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 20,000,000 | 20,013,413 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.08%) ± | 4.55 | 4-30-2024 | 240,000,000 | 239,817,009 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ± | 4.61 | 1-31-2024 | 190,000,000 | 190,072,960 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 4-30-2023 | 360,000,000 | 360,002,543 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 7-31-2023 | 80,000,000 | 80,001,199 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.66 | 10-31-2023 | 190,000,000 | 189,999,923 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.67 | 7-31-2024 | 90,000,000 | 89,999,969 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ± | 4.77% | 10-31-2024 | $100,000,000 | $ 99,829,904 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.20%) ± | 4.83 | 1-31-2025 | 150,000,000 | 150,000,000 | |
Total U.S. Treasury securities (Cost $11,713,625,289) | 11,713,625,289 | ||||
Total investments in securities (Cost $11,713,625,289) | 101.01% | 11,713,625,289 | |||
Other assets and liabilities, net | (1.01) | (116,710,198) | |||
Total net assets | 100.00% | $11,596,915,091 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 11,713,625,289 |
Cash | 18,496 |
Receivable for Fund shares sold | 7,928,389 |
Receivable for interest | 5,687,571 |
Prepaid expenses and other assets | 416,773 |
Total assets | 11,727,676,518 |
Liabilities | |
Payable for investments purchased | 98,841,519 |
Dividends payable | 22,047,877 |
Payable for Fund shares redeemed | 6,386,019 |
Management fee payable | 1,150,950 |
Administration fees payable | 1,009,979 |
Trustees’ fees and expenses payable | 2,702 |
Accrued expenses and other liabilities | 1,322,381 |
Total liabilities | 130,761,427 |
Total net assets | $11,596,915,091 |
Net assets consist of | |
Paid-in capital | $ 11,596,751,238 |
Total distributable earnings | 163,853 |
Total net assets | $11,596,915,091 |
Computation of net asset value per share | |
Net assets – Class A | $ 40,725,066 |
Shares outstanding – Class A1 | 40,723,099 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 417,372,028 |
Shares outstanding – Administrator Class1 | 417,276,873 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 6,965,775,718 |
Shares outstanding – Institutional Class1 | 6,965,427,954 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Service Class | $ 4,173,042,279 |
Shares outstanding – Service Class1 | 4,172,812,860 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 255,842,279 |
Expenses | |
Management fee | 19,995,101 |
Administration fees | |
Class A | 96,278 |
Administrator Class | 425,359 |
Institutional Class | 7,167,809 |
Service Class | 5,766,983 |
Shareholder servicing fees | |
Class A | 109,406 |
Administrator Class | 425,359 |
Service Class | 12,014,548 |
Custody and accounting fees | 809,278 |
Professional fees | 65,588 |
Registration fees | 408,579 |
Shareholder report expenses | 37,889 |
Trustees’ fees and expenses | 21,352 |
Other fees and expenses | 216,933 |
Total expenses | 47,560,462 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (3,757,416) |
Class A | (39,046) |
Administrator Class | (190,778) |
Institutional Class | (1,212,675) |
Service Class | (2,610,993) |
Net expenses | 39,749,554 |
Net investment income | 216,092,725 |
Net realized gains on investments | 106,371 |
Net increase in net assets resulting from operations | $216,199,096 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 216,092,725 | $ 1,896,261 | ||
Net realized gains (losses) on investments | 106,371 | (58,032) | ||
Net increase in net assets resulting from operations | 216,199,096 | 1,838,229 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (554,590) | (12,378) | ||
Administrator Class | (7,357,000) | (50,308) | ||
Institutional Class | (138,173,030) | (1,190,941) | ||
Service Class | (70,008,074) | (567,854) | ||
Sweep Class | N/A | (30,845) 1 | ||
Total distributions to shareholders | (216,092,694) | (1,852,326) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 24,596,262 | 24,596,262 | 118,470,894 | 118,470,894 |
Administrator Class | 1,608,978,051 | 1,608,978,051 | 1,836,092,008 | 1,836,092,008 |
Institutional Class | 32,845,394,582 | 32,845,394,582 | 35,621,095,104 | 35,621,095,104 |
Service Class | 22,739,481,718 | 22,739,481,718 | 25,165,686,665 | 25,165,686,665 |
Sweep Class | N/A | N/A | 1,687,760,994 1 | 1,687,760,994 1 |
57,218,450,613 | 64,429,105,665 | |||
Reinvestment of distributions | ||||
Class A | 547,021 | 547,021 | 12,172 | 12,172 |
Administrator Class | 5,382,871 | 5,382,871 | 34,027 | 34,027 |
Institutional Class | 70,653,369 | 70,653,369 | 648,015 | 648,015 |
Service Class | 21,667,659 | 21,667,659 | 190,790 | 190,790 |
Sweep Class | N/A | N/A | 24,216 1 | 24,216 1 |
98,250,920 | 909,220 | |||
Payment for shares redeemed | ||||
Class A | (31,827,366) | (31,827,366) | (274,067,705) | (274,067,705) |
Administrator Class | (1,632,886,943) | (1,632,886,943) | (1,893,982,528) | (1,893,982,528) |
Institutional Class | (36,747,937,814) | (36,747,937,814) | (37,145,224,574) | (37,145,224,574) |
Service Class | (23,924,417,944) | (23,924,417,944) | (25,055,393,988) | (25,055,393,988) |
Sweep Class | N/A | N/A | (2,509,539,856) 1 | (2,509,539,856) 1 |
(62,337,070,067) | (66,878,208,651) | |||
Net decrease in net assets resulting from capital share transactions | (5,020,368,534) | (2,448,193,766) | ||
Total decrease in net assets | (5,020,262,132) | (2,448,207,863) | ||
Net assets | ||||
Beginning of period | 16,617,177,223 | 19,065,385,086 | ||
End of period | $ 11,596,915,091 | $ 16,617,177,223 |
1 | For the period from February 1, 2021 to April 26, 2021. Effective at the close of business on April 26, 2021, Sweep Class shares were liquidated and the class was subsequently closed. |
Year ended January 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1,2 | 0.00 1 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 3 | 0.00 1 | 0.00 1 | (0.00) 3 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.42% | 0.02% | 0.14% | 1.54% | 1.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.62% | 0.61% | 0.61% | 0.63% | 0.71% |
Net expenses | 0.50% * | 0.06% * | 0.31% * | 0.60% | 0.62% |
Net investment income | 1.27% | 0.02% | 0.15% | 1.49% | 1.35% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $40,725 | $47,409 | $202,999 | $468,360 | $384,013 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.10% |
Year ended January 31, 2022 | 0.54% |
Year ended January 31, 2021 | 0.29% |
1 | Amount is less than $0.005. |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.65% | 0.01% | 0.20% | 1.84% | 1.67% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.35% | 0.34% | 0.34% | 0.36% | 0.44% |
Net expenses | 0.28% * | 0.06% * | 0.22% * | 0.30% | 0.30% |
Net investment income | 1.73% | 0.01% | 0.19% | 1.85% | 1.63% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $417,372 | $435,818 | $493,677 | $554,447 | $692,247 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.02% |
Year ended January 31, 2022 | 0.24% |
Year ended January 31, 2021 | 0.08% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
Year ended January 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.74% | 0.01% | 0.24% | 1.95% | 1.77% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.23% | 0.23% | 0.22% | 0.24% | 0.31% |
Net expenses | 0.19% * | 0.06% * | 0.18% * | 0.20% | 0.20% |
Net investment income | 1.54% | 0.01% | 0.17% | 1.92% | 1.79% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $6,965,776 | $10,797,673 | $12,321,170 | $7,564,485 | $7,296,690 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.01% |
Year ended January 31, 2022 | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | (0.00) 2 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.49% | 0.01% | 0.15% | 1.64% | 1.46% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.52% | 0.52% | 0.51% | 0.53% | 0.61% |
Net expenses | 0.44% * | 0.06% * | 0.25% * | 0.50% | 0.50% |
Net investment income | 1.46% | 0.01% | 0.12% | 1.58% | 1.45% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $4,173,042 | $5,336,278 | $5,225,755 | $4,230,537 | $2,796,397 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.06% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
U.S. Treasury securities | $0 | $11,713,625,289 | $0 | $11,713,625,289 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Institutional Class | 0.20 |
Service Class | 0.50 |
Undistributed ordinary income | Undistributed long-term gain |
$22,185,560 | $28,997 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459904img2b0568166.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/0001193125-23-092239/g459904img6fddfeec1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459904img9869b6767.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0252 01-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img0754cc231.jpg)
■ | Allspring Government Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img09f9b0732.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img5eed788f3.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFGXX) | 11-8-1999 | 1.50 | 0.92 | 0.50 | 0.60 | 0.60 |
Administrator Class (WGAXX) | 7-31-2003 | 1.71 | 1.08 | 0.62 | 0.33 | 0.33 |
Institutional Class (GVIXX) | 7-28-2003 | 1.82 | 1.16 | 0.69 | 0.21 | 0.20 |
Select Class (WFFXX)3 | 6-30-2015 | 1.89 | 1.21 | 0.73 | 0.17 | 0.14 |
Service Class (NWGXX) | 11-16-1987 | 1.58 | 0.98 | 0.54 | 0.50 | 0.50 |
Sweep Class 4 | 7-31-2020 | 1.58 | 0.84 | 0.18 | 0.51 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Select Class shares would be higher. |
4 | Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Sweep Class shares. If these expenses had not been included, returns for the Sweep Class would be higher. |
Yield summary (%) as of January 31, 2023 | ||||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
7-day current yield1 | 3.70 | 3.96 | 4.10 | 4.16 | 3.80 | 3.80 |
7-day compound yield | 3.77 | 4.04 | 4.18 | 4.25 | 3.87 | 3.87 |
30-day simple yield | 3.68 | 3.94 | 4.08 | 4.14 | 3.78 | 3.78 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of January 31, 2023 | ||||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
30-day compound yield | 3.75 | 4.02 | 4.16 | 4.22 | 3.85 | 3.85 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.69%, 3.96%, 4.08%, 4.12%, 3.79% and 3.78% for Class A, Administrator Class, Institutional Class, Select Class, Service Class and Sweep Class, respectively. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img92c275204.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img8ab3ea795.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
* | The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services. You cannot invest directly in an index. |
Weighted average maturity as of January 31, 20231 |
8 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
53 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.58 | $2.84 | 0.56% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.38 | $2.85 | 0.56% |
Administrator Class | ||||
Actual | $1,000.00 | $1,014.93 | $1.47 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Institutional Class | ||||
Actual | $1,000.00 | $1,015.59 | $0.81 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.40 | $0.82 | 0.16% |
Select Class | ||||
Actual | $1,000.00 | $1,015.95 | $0.46 | 0.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.75 | $0.46 | 0.09% |
Service Class | ||||
Actual | $1,000.00 | $1,014.08 | $2.34 | 0.46% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.89 | $2.35 | 0.46% |
Sweep Class | ||||
Actual | $1,000.00 | $1,014.06 | $2.34 | 0.46% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.89 | $2.35 | 0.46% |
Interest rate | Maturity date | Principal | Value | ||
Corporate bonds and notes: 0.04% | |||||
Mitchell 2019 Irrevocable Life Insurance Trust § | 4.39% | 9-1-2059 | $ 18,495,000 | $ 18,495,000 | |
Renaissance 88 Company LP § | 4.40 | 3-1-2062 | 19,000,000 | 19,000,000 | |
Total Corporate bonds and notes (Cost $37,495,000) | 37,495,000 | ||||
Government agency debt: 10.82% | |||||
FFCB ☼ | 0.00 | 2-21-2023 | 35,000,000 | 34,977,595 | |
FFCB (U.S. SOFR +0.02%) ± | 4.32 | 6-23-2023 | 235,000,000 | 234,976,620 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 5-19-2023 | 35,000,000 | 34,999,480 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 9-20-2023 | 75,000,000 | 75,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 11-2-2023 | 25,000,000 | 24,998,102 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 12-15-2023 | 250,000,000 | 249,978,062 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 2-2-2024 | 130,000,000 | 130,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 2-5-2024 | 120,000,000 | 120,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 2-9-2024 | 125,000,000 | 125,000,000 | |
FFCB (U.S. SOFR +0.04%) ± | 4.34 | 3-4-2024 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 8-22-2023 | 110,000,000 | 110,010,758 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 9-29-2023 | 65,000,000 | 65,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 10-16-2023 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 11-9-2023 | 50,000,000 | 50,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 1-18-2024 | 115,000,000 | 115,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 2-15-2024 | 190,000,000 | 190,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 2-20-2024 | 90,000,000 | 90,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 3-1-2024 | 115,000,000 | 115,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 3-11-2024 | 95,000,000 | 95,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 4-4-2024 | 245,000,000 | 245,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 4-12-2024 | 170,000,000 | 170,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 4-26-2024 | 110,000,000 | 110,000,000 | |
FFCB (U.S. SOFR +0.05%) ± | 4.35 | 5-9-2024 | 130,000,000 | 130,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 4.36 | 2-9-2023 | 120,000,000 | 120,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 4.36 | 5-13-2024 | 98,250,000 | 98,256,336 | |
FFCB (U.S. SOFR +0.11%) ± | 4.41 | 4-15-2024 | 220,000,000 | 219,985,149 | |
FFCB (U.S. SOFR +0.11%) ± | 4.41 | 1-17-2025 | 30,700,000 | 30,665,054 | |
FFCB (U.S. SOFR +0.12%) ± | 4.42 | 12-8-2023 | 100,000,000 | 100,025,855 | |
FFCB (U.S. SOFR +0.13%) ± | 4.43 | 7-9-2024 | 160,000,000 | 159,997,960 | |
FFCB (U.S. SOFR +0.17%) ± | 4.47 | 1-23-2025 | 70,000,000 | 70,000,000 | |
FFCB (U.S. SOFR +0.21%) ± | 4.51 | 12-12-2024 | 100,000,000 | 100,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield -0.04%) ± | 4.61 | 3-28-2024 | 100,000,000 | 100,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ± | 4.63 | 1-29-2024 | 50,000,000 | 50,014,990 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.02%) ± | 4.67 | 7-17-2023 | 185,000,000 | 184,989,325 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.67 | 7-27-2023 | 150,000,000 | 149,996,330 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.68 | 5-17-2023 | 185,000,000 | 185,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ± | 4.84 | 1-27-2025 | 250,000,000 | 249,976,184 | |
FHLB | 1.38 | 2-17-2023 | 37,650,000 | 37,653,482 | |
FHLB | 1.98 | 2-10-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.01 | 3-30-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.13 | 3-10-2023 | 81,620,000 | 81,649,888 | |
FHLB | 2.13 | 3-30-2023 | 52,750,000 | 52,750,000 | |
FHLB | 2.13 | 3-30-2023 | 200,000,000 | 200,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
FHLB | 2.28% | 6-30-2023 | $250,000,000 | $ 250,000,000 | |
FHLB | 2.34 | 7-3-2023 | 300,000,000 | 300,000,000 | |
FHLB | 2.35 | 4-5-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.35 | 4-12-2023 | 150,000,000 | 150,000,000 | |
FHLB | 2.40 | 7-7-2023 | 200,000,000 | 200,000,000 | |
FHLB | 2.42 | 7-7-2023 | 250,000,000 | 250,000,000 | |
FHLB | 2.55 | 5-4-2023 | 250,000,000 | 250,000,000 | |
FHLB (U.S. SOFR +0.05%) ± | 4.35 | 7-18-2023 | 330,000,000 | 329,981,503 | |
FHLB (U.S. SOFR +0.06%) ± | 4.36 | 8-1-2023 | 500,000,000 | 500,000,000 | |
FHLB (U.S. SOFR +0.07%) ± | 4.37 | 10-30-2023 | 500,000,000 | 500,000,000 | |
FHLB (U.S. SOFR +0.07%) ± | 4.37 | 11-27-2023 | 500,000,000 | 500,000,000 | |
FHLMC | 2.60 | 5-26-2023 | 200,000,000 | 200,000,000 | |
FHLMC | 2.65 | 5-23-2023 | 350,000,000 | 350,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 11-15-2025 | 4,168,421 | 4,168,421 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 7-9-2026 | 32,877,250 | 32,877,250 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 1-15-2030 | 10,566,038 | 10,566,038 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 10-15-2032 | 16,100,001 | 16,100,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 6-15-2034 | 13,641,453 | 13,641,453 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 11-15-2023 | 5,000,000 | 5,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2027 | 45,333,333 | 45,333,333 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 6-20-2027 | 6,000,001 | 6,000,001 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-20-2027 | 16,964,285 | 16,964,285 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 15,944,000 | 15,944,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 9,371,086 | 9,371,086 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 14,214,076 | 14,214,076 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 9,282,430 | 9,282,430 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 12-20-2031 | 54,418,604 | 54,418,604 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 3,590,800 | 3,590,800 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 10,772,400 | 10,772,400 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 9,336,080 | 9,336,080 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 4-20-2035 | 4,534,500 | 4,534,500 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 4-20-2035 | 15,870,750 | 15,870,750 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 11-20-2037 | 14,779,800 | 14,779,800 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 7-7-2040 | 9,698,612 | 9,698,612 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60% | 7-7-2040 | $7,582,551 | $ 7,582,551 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 7-7-2040 | 12,784,535 | 12,784,535 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.58 | 7-5-2038 | 8,150,520 | 8,150,520 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 3-15-2030 | 18,000,000 | 18,000,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 3,654,500 | 3,654,500 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 8,551,530 | 8,551,530 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 11-20-2037 | 10,898,327 | 10,898,327 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-20-2038 | 3,373,068 | 3,373,068 | |
U.S. International Development Finance Corporation Series 271 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 7-7-2040 | 17,633,840 | 17,633,840 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 12-15-2026 | 2,400,000 | 2,400,000 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 10,706,396 | 10,706,396 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 11-15-2033 | 17,777,779 | 17,777,779 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 2,790,200 | 2,790,200 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 4,970,120 | 4,970,120 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 8,079,300 | 8,079,300 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 4-20-2035 | 4,534,500 | 4,534,500 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-2-2031 | 9,367,100 | 9,367,100 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 5,116,300 | 5,116,300 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 8,887,230 | 8,887,230 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 14,837,270 | 14,837,270 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 4-20-2035 | 8,071,410 | 8,071,410 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 7-7-2040 | 4,320,291 | 4,320,291 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 5,847,200 | 5,847,200 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 1-20-2035 | 2,603,330 | 2,603,330 | |
U.S. International Development Finance Corporation Series 8 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 10,963,500 | 10,963,500 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.55 | 5-15-2030 | 17,612,000 | 17,612,000 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 4.60 | 9-30-2031 | 3,435,230 | 3,435,230 | |
Total Government agency debt (Cost $9,971,294,664) | 9,971,294,619 |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 0.02% | |||||
Colorado: 0.02% | |||||
Variable rate demand notes ø: 0.02% | |||||
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 D-2 (Housing revenue, GNMA Insured, FHLB SPA) | 4.35% | 5-1-2042 | $16,000,000 | $ 16,000,000 | |
Total Municipal obligations (Cost $16,000,000) | 16,000,000 | ||||
Other instruments: 0.14% | |||||
Brandon Place Partners Series 2018 §øø | 4.40 | 12-1-2058 | 15,335,000 | 15,335,000 | |
Hacienda Senior Villas Series C §øø | 4.40 | 12-1-2058 | 20,575,000 | 20,575,000 | |
La Mesa Senior Living LP Secured §øø | 4.40 | 8-1-2057 | 48,125,000 | 48,125,000 | |
Plaza Patria Court Limited §øø | 4.40 | 12-1-2058 | 17,325,000 | 17,325,000 | |
Rohnert Park 668 LP Series A §øø | 4.40 | 6-1-2058 | 20,920,000 | 20,920,000 | |
Southside Brookshore §øø | 4.40 | 9-1-2059 | 5,000,000 | 5,000,000 | |
Total Other instruments (Cost $127,280,000) | 127,280,000 | ||||
Repurchase agreements^^: 75.39% | |||||
ANZ Bank New Zealand, dated 1/31/2023, maturity value $678,080,494 (01) | 4.30 | 2-1-2023 | 677,999,511 | 677,999,557 | |
Bank of America, dated 1/31/2023, maturity value $600,071,167 (02) | 4.27 | 2-1-2023 | 600,000,000 | 600,000,000 | |
Bank of America, dated 1/31/2023, maturity value $1,000,119,444 (03) | 4.30 | 2-1-2023 | 1,000,000,000 | 1,000,000,000 | |
Bank of America, dated 1/31/2023, maturity value $1,500,179,167 (04) | 4.30 | 2-1-2023 | 1,500,000,000 | 1,500,000,000 | |
Bank of Montreal, dated 1/31/2023, maturity value $350,041,319 (05) §∂øø | 4.25 | 2-1-2023 | 350,000,000 | 350,000,000 | |
Bank of Montreal, dated 1/31/2023, maturity value $250,029,861 (06) | 4.30 | 2-1-2023 | 250,000,000 | 250,000,000 | |
Bank of New York Mellon Corporation, dated 1/31/2023, maturity value $3,000,358,333 (07) | 4.30 | 2-1-2023 | 3,000,000,000 | 3,000,000,000 | |
Barclays Bank plc, dated 1/31/2023, maturity value $4,400,525,556 (08) | 4.30 | 2-1-2023 | 4,400,000,000 | 4,400,000,000 | |
Barclays Bank plc, dated 1/31/2023, maturity value $6,536,438,600 (09) | 4.30 | 2-1-2023 | 6,536,000,000 | 6,536,000,000 | |
BNP Paribas Securities Corporation, dated 1/31/2023, maturity value $350,041,806 (10) | 4.30 | 2-1-2023 | 350,000,000 | 350,000,000 | |
BNP Paribas Securities Corporation, dated 1/31/2023, maturity value $501,795,833 (11) | 4.31 | 2-2-2023 | 500,000,000 | 500,000,000 | |
Citibank NA, dated 1/31/2023, maturity value $250,029,861 (12) | 4.30 | 2-1-2023 | 250,000,000 | 250,000,000 | |
Citibank NA, dated 1/26/2023, maturity value $250,209,028 (13) | 4.30 | 2-2-2023 | 250,000,000 | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 1/31/2023, maturity value $1,150,137,361 (14) | 4.30 | 2-1-2023 | 1,150,000,000 | 1,150,000,000 | |
Citigroup Global Markets Incorporated, dated 1/31/2023, maturity value $250,059,722 (15) | 4.30 | 2-2-2023 | 250,000,000 | 250,000,000 | |
Daiwa Capital Markets America Incorporated, dated 1/31/2023, maturity value $1,000,119,444 (16) | 4.30 | 2-1-2023 | 1,000,000,000 | 1,000,000,000 | |
Federal Reserve Bank of New York, dated 1/31/2023, maturity value $25,002,986,111 (17) | 4.30 | 2-1-2023 | 25,000,000,000 | 25,000,000,000 | |
Fixed Income Clearing Corporation, dated 1/31/2023, maturity value $4,000,477,778 (18) | 4.30 | 2-1-2023 | 4,000,000,000 | 4,000,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Goldman Sachs & Company, dated 1/31/2023, maturity value $310,521,563 (19) | 2.50% | 2-1-2023 | $310,500,000 | $ 310,500,000 | |
Goldman Sachs & Company, dated 1/31/2023, maturity value $100,011,472 (20) | 4.13 | 2-1-2023 | 100,000,000 | 100,000,000 | |
ING Financial Markets LLC, dated 1/31/2023, maturity value $200,023,889 (21) | 4.30 | 2-1-2023 | 200,000,000 | 200,000,000 | |
ING Financial Markets LLC, dated 1/31/2023, maturity value $250,034,492 (22) | 4.30 | 2-1-2023 | 250,004,630 | 250,004,630 | |
ING Financial Markets LLC, dated 12/15/2022, maturity value $1,150,212,944 (23) ∂ | 4.31 | 2-2-2023 | 1,150,000,000 | 1,150,000,000 | |
JP Morgan Securities, dated 1/31/2023, maturity value $100,011,889 (24) | 4.28 | 2-1-2023 | 100,000,000 | 100,000,000 | |
JP Morgan Securities, dated 1/31/2023, maturity value $1,922,954,659 (25) | 4.30 | 2-1-2023 | 1,922,725,000 | 1,922,725,000 | |
Mitsubishi Bank, dated 1/31/2023, maturity value $500,059,722 (26) | 4.30 | 2-1-2023 | 500,000,000 | 500,000,000 | |
Mitsubishi Bank, dated 1/31/2023, maturity value $1,250,298,611 (27) | 4.30 | 2-2-2023 | 1,250,000,000 | 1,250,000,000 | |
Mizuho Bank, dated 1/31/2023, maturity value $950,113,472 (28) | 4.30 | 2-1-2023 | 950,000,000 | 950,000,000 | |
MUFG Securities Canada Limited, dated 1/31/2023, maturity value $1,270,151,694 (29) | 4.30 | 2-1-2023 | 1,270,000,000 | 1,270,000,000 | |
MUFG Securities Canada Limited, dated 1/31/2023, maturity value $625,074,653 (30) | 4.30 | 2-1-2023 | 625,000,000 | 625,000,000 | |
MUFG Securities Canada Limited, dated 12/15/2022, maturity value $1,508,799,583 (31) ∂ | 4.31 | 2-2-2023 | 1,500,000,000 | 1,500,000,000 | |
Nomura Securities Company Limited, dated 1/31/2023, maturity value $3,500,418,056 (32) | 4.30 | 2-1-2023 | 3,500,000,000 | 3,500,000,000 | |
Royal Bank of Canada, dated 12/15/2022, maturity value $1,005,880,000 (33) ∂ | 4.32 | 2-2-2023 | 1,000,000,000 | 1,000,000,000 | |
Royal Bank of Canada Dominion Securities, dated 1/11/2023, maturity value $751,970,833 (34) | 4.30 | 2-2-2023 | 750,000,000 | 750,000,000 | |
Standard Chartered Bank, dated 1/31/2023, maturity value $1,375,454,271 (35) | 4.30 | 2-1-2023 | 1,375,290,000 | 1,375,290,000 | |
Standard Chartered Bank, dated 1/31/2023, maturity value $500,059,722 (36) | 4.30 | 2-1-2023 | 500,000,000 | 500,000,000 | |
Sumitomo Mitsui Banking Corporation, dated 1/18/2023, maturity value $113,053,865 (37) ## | 4.36 | 2-1-2023 | 112,862,500 | 112,862,500 | |
Sumitomo Mitsui Banking Corporation, dated 12/14/2022, maturity value $292,768,546 (38) ∂ | 4.58 | 3-10-2023 | 289,600,000 | 289,600,000 | |
Sumitomo Mitsui Banking Corporation, dated 2/1/2023, maturity value $113,004,730 (39) %% | 4.61 | 2-15-2023 | 112,802,500 | 112,802,500 | |
TD Securities USA Incorporated, dated 1/31/2023, maturity value $600,071,667 (40) | 4.30 | 2-1-2023 | 600,000,000 | 600,000,000 | |
Total Repurchase agreements (Cost $69,432,784,142) | 69,432,784,187 | ||||
U.S. Treasury securities: 13.83% | |||||
U.S. Treasury Bill ☼ | 4.69 | 5-23-2023 | 1,680,000,000 | 1,656,058,071 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 70,000,000 | 69,940,443 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 845,000,000 | 841,001,941 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 460,000,000 | 457,210,758 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 185,000,000 | 184,286,683 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 150,000,000 | 149,987,815 | |
U.S. Treasury Note | 1.38 | 6-30-2023 | 80,000,000 | 79,666,017 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 120,000,000 | 119,828,506 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 2.50% | 3-31-2023 | $75,000,000 | $ 75,101,764 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 150,000,000 | 150,100,596 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.08%) ± | 4.55 | 4-30-2024 | 700,000,000 | 699,444,808 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ± | 4.61 | 1-31-2024 | 371,000,000 | 371,175,564 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 4-30-2023 | 3,600,000,000 | 3,600,024,427 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 7-31-2023 | 2,765,000,000 | 2,765,025,700 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.66 | 10-31-2023 | 570,000,000 | 570,000,376 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ± | 4.77 | 10-31-2024 | 400,000,000 | 399,319,616 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.20%) ± | 4.83 | 1-31-2025 | 550,000,000 | 550,000,000 | |
Total U.S. Treasury securities (Cost $12,738,173,085) | 12,738,173,085 | ||||
Total investments in securities (Cost $92,323,026,891) | 100.24% | 92,323,026,891 | |||
Other assets and liabilities, net | (0.24) | (222,788,816) | |||
Total net assets | 100.00% | $92,100,238,075 |
§ | The security is subject to a demand feature which reduces the effective maturity. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
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. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 0.62% to 4.25%, 2-15-2025 to 8-15-2047, fair value including accrued interest is $686,588,212. | |
(02) U.S. government securities, 4.50%, 7-20-2052, fair value including accrued interest is $618,000,001. | |
(03) U.S. government securities, 2.00% to 3.50%, 9-1-2040 to 2-1-2050, fair value including accrued interest is $1,030,000,000. | |
(04) U.S. government securities, 2.00% to 4.00%, 3-1-2051 to 1-1-2053, fair value including accrued interest is $1,545,000,000. | |
(05) U.S. government securities, 1.75% to 7.00%, 8-15-2023 to 1-20-2072, fair value including accrued interest is $359,500,033. | |
(06) U.S. government securities, 2.00%, 2-15-2025, fair value including accrued interest is $255,000,069. | |
(07) U.S. government securities, 0.13% to 2.88%, 7-15-2023 to 8-15-2049, fair value including accrued interest is $3,060,000,040. | |
(08) U.S. government securities, 0.00% to 8.00%, 2-15-2023 to 2-1-2053, fair value including accrued interest is $4,524,492,016. | |
(09) U.S. government securities, 0.00% to 6.25%, 2-16-2023 to 2-15-2052, fair value including accrued interest is $6,666,720,076. | |
(10) U.S. government securities, 0.00% to 6.00%, 2-23-2023 to 2-1-2053, fair value including accrued interest is $360,361,161. | |
(11) U.S. government securities, 2.00% to 6.50%, 5-20-2034 to 9-1-2052, fair value including accrued interest is $515,000,000. | |
(12) U.S. government securities, 0.00% to 8.63%, 3-8-2023 to 9-15-2065, fair value including accrued interest is $255,433,984. | |
(13) U.S. government securities, 0.00% to 8.88%, 3-10-2023 to 9-15-2065, fair value including accrued interest is $255,022,195. | |
(14) U.S. government securities, 0.00% to 9.00%, 2-15-2023 to 12-20-2072, fair value including accrued interest is $1,183,971,966. | |
(15) U.S. government securities, 1.88% to 2.75%, 5-31-2029 to 2-15-2032, fair value including accrued interest is $255,000,034. | |
(16) U.S. government securities, 0.00% to 7.00%, 2-15-2023 to 1-1-2053, fair value including accrued interest is $1,028,753,463. | |
(17) U.S. government securities, 0.13% to 3.38%, 2-28-2023 to 8-15-2040, fair value including accrued interest is $25,002,986,114. | |
(18) U.S. government securities, 0.00% to 6.25%, 2-7-2023 to 8-15-2051, fair value including accrued interest is $4,080,000,007. | |
(19) U.S. government securities, 0.00% to 4.38%, 2-15-2025 to 11-15-2044, fair value including accrued interest is $316,710,000. | |
(20) U.S. government securities, 0.00% to 6.00%, 3-31-2027 to 1-1-2052, fair value including accrued interest is $102,773,874. | |
(21) U.S. government securities, 2.00% to 5.00%, 9-1-2028 to 12-1-2052, fair value including accrued interest is $206,000,000. | |
(22) U.S. government securities, 1.75% to 2.75%, 8-15-2041 to 5-15-2051, fair value including accrued interest is $255,004,723. | |
(23) U.S. government securities, 0.13% to 8.50%, 6-30-2023 to 5-1-2058, fair value including accrued interest is $1,184,259,581. | |
(24) U.S. government securities, 0.00% to 5.50%, 2-1-2023 to 2-1-2053, fair value including accrued interest is $102,868,591. | |
(25) U.S. government securities, 0.00% to 7.50%, 4-19-2023 to 11-15-2062, fair value including accrued interest is $1,979,394,672. | |
(26) U.S. government securities, 1.50% to 6.50%, 1-1-2027 to 2-1-2053, fair value including accrued interest is $515,000,001. | |
(27) U.S. government securities, 0.00% to 6.50%, 11-20-2023 to 9-20-2062, fair value including accrued interest is $1,287,122,214. | |
(28) U.S. government securities, 1.50% to 7.50%, 5-1-2023 to 4-1-2056, fair value including accrued interest is $978,500,000. | |
(29) U.S. government securities, 0.13% to 8.00%, 3-17-2023 to 1-20-2072, fair value including accrued interest is $1,306,125,796. | |
(30) U.S. government securities, 0.25% to 3.88%, 3-15-2024 to 5-15-2031, fair value including accrued interest is $637,500,000. | |
(31) U.S. government securities, 0.00% to 7.00%, 5-22-2023 to 1-20-2072, fair value including accrued interest is $1,544,845,276. | |
(32) U.S. government securities, 0.00% to 8.88%, 2-10-2023 to 4-1-2059, fair value including accrued interest is $3,576,457,659. | |
(33) U.S. government securities, 0.00% to 7.50%, 2-9-2023 to 2-1-2053, fair value including accrued interest is $1,028,604,620. | |
(34) U.S. government securities, 0.00% to 5.50%, 4-15-2024 to 12-20-2052, fair value including accrued interest is $772,421,139. | |
(35) U.S. government securities, 3.50% to 4.00%, 2-15-2025 to 1-31-2030, fair value including accrued interest is $1,403,357,143. | |
(36) U.S. government securities, 0.13% to 5.00%, 4-15-2023 to 3-1-2052, fair value including accrued interest is $513,404,439. | |
(37) U.S. government securities, 2.38% to 3.25%, 8-31-2024 to 5-15-2029, fair value including accrued interest is $115,247,471. | |
(38) U.S. government securities, 3.00% to 3.50%, 8-31-2024 to 1-20-2050, fair value including accrued interest is $298,334,041. | |
(39) U.S. government securities, 2.38% to 2.66%, 2-15-2029 to 5-15-2029, fair value including accrued interest is $115,118,960. | |
(40) U.S. government securities, 3.50% to 6.00%, 7-1-2049 to 1-1-2053, fair value including accrued interest is $618,000,000. | |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
## | All or a portion of this security is segregated for when-issued securities. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
GNMA | Government National Mortgage Association |
HFA | Housing Finance Authority |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 22,890,242,704 |
Investments in repurchase agreements, at amortized cost | 69,432,784,187 |
Cash | 81,318 |
Receivable for interest | 83,937,202 |
Receivable for Fund shares sold | 19,524,002 |
Prepaid expenses and other assets | 829,151 |
Total assets | 92,427,398,564 |
Liabilities | |
Dividends payable | 156,449,603 |
Payable for when-issued transactions | 112,802,500 |
Payable for Fund shares redeemed | 42,346,066 |
Management fee payable | 7,706,153 |
Administration fees payable | 4,547,449 |
Distribution fee payable | 90,203 |
Trustees’ fees and expenses payable | 2,488 |
Accrued expenses and other liabilities | 3,216,027 |
Total liabilities | 327,160,489 |
Total net assets | $92,100,238,075 |
Net assets consist of | |
Paid-in capital | $ 92,099,993,408 |
Total distributable earnings | 244,667 |
Total net assets | $92,100,238,075 |
Computation of net asset value per share | |
Net assets – Class A | $ 356,236,265 |
Shares outstanding – Class A1 | 356,241,001 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 3,628,015,296 |
Shares outstanding – Administrator Class1 | 3,628,022,738 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 29,533,412,275 |
Shares outstanding – Institutional Class1 | 29,534,054,590 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 56,118,081,856 |
Shares outstanding – Select Class1 | 56,117,209,819 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,419,439,248 |
Shares outstanding – Service Class1 | 1,419,457,045 |
Net asset value per share – Service Class | $1.00 |
Net assets – Sweep Class | $ 1,045,053,135 |
Shares outstanding – Sweep Class1 | 1,045,070,119 |
Net asset value per share – Sweep Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 2,046,571,377 |
Expenses | |
Management fee | 140,937,769 |
Administration fees | |
Class A | 727,262 |
Administrator Class | 3,243,934 |
Institutional Class | 26,352,566 |
Select Class | 28,810,541 |
Service Class | 2,074,894 |
Sweep Class | 346,547 |
Shareholder servicing fees | |
Class A | 826,434 |
Administrator Class | 3,243,934 |
Service Class | 4,322,697 |
Sweep Class | 2,887,889 |
Distribution fee | |
Sweep Class | 1,155,155 |
Custody and accounting fees | 7,476,146 |
Professional fees | 81,039 |
Registration fees | 3,567,993 |
Shareholder report expenses | 116,194 |
Trustees’ fees and expenses | 21,293 |
Other fees and expenses | 1,648,196 |
Total expenses | 227,840,483 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (33,428,520) |
Class A | (311,114) |
Administrator Class | (1,066,322) |
Institutional Class | (7,343,075) |
Select Class | (30,829,413) |
Service Class | (1,359,047) |
Sweep Class | (902,411) |
Net expenses | 152,600,581 |
Net investment income | 1,893,970,796 |
Net realized gains on investments | 149,695 |
Net increase in net assets resulting from operations | $1,894,120,491 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 1,893,970,796 | $ 30,303,368 | ||
Net realized gains on investments | 149,695 | 425,866 | ||
Net increase in net assets resulting from operations | 1,894,120,491 | 30,729,234 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,107,291) | (32,156) | ||
Administrator Class | (52,936,267) | (407,833) | ||
Institutional Class | (548,499,498) | (4,315,675) | ||
Select Class | (1,244,456,867) | (25,942,933) | ||
Service Class | (25,306,204) | (201,661) | ||
Sweep Class | (17,779,099) | (89,466) | ||
Total distributions to shareholders | (1,894,085,226) | (30,989,724) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 97,246,217 | 97,246,217 | 101,363,824 | 101,363,824 |
Administrator Class | 19,247,989,683 | 19,247,989,683 | 21,325,222,248 | 21,325,222,248 |
Institutional Class | 133,382,515,269 | 133,382,515,269 | 197,535,730,467 | 197,535,730,467 |
Select Class | 739,906,150,392 | 739,906,150,392 | 1,160,483,999,071 | 1,160,483,999,071 |
Service Class | 36,788,307,413 | 36,788,307,413 | 77,872,528,777 | 77,872,528,777 |
Sweep Class | 7,282,764,941 | 7,282,764,941 | 7,001,689,901 | 7,001,689,901 |
936,704,973,915 | 1,464,320,534,288 | |||
Reinvestment of distributions | ||||
Class A | 5,088,443 | 5,088,443 | 31,866 | 31,866 |
Administrator Class | 21,593,914 | 21,593,914 | 188,849 | 188,849 |
Institutional Class | 181,718,307 | 181,718,307 | 1,487,445 | 1,487,445 |
Select Class | 750,229,605 | 750,229,605 | 16,408,984 | 16,408,984 |
Service Class | 2,171,675 | 2,171,675 | 19,548 | 19,548 |
Sweep Class | 17,779,099 | 17,779,099 | 89,474 | 89,474 |
978,581,043 | 18,226,166 | |||
Payment for shares redeemed | ||||
Class A | (62,551,940) | (62,551,940) | (91,800,580) | (91,800,580) |
Administrator Class | (20,668,809,280) | (20,668,809,280) | (20,838,430,663) | (20,838,430,663) |
Institutional Class | (144,108,581,896) | (144,108,581,896) | (200,342,145,260) | (200,342,145,260) |
Select Class | (769,736,358,487) | (769,736,358,487) | (1,170,469,084,534) | (1,170,469,084,534) |
Service Class | (37,244,407,620) | (37,244,407,620) | (77,862,043,660) | (77,862,043,660) |
Sweep Class | (7,357,298,131) | (7,357,298,131) | (5,901,420,153) | (5,901,420,153) |
(979,178,007,354) | (1,475,504,924,850) | |||
Net decrease in net assets resulting from capital share transactions | (41,494,452,396) | (11,166,164,396) | ||
Total decrease in net assets | (41,494,417,131) | (11,166,424,886) | ||
Net assets | ||||
Beginning of period | 133,594,655,206 | 144,761,080,092 | ||
End of period | $ 92,100,238,075 | $ 133,594,655,206 |
Year ended January 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.50% | 0.01% | 0.13% | 1.59% | 1.38% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61% | 0.60% | 0.60% | 0.61% | 0.61% |
Net expenses | 0.48%* | 0.07% * | 0.28% * | 0.60% | 0.60% |
Net investment income | 1.55% | 0.01% | 0.13% | 1.56% | 1.39% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $356,236 | $316,459 | $306,864 | $366,601 | $311,616 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.12% |
Year ended January 31, 2022 | 0.53% |
Year ended January 31, 2021 | 0.32% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.71% | 0.01% | 0.17% | 1.85% | 1.65% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.34% | 0.33% | 0.33% | 0.34% | 0.34% |
Net expenses | 0.28%* | 0.07% * | 0.22% * | 0.34% | 0.34% |
Net investment income | 1.63% | 0.01% | 0.14% | 1.81% | 1.67% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $3,628,015 | $5,027,252 | $4,540,262 | $3,893,928 | $2,411,490 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.06% |
Year ended January 31, 2022 | 0.27% |
Year ended January 31, 2021 | 0.11% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.82% | 0.01% | 0.22% | 1.99% | 1.79% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.22% | 0.21% | 0.21% | 0.22% | 0.22% |
Net expenses | 0.17%* | 0.07% * | 0.18% * | 0.20% | 0.20% |
Net investment income | 1.66% | 0.01% | 0.16% | 1.97% | 1.79% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $29,533,412 | $40,078,395 | $42,883,663 | $29,289,517 | $26,000,569 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.03% |
Year ended January 31, 2022 | 0.13% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Select Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.89% | 0.03% | 0.26% | 2.05% | 1.85% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.18% | 0.17% | 0.17% | 0.18% | 0.18% |
Net expenses | 0.11%* | 0.05% * | 0.14% | 0.14% | 0.14% |
Net investment income | 1.73% | 0.03% | 0.19% | 2.02% | 1.82% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $56,118,082 | $85,197,344 | $95,165,936 | $51,954,718 | $45,335,385 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.03% |
Year ended January 31, 2022 | 0.09% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.58% | 0.01% | 0.14% | 1.69% | 1.48% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.51% | 0.50% | 0.50% | 0.51% | 0.51% |
Net expenses | 0.40%* | 0.07% * | 0.25% * | 0.50% | 0.50% |
Net investment income | 1.47% | 0.01% | 0.13% | 1.67% | 1.45% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,419,439 | $1,873,382 | $1,862,889 | $1,994,923 | $1,856,426 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.10% |
Year ended January 31, 2022 | 0.43% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||
Sweep Class | 2023 | 2022 | 2021 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 2 | 0.00 2 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.02 | 0.00 2 | 0.00 2 |
Distributions to shareholders from | |||
Net investment income | (0.02) | (0.00) 2 | (0.00) 2 |
Net realized gains | (0.00) 2 | (0.00) 2 | (0.00) 2 |
Total distributions to shareholders | (0.02) | (0.00) 2 | (0.00) 2 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 |
Total return3 | 1.58% | 0.01% | 0.01% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.52% | 0.51% | 0.56% |
Net expenses | 0.41%* | 0.06% * | 0.13% * |
Net investment income | 1.54% | 0.01% | 0.01% |
Supplemental data | |||
Net assets, end of period (000s omitted) | $1,045,053 | $1,101,824 | $1,465 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.09% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 20211 | 0.37% |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Corporate bonds and notes | $0 | $ 37,495,000 | $0 | $ 37,495,000 |
Government agency debt | 0 | 9,971,294,619 | 0 | 9,971,294,619 |
Municipal obligations | 0 | 16,000,000 | 0 | 16,000,000 |
Other instruments | 0 | 127,280,000 | 0 | 127,280,000 |
Repurchase agreements | 0 | 69,432,784,187 | 0 | 69,432,784,187 |
U.S. Treasury securities | 0 | 12,738,173,085 | 0 | 12,738,173,085 |
Total assets | $0 | $92,323,026,891 | $0 | $92,323,026,891 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.50 |
Sweep Class | 0.50 |
Year ended January 31 | ||
2023 | 2022 | |
Ordinary income | $1,894,085,226 | $30,988,366 |
Long-term capital gain | 0 | 1,358 |
Undistributed ordinary income | Undistributed long-term gain |
$156,575,639 | $149,695 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597imgba77f3ab6.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/0001193125-23-092239/g459597img0754cc231.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g459597img74ce57827.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0450 01-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311img408086471.jpg)
■ | Allspring Heritage Money Market Fund |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311img56eff8e02.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®���, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (SHMXX) | 6-29-1995 | 1.97 | 1.25 | 0.76 | 0.36 | 0.33 |
Institutional Class (SHIXX) | 3-31-2000 | 2.08 | 1.34 | 0.83 | 0.24 | 0.20 |
Select Class (WFJXX) | 6-29-2007 | 2.15 | 1.40 | 0.90 | 0.20 | 0.13 |
Service Class (WHTXX) | 6-30-2010 | 1.88 | 1.18 | 0.70 | 0.53 | 0.43 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.33% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class and 0.43% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of January 31, 2023 | ||||
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 4.28 | 4.41 | 4.48 | 4.18 |
7-day compound yield | 4.37 | 4.51 | 4.58 | 4.27 |
30-day simple yield | 4.28 | 4.41 | 4.48 | 4.18 |
30-day compound yield | 4.37 | 4.50 | 4.58 | 4.26 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 4.25%, 4.37%, 4.41% and 4.08% for Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311imgb82c13044.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311imgf734153b5.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Weighted average maturity as of January 31, 20231 |
6 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
47 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,016.90 | $1.68 | 0.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.54 | $1.68 | 0.33% |
Institutional Class | ||||
Actual | $1,000.00 | $1,017.55 | $1.02 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Select Class | ||||
Actual | $1,000.00 | $1,017.91 | $0.66 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.55 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,016.40 | $2.19 | 0.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.04 | $2.19 | 0.43% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 28.75% | |||||
ABN Amro Bank NV | 4.37% | 2-3-2023 | $120,000,000 | $ 120,000,000 | |
Australia & New Zealand Banking Group Limited | 4.32 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Banco Santander SA | 4.85 | 2-17-2023 | 30,000,000 | 30,005,472 | |
Banco Santander SA (U.S. SOFR +0.63%) ± | 4.93 | 6-9-2023 | 25,000,000 | 25,022,662 | |
Banco Santander SA | 5.10 | 5-4-2023 | 35,000,000 | 35,053,969 | |
Bank of America NA (U.S. SOFR +0.35%) ± | 4.65 | 10-25-2023 | 25,000,000 | 25,000,000 | |
Bank of America NA (U.S. SOFR +0.72%) ± | 5.02 | 8-7-2023 | 35,000,000 | 35,066,369 | |
Bank of Montreal (U.S. SOFR +0.75%) ± | 5.05 | 8-1-2023 | 35,000,000 | 35,082,041 | |
Bank of Montreal (U.S. SOFR +0.75%) ± | 5.05 | 12-4-2023 | 25,000,000 | 25,081,271 | |
Canadian Imperial Bank of Commerce | 4.30 | 2-1-2023 | 50,000,000 | 50,000,000 | |
Canadian Imperial Bank of Commerce (U.S. SOFR +0.44%) ± | 4.74 | 1-18-2024 | 25,000,000 | 25,018,266 | |
Credit Agricole Corporate and Investment Bank of New York | 4.30 | 2-1-2023 | 100,000,000 | 100,000,000 | |
HSBC Bank USA NA | 4.32 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Lloyds Bank plc | 4.80 | 2-13-2023 | 35,000,000 | 35,004,106 | |
Mitsubishi UFJ Trust & Banking (U.S. SOFR +0.49%) ± | 4.79 | 3-3-2023 | 50,000,000 | 50,012,729 | |
Mizuho Bank Limited | 4.32 | 2-1-2023 | 95,000,000 | 95,000,000 | |
MUFG Bank Limited (U.S. SOFR +0.55%) ± | 4.85 | 2-10-2023 | 35,000,000 | 35,003,870 | |
Nordea Bank AB (U.S. SOFR +0.67%) ± | 4.97 | 6-7-2023 | 25,000,000 | 25,041,591 | |
Norinchukin Bank (U.S. SOFR +0.25%) ± | 4.55 | 7-27-2023 | 35,000,000 | 34,983,467 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.27%) ± | 4.57 | 8-28-2023 | 25,000,000 | 24,997,012 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.39%) ± | 4.69 | 10-18-2023 | 50,000,000 | 50,013,292 | |
Royal Bank of Canada (U.S. SOFR +0.75%) ± | 5.05 | 10-19-2023 | 35,000,000 | 35,112,355 | |
Skandinaviska Enskilda Bank AG (U.S. SOFR +0.51%) ± | 4.81 | 3-28-2023 | 30,000,000 | 30,015,650 | |
Skandinaviska Enskilda Bank AG | 4.95 | 7-14-2023 | 25,000,000 | 25,043,100 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.75%) ± | 5.05 | 4-21-2023 | 35,000,000 | 35,042,132 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.28%) ± | 4.58 | 5-12-2023 | 25,000,000 | 25,008,116 | |
Sumitomo Mitsui Trust | 4.69 | 2-7-2023 | 25,000,000 | 25,000,926 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.62%) ± | 4.92 | 2-2-2023 | 50,000,000 | 50,001,549 | |
Swedbank AB (U.S. SOFR +0.65%) ± | 4.95 | 6-8-2023 | 35,000,000 | 35,052,878 | |
Toronto Dominion Bank | 4.77 | 2-15-2023 | 20,000,000 | 20,002,636 | |
Toronto Dominion Bank | 5.04 | 8-7-2023 | 25,000,000 | 25,063,657 | |
Westpac Banking Corporation (U.S. SOFR +0.56%) ± | 4.86 | 3-3-2023 | 30,000,000 | 30,011,002 | |
Total Certificates of deposit (Cost $1,390,000,000) | 1,390,740,118 |
Closed-end fund obligations: 1.22% | |||||
Nuveen Credit Strategies Income Fund Preferred Shares Series A (160 shares) 2.47% 144Aø | 16,000,000 | 16,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Series A (230 shares) 2.47% 144Aø | 23,000,000 | 23,000,000 | |||
Nuveen Preferred & Income Opportunities Fund Preferred Shares (150 shares) 2.47% 144Aø | 15,000,000 | 15,000,000 | |||
Nuveen Preferred & Income Securities Fund Preferred Shares (50 shares) 2.47% 144Aø | 5,000,000 | 5,000,000 | |||
Total Closed-end fund obligations (Cost $59,000,000) | 59,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Commercial paper: 42.64% | |||||
Asset-backed commercial paper: 20.81% | |||||
Anglesea Funding LLC ☼ | 4.52% | 7-24-2023 | $ 25,000,000 | $ 25,000,000 | |
Anglesea Funding LLC ☼ | 4.60 | 4-17-2023 | 30,000,000 | 30,000,095 | |
Anglesea Funding LLC ☼ | 4.60 | 5-8-2023 | 35,000,000 | 35,000,000 | |
Anglesea Funding LLC ☼ | 4.60 | 5-26-2023 | 30,000,000 | 30,000,000 | |
Barton Capital SA ☼ | 4.33 | 2-1-2023 | 10,000,000 | 9,998,804 | |
Barton Capital SA ☼ | 4.73 | 2-8-2023 | 20,000,000 | 19,980,098 | |
Bedford Row Funding Corporation ☼ | 4.81 | 5-2-2023 | 25,000,000 | 25,019,859 | |
Bennington Sark Capital Company ☼ | 4.58 | 2-6-2023 | 25,000,000 | 24,981,488 | |
Chesham Finance Limited ☼ | 4.31 | 2-1-2023 | 49,000,000 | 48,994,138 | |
Chesham Finance Limited ☼ | 4.31 | 2-1-2023 | 25,000,000 | 24,997,009 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.75 | 5-12-2023 | 25,000,000 | 25,016,744 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.80 | 3-20-2023 | 40,000,000 | 40,010,754 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.85 | 3-10-2023 | 40,000,000 | 40,018,412 | |
Concord Minutemen Capital Company ☼ | 4.52 | 2-7-2023 | 96,000,000 | 95,916,186 | |
Concord Minutemen Capital Company ☼ | 4.65 | 4-18-2023 | 25,000,000 | 25,013,138 | |
Glencove Funding DAC ☼ | 4.42 | 2-2-2023 | 20,000,000 | 19,995,184 | |
Gotham Funding Corporation ☼ | 4.66 | 2-1-2023 | 20,000,000 | 19,997,609 | |
Great Bear Funding DAC ☼ | 4.32 | 2-2-2023 | 20,000,000 | 19,995,184 | |
Legacy Capital Company ☼ | 4.63 | 8-23-2023 | 25,000,000 | 25,000,483 | |
Legacy Capital Company ☼ | 4.65 | 3-13-2023 | 20,000,000 | 20,003,668 | |
Lexington Parker Capital Company LLC ☼ | 4.47 | 2-10-2023 | 25,000,000 | 24,968,875 | |
Lexington Parker Capital Company LLC ☼ | 4.52 | 2-7-2023 | 40,000,000 | 39,965,233 | |
Liberty Funding LLC ☼ | 4.71 | 2-3-2023 | 30,000,000 | 29,989,097 | |
LMA Americas LLC ☼ | 4.71 | 2-7-2023 | 25,000,000 | 24,978,320 | |
LMA Americas LLC ☼ | 4.71 | 2-8-2023 | 17,000,000 | 16,983,140 | |
Matchpoint Finance plc ☼ | 4.85 | 4-11-2023 | 35,000,000 | 35,019,958 | |
Mountcliff Funding LLC 144A☼ | 4.34 | 2-1-2023 | 25,000,000 | 24,997,009 | |
Old Line Funding LLC ☼ | 4.90 | 4-20-2023 | 25,000,000 | 25,021,379 | |
Ridgefield Funding Company LLC ☼ | 4.71 | 2-6-2023 | 30,000,000 | 29,977,785 | |
Versailles CDS LLC ☼ | 4.55 | 8-3-2023 | 20,000,000 | 20,000,000 | |
Versailles CDS LLC ☼ | 4.55 | 8-7-2023 | 25,000,000 | 25,000,000 | |
Versailles CDS LLC ☼ | 4.69 | 3-6-2023 | 40,000,000 | 40,009,503 | |
Versailles CDS LLC ☼ | 4.90 | 3-8-2023 | 25,000,000 | 24,885,650 | |
Victory Receivables Corporation ☼ | 4.42 | 2-2-2023 | 40,000,000 | 39,990,336 | |
1,006,725,138 | |||||
Financial company commercial paper: 20.04% | |||||
Archer Daniels Midland ☼ | 4.41 | 2-7-2023 | 50,000,000 | 49,956,733 | |
Banco Santander SA 144A☼ | 5.38 | 5-10-2023 | 35,000,000 | 34,539,059 | |
Bank of Montreal ☼ | 4.92 | 4-4-2023 | 35,000,000 | 35,025,674 | |
Bank of Nova Scotia ☼ | 4.85 | 5-30-2023 | 30,000,000 | 30,031,719 | |
Bank of Nova Scotia ☼ | 4.88 | 6-30-2023 | 25,000,000 | 25,035,006 | |
Britannia Funding Company ☼ | 4.76 | 2-6-2023 | 20,000,000 | 19,985,157 | |
Britannia Funding Company ☼ | 4.77 | 2-2-2023 | 40,000,000 | 39,990,347 | |
Credit Agricole Corporate and Investment Bank of New York ☼ | 4.70 | 3-15-2023 | 25,000,000 | 24,864,371 | |
Erste Finance LLC ☼ | 4.32 | 2-1-2023 | 100,000,000 | 99,988,058 | |
Mitsubishi Corporation ☼ | 4.46 | 2-3-2023 | 40,000,000 | 39,985,377 | |
Mitsubishi Corporation ☼ | 4.50 | 2-1-2023 | 25,000,000 | 24,996,989 | |
Mitsubishi Corporation ☼ | 4.51 | 2-9-2023 | 20,000,000 | 19,977,535 | |
Mitsubishi Corporation ☼ | 4.67 | 3-20-2023 | 25,000,000 | 24,846,733 | |
National Australia Bank Limited ☼ | 4.65 | 7-5-2023 | 25,000,000 | 25,012,714 |
Interest rate | Maturitydate | Principal | Value | ||
Financial company commercial paper (continued) | |||||
National Australia Bank Limited (U.S. SOFR +0.50%) 144A± | 4.80% | 3-29-2023 | $35,000,000 | $ 35,017,938 | |
National Bank of Canada ☼ | 4.65 | 10-20-2023 | 25,000,000 | 25,004,091 | |
National Bank of Canada ☼ | 4.70 | 3-16-2023 | 25,000,000 | 25,007,541 | |
National Bank of Canada ☼ | 4.70 | 3-21-2023 | 50,000,000 | 50,017,310 | |
Nordea Bank AB ☼ | 4.55 | 6-20-2023 | 25,000,000 | 25,002,318 | |
Royal Bank of Canada (U.S. SOFR +0.50%) 144A± | 4.80 | 3-2-2023 | 30,000,000 | 30,008,354 | |
Skandinaviska Enskilda Bank AG ☼ | 4.68 | 8-4-2023 | 35,000,000 | 35,022,476 | |
Skandinaviska Enskilda Bank AG ☼ | 4.88 | 3-2-2023 | 35,000,000 | 35,013,046 | |
The Fédération des caisses Desjardins du Québec ☼ | 4.61 | 3-20-2023 | 25,000,000 | 24,847,667 | |
Toronto Dominion Bank ☼ | 4.93 | 9-7-2023 | 25,000,000 | 25,060,081 | |
UBS AG London ☼ | 4.94 | 4-20-2023 | 35,000,000 | 35,029,669 | |
United Overseas Bank Limited ☼ | 4.70 | 6-21-2023 | 20,000,000 | 20,013,184 | |
United Overseas Bank Limited ☼ | 4.71 | 2-14-2023 | 35,000,000 | 34,938,995 | |
United Overseas Bank Limited ☼ | 4.85 | 2-3-2023 | 25,000,000 | 25,001,007 | |
Westpac Securities Limited ☼ | 4.77 | 10-3-2023 | 30,000,000 | 30,035,077 | |
Westpac Securities Limited ☼ | 4.80 | 11-1-2023 | 20,000,000 | 20,026,118 | |
969,280,344 | |||||
Other commercial paper: 1.79% | |||||
BNG Bank NV ☼ | 4.57 | 2-28-2023 | 10,000,000 | 9,964,603 | |
Salt River Project Agricultural ☼ | 4.36 | 2-2-2023 | 26,500,000 | 26,496,798 | |
Singapore Technologies Engineering Transore Holdings Incorporated ☼ | 4.41 | 2-7-2023 | 50,000,000 | 49,955,472 | |
86,416,873 | |||||
Total Commercial paper (Cost $2,061,993,640) | 2,062,422,355 | ||||
Municipal obligations: 11.33% | |||||
Alaska: 0.83% | |||||
Variable rate demand notes ø: 0.83% | |||||
Alaska Housing Finance Corporation (Housing revenue) | 4.40 | 12-1-2044 | 40,000,000 | 40,000,000 | |
Arizona: 1.22% | |||||
Variable rate demand notes ø: 1.22% | |||||
Mizuho Floater Residual Trust Various States Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 4.59 | 2-15-2041 | 59,179,707 | 59,179,707 | |
Colorado: 1.98% | |||||
Variable rate demand notes ø: 1.98% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 4.38 | 5-1-2052 | 81,135,000 | 81,135,000 | |
Colorado HFA Single Family Mortgage Bonds Class II Series 2021-I (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 4.35 | 11-1-2051 | 14,770,000 | 14,770,000 | |
95,905,000 |
Interest rate | Maturitydate | Principal | Value | ||
Georgia: 0.62% | |||||
Variable rate demand notes ø: 0.62% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2022 (Industrial development revenue, Korea Development Bank LOC) 144A | 4.39% | 11-1-2029 | $20,000,000 | $ 20,000,000 | |
Private Colleges and Universities Authority Emory University Revenue Bonds Series 2022C-1 (Education revenue, Truist Bank LOC) | 4.32 | 9-1-2052 | 10,000,000 | 10,000,000 | |
30,000,000 | |||||
Kansas: 0.19% | |||||
Variable rate demand notes ø: 0.19% | |||||
Olathe KS Multi-Modal-Diamant Boart Series B (Industrial development revenue, Svenska HandelsBanken LOC) | 4.30 | 3-1-2027 | 8,900,000 | 8,900,000 | |
Kentucky: 0.48% | |||||
Variable rate demand notes ø: 0.48% | |||||
Kentucky Housing Corporation Series B (Housing revenue, Kentucky Housing Corporation SPA) | 4.35 | 7-1-2041 | 23,000,000 | 23,000,000 | |
Minnesota: 0.41% | |||||
Variable rate demand notes ø: 0.41% | |||||
Minnesota Housing Finance Agency Series 2022H (Housing revenue, FHLB SPA) | 4.35 | 7-1-2052 | 20,000,000 | 20,000,000 | |
New Hampshire: 1.16% | |||||
Variable rate demand notes ø: 1.16% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 4.40 | 10-1-2028 | 56,000,000 | 56,000,000 | |
New York: 3.06% | |||||
Variable rate demand notes ø: 3.06% | |||||
Mizuho Floater Residual Trust Various States Series 2022-MIZ9107TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.59 | 2-1-2026 | 15,000,000 | 15,000,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9108TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.42 | 11-1-2031 | 20,000,000 | 20,000,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9109TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.59 | 6-4-2027 | 30,000,000 | 30,000,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9112TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.85 | 10-1-2027 | 7,000,000 | 7,000,000 | |
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 4.40 | 3-15-2040 | 4,000,000 | 4,000,000 | |
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax revenue) 144A | 4.48 | 3-15-2040 | 16,000,000 | 16,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
New York Municipal Water Finance Authority Series T-30001-I (Water & sewer revenue, Citibank NA LIQ) 144A | 4.40% | 6-15-2044 | $16,000,000 | $ 16,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 4.70 | 5-15-2056 | 39,960,000 | 39,960,000 | |
147,960,000 | |||||
Other: 1.38% | |||||
Variable rate demand notes ø: 1.38% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (Health revenue, Barclays Bank plc LOC) 144A | 4.70 | 12-1-2030 | 850,000 | 850,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 4.70 | 9-1-2030 | 66,015,000 | 66,015,000 | |
66,865,000 | |||||
Total Municipal obligations (Cost $547,809,707) | 547,809,707 | ||||
Other instruments: 3.24% | |||||
Altoona Blair County Development Corporation 144A§øø | 4.37 | 4-1-2035 | 12,000,000 | 12,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 4.37 | 9-1-2038 | 14,850,000 | 14,850,000 | |
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 4.40 | 4-1-2026 | 15,000,000 | 15,000,000 | |
Keep Memory Alive §øø | 4.35 | 5-1-2037 | 30,270,000 | 30,270,000 | |
Ken-Vin Life Company LLC §øø | 4.39 | 12-1-2059 | 19,645,000 | 19,645,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 4.39 | 4-1-2071 | 14,000,000 | 14,000,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 4.40 | 6-1-2041 | 24,790,000 | 24,790,000 | |
Morris Family Insurance Trust §øø | 4.39 | 10-1-2059 | 3,350,000 | 3,350,000 | |
Rock Hill SI LLC §øø | 4.40 | 6-1-2061 | 23,000,000 | 23,000,000 | |
Total Other instruments (Cost $156,905,000) | 156,905,000 | ||||
Other notes: 2.84% | |||||
Corporate bonds and notes: 2.84% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 4.40 | 6-1-2038 | 44,000,000 | 44,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 4.65 | 4-1-2047 | 55,965,000 | 55,965,000 | |
Jets Stadium Finance 144A§øø | 4.65 | 4-1-2047 | 22,025,000 | 22,025,000 | |
VPM Linden Manor LP §øø | 4.40 | 9-1-2060 | 15,200,000 | 15,200,000 | |
Total Other notes (Cost $137,190,000) | 137,190,000 | ||||
Repurchase agreements^^: 9.81% | |||||
JPMorgan Securities , dated 1-31-2023, maturity value $274,557,790 (01) | 4.30 | 2-1-2023 | 274,525,000 | 274,525,000 | |
Mitsubishi UFJ Financial Group Securities Canada, dated 1-31-2023, maturity value $200,023,889 (02) | 4.30 | 2-1-2023 | 200,000,000 | 200,000,000 | |
Total Repurchase agreements (Cost $474,525,000) | 474,525,000 | ||||
Total investments in securities (Cost $4,827,423,347) | 99.83% | 4,828,592,180 | |||
Other assets and liabilities, net | 0.17 | 8,226,511 | |||
Total net assets | 100.00% | $4,836,818,691 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 0.00% to 7.50%, 4-19-2023 to 11-15-2062, fair value including accrued interest is $282,616,246. | |
(02) U.S. government securities, 0.13% to 8.00%, 3-17-2023 to 1-20-2072, fair value including accrued interest is $205,689,102. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
FHLB | Federal Home Loan Bank |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $4,827,423,347) | $ 4,828,592,180 |
Cash | 20,024,208 |
Receivable for interest | 11,217,000 |
Receivable for Fund shares sold | 200 |
Prepaid expenses and other assets | 73,132 |
Total assets | 4,859,906,720 |
Liabilities | |
Payable for investments purchased | 20,000,000 |
Dividends payable | 1,687,654 |
Payable for Fund shares redeemed | 531,526 |
Management fee payable | 349,017 |
Administration fees payable | 199,215 |
Trustees’ fees and expenses payable | 7,332 |
Accrued expenses and other liabilities | 313,285 |
Total liabilities | 23,088,029 |
Total net assets | $4,836,818,691 |
Net assets consist of | |
Paid-in capital | $ 4,838,644,825 |
Total distributable loss | (1,826,134) |
Total net assets | $4,836,818,691 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 92,617,235 |
Shares outstanding – Administrator Class1 | 92,560,032 |
Net asset value per share – Administrator Class | $1.0006 |
Net assets – Institutional Class | $ 661,041,861 |
Shares outstanding – Institutional Class1 | 660,635,443 |
Net asset value per share – Institutional Class | $1.0006 |
Net assets – Select Class | $ 3,964,680,822 |
Shares outstanding – Select Class1 | 3,961,894,787 |
Net asset value per share – Select Class | $1.0007 |
Net assets – Service Class | $ 118,478,773 |
Shares outstanding – Service Class1 | 118,416,836 |
Net asset value per share – Service Class | $1.0005 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 109,219,052 |
Expenses | |
Management fee | 7,335,526 |
Administration fees | |
Administrator Class | 109,576 |
Institutional Class | 494,085 |
Select Class | 1,623,404 |
Service Class | 133,232 |
Shareholder servicing fees | |
Administrator Class | 109,576 |
Service Class | 277,568 |
Custody and accounting fees | 273,523 |
Professional fees | 90,599 |
Registration fees | 80,970 |
Shareholder report expenses | 25,130 |
Trustees’ fees and expenses | 21,378 |
Other fees and expenses | 102,749 |
Total expenses | 10,677,316 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,469,016) |
Administrator Class | (25,880) |
Institutional Class | (83,312) |
Select Class | (1,701,619) |
Service Class | (123,618) |
Net expenses | 7,273,871 |
Net investment income | 101,945,181 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (18,204) |
Net change in unrealized gains (losses) on investments | 1,143,218 |
Net realized and unrealized gains (losses) on investments | 1,125,014 |
Net increase in net assets resulting from operations | $103,070,195 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 101,945,181 | $ 2,288,509 | ||
Net realized gains (losses) on investments | (18,204) | 82,528 | ||
Net change in unrealized gains (losses) on investments | 1,143,218 | (496,573) | ||
Net increase in net assets resulting from operations | 103,070,195 | 1,874,464 | ||
Payment from affiliate | 0 | 1,808,392 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (1,957,328) | (12,502) | ||
Institutional Class | (12,772,848) | (86,623) | ||
Select Class | (85,334,954) | (2,177,520) | ||
Service Class | (1,882,125) | (11,864) | ||
Total distributions to shareholders | (101,947,255) | (2,288,509) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 123,114,666 | 123,167,045 | 93,914,370 | 93,954,103 |
Institutional Class | 4,000,160,380 | 4,001,754,376 | 2,738,058,572 | 2,739,217,888 |
Select Class | 14,773,390,843 | 14,780,703,471 | 15,622,488,773 | 15,630,572,259 |
Service Class | 380,589,513 | 380,714,221 | 657,349,101 | 657,531,937 |
19,286,339,113 | 19,121,276,187 | |||
Reinvestment of distributions | ||||
Administrator Class | 1,819,781 | 1,820,643 | 12,035 | 12,040 |
Institutional Class | 11,199,701 | 11,205,088 | 81,153 | 81,187 |
Select Class | 76,199,609 | 76,240,760 | 1,904,174 | 1,905,169 |
Service Class | 1,581,906 | 1,582,516 | 9,488 | 9,490 |
90,849,007 | 2,007,886 | |||
Payment for shares redeemed | ||||
Administrator Class | (163,859,559) | (163,926,317) | (113,886,118) | (113,934,702) |
Institutional Class | (4,029,437,260) | (4,031,043,553) | (2,963,747,935) | (2,964,979,464) |
Select Class | (15,258,868,199) | (15,266,607,066) | (19,930,356,193) | (19,940,662,649) |
Service Class | (391,978,351) | (392,099,945) | (670,596,763) | (670,804,688) |
(19,853,676,881) | (23,690,381,503) | |||
Net asset value of shares issued in acquisition | ||||
Administrator Class | 0 | 0 | 74,725,415 | 74,759,591 |
Institutional Class | 0 | 0 | 109,981,768 | 110,028,740 |
Select Class | 0 | 0 | 208,219,903 | 208,338,708 |
Service Class | 0 | 0 | 99,315,488 | 99,370,192 |
0 | 492,497,231 | |||
Net decrease in net assets resulting from capital share transactions | (476,488,761) | (4,074,600,199) | ||
Total decrease in net assets | (475,365,821) | (4,073,205,852) | ||
Net assets | ||||
Beginning of period | 5,312,184,512 | 9,385,390,364 | ||
End of period | $ 4,836,818,691 | $ 5,312,184,512 |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0004 | $1.0003 | $1.0005 | $1.0004 | $1.0003 |
Net investment income | 0.0193 | 0.0001 | 0.0033 | 0.0203 | 0.0188 |
Net realized and unrealized gains (losses) on investments | 0.0002 | 0.0000 1 | (0.0002) | 0.0001 | 0.0001 |
Total from investment operations | 0.0195 | 0.0001 | 0.0031 | 0.0204 | 0.0189 |
Payment from affiliate | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0193) | (0.0001) | (0.0033) | (0.0203) | (0.0188) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0193) | (0.0001) | (0.0033) | (0.0203) | (0.0188) |
Net asset value, end of period | $1.0006 | $1.0004 | $1.0003 | $1.0005 | $1.0004 |
Total return | 1.97% | 0.02% 2 | 0.32% | 2.05% | 1.91% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.36% | 0.36% | 0.35% | 0.35% | 0.36% |
Net expenses | 0.31% * | 0.15% * | 0.29% * | 0.33% | 0.33% |
Net investment income | 1.79% | 0.01% | 0.39% | 2.01% | 1.87% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $92,617 | $131,539 | $76,740 | $113,555 | $92,671 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.02% |
Year ended January 31, 2022 | 0.18% |
Year ended January 31, 2021 | 0.03% |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.01% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended January 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0004 | $1.0003 | $1.0004 | $1.0004 | $1.0003 |
Net investment income | 0.0203 | 0.0001 | 0.0041 | 0.0216 | 0.0202 |
Net realized and unrealized gains (losses) on investments | 0.0003 | (0.0001) | 0.0000 | 0.0000 1 | 0.0000 1 |
Total from investment operations | 0.0206 | 0.0000 | 0.0041 | 0.0216 | 0.0202 |
Payment from affiliate | 0.0000 | 0.0002 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0204) | (0.0001) | (0.0042) | (0.0216) | (0.0201) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0204) | (0.0001) | (0.0042) | (0.0216) | (0.0201) |
Net asset value, end of period | $1.0006 | $1.0004 | $1.0003 | $1.0004 | $1.0004 |
Total return | 2.08% | 0.02% 2 | 0.42% | 2.18% | 2.04% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.24% | 0.24% | 0.23% | 0.23% | 0.24% |
Net expenses | 0.20% | 0.15% 3 | 0.20% | 0.20% | 0.20% |
Net investment income | 2.07% | 0.01% | 0.46% | 2.14% | 2.03% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $661,042 | $678,991 | $794,541 | $1,704,936 | $1,573,458 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.02% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
3 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.05% higher. |
Year ended January 31 | |||||
Select Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0005 | $1.0004 | $1.0005 | $1.0005 | $1.0004 |
Net investment income | 0.0211 | 0.0004 1 | 0.0049 | 0.0223 | 0.0208 |
Net realized and unrealized gains (losses) on investments | 0.0002 | (0.0002) | (0.0001) | 0.0000 2 | 0.0001 |
Total from investment operations | 0.0213 | 0.0002 | 0.0048 | 0.0223 | 0.0209 |
Payment from affiliate | 0.0000 | 0.0003 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0211) | (0.0004) | (0.0049) | (0.0223) | (0.0208) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 2 | 0.0000 |
Total distributions to shareholders | (0.0211) | (0.0004) | (0.0049) | (0.0223) | (0.0208) |
Net asset value, end of period | $1.0007 | $1.0005 | $1.0004 | $1.0005 | $1.0005 |
Total return | 2.15% | 0.05% 3 | 0.49% | 2.25% | 2.11% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.20% | 0.20% | 0.19% | 0.19% | 0.20% |
Net expenses | 0.13% | 0.12% 4 | 0.13% | 0.13% | 0.13% |
Net investment income | 2.10% | 0.04% | 0.40% | 2.21% | 2.10% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $3,964,681 | $4,373,391 | $8,471,954 | $7,119,681 | $6,459,320 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.03% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
4 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.01% higher. |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0003 | $1.0002 | $1.0004 | $1.0004 | $1.0003 |
Net investment income | 0.0185 | 0.0001 1 | 0.0031 | 0.0194 | 0.0177 |
Net realized and unrealized gains (losses) on investments | 0.0002 | 0.0000 2 | (0.0004) | (0.0001) | 0.0002 |
Total from investment operations | 0.0187 | 0.0001 | 0.0027 | 0.0193 | 0.0179 |
Payment from affiliate | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0185) | (0.0001) | (0.0029) | (0.0193) | (0.0178) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | (0.0000) 2 | 0.0000 |
Total distributions to shareholders | (0.0185) | (0.0001) | (0.0029) | (0.0193) | (0.0178) |
Net asset value, end of period | $1.0005 | $1.0003 | $1.0002 | $1.0004 | $1.0004 |
Total return | 1.88% | 0.02% 3 | 0.28% | 1.95% | 1.81% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.53% | 0.53% | 0.50% | 0.51% | 0.51% |
Net expenses | 0.39% * | 0.14% * | 0.34% * | 0.43% | 0.43% |
Net investment income | 1.70% | 0.01% | 0.33% | 1.92% | 1.79% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $118,479 | $128,263 | $42,155 | $55,893 | $70,327 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.04% |
Year ended January 31, 2022 | 0.29% |
Year ended January 31, 2021 | 0.09% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | During the year ended January 31, 2022, the Fund received a payment from an affiliate which had a 0.01% impact on total return. See Note 4 in the Notes to Financial Statement for additional information. |
Gross unrealized gains | $1,298,068 |
Gross unrealized losses | (129,238) |
Net unrealized gains | $1,168,830 |
Paid-in capital | Total distributable loss |
$(1,000,000) | $1,000,000 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 1,390,740,118 | $0 | $ 1,390,740,118 |
Closed-end fund obligations | 0 | 59,000,000 | 0 | 59,000,000 |
Commercial paper | 0 | 2,062,422,355 | 0 | 2,062,422,355 |
Municipal obligations | 0 | 547,809,707 | 0 | 547,809,707 |
Other instruments | 0 | 156,905,000 | 0 | 156,905,000 |
Other notes | 0 | 137,190,000 | 0 | 137,190,000 |
Repurchase agreements | 0 | 474,525,000 | 0 | 474,525,000 |
Total assets | $0 | $4,828,592,180 | $0 | $4,828,592,180 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.33% |
Institutional Class | 0.20 |
Select Class | 0.13 |
Service Class | 0.43 |
Net investment income | $6,579,046 | |||
Net realized and unrealized losses on investment | (412,563) | |||
Net increase in net assets resulting from operations | $6,166,483 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$1,649,456 | $1,168,830 | $(2,753,422) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311img7f5114e76.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/0001193125-23-092239/g439311img408086471.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g439311img9f0263c87.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR3229 01-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g451484img47b3531a1.jpg)
■ | Allspring Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g451484imgfda71c832.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g451484img7c14ccc93.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of January 31, 2023 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STGXX) | 7-1-1992 | – | – | – | 1.73 | 1.07 | 0.61 | 0.70 | 0.60 | ||
Class C * | 6-30-2010 | 0.19 | 0.62 | 0.37 | 1.19 | 0.62 | 0.37 | 1.45 | 1.35 | ||
Premier Class (WMPXX)3 | 3-31-2016 | – | – | – | 2.13 | 1.38 | 0.84 | 0.31 | 0.20 | ||
Service Class (WMOXX) | 6-30-2010 | – | – | – | 1.81 | 1.14 | 0.66 | 0.60 | 0.50 |
* | Class C is closed to new investors and additional investments from existing shareholders. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.20% for Premier Class and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Premier Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Premier Class shares would be higher. |
Yield summary (%) as of January 31, 2023 | ||||
Class A | Class C | Premier Class | Service Class | |
7-day current yield1 | 4.02 | 3.27 | 4.49 | 4.12 |
7-day compound yield | 4.10 | 3.32 | 4.59 | 4.20 |
30-day simple yield | 4.00 | 3.25 | 4.47 | 4.10 |
30-day compound yield | 4.08 | 3.30 | 4.57 | 4.18 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.95%, 3.20%, 4.34% and 4.05% for Class A, Class C, Premier Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g451484img426a9bfa4.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g451484imga6f1ebb65.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Weighted average maturity as of January 31, 20231 |
7 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
60 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,015.26 | $3.00 | 0.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.23 | $3.01 | 0.59% |
Class C | ||||
Actual | $1,000.00 | $1,011.37 | $6.84 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Premier Class | ||||
Actual | $1,000.00 | $1,017.59 | $0.66 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.55 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,015.78 | $2.44 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 21.91% | |||||
ABN Amro Bank NV | 4.37% | 2-3-2023 | $ 280,000,000 | $ 280,000,000 | |
Australia & New Zealand Banking Group Limited | 4.32 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Banco Santander SA | 4.85 | 2-17-2023 | 45,000,000 | 45,000,000 | |
Banco Santander SA (U.S. SOFR +0.63%) ± | 4.93 | 6-9-2023 | 75,000,000 | 75,000,000 | |
Banco Santander SA | 5.10 | 5-4-2023 | 65,000,000 | 65,000,000 | |
Banco Santander SA | 5.27 | 7-5-2023 | 50,000,000 | 50,000,000 | |
Bank of America NA (U.S. SOFR +0.33%) ± | 4.63 | 7-6-2023 | 100,000,000 | 100,000,000 | |
Bank of America NA (U.S. SOFR +0.35%) ± | 4.65 | 10-25-2023 | 75,000,000 | 75,000,000 | |
Bank of America NA (U.S. SOFR +0.72%) ± | 5.02 | 8-7-2023 | 65,000,000 | 65,000,000 | |
Bank of Montreal (U.S. SOFR +0.75%) ± | 5.05 | 8-1-2023 | 40,000,000 | 40,000,000 | |
Bank of Montreal (U.S. SOFR +0.75%) ± | 5.05 | 12-4-2023 | 75,000,000 | 75,000,000 | |
Bank of Nova Scotia (U.S. SOFR +0.53%) ± | 4.83 | 2-6-2023 | 22,519,000 | 22,519,646 | |
Bank of Nova Scotia (U.S. SOFR +0.60%) ± | 4.90 | 1-5-2024 | 100,000,000 | 100,000,000 | |
Canadian Imperial Bank of Commerce | 4.30 | 2-1-2023 | 50,000,000 | 50,000,000 | |
Canadian Imperial Bank of Commerce (U.S. SOFR +0.44%) ± | 4.74 | 1-18-2024 | 75,000,000 | 75,000,000 | |
Commonwealth Bank of Australia (U.S. SOFR +0.55%) ± | 4.85 | 9-21-2023 | 100,000,000 | 100,000,000 | |
Credit Agricole Corporate and Investment Bank of New York | 4.30 | 2-1-2023 | 100,000,000 | 100,000,000 | |
HSBC Bank USA NA | 4.32 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Lloyds Bank plc | 4.80 | 2-13-2023 | 65,000,000 | 65,000,000 | |
Mitsubishi UFJ Trust & Banking (U.S. SOFR +0.30%) ± | 4.60 | 7-18-2023 | 100,000,000 | 100,000,000 | |
Mitsubishi UFJ Trust & Banking (U.S. SOFR +0.49%) ± | 4.79 | 3-3-2023 | 50,000,000 | 50,000,000 | |
Mizuho Bank Limited | 4.32 | 2-1-2023 | 200,000,000 | 200,000,000 | |
Mizuho Bank Limited (U.S. SOFR +0.36%) ± | 4.66 | 2-1-2023 | 50,000,000 | 50,000,000 | |
MUFG Bank Limited (U.S. SOFR +0.55%) ± | 4.85 | 2-10-2023 | 40,000,000 | 40,000,000 | |
Nordea Bank AB (U.S. SOFR +0.67%) ± | 4.97 | 6-7-2023 | 75,000,000 | 75,000,000 | |
Norinchukin Bank (U.S. SOFR +0.25%) ± | 4.55 | 7-27-2023 | 115,000,000 | 115,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.27%) ± | 4.57 | 8-28-2023 | 75,000,000 | 75,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.39%) ± | 4.69 | 10-18-2023 | 150,000,000 | 150,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.41%) ± | 4.71 | 6-21-2023 | 100,000,000 | 100,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.48%) ± | 4.78 | 2-27-2023 | 15,000,000 | 15,000,000 | |
Oversea-Chinese Banking Corporation (U.S. SOFR +0.51%) ± | 4.81 | 3-3-2023 | 25,000,000 | 25,000,000 | |
Royal Bank of Canada (U.S. SOFR +0.65%) ± | 4.95 | 7-3-2023 | 30,000,000 | 30,000,000 | |
Royal Bank of Canada (U.S. SOFR +0.75%) ± | 5.05 | 10-19-2023 | 65,000,000 | 65,000,000 | |
Skandinaviska Enskilda Bank AG (U.S. SOFR +0.51%) ± | 4.81 | 3-28-2023 | 20,000,000 | 20,000,000 | |
Skandinaviska Enskilda Bank AG | 4.95 | 7-14-2023 | 50,000,000 | 50,000,000 | |
Sumitomo Mitsui Banking Corporation (U.S. SOFR +0.75%) ± | 5.05 | 4-21-2023 | 65,000,000 | 65,000,000 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.20%) ± | 4.50 | 6-1-2023 | 35,000,000 | 34,999,937 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.28%) ± | 4.58 | 5-12-2023 | 135,000,000 | 135,000,000 | |
Sumitomo Mitsui Trust | 4.69 | 2-7-2023 | 50,000,000 | 50,000,000 | |
Sumitomo Mitsui Trust (U.S. SOFR +0.62%) ± | 4.92 | 2-2-2023 | 50,000,000 | 50,000,000 | |
Swedbank AB (U.S. SOFR +0.65%) ± | 4.95 | 6-8-2023 | 65,000,000 | 65,000,000 | |
Toronto Dominion Bank | 2.69 | 4-28-2023 | 31,900,000 | 31,728,414 | |
Toronto Dominion Bank (U.S. SOFR +0.39%) ± | 4.69 | 2-28-2023 | 15,900,000 | 15,900,108 | |
Toronto Dominion Bank | 4.77 | 2-15-2023 | 30,000,000 | 30,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit (continued) | |||||
Toronto Dominion Bank | 5.04% | 8-7-2023 | $75,000,000 | $ 75,000,000 | |
Westpac Banking Corporation (U.S. SOFR +0.56%) ± | 4.86 | 3-3-2023 | 70,000,000 | 70,000,000 | |
Total Certificates of deposit (Cost $3,365,148,105) | 3,365,148,105 |
Closed-end fund obligations: 0.68% | |||||
Nuveen Credit Strategies Income Fund Preferred Shares Series A (150 shares) 4.62% 144Aø | 15,000,000 | 15,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Series A (110 shares) 4.62% 144Aø | 11,000,000 | 11,000,000 | |||
Nuveen Preferred & Income Opportunities Fund Preferred Shares (250 shares) 4.62% 144Aø | 25,000,000 | 25,000,000 | |||
Nuveen Preferred & Income Securities Fund Preferred Shares (100 shares) 4.62% 144Aø | 10,000,000 | 10,000,000 | |||
Nuveen Short Duration Credit Opportunities Fund Taxable Fund Preferred Shares Series A (230 shares) 4.62% 144Aø | 23,000,000 | 23,000,000 | |||
Nuveen Variable Rate Preferred & Income Fund (213 shares) 4.62% 144Aø | 21,250,000 | 21,250,000 | |||
Total Closed-end fund obligations (Cost $105,250,000) | 105,250,000 |
Commercial paper: 49.34% | |||||
Asset-backed commercial paper: 21.81% | |||||
Albion Capital Corporation LLC ☼ | 4.41 | 2-7-2023 | 28,319,000 | 28,298,233 | |
Anglesea Funding LLC ☼ | 4.37 | 2-1-2023 | 18,000,000 | 18,000,000 | |
Anglesea Funding LLC ☼ | 4.52 | 7-24-2023 | 75,000,000 | 75,000,000 | |
Anglesea Funding LLC ☼ | 4.60 | 4-17-2023 | 45,000,000 | 45,000,000 | |
Anglesea Funding LLC ☼ | 4.60 | 5-8-2023 | 65,000,000 | 65,000,000 | |
Anglesea Funding LLC ☼ | 4.60 | 5-26-2023 | 70,000,000 | 70,000,000 | |
Autobahn Funding Company LLC ☼ | 4.36 | 2-3-2023 | 25,000,000 | 24,993,958 | |
Barton Capital SA ☼ | 4.33 | 2-1-2023 | 40,000,000 | 40,000,000 | |
Barton Capital SA ☼ | 4.53 | 2-6-2023 | 30,000,000 | 29,981,250 | |
Barton Capital SA ☼ | 4.62 | 3-7-2023 | 18,000,000 | 17,921,800 | |
Barton Capital SA ☼ | 4.73 | 2-8-2023 | 30,000,000 | 29,972,758 | |
Bedford Row Funding Corporation ☼ | 4.41 | 2-7-2023 | 1,000,000 | 999,268 | |
Bedford Row Funding Corporation ☼ | 4.81 | 5-2-2023 | 75,000,000 | 75,000,000 | |
Bedford Row Funding Corporation ☼ | 5.05 | 8-2-2023 | 25,000,000 | 25,000,000 | |
Bennington Sark Capital Company ☼ | 4.58 | 2-6-2023 | 90,112,000 | 90,055,139 | |
Chesham Finance Limited ☼ | 4.31 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Chesham Finance Limited ☼ | 4.31 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Collateralized Commercial Paper FLEX Company LLC ☼ | 4.68 | 3-21-2023 | 25,000,000 | 25,000,000 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.75 | 5-12-2023 | 75,000,000 | 75,000,000 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.80 | 3-20-2023 | 80,000,000 | 80,000,000 | |
Collateralized Commercial Paper V Company LLC ☼ | 4.85 | 3-10-2023 | 60,000,000 | 60,000,000 | |
Concord Minutemen Capital Company ☼ | 4.35 | 2-1-2023 | 103,623,000 | 103,623,000 | |
Concord Minutemen Capital Company ☼ | 4.35 | 2-2-2023 | 42,000,000 | 41,994,925 | |
Concord Minutemen Capital Company ☼ | 4.52 | 2-7-2023 | 125,000,000 | 124,905,832 | |
Concord Minutemen Capital Company ☼ | 4.65 | 4-18-2023 | 75,000,000 | 75,000,000 | |
Glencove Funding DAC ☼ | 4.42 | 2-2-2023 | 80,000,000 | 79,990,222 | |
Gotham Funding Corporation ☼ | 4.66 | 2-1-2023 | 30,000,000 | 30,000,000 | |
Great Bear Funding DAC ☼ | 4.32 | 2-2-2023 | 60,000,000 | 59,992,800 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Legacy Capital Company ☼ | 4.63% | 8-23-2023 | $75,000,000 | $ 75,000,000 | |
Legacy Capital Company ☼ | 4.65 | 3-13-2023 | 55,000,000 | 55,000,000 | |
Lexington Parker Capital Company LLC ☼ | 4.35 | 2-2-2023 | 60,000,000 | 59,992,750 | |
Lexington Parker Capital Company LLC ☼ | 4.47 | 2-10-2023 | 55,000,000 | 54,938,813 | |
Lexington Parker Capital Company LLC ☼ | 4.52 | 2-7-2023 | 160,000,000 | 159,879,467 | |
Liberty Funding LLC ☼ | 4.71 | 2-3-2023 | 66,000,000 | 65,982,950 | |
LMA Americas LLC ☼ | 4.71 | 2-7-2023 | 35,000,000 | 34,972,875 | |
LMA Americas LLC ☼ | 4.71 | 2-8-2023 | 35,000,000 | 34,968,354 | |
Matchpoint Finance plc ☼ | 4.85 | 4-11-2023 | 65,000,000 | 65,000,000 | |
Mountcliff Funding LLC ☼ | 4.32 | 2-2-2023 | 25,000,000 | 24,997,000 | |
Mountcliff Funding LLC 144A☼ | 4.34 | 2-1-2023 | 185,000,000 | 185,000,000 | |
Mountcliff Funding LLC ☼ | 4.42 | 2-3-2023 | 46,500,000 | 46,488,633 | |
Old Line Funding LLC ☼ | 4.90 | 4-20-2023 | 50,000,000 | 50,000,000 | |
Podium Funding Trust ☼ | 4.64 | 3-17-2023 | 50,000,000 | 49,718,278 | |
Podium Funding Trust ☼ | 4.67 | 7-6-2023 | 50,000,000 | 50,000,000 | |
Ridgefield Funding Company LLC ☼ | 4.71 | 2-6-2023 | 59,855,000 | 59,816,344 | |
Starbird Funding Corporation ☼ | 4.76 | 6-16-2023 | 100,000,000 | 100,000,000 | |
Thunder Bay Funding LLC ☼ | 4.94 | 5-1-2023 | 23,000,000 | 23,007,620 | |
Versailles CDS LLC ☼ | 4.55 | 8-3-2023 | 80,000,000 | 80,000,000 | |
Versailles CDS LLC ☼ | 4.55 | 8-7-2023 | 75,000,000 | 75,000,000 | |
Versailles CDS LLC ☼ | 4.69 | 3-6-2023 | 60,000,000 | 60,000,000 | |
Versailles CDS LLC ☼ | 4.70 | 4-3-2023 | 50,000,000 | 50,000,000 | |
Versailles CDS LLC ☼ | 4.90 | 3-8-2023 | 25,000,000 | 24,882,847 | |
Victory Receivables Corporation ☼ | 4.32 | 2-1-2023 | 56,230,000 | 56,230,000 | |
Victory Receivables Corporation ☼## | 4.42 | 2-2-2023 | 103,660,000 | 103,647,252 | |
Victory Receivables Corporation ☼ | 4.76 | 2-9-2023 | 50,000,000 | 49,947,778 | |
Victory Receivables Corporation ☼ | 4.81 | 5-4-2023 | 65,000,000 | 64,210,972 | |
3,349,411,118 | |||||
Financial company commercial paper: 20.96% | |||||
Archer Daniels Midland ☼ | 4.41 | 2-7-2023 | 100,000,000 | 99,926,667 | |
Australia & New Zealand Banking Group Limited ☼ | 4.63 | 7-5-2023 | 50,000,000 | 50,000,000 | |
Banco Santander SA 144A☼ | 5.38 | 5-10-2023 | 65,000,000 | 64,072,811 | |
Bank of Montreal ☼ | 4.92 | 4-4-2023 | 40,000,000 | 40,000,000 | |
Bank of Nova Scotia ☼ | 4.85 | 5-30-2023 | 70,000,000 | 70,000,000 | |
Bank of Nova Scotia ☼ | 4.88 | 6-30-2023 | 75,000,000 | 75,000,000 | |
BPCE SA ☼ | 4.90 | 3-3-2023 | 14,600,000 | 14,603,700 | |
Britannia Funding Company ☼ | 4.76 | 2-6-2023 | 42,500,000 | 42,472,257 | |
Britannia Funding Company ☼ | 4.77 | 2-2-2023 | 60,000,000 | 59,992,150 | |
Credit Agricole Corporate and Investment Bank of New York ☼ | 4.70 | 3-15-2023 | 125,000,000 | 124,321,875 | |
Credit Industriel ET Commercial SA ☼ | 4.81 | 6-6-2023 | 100,000,000 | 100,000,000 | |
Erste Finance LLC ☼ | 4.32 | 2-1-2023 | 150,000,000 | 150,000,000 | |
Mitsubishi Corporation ☼ | 4.46 | 2-3-2023 | 60,000,000 | 59,985,200 | |
Mitsubishi Corporation ☼ | 4.50 | 2-1-2023 | 75,000,000 | 75,000,000 | |
Mitsubishi Corporation ☼ | 4.51 | 2-9-2023 | 30,000,000 | 29,970,067 | |
Mitsubishi Corporation ☼ | 4.53 | 2-2-2023 | 41,500,000 | 41,494,813 | |
Mitsubishi Corporation ☼ | 4.61 | 3-1-2023 | 100,000,000 | 99,643,000 | |
Mitsubishi Corporation ☼ | 4.66 | 3-2-2023 | 50,000,000 | 49,813,111 | |
Mitsubishi Corporation ☼ | 4.67 | 3-20-2023 | 75,000,000 | 74,545,667 | |
National Australia Bank Limited ☼ | 4.65 | 7-5-2023 | 125,000,000 | 125,000,000 | |
National Australia Bank Limited (U.S. SOFR +0.50%) 144A± | 4.80 | 3-29-2023 | 15,000,000 | 15,000,000 | |
National Bank of Canada ☼ | 4.65 | 10-20-2023 | 75,000,000 | 75,000,000 | |
National Bank of Canada ☼ | 4.70 | 3-16-2023 | 50,000,000 | 50,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Financial company commercial paper (continued) | |||||
National Bank of Canada ☼ | 4.70% | 3-21-2023 | $150,000,000 | $ 150,000,000 | |
National Security Clearing Corporation ☼ | 4.61 | 3-28-2023 | 45,965,000 | 45,644,075 | |
Nordea Bank AB ☼ | 4.55 | 6-20-2023 | 103,000,000 | 103,000,000 | |
Nordea Bank AB ☼ | 4.56 | 8-24-2023 | 100,000,000 | 100,000,000 | |
Royal Bank of Canada (U.S. SOFR +0.50%) 144A± | 4.80 | 3-2-2023 | 20,000,000 | 20,000,000 | |
Royal Bank of Canada ☼ | 4.80 | 10-5-2023 | 80,000,000 | 80,000,000 | |
Skandinaviska Enskilda Bank AG ☼ | 4.68 | 8-4-2023 | 115,000,000 | 115,000,000 | |
Skandinaviska Enskilda Bank AG ☼ | 4.88 | 3-2-2023 | 65,000,000 | 65,000,000 | |
Svenska Handelsbanken AB ☼ | 4.67 | 8-4-2023 | 150,000,000 | 150,000,000 | |
Swedbank AB ☼ | 4.68 | 8-10-2023 | 100,000,000 | 100,000,000 | |
The Fédération des caisses Desjardins du Québec ☼ | 4.36 | 2-3-2023 | 100,000,000 | 99,975,889 | |
The Fédération des caisses Desjardins du Québec ☼ | 4.61 | 3-20-2023 | 75,000,000 | 74,552,521 | |
Toronto Dominion Bank ☼ | 4.93 | 9-7-2023 | 75,000,000 | 75,000,000 | |
UBS AG London ☼ | 4.94 | 4-20-2023 | 65,000,000 | 65,000,000 | |
United Overseas Bank Limited ☼ | 4.70 | 6-21-2023 | 80,000,000 | 80,000,000 | |
United Overseas Bank Limited ☼ | 4.71 | 2-14-2023 | 65,000,000 | 64,890,854 | |
United Overseas Bank Limited ☼ | 4.85 | 2-3-2023 | 50,000,000 | 50,000,000 | |
Westpac Banking Corporation ☼ | 4.75 | 10-4-2023 | 80,000,000 | 80,000,000 | |
Westpac Banking Corporation (U.S. SOFR +0.50%) 144A± | 4.80 | 3-21-2023 | 15,000,000 | 15,000,000 | |
Westpac Securities Limited ☼ | 4.77 | 10-3-2023 | 70,000,000 | 70,000,000 | |
Westpac Securities Limited ☼ | 4.80 | 11-1-2023 | 30,000,000 | 30,000,000 | |
3,218,904,657 | |||||
Other commercial paper: 6.57% | |||||
BNG Bank NV ☼ | 4.57 | 2-28-2023 | 50,000,000 | 49,829,375 | |
Deaconess Health System Incorporated ☼ | 4.61 | 3-3-2023 | 44,500,000 | 44,330,158 | |
Duke University Health System ☼ | 4.63 | 3-20-2023 | 25,000,000 | 24,849,861 | |
Mercy Healhcare System ☼ | 4.47 | 2-2-2023 | 5,000,000 | 4,999,382 | |
Nederlandse Waterschapsbank NV ☼ | 4.32 | 2-1-2023 | 240,000,000 | 240,000,000 | |
Nieuw Amsterdam Receivables Corporation BV ☼ | 4.36 | 2-3-2023 | 50,000,000 | 49,987,917 | |
Regents of University of California ☼ | 4.43 | 2-7-2023 | 15,000,000 | 14,989,000 | |
Regents of University of California ☼ | 4.59 | 2-23-2023 | 38,000,000 | 37,893,874 | |
Salt River Project Agricultural Improvement & Power District ☼ | 4.36 | 2-1-2023 | 36,450,000 | 36,450,000 | |
Salt River Project Agricultural Improvement & Power District ☼ | 4.76 | 3-16-2023 | 25,000,000 | 24,859,653 | |
Singapore Technologies Engineering Transore Holdings Incorporated ☼ | 4.39 | 2-6-2023 | 101,000,000 | 100,938,699 | |
Singapore Technologies Engineering Transore Holdings Incorporated ☼ | 4.40 | 2-1-2023 | 158,000,000 | 158,000,000 | |
Singapore Technologies Engineering Transore Holdings Incorporated ☼ | 4.41 | 2-7-2023 | 100,000,000 | 99,926,667 | |
ST Engineering North America Incorporated ☼ | 4.39 | 2-3-2023 | 23,000,000 | 22,994,416 | |
Toyota Credit de Puerto Rico Corporation (U.S SOFR +0.45%) ± | 4.75 | 4-17-2023 | 50,000,000 | 50,000,000 | |
Toyota Credit de Puerto Rico Corporation (U.S SOFR +0.65%) ± | 4.95 | 5-8-2023 | 50,000,000 | 50,000,000 | |
1,010,049,002 | |||||
Total Commercial paper (Cost $7,578,364,777) | 7,578,364,777 |
Interest rate | Maturitydate | Principal | Value | ||
Municipal obligations: 9.98% | |||||
Alaska: 0.39% | |||||
Variable rate demand notes ø: 0.39% | |||||
Alaska Housing Finance Corporation (Housing revenue) | 4.40% | 12-1-2044 | $60,000,000 | $ 60,000,000 | |
Arizona: 0.41% | |||||
Variable rate demand notes ø: 0.41% | |||||
Mizuho Floater Residual Trust Various States Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 4.59 | 2-15-2041 | 62,387,393 | 62,387,393 | |
California: 0.96% | |||||
Other municipal debt : 0.20% | |||||
California Series B4 (GO revenue) | 4.52 | 2-16-2023 | 20,000,000 | 20,000,000 | |
Los Angeles CA Municipal Improvement Corporation Series B-1 (Tax revenue) | 4.45 | 2-6-2023 | 10,000,000 | 10,000,000 | |
30,000,000 | |||||
Variable rate demand notes ø: 0.76% | |||||
San Francisco CA City & County Certificate of Participation Series 2016-XFT901 (Miscellaneous revenue) 144A | 4.48 | 11-1-2041 | 18,000,000 | 18,000,000 | |
Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2016-TXG002 (GO revenue, Bank of America NA LIQ) 144A | 4.60 | 8-1-2049 | 15,700,000 | 15,700,000 | |
Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2022-XF2991TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.57 | 4-1-2025 | 10,120,000 | 10,120,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 4.31 | 7-1-2041 | 73,540,000 | 73,540,000 | |
117,360,000 | |||||
Colorado: 0.77% | |||||
Variable rate demand notes ø: 0.77% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 4.38 | 5-1-2052 | 35,150,000 | 35,150,000 | |
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 C-2 (Housing revenue, GNMA Insured, FHLB SPA) | 4.35 | 5-1-2052 | 14,370,000 | 14,370,000 | |
Colorado HFA Single Family Mortgage Bonds Class I Series 2022 D-2 (Housing revenue, GNMA Insured, FHLB SPA) | 4.35 | 5-1-2042 | 10,625,000 | 10,625,000 | |
Colorado HFA Single Family Mortgage Bonds Class II Series 2021-I (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 4.35 | 11-1-2051 | 9,230,000 | 9,230,000 | |
Colorado HFA Single Family Mortgage Bonds Class II Series 2022 G-2 (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 4.35 | 11-1-2052 | 31,000,000 | 31,000,000 | |
Colorado Southern Ute Indian Tribe Reservation Company Series 2007 (Miscellaneous revenue) 144A | 4.38 | 1-1-2027 | 18,490,000 | 18,490,000 | |
118,865,000 |
Interest rate | Maturitydate | Principal | Value | ||
Georgia: 0.88% | |||||
Variable rate demand notes ø: 0.88% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series 2022 (Industrial development revenue, Korea Development Bank LOC) 144A | 4.39% | 11-1-2029 | $60,000,000 | $ 60,000,000 | |
Private Colleges and Universities Authority Emory University Revenue Bonds Series 2022C-1 (Education revenue, Truist Bank LOC) | 4.32 | 9-1-2052 | 37,500,000 | 37,500,000 | |
Private Colleges and Universities Authority Emory University Revenue Bonds Series 2022C-2 (Education revenue, Royal Bank of Canada SPA) | 4.33 | 9-1-2052 | 37,945,000 | 37,945,000 | |
135,445,000 | |||||
Kentucky: 0.09% | |||||
Variable rate demand notes ø: 0.09% | |||||
Kentucky Housing Corporation Series B (Housing revenue, Kentucky Housing Corporation SPA) | 4.35 | 7-1-2041 | 13,150,000 | 13,150,000 | |
Maryland: 0.14% | |||||
Variable rate demand notes ø: 0.14% | |||||
Maryland Department of Housing and Community Development Series 2012B (Housing revenue, TD Bank NA SPA) | 4.32 | 9-1-2033 | 21,840,000 | 21,840,000 | |
Minnesota: 0.79% | |||||
Variable rate demand notes ø: 0.79% | |||||
Minnesota Housing Finance Agency Series 2022D (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 4.35 | 7-1-2052 | 29,365,000 | 29,365,000 | |
Minnesota Housing Finance Agency Series 2022F (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 4.35 | 7-1-2052 | 37,275,000 | 37,275,000 | |
Minnesota Housing Finance Agency Series 2022H (Housing revenue, FHLB SPA) | 4.35 | 7-1-2052 | 30,000,000 | 30,000,000 | |
Minnesota Housing Finance Agency Series 2022K (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 4.35 | 7-1-2053 | 25,000,000 | 25,000,000 | |
121,640,000 | |||||
Missouri: 0.01% | |||||
Variable rate demand notes ø: 0.01% | |||||
Bridgeton MO IDA Stolze Printing Series 2017B (Industrial development revenue, Carrollton Bank LOC) | 4.40 | 12-1-2047 | 1,300,000 | 1,300,000 |
Interest rate | Maturitydate | Principal | Value | ||
New Hampshire: 0.32% | |||||
Variable rate demand notes ø: 0.32% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 4.40% | 10-1-2028 | $24,000,000 | $ 24,000,000 | |
New Hampshire National Finance Authority Industrial Development Revenue Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 4.40 | 7-1-2029 | 24,500,000 | 24,500,000 | |
48,500,000 | |||||
New York: 3.11% | |||||
Variable rate demand notes ø: 3.11% | |||||
Mizuho Floater Residual Trust Various States Series 2022-MIZ9106TX (Tax revenue, Mizuho Capital Markets LLC LIQ) 144A | 4.59 | 7-1-2057 | 26,925,000 | 26,925,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9107TX (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 4.59 | 2-1-2026 | 53,555,000 | 53,555,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9108TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.42 | 11-1-2031 | 27,500,000 | 27,500,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9109TX (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 4.59 | 6-4-2027 | 90,640,000 | 90,640,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9112TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.85 | 10-1-2027 | 47,625,000 | 47,625,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9114TX (Tax revenue, Mizuho Capital Markets LLC LIQ) 144A | 4.88 | 11-1-2052 | 19,000,000 | 19,000,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9117TX (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 4.62 | 11-1-2052 | 49,065,000 | 49,065,000 | |
Mizuho Floater Residual Trust Various States Series 2022-MIZ9120TX (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 4.57 | 12-1-2058 | 39,800,000 | 39,800,000 | |
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 4.40 | 3-15-2040 | 8,000,000 | 8,000,000 | |
New York HFA Affordable Housing (Housing revenue, TD Bank NA SPA) | 4.34 | 11-1-2055 | 32,640,000 | 32,640,000 | |
New York HFA Affordable Housing (Housing revenue, Landesbank Hessen-Thüringen LOC) | 4.40 | 11-1-2050 | 45,250,000 | 45,250,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 4.70 | 5-15-2056 | 23,015,000 | 23,015,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2022-002 (GO revenue, Barclays Bank plc LOC) 144A | 4.70 | 11-1-2041 | 15,000,000 | 15,000,000 | |
478,015,000 |
Interest rate | Maturitydate | Principal | Value | ||
North Dakota: 0.06% | |||||
Variable rate demand notes ø: 0.06% | |||||
North Dakota HFA Series 2022C (Housing revenue, Royal Bank of Canada SPA) | 4.35% | 7-1-2052 | $10,000,000 | $ 10,000,000 | |
Other: 0.59% | |||||
Variable rate demand notes ø: 0.59% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2019-007 (GO revenue, Barclays Bank plc LOC) 144A | 4.70 | 5-1-2029 | 14,620,000 | 14,620,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (Health revenue, Barclays Bank plc LOC) 144A | 4.70 | 12-1-2030 | 6,790,000 | 6,790,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 4.70 | 9-1-2030 | 68,530,000 | 68,530,000 | |
89,940,000 | |||||
Pennsylvania: 0.08% | |||||
Other municipal debt : 0.08% | |||||
Philadelphia Airport Series C-1 (Tax revenue) | 4.55 | 2-2-2023 | 12,200,000 | 12,200,000 | |
South Carolina: 0.27% | |||||
Variable rate demand notes ø: 0.27% | |||||
South Carolina Public Service Authority (Utilities revenue) | 4.65 | 3-16-2023 | 42,000,000 | 42,000,000 | |
South Dakota: 0.11% | |||||
Variable rate demand notes ø: 0.11% | |||||
South Dakota Housing Development Authority Series 2022F (Housing revenue, GNMA / FNMA / FHLMC Insured) | 4.42 | 11-1-2046 | 17,000,000 | 17,000,000 | |
Texas: 0.80% | |||||
Other municipal debt : 0.80% | |||||
Board of Regents University of Texas (Tax revenue) | 4.38 | 2-2-2023 | 25,000,000 | 25,000,000 | |
Board of Regents University of Texas (Tax revenue) | 4.55 | 2-28-2023 | 25,000,000 | 25,000,000 | |
Board of Regents University of Texas (Tax revenue) | 4.60 | 3-14-2023 | 12,500,000 | 12,500,000 | |
Board of Regents University of Texas (Tax revenue) | 4.62 | 3-15-2023 | 25,000,000 | 25,000,000 | |
San Antonio TX Electric & Gas Series A (Utilities revenue) | 4.82 | 4-24-2023 | 35,000,000 | 35,000,000 | |
122,500,000 | |||||
Vermont: 0.20% | |||||
Other municipal debt : 0.20% | |||||
Vermont Economic Development Authority (Tax revenue) | 4.50 | 2-6-2023 | 30,000,000 | 30,000,000 | |
Total Municipal obligations (Cost $1,532,142,393) | 1,532,142,393 | ||||
Other instruments: 1.38% | |||||
17th Street Rentals LLC §øø | 4.40 | 6-1-2025 | 18,200,000 | 18,200,000 | |
2020 Sheu Family Exempt Trust §øø | 4.40 | 7-1-2041 | 9,175,000 | 9,175,000 | |
AARP §øø | 4.50 | 5-1-2031 | 46,400,000 | 46,400,000 | |
Altoona Blair County Development Corporation 144A§øø | 4.37 | 4-1-2035 | 5,850,000 | 5,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 4.37 | 9-1-2038 | 3,000,000 | 3,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Other instruments (continued) | |||||
Columbus Hotel Investment One LLC §øø | 4.40% | 10-1-2048 | $6,535,000 | $ 6,535,000 | |
Conger Investment LLC §øø | 4.40 | 6-1-2051 | 6,700,000 | 6,700,000 | |
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 4.40 | 4-1-2026 | 9,675,000 | 9,675,000 | |
Fortis Family Insurance LLC Series 2020 §øø | 4.39 | 8-1-2070 | 10,345,000 | 10,345,000 | |
Gillean 2019 Family Trust §øø | 4.40 | 12-1-2039 | 6,140,000 | 6,140,000 | |
Keep Memory Alive §øø | 4.35 | 5-1-2037 | 2,630,000 | 2,630,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 4.39 | 4-1-2071 | 7,350,000 | 7,350,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 4.40 | 6-1-2041 | 10,000,000 | 10,000,000 | |
Rock Hill SI LLC §øø | 4.40 | 6-1-2061 | 12,700,000 | 12,700,000 | |
Schulder Family 2017 Trust §øø | 4.40 | 3-1-2041 | 9,990,000 | 9,990,000 | |
Solis Seattle LLC §øø | 4.40 | 2-1-2061 | 20,000,000 | 20,000,000 | |
Southside Brookshore §øø | 4.40 | 9-1-2059 | 2,640,000 | 2,640,000 | |
The CLC Irrevocable Insurance Trust §øø | 4.40 | 10-1-2045 | 6,610,000 | 6,610,000 | |
The Olivier Scaramucci & Amany Attia Irrevocable Life Insurance Trust §øø | 4.44 | 4-1-2042 | 11,125,000 | 11,125,000 | |
Vickie Bice Life Insurance Trust §øø | 4.40 | 8-1-2046 | 6,550,000 | 6,550,000 | |
Total Other instruments (Cost $211,615,000) | 211,615,000 | ||||
Other notes: 0.17% | |||||
Corporate bonds and notes: 0.17% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 4.40 | 6-1-2038 | 16,000,000 | 16,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 4.65 | 4-1-2047 | 9,835,000 | 9,835,000 | |
Total Other notes (Cost $25,835,000) | 25,835,000 | ||||
Repurchase agreements^^: 15.46% | |||||
JP Morgan Securities, dated 1-31-2023, maturity value $1,274,802,250 (01) | 4.30 | 2-1-2023 | 1,274,650,000 | 1,274,650,000 | |
Mitsubishi UFJ Financial Group Securities Canada Limited, dated 1-31-2023, maturity value $1,100,131,389 (02) | 4.30 | 2-1-2023 | 1,100,000,000 | 1,100,000,000 | |
Total Repurchase agreements (Cost $2,374,650,000) | 2,374,650,000 | ||||
Total investments in securities (Cost $15,193,005,275) | 98.92% | 15,193,005,275 | |||
Other assets and liabilities, net | 1.08 | 165,785,425 | |||
Total net assets | 100.00% | $15,358,790,700 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 0.00% to 7.50%, 4-19-2023 to 11-15-2062, fair value including accrued interest is $1,312,218,554. | |
(02) U.S. government securities, 0.13% to 8.00%, 3-17-2023 to 1-20-2072, fair value including accrued interest is $1,131,290,060. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 12,818,355,275 |
Investments in repurchase agreements, at amortized cost | 2,374,650,000 |
Cash | 80,046,684 |
Receivable for Fund shares sold | 198,131,165 |
Receivable for interest | 28,780,738 |
Receivable for investments sold | 80,000 |
Prepaid expenses and other assets | 896,497 |
Total assets | 15,500,940,359 |
Liabilities | |
Payable for investments purchased | 80,000,000 |
Payable for Fund shares redeemed | 60,184,809 |
Administration fees payable | 1,009,145 |
Management fee payable | 566,089 |
Dividends payable | 150,913 |
Trustees’ fees and expenses payable | 2,703 |
Distribution fee payable | 1,938 |
Accrued expenses and other liabilities | 234,062 |
Total liabilities | 142,149,659 |
Total net assets | $15,358,790,700 |
Net assets consist of | |
Paid-in capital | $ 15,359,576,530 |
Total distributable loss | (785,830) |
Total net assets | $15,358,790,700 |
Computation of net asset value per share | |
Net assets – Class A | $ 438,190,125 |
Shares outstanding – Class A1 | 438,198,254 |
Net asset value per share – Class A | $1.00 |
Net assets – Class C | $ 3,012,044 |
Shares outstanding – Class C1 | 3,012,094 |
Net asset value per share – Class C | $1.00 |
Net assets – Premier Class | $ 14,906,434,393 |
Shares outstanding – Premier Class1 | 14,906,620,262 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 11,154,138 |
Shares outstanding – Service Class1 | 11,154,339 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 198,185,387 |
Expenses | |
Management fee | 12,559,101 |
Administration fees | |
Class A | 944,937 |
Class C | 6,081 |
Premier Class | 4,778,195 |
Service Class | 12,834 |
Shareholder servicing fees | |
Class A | 1,073,792 |
Class C | 6,910 |
Service Class | 26,737 |
Distribution fee | |
Class C | 20,731 |
Custody and accounting fees | 220,909 |
Professional fees | 65,633 |
Registration fees | 425,428 |
Shareholder report expenses | 78,803 |
Trustees’ fees and expenses | 21,352 |
Other fees and expenses | 51,039 |
Total expenses | 20,292,482 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (9,606,210) |
Class A | (66,695) |
Class C | (5,418) |
Premier Class | (517,481) |
Net expenses | 10,096,678 |
Net investment income | 188,088,709 |
Net realized gains on investments | 1,320 |
Net increase in net assets resulting from operations | $188,090,029 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 188,088,709 | $ 1,096,935 | ||
Net realized gains on investments | 1,320 | 13,887 | ||
Net increase in net assets resulting from operations | 188,090,029 | 1,110,822 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (7,430,764) | (45,509) | ||
Class C | (35,060) | (218) | ||
Premier Class | (180,416,780) | (1,050,078) | ||
Service Class | (192,224) | (1,130) | ||
Total distributions to shareholders | (188,074,828) | (1,096,935) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 134,454,486 | 134,454,486 | 116,628,006 | 116,628,006 |
Class C | 3,467,135 | 3,467,135 | 1,408,108 | 1,408,108 |
Premier Class | 19,195,678,230 | 19,195,678,230 | 1,050,830,115 | 1,050,830,115 |
Service Class | 1,913,173 | 1,913,173 | 946,410 | 946,410 |
19,335,513,024 | 1,169,812,639 | |||
Reinvestment of distributions | ||||
Class A | 7,357,498 | 7,357,498 | 37,827 | 37,827 |
Class C | 34,971 | 34,971 | 203 | 203 |
Premier Class | 179,735,448 | 179,735,448 | 1,028,386 | 1,028,386 |
Service Class | 187,740 | 187,740 | 994 | 994 |
187,315,657 | 1,067,410 | |||
Payment for shares redeemed | ||||
Class A | (138,534,614) | (138,534,614) | (148,324,202) | (148,324,202) |
Class C | (2,450,253) | (2,450,253) | (2,303,589) | (2,303,589) |
Premier Class | (6,900,239,877) | (6,900,239,877) | (3,073,049,703) | (3,073,049,703) |
Service Class | (1,775,484) | (1,775,484) | (2,081,671) | (2,081,671) |
(7,043,000,228) | (3,225,759,165) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 12,479,828,453 | (2,054,879,116) | ||
Total increase (decrease) in net assets | 12,479,843,654 | (2,054,865,229) | ||
Net assets | ||||
Beginning of period | 2,878,947,046 | 4,933,812,275 | ||
End of period | $15,358,790,700 | $ 2,878,947,046 |
Year ended January 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.73% | 0.01% | 0.27% | 1.76% | 1.61% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.69% | 0.70% | 0.68% | 0.70% | 0.76% |
Net expenses | 0.52% * | 0.15% * | 0.40% * | 0.60% | 0.62% |
Net investment income | 1.73% | 0.01% | 0.27% | 1.74% | 1.60% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $438,190 | $434,892 | $466,559 | $475,180 | $474,040 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.08% |
Year ended January 31, 2022 | 0.45% |
Year ended January 31, 2021 | 0.18% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
Year ended January 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Payment from affiliate | 0.00 | 0.00 | 0.00 1 | 0.00 | 0.00 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.19% | 0.01% | 0.08% 2 | 1.00% | 0.84% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.44% | 1.45% | 1.43% | 1.45% | 1.51% |
Net expenses | 1.09% * | 0.15% * | 0.59% * | 1.35% | 1.37% |
Net investment income | 1.27% | 0.01% | 0.07% | 1.03% | 0.87% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $3,012 | $1,960 | $2,855 | $3,153 | $8,229 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.26% |
Year ended January 31, 2022 | 1.20% |
Year ended January 31, 2021 | 0.76% |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on the total return. |
Year ended January 31 | |||||
Premier Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.01 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.01 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.01) | (0.02) | (0.02) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.01) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 2.13% | 0.03% | 0.54% | 2.20% | 2.03% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.29% | 0.31% | 0.29% | 0.30% | 0.33% |
Net expenses | 0.13% * | 0.13% * | 0.13% * | 0.15% | 0.20% |
Net investment income | 3.02% | 0.03% | 0.41% | 1.99% | 2.26% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $14,906,434 | $2,431,267 | $4,452,436 | $2,183,582 | $295,962 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.07% |
Year ended January 31, 2022 | 0.07% |
Year ended January 31, 2021 | 0.07% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.81% | 0.01% | 0.31% | 1.86% | 1.72% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.59% | 0.59% | 0.58% | 0.60% | 0.66% |
Net expenses | 0.44% * | 0.15% * | 0.36% * | 0.50% | 0.50% |
Net investment income | 1.80% | 0.01% | 0.31% | 1.84% | 1.71% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $11,154 | $10,828 | $11,963 | $12,038 | $11,884 |
* | Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.06% |
Year ended January 31, 2022 | 0.35% |
Year ended January 31, 2021 | 0.12% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 3,365,148,105 | $0 | $ 3,365,148,105 |
Closed-end fund obligations | 0 | 105,250,000 | 0 | 105,250,000 |
Commercial paper | 0 | 7,578,364,777 | 0 | 7,578,364,777 |
Municipal obligations | 0 | 1,532,142,393 | 0 | 1,532,142,393 |
Other instruments | 0 | 211,615,000 | 0 | 211,615,000 |
Other notes | 0 | 25,835,000 | 0 | 25,835,000 |
Repurchase agreements | 0 | 2,374,650,000 | 0 | 2,374,650,000 |
Total assets | $0 | $15,193,005,275 | $0 | $15,193,005,275 |
Average daily net assets | Management fee |
First $5 billion | 0.200% |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.22% |
Class C | 0.22 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Class C | 1.35 |
Premier Class | 0.20 |
Service Class | 0.50 |
Undistributed ordinary income | Capital loss carryforward |
$126,220 | $(550,581) |
Allspring Funds Trust:
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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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P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0478 01-23
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■ | Allspring Municipal Cash Management Money Market Fund |
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (WUCXX) | 7-9-2010 | 1.24 | 0.83 | 0.53 | 0.41 | 0.30 |
Institutional Class (EMMXX) | 11-20-1996 | 1.32 | 0.89 | 0.58 | 0.29 | 0.20 |
Service Class (EISXX) | 11-25-1996 | 1.09 | 0.76 | 0.47 | 0.58 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.30% for Administrator Class, 0.20% for Institutional Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of January 31, 2023 | |||
Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 1.67 | 1.77 | 1.52 |
7-day compound yield | 1.69 | 1.79 | 1.53 |
30-day simple yield | 2.30 | 2.40 | 2.15 |
30-day compound yield | 2.33 | 2.43 | 2.17 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.53%, 1.65% and 1.36% for Administrator Class, Institutional Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g426759img1db4a9c34.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g426759imged8323075.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
* | The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index. |
** | Variable Rate Demand Notes (VRDNs) are debt securities commonly held within certain mutual funds. Like all bonds, VRDN values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes can be sudden and unpredictable. In addition to credit and interest rate risk, VRDNs are subject to municipal securities risk. |
Weighted average maturity as of January 31, 20231 |
7 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
7 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,010.58 | $1.52 | 0.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30% |
Institutional Class | ||||
Actual | $1,000.00 | $1,010.97 | $1.01 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Service Class | ||||
Actual | $1,000.00 | $1,009.68 | $2.28 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45% |
Principal | Value | ||||
Closed-end fund obligations: 2.53% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (20 shares) 1.76% 144Aø | $ 2,000,000 | $ 2,000,000 | |||
Nuveen Quality Municipal Income Fund Series 1-2118 (40 shares) 2.11% 144Aø | 4,000,000 | 4,000,000 | |||
Total Closed-end fund obligations (Cost $6,000,000) | 6,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 89.90% | |||||
Alaska: 2.10% | |||||
Variable rate demand notes ø: 2.10% | |||||
Valdez AK Marine Terminal ExxonMobil Pipeline Company Project Series 2001 (Industrial development revenue) | 1.21% | 12-1-2029 | 5,000,000 | 5,000,000 | |
Arizona: 5.84% | |||||
Variable rate demand notes ø: 5.84% | |||||
Arizona Health Facilities Authority Banner Health Project Series 2015C (Health revenue, Bank of America NA LOC) | 1.20 | 1-1-2046 | 5,200,000 | 5,200,000 | |
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource recovery revenue, Farm Credit Services America LOC) | 1.72 | 8-1-2026 | 2,500,000 | 2,500,000 | |
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource recovery revenue, Farm Credit Services America LOC) | 1.75 | 8-1-2027 | 1,250,000 | 1,250,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 12-15-2047 | 4,920,000 | 4,920,000 | |
13,870,000 | |||||
Arkansas: 2.44% | |||||
Variable rate demand notes ø: 2.44% | |||||
Lowell AR Industrial Development Revenue Little Rock Newspapers Project Series 1996 (Industrial development revenue, JPMorgan Chase & Company LOC) | 1.71 | 6-1-2031 | 5,800,000 | 5,800,000 | |
California: 4.32% | |||||
Variable rate demand notes ø: 4.32% | |||||
California CDA Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, East West Bank LOC) | 1.72 | 3-1-2057 | 5,000,000 | 5,000,000 | |
Mizuho Floater/Residual Trust Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 10-1-2036 | 2,425,000 | 2,425,000 | |
Modesto CA MFHR Live Oak Apartments Project (Tax revenue, FNMA Insured, FNMA LIQ) | 1.68 | 9-15-2024 | 130,000 | 130,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-ZL0291 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.69 | 2-1-2027 | 2,700,000 | 2,700,000 | |
10,255,000 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 0.06% | |||||
Variable rate demand notes ø: 0.06% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 1.61% | 11-1-2038 | $135,000 | $ 135,000 | |
Florida: 6.38% | |||||
Variable rate demand notes ø: 6.38% | |||||
Brevard County FL HFA Wickham Club Partners Project Series 2004A (Housing revenue, FNMA LIQ) | 1.78 | 8-15-2037 | 4,895,000 | 4,895,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 1.66 | 11-15-2037 | 1,815,000 | 1,815,000 | |
St. Lucie County FL Power & Light Company 2000 (Industrial development revenue) | 1.35 | 9-1-2028 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0443 (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.73 | 4-1-2038 | 3,450,000 | 3,450,000 | |
15,160,000 | |||||
Illinois: 4.82% | |||||
Variable rate demand notes ø: 4.82% | |||||
Illinois Finance Authority American College of Surgeons (Education revenue, Northern Trust Company LOC) | 1.68 | 8-1-2026 | 2,152,000 | 2,152,000 | |
Illinois Finance Authority Northshore Edward Elmhurst Health Credit Group Project Series 2022D (Health revenue, JPMorgan Chase & Company SPA) | 1.21 | 8-15-2057 | 5,000,000 | 5,000,000 | |
Peoria County IL Caterpillar Incorporated Project (Industrial development revenue) | 1.85 | 2-1-2030 | 4,300,000 | 4,300,000 | |
11,452,000 | |||||
Indiana: 1.35% | |||||
Variable rate demand notes ø: 1.35% | |||||
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial development revenue, Bank of America NA LOC) | 1.78 | 12-1-2027 | 1,710,000 | 1,710,000 | |
Noblesville IN Greystone Apartments Project Series B (Housing revenue, FHLB LOC) | 1.76 | 3-1-2041 | 1,265,000 | 1,265,000 | |
St. Joseph County IN Midcorr Land Development LLC Project (Industrial development revenue, PNC Bank NA LOC) | 1.70 | 10-1-2023 | 220,000 | 220,000 | |
3,195,000 | |||||
Iowa: 0.87% | |||||
Variable rate demand notes ø: 0.87% | |||||
Iowa Finance Authority John Maassen & Sons Project (Industrial development revenue, Farm Credit Services America LOC) | 1.78 | 11-1-2035 | 2,075,000 | 2,075,000 | |
Louisiana: 1.68% | |||||
Variable rate demand notes ø: 1.68% | |||||
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial development revenue) | 1.85 | 12-1-2036 | 4,000,000 | 4,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Michigan: 2.97% | |||||
Variable rate demand notes ø: 2.97% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, TD Bank NA SPA) | 1.65% | 6-1-2038 | $7,065,000 | $ 7,065,000 | |
Minnesota: 6.56% | |||||
Variable rate demand notes ø: 6.56% | |||||
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.75 | 8-15-2038 | 675,000 | 675,000 | |
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 1.88 | 3-20-2024 | 2,000,000 | 2,000,000 | |
Minnesota HEFAR Concordia University Series 6Q (Education revenue, U.S. Bank NA LOC) | 1.27 | 4-1-2037 | 4,680,000 | 4,680,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.74 | 9-15-2031 | 1,200,000 | 1,200,000 | |
Rochester MN HCFR Mayo Clinic (Health revenue) | 1.66 | 11-15-2047 | 3,000,000 | 3,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education revenue) 144A | 1.86 | 11-1-2037 | 2,025,000 | 2,025,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3050 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.88 | 2-1-2039 | 2,000,000 | 2,000,000 | |
15,580,000 | |||||
Mississippi: 4.21% | |||||
Variable rate demand notes ø: 4.21% | |||||
Mississippi Business Finance Corporation Gulf Opportunity Zone Chevron USA Incorporated Project Series 2011-F (Industrial development revenue) | 1.21 | 11-1-2035 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF5026 (Health revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 1.55 | 8-15-2029 | 5,000,000 | 5,000,000 | |
10,000,000 | |||||
Montana: 1.31% | |||||
Variable rate demand notes ø: 1.31% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 6-1-2034 | 1,110,000 | 1,110,000 | |
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 6-1-2034 | 2,000,000 | 2,000,000 | |
3,110,000 | |||||
Nebraska: 2.00% | |||||
Variable rate demand notes ø: 2.00% | |||||
Nebraska Investment Finance Authority Single Family Housing Series F (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 1.65 | 3-1-2038 | 4,745,000 | 4,745,000 |
Interest rate | Maturity date | Principal | Value | ||
New York: 13.04% | |||||
Variable rate demand notes ø: 13.04% | |||||
New York City NY Municipal Finance Authority Subseries F-2 (Water & sewer revenue, Citibank NA LOC) | 1.20% | 6-15-2035 | $5,000,000 | $ 5,000,000 | |
New York Metropolitan Transportation Authority Dedicated Tax Fund Subseries 2008A-2A (Tax revenue, TD Bank NA LOC) | 1.15 | 11-1-2026 | 5,000,000 | 5,000,000 | |
New York Mortgage Agency Homeowner Revenue Bonds Series 249 (Housing revenue, TD Bank NA SPA) | 1.63 | 4-1-2031 | 5,000,000 | 5,000,000 | |
New York NY Housing Development Corporation Refunding Bonds Series 2005-A (Housing revenue, Citibank NA LOC) | 1.69 | 6-1-2037 | 200,000 | 200,000 | |
RBC Municipal Products Incorporated Series E-154 (Miscellaneous revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.76 | 6-1-2028 | 7,950,000 | 7,950,000 | |
RBC Municipal Products Incorporated Series G-120 (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.72 | 10-1-2029 | 3,600,000 | 3,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.76 | 7-15-2028 | 280,000 | 280,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series UA-7000 (Tax revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 2.06 | 12-28-2052 | 3,948,000 | 3,948,000 | |
30,978,000 | |||||
North Carolina: 2.46% | |||||
Variable rate demand notes ø: 2.46% | |||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Series G (Health revenue, JPMorgan Chase & Company SPA) | 1.20 | 1-15-2048 | 5,000,000 | 5,000,000 | |
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial development revenue, Truist Bank LOC) | 1.87 | 1-1-2027 | 850,000 | 850,000 | |
5,850,000 | |||||
Ohio: 3.26% | |||||
Variable rate demand notes ø: 3.26% | |||||
Allen County OH Catholic Healthcare Series C (Health revenue, Bank of Montreal LOC) | 1.16 | 6-1-2034 | 5,000,000 | 5,000,000 | |
Ohio Higher Educational Facility Commission Hospital Cleveland Clinic B4 (Health revenue, Barclays Bank plc SPA) | 1.22 | 1-1-2043 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 12-15-2040 | 750,000 | 750,000 | |
7,750,000 | |||||
Pennsylvania: 1.79% | |||||
Variable rate demand notes ø: 1.79% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 11-1-2034 | 255,157 | 255,157 | |
Southcentral Pennsylvania General Authority Series 2019 (Health revenue, Bank of America NA LIQ) | 1.24 | 6-1-2037 | 4,000,000 | 4,000,000 | |
4,255,157 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 2.10% | |||||
Variable rate demand notes ø: 2.10% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF3079 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91% | 7-1-2028 | $5,000,000 | $ 5,000,000 | |
South Dakota: 3.37% | |||||
Variable rate demand notes ø: 3.37% | |||||
South Dakota EDA Riverview Project (Resource recovery revenue, AgCountry Farm Credit Services LOC) | 1.78 | 11-1-2051 | 8,000,000 | 8,000,000 | |
Texas: 11.47% | |||||
Other municipal debt : 0.85% | |||||
San Antonio TX Electric and Gas Commercial Paper Series A (Miscellaneous revenue) | 3.25 | 7-13-2023 | 2,000,000 | 2,004,224 | |
Variable rate demand notes ø: 10.62% | |||||
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource recovery revenue) | 1.78 | 8-1-2039 | 450,000 | 450,000 | |
Gulf Coast Texas Waste Disposal Authority ExxonMobil Corporation Series 2022 (Industrial development revenue) | 1.25 | 12-1-2025 | 1,685,000 | 1,685,000 | |
Harris County TX Cultural Education Facilities Finance Corporation Texas Children's Hospital Series 2021C (Health revenue, Bank of America NA SPA) | 1.20 | 10-1-2041 | 5,000,000 | 5,000,000 | |
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial development revenue) | 1.65 | 4-1-2027 | 3,000,000 | 3,000,000 | |
Port Corpus Christi Solid Waste Disposal Revenue Bonds Series 2002A (Resource recovery revenue) 144A | 1.65 | 7-1-2029 | 3,100,000 | 3,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0228 (Transportation revenue, TD Bank NA LIQ) 144A | 1.81 | 11-1-2044 | 7,000,000 | 7,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021 MS0002 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.96 | 6-15-2056 | 5,000,000 | 5,000,000 | |
25,235,000 | |||||
Utah: 2.53% | |||||
Variable rate demand notes ø: 2.53% | |||||
University of Utah (Education revenue, Citibank NA LIQ) 144A | 1.69 | 8-1-2043 | 6,000,000 | 6,000,000 | |
Virginia: 0.82% | |||||
Variable rate demand notes ø: 0.82% | |||||
FHLB MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 1.79 | 12-15-2045 | 1,950,000 | 1,950,000 | |
Washington: 1.84% | |||||
Variable rate demand notes ø: 1.84% | |||||
Eclipse Funding Trust (Water & sewer revenue, U.S. Bank NA LIQ) 144A | 1.25 | 7-1-2042 | 4,375,000 | 4,375,000 |
Interest rate | Maturity date | Principal | Value | ||
Wisconsin: 0.31% | |||||
Variable rate demand notes ø: 0.31% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86% | 12-15-2040 | $735,000 | $ 735,000 | |
Total Municipal obligations (Cost $213,570,138) | 213,574,381 | ||||
Repurchase agreements^^: 6.95% | |||||
Citigroup Global Markets Incorporated, dated 1-31-2023, maturity value $16,501,971 | 4.30 | 2-1-2023 | 16,500,000 | 16,500,000 | |
Total Repurchase agreements (Cost $16,500,000) | 16,500,000 | ||||
Total investments in securities (Cost $236,070,138) | 99.38% | 236,074,381 | |||
Other assets and liabilities, net | 0.62 | 1,482,276 | |||
Total net assets | 100.00% | $237,556,657 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 1.13% to 1.88%, 7-15-2026 to 10-15-2026, fair value including accrued interest is $16,830,005. |
Abbreviations: | |
AMT | Alternative minimum tax |
CDA | Community Development Authority |
EDA | Economic Development Authority |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
PCFA | Pollution Control Financing Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $236,070,138) | $ 236,074,381 |
Cash | 555,433 |
Receivable for interest | 683,695 |
Receivable for investments sold | 290,000 |
Prepaid expenses and other assets | 37,742 |
Total assets | 237,641,251 |
Liabilities | |
Custody and accounting fees payable | 20,724 |
Professional fees payable | 20,113 |
Administration fees payable | 14,384 |
Payable for Fund shares redeemed | 9,757 |
Shareholder report expenses payable | 8,952 |
Dividends payable | 7,140 |
Trustees’ fees and expenses payable | 3,045 |
Management fee payable | 479 |
Total liabilities | 84,594 |
Total net assets | $237,556,657 |
Net assets consist of | |
Paid-in capital | $ 237,610,923 |
Total distributable loss | (54,266) |
Total net assets | $237,556,657 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 1,358,804 |
Shares outstanding – Administrator Class1 | 1,358,330 |
Net asset value per share – Administrator Class | $1.0003 |
Net assets – Institutional Class | $ 222,486,275 |
Shares outstanding – Institutional Class1 | 222,423,392 |
Net asset value per share – Institutional Class | $1.0003 |
Net assets – Service Class | $ 13,711,578 |
Shares outstanding – Service Class1 | 13,689,929 |
Net asset value per share – Service Class | $1.0016 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 3,837,774 |
Expenses | |
Management fee | 424,023 |
Administration fees | |
Administrator Class | 2,746 |
Institutional Class | 211,862 |
Service Class | 18,130 |
Shareholder servicing fees | |
Administrator Class | 2,746 |
Service Class | 37,771 |
Custody and accounting fees | 59,670 |
Professional fees | 51,386 |
Registration fees | 49,323 |
Shareholder report expenses | 28,213 |
Trustees’ fees and expenses | 21,352 |
Other fees and expenses | 22,696 |
Total expenses | 929,918 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (310,497) |
Administrator Class | (1,426) |
Institutional Class | (16,302) |
Service Class | (13,064) |
Net expenses | 588,629 |
Net investment income | 3,249,145 |
Net change in unrealized gains (losses) on investments | 10,792 |
Net increase in net assets resulting from operations | $3,259,937 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 3,249,145 | $ 36,459 | ||
Net realized gains on investments | 0 | 106,951 | ||
Net change in unrealized gains (losses) on investments | 10,792 | (15,014) | ||
Net increase in net assets resulting from operations | 3,259,937 | 128,396 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (23,437) | (612) | ||
Institutional Class | (3,153,567) | (47,079) | ||
Service Class | (159,362) | (2,629) | ||
Total distributions to shareholders | (3,336,366) | (50,320) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 57,872 | 57,907 | 3,997,602 | 4,000,000 |
Institutional Class | 5,679,102,322 | 5,682,016,118 | 4,854,975,318 | 4,857,045,209 |
Service Class | 5,805,196 | 5,815,382 | 595,530 | 596,580 |
5,687,889,407 | 4,861,641,789 | |||
Reinvestment of distributions | ||||
Administrator Class | 23,426 | 23,437 | 605 | 605 |
Institutional Class | 3,150,214 | 3,151,680 | 47,013 | 47,035 |
Service Class | 111,313 | 111,507 | 1,644 | 1,647 |
3,286,624 | 49,287 | |||
Payment for shares redeemed | ||||
Administrator Class | (3,997,602) | (4,000,000) | 0 | 0 |
Institutional Class | (5,784,463,945) | (5,787,421,540) | (4,893,287,361) | (4,895,358,721) |
Service Class | (8,889,577) | (8,905,942) | (2,376,949) | (2,381,199) |
(5,800,327,482) | (4,897,739,920) | |||
Net decrease in net assets resulting from capital share transactions | (109,151,451) | (36,048,844) | ||
Total decrease in net assets | (109,227,880) | (35,970,768) | ||
Net assets | ||||
Beginning of period | 346,784,537 | 382,755,305 | ||
End of period | $ 237,556,657 | $ 346,784,537 |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0006 | $1.0004 | $1.0004 | $1.0003 | $1.0010 |
Net investment income | 0.0120 | 0.0003 | 0.0033 | 0.0124 | 0.0125 |
Net realized and unrealized gains (losses) on investments | 0.0003 | 0.0001 | 0.0001 | 0.0005 | (0.0001) |
Total from investment operations | 0.0123 | 0.0004 | 0.0034 | 0.0129 | 0.0124 |
Distributions to shareholders from | |||||
Net investment income | (0.0122) | (0.0001) | (0.0034) | (0.0125) | (0.0124) |
Net realized gains | (0.0004) | (0.0001) | (0.0000) 1 | (0.0003) | (0.0007) |
Total distributions to shareholders | (0.0126) | (0.0002) | (0.0034) | (0.0128) | (0.0131) |
Net asset value, end of period | $1.0003 | $1.0006 | $1.0004 | $1.0004 | $1.0003 |
Total return | 1.24% | 0.04% | 0.34% | 1.29% | 1.25% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.43% | 0.42% | 0.45% | 0.43% | 0.44% |
Net expenses | 0.27% * | 0.08% * | 0.23% * | 0.30% | 0.30% |
Net investment income | 0.84% | 0.01% | 0.46% | 1.28% | 1.25% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,359 | $5,278 | $1,277 | $2,238 | $6,313 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.03% |
Year ended January 31, 2022 | 0.22% |
Year ended January 31, 2021 | 0.06% |
1 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0005 | $1.0003 | $1.0004 | $1.0004 | $1.0011 |
Net investment income | 0.0129 | 0.0001 | 0.0040 | 0.0137 | 0.0133 1 |
Net realized and unrealized gains (losses) on investments | 0.0004 | 0.0003 | (0.0003) | 0.0001 | 0.0001 |
Total from investment operations | 0.0133 | 0.0004 | 0.0037 | 0.0138 | 0.0134 |
Distributions to shareholders from | |||||
Net investment income | (0.0131) | (0.0001) | (0.0038) | (0.0135) | (0.0134) |
Net realized gains | (0.0004) | (0.0001) | (0.0000) 2 | (0.0003) | (0.0007) |
Total distributions to shareholders | (0.0135) | (0.0002) | (0.0038) | (0.0138) | (0.0141) |
Net asset value, end of period | $1.0003 | $1.0005 | $1.0003 | $1.0004 | $1.0004 |
Total return | 1.32% | 0.04% | 0.38% | 1.38% | 1.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.31% | 0.29% | 0.32% | 0.31% | 0.31% |
Net expenses | 0.20% | 0.08% * | 0.18% * | 0.20% | 0.20% |
Net investment income | 1.16% | 0.01% | 0.41% | 1.34% | 1.32% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $222,486 | $324,813 | $363,006 | $224,247 | $166,024 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2022 | 0.12% |
Year ended January 31, 2021 | 0.02% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.0019 | $1.0016 | $1.0003 | $1.0004 | $1.0010 |
Net investment income | 0.0117 | 0.0004 | 0.0024 | 0.0110 1 | 0.0109 1 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0013 | 0.0000 | 0.0000 |
Net realized and unrealized gains (losses) on investments | (0.0007) | 0.0001 | 0.0006 | 0.0002 | 0.0001 |
Total from investment operations | 0.0110 | 0.0005 | 0.0043 | 0.0112 | 0.0110 |
Distributions to shareholders from | |||||
Net investment income | (0.0109) | (0.0001) | (0.0030) | (0.0110) | (0.0109) |
Net realized gains | (0.0004) | (0.0001) | (0.0000) 2 | (0.0003) | (0.0007) |
Total distributions to shareholders | (0.0113) | (0.0002) | (0.0030) | (0.0113) | (0.0116) |
Net asset value, end of period | $1.0016 | $1.0019 | $1.0016 | $1.0003 | $1.0004 |
Total return | 1.09% | 0.05% | 0.44% 3 | 1.12% | 1.11% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61% | 0.59% | 0.62% | 0.60% | 0.61% |
Net expenses | 0.41% * | 0.09% * | 0.26% * | 0.45% | 0.45% |
Net investment income | 1.03% | 0.01% | 0.27% | 1.09% | 1.09% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $13,712 | $16,694 | $18,472 | $15,255 | $19,001 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.04% |
Year ended January 31, 2022 | 0.36% |
Year ended January 31, 2021 | 0.19% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.13% impact on the total return. |
Gross unrealized gains | $4,243 |
Gross unrealized losses | 0 |
Net unrealized gains | $4,243 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $ 6,000,000 | $0 | $ 6,000,000 |
Municipal obligations | 0 | 213,574,381 | 0 | 213,574,381 |
Repurchase agreements | 0 | 16,500,000 | 0 | 16,500,000 |
Total assets | $0 | $236,074,381 | $0 | $236,074,381 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.30% |
Institutional Class | 0.20 |
Service Class | 0.45 |
Year ended January 31 | ||
2023 | 2022 | |
Ordinary income | $ 684,252 | $20,183 |
Tax-exempt income | 2,635,935 | 30,137 |
Long-term capital gain | 16,179 | 0 |
Undistributed tax-exempt income | Unrealized gains |
$40,605 | $4,243 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g426759imgb7b4c2336.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/0001193125-23-092239/g426759img51a2620c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g426759imgfdc394427.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR3725 01-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267img112681581.jpg)
■ | Allspring National Tax-Free Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267imgf36406272.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267imgfec5b84c3.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (NWMXX) | 7-28-2003 | 0.99 | 0.62 | 0.36 | 0.66 | 0.60 |
Administrator Class (WNTXX) | 4-8-2005 | 1.23 | 0.81 | 0.51 | 0.39 | 0.30 |
Premier Class (WFNXX) | 11-8-1999 | 1.31 | 0.88 | 0.56 | 0.27 | 0.20 |
Service Class (MMIXX) | 8-3-1993 | 1.09 | 0.71 | 0.44 | 0.56 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Premier Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
Yield summary (%) as of January 31, 2023 | ||||
Class A | Administrator Class | Premier Class | Service Class | |
7-day current yield1 | 1.58 | 1.88 | 1.98 | 1.73 |
7-day compound yield | 1.59 | 1.89 | 1.99 | 1.74 |
30-day simple yield | 2.15 | 2.45 | 2.55 | 2.30 |
30-day compound yield | 2.18 | 2.48 | 2.58 | 2.33 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 1.54%, 1.81%, 1.93% and 1.64% for Class A, Administrator Class, Premier Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267img81f624f74.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267img661f4cf65.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
* | The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index. |
** | Variable Rate Demand Notes (VRDNs) are debt securities commonly held within certain mutual funds. Like all bonds, VRDN values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes can be sudden and unpredictable. In addition to credit and interest rate risk, VRDNs are subject to municipal securities risk. |
Weighted average maturity as of January 31, 20231 |
15 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
18 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,009.03 | $2.99 | 0.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.23 | $3.01 | 0.59% |
Administrator Class | ||||
Actual | $1,000.00 | $1,010.50 | $1.47 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Premier Class | ||||
Actual | $1,000.00 | $1,010.99 | $1.01 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Service Class | ||||
Actual | $1,000.00 | $1,009.73 | $2.28 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45% |
Principal | Value | ||||
Closed-end fund obligations: 1.41% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (50 shares) 0.47% 144Aø | $ 5,000,000 | $ 5,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 0.94% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed-end fund obligations (Cost $15,000,000) | 15,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 92.88% | |||||
Alabama: 0.42% | |||||
Variable rate demand notes ø: 0.42% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0098 (Utilities revenue, Royal Bank of Canada LIQ) 144A | 1.72% | 9-1-2023 | 4,500,000 | 4,500,000 | |
Alaska: 1.31% | |||||
Variable rate demand notes ø: 1.31% | |||||
Valdez AK Marine Terminal ExxonMobil Pipeline Company Project Series 2001 (Industrial development revenue) | 1.21 | 12-1-2029 | 13,835,000 | 13,835,000 | |
Arizona: 1.47% | |||||
Variable rate demand notes ø: 1.47% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.70 | 12-1-2037 | 3,215,000 | 3,215,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 12-15-2047 | 12,320,000 | 12,320,000 | |
15,535,000 | |||||
California: 10.26% | |||||
Other municipal debt : 4.11% | |||||
California State Commercial Paper Series A-2 IAM 436 (Miscellaneous revenue) | 2.00 | 3-2-2023 | 7,000,000 | 7,000,000 | |
Los Angeles CA 2022-23 Tax and Revenue Anticipation Notes (GO revenue) | 4.00 | 6-30-2023 | 7,000,000 | 7,066,047 | |
Los Angeles CA Capital Asset Leasing Corporation Commercial Paper Series B (Miscellaneous revenue) | 2.25 | 2-15-2023 | 3,500,000 | 3,500,000 | |
Los Angeles CA Commercial Paper Series A-3 IAM 24 (Miscellaneous revenue) | 2.07 | 3-10-2023 | 3,500,000 | 3,500,000 | |
Los Angeles CA Commercial Paper Series A-3 IAM 25 (Miscellaneous revenue) | 1.90 | 3-7-2023 | 4,000,000 | 4,000,000 | |
Los Angeles CA Schools Pooled Financing Program 2022-23 Pooled Participation Certificates Series A (Education revenue) | 4.00 | 6-1-2023 | 4,500,000 | 4,525,527 | |
Sacramento CA Municipal Utility Commerical Paper Series M-1 (Utilities revenue) | 2.65 | 2-9-2023 | 14,000,000 | 14,000,000 | |
43,591,574 | |||||
Variable rate demand notes ø: 6.15% | |||||
California CDA Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, East West Bank LOC) | 1.72 | 3-1-2057 | 19,500,000 | 19,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
California Statewide CDA Various Sweep Loan Program Series A (Health revenue, U.S. Bank NA LOC) | 1.10% | 8-1-2035 | $695,000 | $ 695,000 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2630 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.70 | 8-1-2045 | 3,625,000 | 3,625,000 | |
Mizuho Floater/Residual Trust Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 10-1-2036 | 8,336,000 | 8,336,000 | |
Riverside County CA Certificates Various Refunding Bonds Public Safety (Miscellaneous revenue, Bank of America NA LOC) | 1.11 | 11-1-2039 | 585,000 | 584,945 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XX1040 (Miscellaneous revenue, Barclays Bank plc LIQ) 144A | 1.69 | 2-1-2046 | 4,160,000 | 4,160,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0188 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.69 | 2-1-2026 | 1,600,000 | 1,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2830 (GO revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 10-1-2034 | 3,430,000 | 3,430,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XX1258 (Education revenue, Barclays Bank plc LIQ) 144A | 1.68 | 5-15-2048 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-YX1271 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.71 | 10-1-2049 | 7,215,000 | 7,215,000 | |
The Regents of University of California General Revenue Bonds 2013 Series AK (Education revenue) | 5.00 | 5-15-2048 | 10,000,000 | 10,076,829 | |
University of California Commercial Paper Series A IAM 446 (Education revenue) | 2.50 | 2-14-2023 | 4,000,000 | 4,000,000 | |
65,222,774 | |||||
Colorado: 1.85% | |||||
Other municipal debt : 0.47% | |||||
Colorado Education Loan Program Series 2022B (Education revenue) | 4.00 | 6-29-2023 | 5,000,000 | 5,030,281 | |
Variable rate demand notes ø: 1.38% | |||||
Colorado Health Facilities Authority CTFS 2008-3364 (Health revenue) 144A | 1.80 | 10-1-2037 | 9,000,000 | 9,000,000 | |
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 1.61 | 11-1-2038 | 490,000 | 490,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3040 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.70 | 11-1-2052 | 3,100,000 | 3,100,000 | |
University of Colorado Hospital Authority Refunding Revenue Bonds Series 2018 C (Health revenue, TD Bank NA SPA) | 1.60 | 11-15-2039 | 2,000,000 | 2,000,000 | |
14,590,000 |
Interest rate | Maturity date | Principal | Value | ||
Connecticut: 0.27% | |||||
Variable rate demand notes ø: 0.27% | |||||
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.81% | 6-1-2037 | $2,600,000 | $ 2,600,000 | |
Connecticut State Housing Authority Various Subordinated Bond Series A-3 (Housing revenue, Bank of America NA SPA) | 1.61 | 5-15-2048 | 300,000 | 299,976 | |
2,899,976 | |||||
Delaware: 0.01% | |||||
Variable rate demand notes ø: 0.01% | |||||
University of Delaware Series 2005 (Education revenue, TD Bank NA SPA) | 1.20 | 11-1-2035 | 100,000 | 100,000 | |
District of Columbia: 1.12% | |||||
Other municipal debt : 0.66% | |||||
District of Columbia Income Tax Secured Revenue Bonds Series 2019A (Tax revenue) | 5.00 | 3-1-2023 | 7,000,000 | 7,015,175 | |
Variable rate demand notes ø: 0.46% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2784 (Housing revenue, FHA Insured) 144A | 1.69 | 9-1-2039 | 2,800,000 | 2,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2785 (Housing revenue, FHA Insured) 144A | 1.69 | 9-1-2039 | 2,070,000 | 2,070,000 | |
4,870,000 | |||||
Florida: 6.98% | |||||
Variable rate demand notes ø: 6.98% | |||||
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 1.66 | 11-15-2037 | 14,985,000 | 14,985,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series I5 (Health revenue) | 1.66 | 11-15-2035 | 6,165,000 | 6,165,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health revenue) | 1.60 | 11-15-2032 | 600,000 | 600,000 | |
Hillsborough County FL IDA BayCare Health System Series C (Health revenue, TD Bank NA LOC) | 1.60 | 11-1-2038 | 1,500,000 | 1,500,000 | |
Miami-Dade County FL IDA Revenue Various Refunding Florida Power & Light Company Project (Utilities revenue) | 1.35 | 5-1-2046 | 1,500,000 | 1,500,000 | |
Orange County FL Health Facilities Authority Nemours Foundation Project Series 2009C-1 (Health revenue, TD Bank NA LOC) | 1.60 | 1-1-2039 | 7,605,000 | 7,605,000 | |
Orange County FL Health Facilities Authority Revenue Bonds for The Nemours Foundation Project Series 2009B (Health revenue, Northern Trust Company LOC) | 1.60 | 1-1-2039 | 4,845,000 | 4,845,000 | |
Seminole County FL Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0444 (Tax revenue, NPFGC Insured, JPMorgan Chase & Company LIQ) 144A | 1.76 | 4-1-2027 | 5,250,000 | 5,250,000 | |
St. Lucie County FL Power & Light Company 2000 (Industrial development revenue) | 1.35 | 9-1-2028 | 1,685,000 | 1,685,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-TX1073 (Housing revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank plc LIQ) 144A | 1.69% | 7-1-2037 | $2,585,000 | $ 2,585,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health revenue) 144A | 1.71 | 8-15-2047 | 4,500,000 | 4,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2902 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.88 | 1-1-2046 | 2,230,000 | 2,230,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0868 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 1.81 | 2-15-2026 | 3,225,000 | 3,225,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1136 (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.70 | 7-1-2049 | 2,375,000 | 2,375,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3058 (Housing revenue, Mizuho Capital Markets LLC LOC) 144A | 1.88 | 8-1-2039 | 15,000,000 | 15,000,000 | |
74,050,000 | |||||
Georgia: 1.52% | |||||
Variable rate demand notes ø: 1.52% | |||||
DeKalb County GA Series 2006-B ROC RR-II-R-11900 (Water & sewer revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | 1.69 | 4-1-2023 | 2,500,000 | 2,500,000 | |
Roswell GA Housing Authority Refunding Bonds Belcourt Limited Project A (Housing revenue, Northern Trust Company LOC) | 1.89 | 9-1-2027 | 13,600,000 | 13,600,000 | |
16,100,000 | |||||
Illinois: 7.59% | |||||
Variable rate demand notes ø: 7.59% | |||||
Brookfield IL Revenue Adjusted Brookfield Zoo Project (Miscellaneous revenue, Northern Trust Company LOC) | 1.68 | 6-1-2038 | 2,845,000 | 2,845,000 | |
Illinois Educational Facilities Authority Aurora University (Education revenue, BMO Harris Bank NA LOC) | 1.67 | 3-1-2032 | 4,300,000 | 4,300,000 | |
Illinois Finance Authority Northshore Edward Elmhurst Health Credit Group Project Series 2022D (Health revenue, JPMorgan Chase & Company SPA) | 1.21 | 8-15-2057 | 11,155,000 | 11,155,000 | |
Illinois Finance Authority Revenue Various Refunding Bond Northwestern Memorial (Health revenue, Barclays Bank plc SPA) | 1.22 | 7-15-2055 | 7,000,000 | 7,000,000 | |
Illinois Housing Development Authority Social Bonds Series D (Housing revenue, GNMA / FNMA / FHLMC Insured, Bank of Montreal SPA) | 1.70 | 4-1-2045 | 10,000,000 | 10,000,000 | |
Lake County IL MFHR Various Whispering Oaks Apartments Project (Housing revenue, FHLMC LIQ) | 1.62 | 11-1-2045 | 250,000 | 249,976 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education revenue, BMO Harris Bank NA LOC) | 1.71 | 10-1-2035 | 4,400,000 | 4,400,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2202 (Transportation revenue, TD Bank NA LIQ) 144A | 1.71 | 1-1-2037 | 1,140,000 | 1,140,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0120 (Transportation revenue, Royal Bank of Canada LIQ) 144A | 1.72 | 7-1-2023 | 325,000 | 325,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2406 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.70% | 6-15-2031 | $7,055,000 | $ 7,055,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0722 (Tax revenue, Royal Bank of Canada LIQ) 144A | 1.80 | 7-1-2026 | 7,900,000 | 7,900,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Tax revenue, Bank of America NA LIQ) 144A | 1.80 | 1-1-2048 | 8,340,000 | 8,340,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0713 (Tax revenue) 144A | 1.78 | 1-1-2043 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 1.71 | 1-1-2048 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XG0434 (GO revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.69 | 1-1-2043 | 2,750,000 | 2,750,000 | |
80,459,976 | |||||
Indiana: 0.72% | |||||
Variable rate demand notes ø: 0.72% | |||||
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial development revenue, Sumitomo Mitsui Banking Corporation LOC) | 1.30 | 12-1-2039 | 3,000,000 | 3,000,000 | |
Indiana Finance Authority Various Refunding Bond Duke Energy Industry Project A-3 (Industrial development revenue, Mizuho Bank Limited LOC) | 1.75 | 12-1-2039 | 250,000 | 249,977 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF2990 (Education revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 1.74 | 9-1-2057 | 4,405,000 | 4,405,000 | |
7,654,977 | |||||
Iowa: 0.68% | |||||
Variable rate demand notes ø: 0.68% | |||||
Iowa Finance Authority Single Family Mortgage Series B (Housing revenue, GNMA / FNMA / FHLMC Insured, U.S. Bank NA SPA) | 1.65 | 7-1-2047 | 7,250,000 | 7,250,000 | |
Kansas: 0.17% | |||||
Variable rate demand notes ø: 0.17% | |||||
University of Kansas Hospital Authority Health System (Health revenue, U.S. Bank NA LOC) | 1.27 | 9-1-2034 | 1,780,000 | 1,780,000 | |
Louisiana: 1.15% | |||||
Variable rate demand notes ø: 1.15% | |||||
East Baton Rouge Parish LA Industrial Development Board ExxonMobil Project Gulf Series 2010A (Industrial development revenue) | 1.21 | 8-1-2035 | 9,000,000 | 9,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
East Baton Rouge Parish LA Industrial Development Board ExxonMobil Project Gulf Series 2011 (Industrial development revenue) | 1.21% | 12-1-2051 | $228,000 | $ 227,978 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0735 (Water & sewer revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 1.71 | 12-1-2045 | 3,000,000 | 3,000,000 | |
12,227,978 | |||||
Maryland: 0.28% | |||||
Variable rate demand notes ø: 0.28% | |||||
Montgomery County MD Housing Opportunities Commission Single Family Mortgage Revenue Various Series C (Housing revenue, PNC Bank NA LOC) | 1.65 | 1-1-2041 | 3,000,000 | 3,000,000 | |
Massachusetts: 0.77% | |||||
Variable rate demand notes ø: 0.77% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2692 (Education revenue, Citibank NA LIQ) 144A | 1.67 | 7-1-2025 | 4,190,000 | 4,190,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-ZL0339 (GO revenue) 144A | 1.69 | 10-1-2047 | 4,000,000 | 4,000,000 | |
8,190,000 | |||||
Michigan: 3.15% | |||||
Other municipal debt : 1.43% | |||||
University of Michigan Commercial Paper Series L-1 IAM 46 (Education revenue) | 3.10 | 4-6-2023 | 15,175,000 | 15,175,000 | |
Variable rate demand notes ø: 1.72% | |||||
Michigan Finance Authority Hospital Revenue Bonds Trinity Health Credit Group Series 2013 MI-1 (Health revenue) | 2.58 | 12-1-2034 | 11,500,000 | 11,500,000 | |
Michigan Housing Development Authority Series C (Housing revenue, U.S. Bank NA SPA) | 1.65 | 12-1-2035 | 1,900,000 | 1,900,000 | |
Michigan Housing Development Authority Series D (Housing revenue, TD Bank NA SPA) | 1.60 | 6-1-2030 | 4,870,000 | 4,870,000 | |
18,270,000 | |||||
Minnesota: 4.71% | |||||
Variable rate demand notes ø: 4.71% | |||||
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.74 | 10-15-2033 | 2,375,000 | 2,375,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.75 | 8-15-2038 | 4,075,000 | 4,075,000 | |
Minneapolis & St. Paul MN Allina Health System 2007 C-1 (Health revenue, Wells Fargo Bank NA LOC) | 1.63 | 11-15-2034 | 420,000 | 420,000 | |
Oak Park Heights MN Boutwells Landing Project Series 2005 (Housing revenue, FHLMC LIQ) | 1.65 | 11-1-2035 | 9,100,000 | 9,100,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LOC, FNMA LIQ) | 1.74 | 9-15-2031 | 1,665,000 | 1,665,000 | |
Rochester MN HCFR Mayo Clinic (Health revenue) | 1.66 | 11-15-2047 | 5,800,000 | 5,800,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Rochester MN HCFR Mayo Clinic Series B (Health revenue, Northern Trust Company SPA) | 1.65% | 11-15-2038 | $4,000,000 | $ 4,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3050 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.88 | 2-1-2039 | 22,500,000 | 22,500,000 | |
49,935,000 | |||||
Mississippi: 1.06% | |||||
Variable rate demand notes ø: 1.06% | |||||
Mississippi Business Finance Corporation Gulf Opportunity Zone Chevron USA Incorporated Project Series 2011-F (Industrial development revenue) | 1.21 | 11-1-2035 | 6,200,000 | 6,200,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF5026 (Health revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 1.55 | 8-15-2029 | 5,000,000 | 5,000,000 | |
11,200,000 | |||||
Montana: 0.24% | |||||
Variable rate demand notes ø: 0.24% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 6-1-2034 | 2,515,000 | 2,515,000 | |
Nebraska: 1.49% | |||||
Variable rate demand notes ø: 1.49% | |||||
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing revenue, Northern Trust Company LOC) | 4.10 | 9-1-2031 | 11,100,000 | 11,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XX1253 (Utilities revenue, Barclays Bank plc LIQ) 144A | 1.69 | 2-1-2052 | 4,670,000 | 4,670,000 | |
15,770,000 | |||||
Nevada: 0.31% | |||||
Variable rate demand notes ø: 0.31% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZM0634 (GO revenue, Royal Bank of Canada LIQ) 144A | 1.69 | 12-1-2025 | 3,330,000 | 3,330,000 | |
New Hampshire: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
New Hampshire HEFA Kendal at Hanover Project Series B (Health revenue, TD Bank NA LOC) | 1.66 | 10-1-2030 | 3,595,000 | 3,595,000 | |
New Jersey: 0.52% | |||||
Variable rate demand notes ø: 0.52% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (Miscellaneous revenue, BHAC / NPFGC Insured, Bank of America NA LIQ) 144A | 1.70 | 9-11-2025 | 5,500,000 | 5,500,000 |
Interest rate | Maturity date | Principal | Value | ||
New York: 11.25% | |||||
Other municipal debt : 0.48% | |||||
Cheektowaga NY Central School District Erie County GO Bond 2022 (GO revenue) | 5.00% | 6-27-2023 | $5,000,000 | $ 5,033,475 | |
Variable rate demand notes ø: 10.77% | |||||
New York City NY Municipal Finance Authority Subseries F-2 (Water & sewer revenue, Citibank NA LOC) | 1.20 | 6-15-2035 | 16,705,000 | 16,705,000 | |
New York Metropolitan Transportation Authority Dedicated Tax Fund Subseries 2008A-2A (Tax revenue, TD Bank NA LOC) | 1.15 | 11-1-2026 | 11,000,000 | 11,000,000 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 2.00 | 11-15-2041 | 200,000 | 200,000 | |
New York NY American Museum of Natural History Commercial Paper Series 2014 B2 (Miscellaneous revenue, SIFMA Municipal Swap +0.05%) ± | 1.91 | 4-1-2044 | 8,200,000 | 8,200,000 | |
New York NY GO Fiscal 2015 Series F Subseries F6 (GO revenue, JPMorgan Chase & Company SPA) | 1.25 | 6-1-2044 | 10,000,000 | 10,000,000 | |
New York NY GO Fiscal 2017 Series Subseries A-6 (GO revenue, JPMorgan Chase & Company SPA) | 1.27 | 8-1-2044 | 3,190,000 | 3,190,000 | |
New York NY GO Fiscal 2023 Series A Subseries A-3 (GO revenue, Bank of Montreal SPA) | 1.15 | 9-1-2049 | 15,000,000 | 15,000,000 | |
New York NY Mortgage Agency Homeowner Revenue Social Bonds Series 247 (Housing revenue, TD Bank NA SPA) | 1.60 | 10-1-2052 | 3,000,000 | 3,000,000 | |
New York NY Subordinated Bond (Health revenue, TD Bank NA LOC) | 1.70 | 2-15-2031 | 1,200,000 | 1,200,000 | |
New York NY Variable GO Series 2006 E-4 (GO revenue, Bank of America NA LOC) | 1.62 | 8-1-2034 | 1,400,000 | 1,400,000 | |
New York Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 1.26 | 8-1-2043 | 2,100,000 | 2,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2556 (Tax revenue, TD Bank NA LIQ) 144A | 1.69 | 9-15-2025 | 5,600,000 | 5,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF1420 (Tax revenue, Bank of America NA LIQ) 144A | 1.69 | 11-1-2046 | 4,800,000 | 4,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF1442 (Water & sewer revenue, TD Bank NA LIQ) 144A | 1.69 | 9-15-2052 | 3,560,000 | 3,560,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF1450 Green Bond (Tax revenue, TD Bank NA LIQ) 144A | 1.69 | 3-15-2054 | 4,790,000 | 4,790,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series UA-7000 (Tax revenue) 144A | 2.06 | 12-28-2052 | 23,500,000 | 23,500,000 | |
114,245,000 | |||||
North Carolina: 2.67% | |||||
Variable rate demand notes ø: 2.67% | |||||
Charlotte NC Mecklenburg Hospital Authority Atrium Health Healthcare Series 2021-E (Health revenue, Royal Bank of Canada LOC) | 1.27 | 1-15-2042 | 10,885,000 | 10,885,000 | |
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0170 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 1.69 | 1-1-2026 | 2,430,000 | 2,430,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Series G (Health revenue, JPMorgan Chase & Company SPA) | 1.20% | 1-15-2048 | $9,000,000 | $ 9,000,000 | |
Sanford NC Housing Authority MFHR Bonds Matthews Garden Gilmore Series 2020 (Housing revenue, Department of Housing and Urban Development Insured) | 3.35 | 10-1-2023 | 6,000,000 | 6,000,000 | |
28,315,000 | |||||
Ohio: 5.97% | |||||
Other municipal debt : 0.71% | |||||
Carey OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Utilities revenue) | 5.25 | 11-29-2023 | 1,110,000 | 1,120,244 | |
Celina OH American Municipal Power Incorporated Electric System Improvement Series 2023 (Utilities revenue) | 4.38 | 1-23-2024 | 595,000 | 598,771 | |
Holiday City OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Utilities revenue) | 3.00 | 4-27-2023 | 730,000 | 731,434 | |
Jackson Center OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Miscellaneous revenue) | 3.00 | 8-10-2023 | 765,000 | 766,769 | |
Lakewood OH Various Purpose Income Tax Revenue Notes Series 2022 (Tax revenue) | 1.75 | 3-16-2023 | 2,500,000 | 2,501,952 | |
Monroeville OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Utilities revenue) | 3.00 | 4-20-2023 | 470,000 | 470,847 | |
Pioneer OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Utilities revenue) | 5.00 | 11-30-2023 | 1,005,000 | 1,013,505 | |
Sycamore OH American Municipal Power Incorporated Electric System Improvement Series 2022 (Utilities revenue) | 4.25 | 10-27-2023 | 350,000 | 350,938 | |
7,554,460 | |||||
Variable rate demand notes ø: 5.26% | |||||
Allen County OH Catholic Healthcare Series C (Health revenue, Bank of Montreal LOC) | 1.16 | 6-1-2034 | 11,360,000 | 11,360,000 | |
Franklin County OH Trinity Health Group (Health revenue) | 3.30 | 12-1-2046 | 10,750,000 | 10,750,000 | |
Mizuho Floater/Residual Trust Series 2020-MIZ9020 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.76 | 5-1-2039 | 3,870,000 | 3,870,000 | |
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous revenue) | 1.41 | 10-1-2036 | 10,300,000 | 10,300,000 | |
Royal Bank of Canada Municipal Products Incorporated Trust Series 1 (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.70 | 1-15-2037 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2438 (Education revenue, JPMorgan Chase & Company LIQ) 144A | 1.69 | 12-1-2024 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0074 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 1.81 | 2-1-2029 | 7,070,000 | 7,070,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 12-15-2040 | 2,370,000 | 2,370,000 | |
55,720,000 |
Interest rate | Maturity date | Principal | Value | ||
Oregon: 0.07% | |||||
Variable rate demand notes ø: 0.07% | |||||
Oregon Housing & Community Services Department Mortgage Revenue Various Single Family Mortgage Program (Housing revenue, Sumitomo Mitsui Banking Corporation LOC) | 1.64% | 7-1-2037 | $ 725,000 | $ 725,000 | |
Pennsylvania: 2.65% | |||||
Variable rate demand notes ø: 2.65% | |||||
Delaware Valley PA Regional Finance Authority Local Government Series D (Miscellaneous revenue, TD Bank NA LOC) | 1.60 | 11-1-2055 | 6,000,000 | 6,000,000 | |
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 11-1-2034 | 1,444,287 | 1,444,287 | |
Lehigh County PA General Purpose Authority Hospital Revenue Various Lehigh Valley Health Network (Health revenue, Bank of America NA LOC) | 1.64 | 7-1-2049 | 575,000 | 574,945 | |
Pennsylvania EDFA Exempt Facilities Refunding Bond Energy Supply LLC (Utilities revenue, MUFG Bank Limited LOC) | 2.90 | 12-1-2038 | 5,000,000 | 5,000,000 | |
Pennsylvania Public School Building Authority Series A (Miscellaneous revenue, AGM Insured, Citibank NA LIQ) 144A | 1.74 | 12-1-2023 | 5,000,000 | 5,000,000 | |
South Central Pennsylvania General Authority Revenue Bonds Series 2019-C, D & E (Health revenue, Bank of America NA LIQ) | 1.08 | 6-1-2037 | 2,000,000 | 2,000,000 | |
South Central Pennsylvania General Authority WellSpan Health Obligated Group Series 2019E (Health revenue, U.S. Bank NA SPA) | 1.22 | 6-1-2035 | 300,000 | 300,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0081 (Health revenue) 144A | 1.69 | 6-1-2044 | 3,500,000 | 3,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-SM0860 (GO revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | 1.69 | 9-1-2027 | 4,275,000 | 4,275,000 | |
28,094,232 | |||||
South Carolina: 3.17% | |||||
Variable rate demand notes ø: 3.17% | |||||
Columbia SC Waterworks Series 2009 (Water & sewer revenue, Sumitomo Mitsui Banking Corporation LOC) | 1.66 | 2-1-2038 | 1,755,000 | 1,755,000 | |
South Carolina EDA Brashier Charter LLC Project (Education revenue, Truist Bank LOC) | 1.69 | 12-1-2038 | 1,795,000 | 1,795,000 | |
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education revenue, Truist Bank LOC) | 1.74 | 8-1-2025 | 1,150,000 | 1,150,000 | |
South Carolina Public Service Authority Series A (Utilities revenue, Bank of America NA LOC) | 1.75 | 1-1-2036 | 15,900,000 | 15,900,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3075 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.88 | 6-1-2028 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF3079 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.91 | 7-1-2028 | 5,000,000 | 5,000,000 | |
33,600,000 |
Interest rate | Maturity date | Principal | Value | ||
Tennessee: 1.29% | |||||
Variable rate demand notes ø: 1.29% | |||||
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health revenue, AGM Insured, U.S. Bank NA SPA) | 1.22% | 6-1-2042 | $ 2,000,000 | $ 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF1421 (Education revenue, Bank of America NA LIQ) 144A | 1.69 | 11-1-2052 | 6,700,000 | 6,700,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-BAML5024 (Health revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 1.55 | 9-1-2036 | 5,000,000 | 5,000,000 | |
13,700,000 | |||||
Texas: 12.29% | |||||
Other municipal debt : 3.12% | |||||
Harris County TX Cultural Education Facilities Finance Corporation IAM 1 (Education revenue) | 1.30 | 2-1-2023 | 15,000,000 | 15,000,000 | |
Harris County TX Disaster Recovery Commercial Paper IAM 32 (Miscellaneous revenue) | 2.95 | 2-14-2023 | 5,075,000 | 5,075,000 | |
San Antonio TX Electric and Gas Commercial Paper Series A (Miscellaneous revenue) | 3.25 | 7-13-2023 | 13,000,000 | 13,000,000 | |
33,075,000 | |||||
Variable rate demand notes ø: 9.17% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Texas Children's Hospital Series 2021C (Health revenue, Bank of America NA SPA) | 1.20 | 10-1-2041 | 10,000,000 | 10,000,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial development revenue) | 1.89 | 6-1-2041 | 15,000,000 | 15,000,000 | |
Tarrant County TX Cultural Education Facilities Finance Corporation Methodist Hospitals of Dallas Project Revenue Bonds Series 2008B (Health revenue, TD Bank NA LOC) | 1.28 | 10-1-2041 | 3,000,000 | 3,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0228 (Transportation revenue, TD Bank NA LIQ) 144A | 1.81 | 11-1-2044 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZM0623 (Miscellaneous revenue, Royal Bank of Canada LIQ) 144A | 1.72 | 12-15-2023 | 7,500,000 | 7,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021 MS0002 (Education revenue, Morgan Stanley Bank LIQ) 144A | 1.96 | 6-15-2056 | 29,000,000 | 29,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2022-XF3037 (GO revenue, Barclays Bank plc LIQ) 144A | 1.68 | 8-15-2052 | 3,040,000 | 3,040,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XF1448 (GO revenue, Bank of America NA LIQ) 144A | 1.69 | 2-15-2052 | 2,050,000 | 2,050,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2023-XM1098 (Water & sewer revenue, JPMorgan Chase & Company LIQ) 144A | 1.30 | 5-15-2030 | 11,750,000 | 11,750,000 | |
Texas Transportation Commission State Highway Fund First Tier Series 2014-B (Tax revenue, Sumitomo Mitsui Banking Corporation LIQ) | 1.67 | 4-1-2032 | 7,900,000 | 7,900,000 | |
97,240,000 |
Interest rate | Maturity date | Principal | Value | ||
Utah: 1.71% | |||||
Variable rate demand notes ø: 1.71% | |||||
Murray City UT Hospital Revenue Bonds Health Services Incorporated Series 2003 B (Health revenue) | 1.58% | 5-15-2036 | $ 3,800,000 | $ 3,800,000 | |
RBC Municipal Products Incorporated Trust Series E-152 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 1.69 | 9-1-2023 | 11,350,000 | 11,350,000 | |
Utah Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0171 (Health revenue, Royal Bank of Canada LIQ) 144A | 1.70 | 5-15-2047 | 3,000,000 | 3,000,000 | |
18,150,000 | |||||
Vermont: 0.19% | |||||
Variable rate demand notes ø: 0.19% | |||||
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education revenue, TD Bank NA LOC) | 1.31 | 7-1-2033 | 2,050,000 | 2,050,000 | |
Virginia: 0.28% | |||||
Variable rate demand notes ø: 0.28% | |||||
FHLB MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 1.79 | 12-15-2045 | 980,000 | 980,000 | |
Mizuho Floater/Residual Trust Tender Option Bond Series 2020- MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.07 | 11-1-2035 | 1,935,000 | 1,935,000 | |
2,915,000 | |||||
Wisconsin: 2.95% | |||||
Variable rate demand notes ø: 2.95% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2831 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 7-1-2029 | 1,800,000 | 1,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2869 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.88 | 11-1-2025 | 8,300,000 | 8,300,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-XF1241 (Miscellaneous revenue, JPMorgan Chase & Company LIQ) 144A | 1.91 | 6-1-2027 | 9,708,000 | 9,708,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 1.86 | 12-15-2040 | 1,915,000 | 1,915,000 | |
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (Housing revenue, JPMorgan Chase & Company LOC) | 1.65 | 8-15-2034 | 4,000,000 | 4,000,000 | |
Wisconsin Housing & EDA Series B (Housing revenue, FHLB SPA) | 1.68 | 5-1-2055 | 5,510,000 | 5,510,000 | |
31,233,000 | |||||
Total Municipal obligations (Cost $984,842,878) | 984,842,878 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 6.13% | |||||
Citigroup Global Markets Incorporated, dated 1-31-2023, maturity value $65,007,764 | 4.30% | 2-1-2023 | $ 65,000,000 | $ 65,000,000 | |
Total Repurchase agreements (Cost $65,000,000) | 65,000,000 | ||||
Total investments in securities (Cost $1,064,842,878) | 100.42% | 1,064,842,878 | |||
Other assets and liabilities, net | (0.42) | (4,444,140) | |||
Total net assets | 100.00% | $1,060,398,738 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 1.13% to 1.88%, 7-15-2026 to 10-15-2026, fair value including accrued interest is $66,300,021. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Company |
BHAC | Berkshire Hathaway Assurance Corporation |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 1,064,842,878 |
Cash | 16,766,671 |
Receivable for Fund shares sold | 6,158,827 |
Receivable for interest | 3,693,544 |
Receivable for investments sold | 1,500,000 |
Prepaid expenses and other assets | 109,251 |
Total assets | 1,093,071,171 |
Liabilities | |
Payable for investments purchased | 27,102,174 |
Payable for Fund shares redeemed | 5,139,859 |
Dividends payable | 121,701 |
Management fee payable | 88,283 |
Administration fees payable | 86,058 |
Trustees’ fees and expenses payable | 3,859 |
Accrued expenses and other liabilities | 130,499 |
Total liabilities | 32,672,433 |
Total net assets | $1,060,398,738 |
Net assets consist of | |
Paid-in capital | $ 1,060,441,640 |
Total distributable loss | (42,902) |
Total net assets | $1,060,398,738 |
Computation of net asset value per share | |
Net assets – Class A | $ 81,105,656 |
Shares outstanding – Class A1 | 81,097,564 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 96,005,631 |
Shares outstanding – Administrator Class1 | 95,996,185 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Premier Class | $ 814,588,166 |
Shares outstanding – Premier Class1 | 814,508,942 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 68,699,285 |
Shares outstanding – Service Class1 | 68,692,513 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 12,261,890 |
Expenses | |
Management fee | 1,162,705 |
Administration fees | |
Class A | 180,377 |
Administrator Class | 100,484 |
Premier Class | 421,310 |
Service Class | 79,231 |
Shareholder servicing fees | |
Class A | 204,974 |
Administrator Class | 100,484 |
Service Class | 165,065 |
Custody and accounting fees | 49,533 |
Professional fees | 51,133 |
Registration fees | 70,822 |
Shareholder report expenses | 26,372 |
Trustees’ fees and expenses | 21,352 |
Other fees and expenses | 19,759 |
Total expenses | 2,653,601 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (385,597) |
Class A | (67,517) |
Administrator Class | (49,361) |
Premier Class | (62,153) |
Service Class | (58,280) |
Net expenses | 2,030,693 |
Net investment income | 10,231,197 |
Net realized gains on investments | 12,276 |
Net increase in net assets resulting from operations | $10,243,473 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 10,231,197 | $ 84,890 | ||
Net realized gains on investments | 12,276 | 118,683 | ||
Net increase in net assets resulting from operations | 10,243,473 | 203,573 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (798,869) | (21,610) | ||
Administrator Class | (1,212,244) | (25,998) | ||
Premier Class | (7,494,148) | (138,801) | ||
Service Class | (725,136) | (16,045) | ||
Total distributions to shareholders | (10,230,397) | (202,454) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 34,574,722 | 34,574,722 | 19,081,495 | 19,081,495 |
Administrator Class | 40,036,417 | 40,036,417 | 82,252,702 | 82,252,702 |
Premier Class | 1,120,340,157 | 1,120,340,157 | 239,015,930 | 239,015,930 |
Service Class | 7,338,355 | 7,338,355 | 4,336,224 | 4,336,224 |
1,202,289,651 | 344,686,351 | |||
Reinvestment of distributions | ||||
Class A | 777,346 | 777,346 | 20,678 | 20,678 |
Administrator Class | 1,199,864 | 1,199,864 | 25,556 | 25,556 |
Premier Class | 7,102,128 | 7,102,128 | 83,214 | 83,214 |
Service Class | 172,679 | 172,679 | 3,828 | 3,828 |
9,252,017 | 133,276 | |||
Payment for shares redeemed | ||||
Class A | (38,777,151) | (38,777,151) | (35,489,215) | (35,489,215) |
Administrator Class | (53,384,885) | (53,384,885) | (59,613,625) | (59,613,625) |
Premier Class | (872,135,804) | (872,135,804) | (311,871,568) | (311,871,568) |
Service Class | (4,484,446) | (4,484,446) | (2,850,800) | (2,850,800) |
(968,782,286) | (409,825,208) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 242,759,382 | (65,005,581) | ||
Total increase (decrease) in net assets | 242,772,458 | (65,004,462) | ||
Net assets | ||||
Beginning of period | 817,626,280 | 882,630,742 | ||
End of period | $1,060,398,738 | $ 817,626,280 |
Year ended January 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.99% | 0.02% | 0.27% | 0.93% | 0.89% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.65% | 0.66% | 0.64% | 0.66% | 0.66% |
Net expenses | 0.52% * | 0.12% * | 0.33% * | 0.60% | 0.61% |
Net investment income | 0.97% | 0.01% | 0.25% | 0.92% | 0.88% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $81,106 | $84,532 | $100,920 | $95,632 | $101,680 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.08% |
Year ended January 31, 2022 | 0.48% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.23% | 0.02% | 0.35% | 1.23% | 1.21% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.38% | 0.38% | 0.37% | 0.39% | 0.39% |
Net expenses | 0.28% * | 0.11% * | 0.25% * | 0.30% | 0.30% |
Net investment income | 1.21% | 0.01% | 0.34% | 1.22% | 1.21% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $96,006 | $108,157 | $85,489 | $107,457 | $131,395 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.02% |
Year ended January 31, 2022 | 0.19% |
Year ended January 31, 2021 | 0.04% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Premier Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.31% | 0.02% | 0.40% | 1.33% | 1.31% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.26% | 0.27% | 0.25% | 0.27% | 0.27% |
Net expenses | 0.20% | 0.12% 2 | 0.20% | 0.20% | 0.20% |
Net investment income | 1.42% | 0.01% | 0.38% | 1.28% | 1.31% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $814,588 | $559,264 | $632,040 | $847,871 | $593,961 |
1 | Amount is less than $0.005. |
2 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08 % higher. |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.01 | 0.00 1 | 0.00 1 | 0.01 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.01) | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.09% | 0.02% | 0.30% | 1.08% | 1.06% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.55% | 0.56% | 0.54% | 0.56% | 0.56% |
Net expenses | 0.42% * | 0.12% * | 0.29% * | 0.45% | 0.45% |
Net investment income | 1.10% | 0.01% | 0.28% | 1.06% | 1.05% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $68,699 | $65,673 | $64,183 | $64,802 | $65,682 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.03% |
Year ended January 31, 2022 | 0.33% |
Year ended January 31, 2021 | 0.15% |
1 | Amount is less than $0.005. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $ 15,000,000 | $0 | $ 15,000,000 |
Municipal obligations | 0 | 984,842,878 | 0 | 984,842,878 |
Repurchase agreements | 0 | 65,000,000 | 0 | 65,000,000 |
Total assets | $0 | $1,064,842,878 | $0 | $1,064,842,878 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Premier Class | 0.20 |
Service Class | 0.45 |
Year ended January 31 | ||
2023 | 2022 | |
Ordinary income | $1,815,237 | $ 127,978 |
Tax-exempt income | 8,400,537 | 74,476 |
Long-term capital gain | 14,623 | 0 |
Undistributed tax-exempt income | Undistributed long-term gain |
$128,466 | $3,087 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267imgd9254c0e6.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/0001193125-23-092239/g460267img112681581.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g460267img773786797.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0452 01-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img4f47c11c1.jpg)
■ | Allspring Treasury Plus Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img6fab7c912.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img9a609a1e3.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of January 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (PIVXX) | 7-28-2003 | 1.51 | 0.91 | 0.50 | 0.61 | 0.60 |
Administrator Class (WTPXX) | 3-31-2008 | 1.71 | 1.07 | 0.61 | 0.34 | 0.34 |
Institutional Class (PISXX) | 8-11-1995 | 1.84 | 1.16 | 0.68 | 0.22 | 0.20 |
Select Class (WTLXX)3 | 3-15-2019 | 1.89 | 1.18 | 0.69 | 0.18 | 0.14 |
Service Class (PRVXX) | 10-1-1985 | 1.62 | 1.00 | 0.56 | 0.51 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Select Class shares would be higher. |
Yield summary (%) as of January 31, 2023 | |||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 3.75 | 4.01 | 4.15 | 4.21 | 3.90 |
7-day compound yield | 3.82 | 4.09 | 4.23 | 4.30 | 3.97 |
30-day simple yield | 3.73 | 3.99 | 4.13 | 4.19 | 3.88 |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of January 31, 2023 | |||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
30-day compound yield | 3.80 | 4.07 | 4.21 | 4.27 | 3.95 |
1 | The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.73%, 4.00%, 4.12%, 4.16% and 3.83% for Class A, Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
Portfolio composition as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img1eb752cb4.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of January 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img1a6a36ed5.jpg)
1 | Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified. |
* | The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services. You cannot invest directly in an index. |
Weighted average maturity as of January 31, 20231 |
6 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of January 31, 20231 |
48 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 8-1-2022 | Ending account value 1-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.63 | $3.05 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Administrator Class | ||||
Actual | $1,000.00 | $1,014.96 | $1.73 | 0.34% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.49 | $1.73 | 0.34% |
Institutional Class | ||||
Actual | $1,000.00 | $1,015.67 | $1.02 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Select Class | ||||
Actual | $1,000.00 | $1,015.98 | $0.71 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Service Class | ||||
Actual | $1,000.00 | $1,014.40 | $2.28 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45% |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 83.25% | |||||
Bank of Montreal, dated 1/31/2023, maturity value $100,011,806 (01) | 4.25% | 2-1-2023 | $ 100,000,000 | $ 100,000,000 | |
Bank of New York Mellon Corporation, dated 1/31/2023, maturity value $1,000,119,444 (02) | 4.30 | 2-1-2023 | 1,000,000,000 | 1,000,000,000 | |
Barclays Bank plc, dated 1/31/2023, maturity value $2,964,354,033 (03) | 4.30 | 2-1-2023 | 2,964,000,000 | 2,964,000,000 | |
Citigroup Global Markets Incorporated, dated 1/31/2023, maturity value $83,509,974 (04) | 4.30 | 2-1-2023 | 83,500,000 | 83,500,000 | |
Citigroup Global Markets Incorporated, dated 1/31/2023, maturity value $250,059,722 (05) | 4.30 | 2-2-2023 | 250,000,000 | 250,000,000 | |
Federal Reserve Bank of New York, dated 1/31/2023, maturity value $11,501,373,611 (06) | 4.30 | 2-1-2023 | 11,500,000,000 | 11,500,000,000 | |
Fixed Income Clearing Corporation, dated 1/31/2023, maturity value $1,000,119,444 (07) | 4.30 | 2-1-2023 | 1,000,000,000 | 1,000,000,000 | |
ING Financial Markets LLC, dated 1/31/2023, maturity value $250,029,861 (08) | 4.30 | 2-1-2023 | 250,000,000 | 250,000,000 | |
MUFG Securities Canada Limited, dated 1/31/2023, maturity value $625,074,653 (09) | 4.30 | 2-1-2023 | 625,000,000 | 625,000,000 | |
RBS Securities Incorporated, dated 1/31/2023, maturity value $400,047,778 (10) | 4.30 | 2-1-2023 | 400,000,000 | 400,000,000 | |
Standard Chartered Bank, dated 1/31/2023, maturity value $100,011,944 (11) | 4.30 | 2-1-2023 | 100,000,000 | 100,000,000 | |
Total Repurchase agreements (Cost $18,272,500,000) | 18,272,500,000 | ||||
U.S. Treasury securities: 16.97% | |||||
U.S. Treasury Bill ☼ | 4.69 | 5-23-2023 | 420,000,000 | 414,014,482 | |
U.S. Treasury Note | 0.13 | 2-28-2023 | 20,000,000 | 19,982,984 | |
U.S. Treasury Note | 0.13 | 4-30-2023 | 205,000,000 | 204,012,602 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 160,000,000 | 159,033,844 | |
U.S. Treasury Note | 0.13 | 6-30-2023 | 30,000,000 | 29,755,370 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 110,000,000 | 109,575,974 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 30,000,000 | 29,997,563 | |
U.S. Treasury Note | 1.38 | 6-30-2023 | 20,000,000 | 19,916,504 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 80,000,000 | 79,911,330 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 15,000,000 | 15,020,353 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 30,000,000 | 30,020,119 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.08%) ± | 4.55 | 4-30-2024 | 360,000,000 | 359,725,514 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ± | 4.61 | 1-31-2024 | 290,000,000 | 290,112,206 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 4-30-2023 | 640,000,000 | 640,004,299 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 4.66 | 7-31-2023 | 455,000,000 | 455,004,570 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.66 | 10-31-2023 | 140,000,000 | 140,000,943 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 4.67 | 7-31-2024 | 130,000,000 | 129,999,955 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ± | 4.77% | 10-31-2024 | $300,000,000 | $ 299,489,712 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.20%) ± | 4.83 | 1-31-2025 | 300,000,000 | 300,000,000 | |
Total U.S. Treasury securities (Cost $3,725,578,324) | 3,725,578,324 | ||||
Total investments in securities (Cost $21,998,078,324) | 100.22% | 21,998,078,324 | |||
Other assets and liabilities, net | (0.22) | (48,482,681) | |||
Total net assets | 100.00% | $21,949,595,643 |
^^ | Collateralized by: |
(01) U.S. government securities, 0.13% to 4.25%, 4-15-2023 to 1-15-2033, fair value including accrued interest is $102,000,033. | |
(02) U.S. government securities, 1.13% to 1.75%, 1-15-2028 to 2-15-2031, fair value including accrued interest is $1,020,000,070. | |
(03) U.S. government securities, 0.00% to 6.25%, 2-16-2023 to 2-15-2052, fair value including accrued interest is $3,023,280,034. | |
(04) U.S. government securities, 1.13% to 1.88%, 7-15-2026 to 10-15-2026, fair value including accrued interest is $85,170,027. | |
(05) U.S. government securities, 1.38% to 4.75%, 8-15-2032 to 2-15-2041, fair value including accrued interest is $255,000,061. | |
(06) U.S. government securities, 0.88% to 4.75%, 5-15-2023 to 2-15-2041, fair value including accrued interest is $11,501,373,614. | |
(07) U.S. government securities, 0.00% to 5.38%, 3-1-2023 to 11-15-2041, fair value including accrued interest is $1,020,000,073. | |
(08) U.S. government securities, 0.00% to 4.50%, 3-21-2023 to 2-15-2050, fair value including accrued interest is $255,000,082. | |
(09) U.S. government securities, 0.38% to 4.63%, 12-31-2023 to 11-15-2051, fair value including accrued interest is $637,500,000. | |
(10) U.S. government securities, 0.00% to 4.25%, 2-15-2023 to 8-15-2052, fair value including accrued interest is $408,000,076. | |
(11) U.S. government securities, 1.25% to 4.38%, 10-31-2024 to 11-15-2046, fair value including accrued interest is $102,000,024. | |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 3,725,578,324 |
Investments in repurchase agreements, at amortized cost | 18,272,500,000 |
Cash | 50,988 |
Receivable for Fund shares sold | 5,500,541 |
Receivable for interest | 3,853,764 |
Prepaid expenses and other assets | 995,891 |
Total assets | 22,008,479,508 |
Liabilities | |
Dividends payable | 46,660,904 |
Payable for Fund shares redeemed | 7,574,517 |
Management fee payable | 2,006,212 |
Administration fees payable | 1,604,731 |
Trustees’ fees and expenses payable | 2,413 |
Accrued expenses and other liabilities | 1,035,088 |
Total liabilities | 58,883,865 |
Total net assets | $21,949,595,643 |
Net assets consist of | |
Paid-in capital | $ 21,949,808,406 |
Total distributable loss | (212,763) |
Total net assets | $21,949,595,643 |
Computation of net asset value per share | |
Net assets – Class A | $ 1,469,727,103 |
Shares outstanding – Class A1 | 1,469,578,594 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 26,769,996 |
Shares outstanding – Administrator Class1 | 26,767,745 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 13,471,949,275 |
Shares outstanding – Institutional Class1 | 13,470,810,557 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 5,565,460,783 |
Shares outstanding – Select Class1 | 5,564,966,753 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,415,688,486 |
Shares outstanding – Service Class1 | 1,415,566,159 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 431,426,623 |
Expenses | |
Management fee | 29,138,261 |
Administration fees | |
Class A | 4,235,262 |
Administrator Class | 40,191 |
Institutional Class | 11,043,451 |
Select Class | 1,695,418 |
Service Class | 1,802,927 |
Shareholder servicing fees | |
Class A | 4,812,798 |
Administrator Class | 40,191 |
Service Class | 3,756,098 |
Custody and accounting fees | 1,175,975 |
Professional fees | 78,163 |
Registration fees | 528,556 |
Shareholder report expenses | 45,727 |
Trustees’ fees and expenses | 21,353 |
Other fees and expenses | 392,511 |
Total expenses | 58,806,882 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,104,010) |
Class A | (2,088,358) |
Administrator Class | (30,263) |
Institutional Class | (3,616,224) |
Select Class | (1,641,179) |
Service Class | (1,656,196) |
Net expenses | 47,670,652 |
Net investment income | 383,755,971 |
Net realized gains on investments | 65,128 |
Net increase in net assets resulting from operations | $383,821,099 |
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Operations | ||||
Net investment income | $ 383,755,971 | $ 2,331,198 | ||
Net realized gains on investments | 65,128 | 78,655 | ||
Net increase in net assets resulting from operations | 383,821,099 | 2,409,853 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (25,565,870) | (214,632) | ||
Administrator Class | (440,511) | (9,840) | ||
Institutional Class | (254,685,515) | (1,626,052) | ||
Select Class | (79,109,378) | (469,032) | ||
Service Class | (23,980,373) | (153,404) | ||
Total distributions to shareholders | (383,781,647) | (2,472,960) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 17,653,453,173 | 17,653,453,173 | 17,292,778,758 | 17,292,778,758 |
Administrator Class | 67,085,431 | 67,085,431 | 301,493,085 | 301,493,085 |
Institutional Class | 77,346,516,193 | 77,346,516,193 | 78,183,860,257 | 78,183,860,257 |
Select Class | 118,255,756,477 | 118,255,756,477 | 158,221,246,956 | 158,221,246,956 |
Service Class | 15,792,269,840 | 15,792,269,840 | 8,837,003,941 | 8,837,003,941 |
229,115,081,114 | 262,836,382,997 | |||
Reinvestment of distributions | ||||
Class A | 7,430,854 | 7,430,854 | 102,289 | 102,289 |
Administrator Class | 440,411 | 440,411 | 9,834 | 9,834 |
Institutional Class | 72,488,135 | 72,488,135 | 513,020 | 513,020 |
Select Class | 48,607,896 | 48,607,896 | 321,522 | 321,522 |
Service Class | 5,927,465 | 5,927,465 | 31,358 | 31,358 |
134,894,761 | 978,023 | |||
Payment for shares redeemed | ||||
Class A | (18,612,631,923) | (18,612,631,923) | (16,408,606,695) | (16,408,606,695) |
Administrator Class | (158,305,822) | (158,305,822) | (327,688,424) | (327,688,424) |
Institutional Class | (78,931,733,518) | (78,931,733,518) | (79,078,616,429) | (79,078,616,429) |
Select Class | (117,099,644,309) | (117,099,644,309) | (156,979,444,837) | (156,979,444,837) |
Service Class | (15,789,038,356) | (15,789,038,356) | (8,846,695,273) | (8,846,695,273) |
(230,591,353,928) | (261,641,051,658) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (1,341,378,053) | 1,196,309,362 | ||
Total increase (decrease) in net assets | (1,341,338,601) | 1,196,246,255 | ||
Net assets | ||||
Beginning of period | 23,290,934,244 | 22,094,687,989 | ||
End of period | $ 21,949,595,643 | $ 23,290,934,244 |
Year ended January 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Net realized gains (losses) on investments | 0.01 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net realized gains | (0.00) 1 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.51% | 0.01% | 0.12% | 1.56% | 1.37% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.62% | 0.61% | 0.61% | 0.61% | 0.61% |
Net expenses | 0.50% * | 0.06% * | 0.25% * | 0.60% | 0.60% |
Net investment income | 1.33% | 0.01% | 0.11% | 1.53% | 1.36% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,469,727 | $2,421,542 | $1,537,192 | $1,379,059 | $1,202,749 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.10% |
Year ended January 31, 2022 | 0.54% |
Year ended January 31, 2021 | 0.35% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.71% | 0.01% | 0.16% | 1.83% | 1.63% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.35% | 0.34% | 0.34% | 0.34% | 0.35% |
Net expenses | 0.26% * | 0.06% * | 0.24% * | 0.34% | 0.35% |
Net investment income | 1.10% | 0.01% | 0.16% | 1.84% | 1.48% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $26,770 | $117,556 | $143,745 | $137,102 | $101,340 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.08% |
Year ended January 31, 2022 | 0.28% |
Year ended January 31, 2021 | 0.10% |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.84% | 0.01% | 0.21% | 1.97% | 1.78% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.23% | 0.22% | 0.22% | 0.22% | 0.22% |
Net expenses | 0.19% * | 0.06% * | 0.18% * | 0.20% | 0.20% |
Net investment income | 1.84% | 0.01% | 0.16% | 1.95% | 1.77% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $13,471,949 | $14,984,670 | $15,879,274 | $11,295,226 | $12,466,864 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.01% |
Year ended January 31, 2022 | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
Year ended January 31 | ||||
Select Class | 2023 | 2022 | 2021 | 2020 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | ||||
Net investment income | (0.02) | (0.00) 2 | (0.00) 2 | (0.02) |
Net realized gains | (0.00) 2 | (0.00) 2 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.02) | (0.00) 2 | (0.00) 2 | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.89% | 0.01% | 0.24% | 1.74% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.19% | 0.18% | 0.18% | 0.18% |
Net expenses | 0.14% | 0.06% 3 | 0.14% | 0.14% |
Net investment income | 1.87% | 0.01% | 0.09% | 1.81% |
Supplemental data | ||||
Net assets, end of period (000s omitted) | $5,565,461 | $4,360,652 | $3,118,274 | $691,825 |
1 | For the period from March 15, 2019 (commencement of class operations) to January 31, 2020 |
2 | Amount is less than $0.005. |
3 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. |
Year ended January 31 | |||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.02 | 0.00 1 | 0.00 1 | 0.02 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net realized gains | (0.00) 1 | (0.00) 1 | 0.00 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.02) | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 1.62% | 0.01% | 0.14% | 1.72% | 1.53% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.52% | 0.51% | 0.51% | 0.51% | 0.51% |
Net expenses | 0.40% * | 0.06% * | 0.23% * | 0.45% | 0.45% |
Net investment income | 1.60% | 0.01% | 0.12% | 1.71% | 1.51% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,415,688 | $1,406,514 | $1,416,203 | $1,168,901 | $1,431,420 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.05% |
Year ended January 31, 2022 | 0.39% |
Year ended January 31, 2021 | 0.22% |
1 | Amount is less than $0.005. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Repurchase agreements | $0 | $ 18,272,500,000 | $0 | $ 18,272,500,000 |
U.S. Treasury securities | 0 | 3,725,578,324 | 0 | 3,725,578,324 |
Total assets | $0 | $21,998,078,324 | $0 | $21,998,078,324 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.45 |
Undistributed ordinary income | Undistributed long-term gain |
$46,536,182 | $65,128 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390img2a301ead6.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/0001193125-23-092239/g400390img4f47c11c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-092239/g400390imga787a6d57.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0453 01-23
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 year ended January 31, 2023 | Fiscal year ended January 31, 2022 | |||||||
Audit fees | $ | 323,880 | $ | 328,850 | ||||
Audit-related fees | 7,400 | 16,400 | ||||||
Tax fees (1) | 15,050 | 14,665 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 346,330 | $ | 359,915 | |||||
|
|
|
|
(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)(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: | March 30, 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: | March 30, 2023 | |
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | March 30, 2023 |