UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: December 31
Registrant is making a filing for 1 of its series: Allspring Managed Account CoreBuilder® Shares - Series M
Date of reporting period: December 31, 2023
ITEM 1. REPORT TO STOCKHOLDERS
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Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Allspring Managed Account CoreBuilder® Shares - Series M (WFCMX) | 4-14-2008 | 6.74 | 2.57 | 3.88 | 0.03 | 0.00 |
Bloomberg Municipal Bond Index3 | – | 6.40 | 2.25 | 3.03 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
3 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of the Fund for the most recent ten years with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund. |
Credit quality as of December 31, 20231 |
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,035.50 | $0.00 * | 0.00 %* |
Hypothetical (5% return before expenses) | $1,000.00 | $1,025.07 | $0.00 * | 0.00 %* |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
* | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 98.76% | ||||||
Alabama: 3.16% | ||||||
Health revenue: 0.67% | ||||||
Health Care Authority for Baptist Health Series A | 5.00 % | 11-15-2033 | $ | 3,885,000 | $4,375,734 | |
Housing revenue: 0.24% | ||||||
Huntsville Public Building Authority | 5.00 | 2-1-2052 | 1,500,000 | 1,602,038 | ||
Industrial development revenue: 0.15% | ||||||
Selma Industrial Development Board International Paper Co. Series Aøø | 1.38 | 5-1-2034 | 1,000,000 | 959,088 | ||
Utilities revenue: 1.80% | ||||||
Southeast Alabama Gas Supply District Project No. 2 Series Aøø | 4.00 | 6-1-2049 | 1,000,000 | 1,000,483 | ||
Southeast Alabama Gas Supply District Project No. 2 Series B (U.S. SOFR 1 Month+0.85%)± | 4.51 | 6-1-2049 | 2,925,000 | 2,920,330 | ||
Southeast Energy Authority A Cooperative District Project No. 2 Series Bøø | 4.00 | 12-1-2051 | 1,000,000 | 998,255 | ||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 5,000,000 | 5,320,973 | ||
Southeast Energy Authority A Cooperative District Project No. 6 Series B (Royal Bank of Canada LIQ)øø | 5.00 | 1-1-2054 | 1,500,000 | 1,600,991 | ||
11,841,032 | ||||||
Water & sewer revenue: 0.30% | ||||||
County of Jefferson Sewer Revenue Series A (AGM Insured) | 5.50 | 10-1-2053 | 760,000 | 775,316 | ||
County of Jefferson Sewer Revenue Series B CAB (AGM Insured)¤ | 0.00 | 10-1-2026 | 1,350,000 | 1,184,535 | ||
1,959,851 | ||||||
20,737,743 | ||||||
Alaska: 0.29% | ||||||
Health revenue: 0.29% | ||||||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2032 | 1,740,000 | 1,883,127 | ||
Arizona: 2.70% | ||||||
Education revenue: 1.98% | ||||||
Arizona IDA Candeo Schools Obligated Group Series A | 4.00 | 7-1-2047 | 650,000 | 599,643 | ||
Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | 7-1-2041 | 1,000,000 | 962,495 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2031 | 1,045,000 | 997,546 | ||
IDA of the County of Pima Noah Webster Schools-Mesa Series A | 6.75 | 12-15-2033 | 1,120,000 | 1,121,909 | ||
IDA of the County of Pima Paideia Academies, Inc.144A | 5.00 | 7-1-2025 | 230,000 | 229,248 | ||
IDA of the County of Pima Paideia Academies, Inc.144A | 6.00 | 7-1-2035 | 1,475,000 | 1,487,328 | ||
IDA of the County of Pima Paideia Academies, Inc.144A | 6.13 | 7-1-2045 | 2,000,000 | 2,005,207 | ||
IDA of the County of Pima Partnership with Parents, Inc. | 7.00 | 5-1-2034 | 1,000,000 | 1,005,632 | ||
La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 4.90 | 6-15-2028 | 680,000 | 661,718 | ||
La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | 6-15-2038 | 1,000,000 | 964,805 | ||
Maricopa County IDA Horizon Community Learning Center, Inc. | 5.00 | 7-1-2035 | 3,000,000 | 2,926,226 | ||
12,961,757 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.14% | ||||||
Tempe IDA Life Care Village Obligated Group Series A | 4.00 % | 12-1-2030 | $ | 495,000 | $467,463 | |
Tempe IDA Life Care Village Obligated Group Series A | 4.00 | 12-1-2031 | 470,000 | 439,290 | ||
906,753 | ||||||
Industrial development revenue: 0.06% | ||||||
Maricopa County Pollution Control Corp. Southern California Edison Co. Series A | 2.40 | 6-1-2035 | 500,000 | 406,942 | ||
Tax revenue: 0.18% | ||||||
City of San Luis Excise Tax Revenue Series A (BAM Insured) | 5.00 | 7-1-2038 | 1,200,000 | 1,208,667 | ||
Utilities revenue: 0.34% | ||||||
Salt Verde Financial Corp. | 5.00 | 12-1-2032 | 2,055,000 | 2,243,278 | ||
17,727,397 | ||||||
California: 1.36% | ||||||
Airport revenue: 0.61% | ||||||
City of Los Angeles Department of Airports Series G AMT | 5.25 | 5-15-2047 | 1,000,000 | 1,087,850 | ||
Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | 3-1-2033 | 1,695,000 | 1,885,135 | ||
Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | 3-1-2035 | 1,000,000 | 1,043,800 | ||
4,016,785 | ||||||
GO revenue: 0.08% | ||||||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2029 | 500,000 | 423,530 | ||
Hawthorne School District Series C (NPFGC Insured)¤ | 0.00 | 11-1-2025 | 100,000 | 94,493 | ||
518,023 | ||||||
Health revenue: 0.19% | ||||||
California HFFA Sutter Health Obligated Group Series A | 5.00 | 11-15-2048 | 1,200,000 | 1,244,241 | ||
Housing revenue: 0.13% | ||||||
California Community Housing Agency Serenity at Larkspur Apartments Series A144A | 5.00 | 2-1-2050 | 500,000 | 388,516 | ||
California Housing Finance Agency Class A Series 2 | 4.00 | 3-20-2033 | 467,470 | 475,299 | ||
863,815 | ||||||
Transportation revenue: 0.35% | ||||||
Riverside County Transportation Commission Series B1 | 4.00 | 6-1-2046 | 2,250,000 | 2,253,815 | ||
8,896,679 | ||||||
Colorado: 4.16% | ||||||
Airport revenue: 0.21% | ||||||
City & County of Denver Airport System Revenue Series B | 5.25 | 11-15-2053 | 1,250,000 | 1,397,835 | ||
Education revenue: 0.25% | ||||||
Colorado ECFA Banning Lewis Ranch Academy Building Co. LLC | 6.00 | 12-15-2037 | 1,240,000 | 1,298,157 | ||
Colorado ECFA Community Leadership Academy, Inc. | 7.00 | 8-1-2033 | 360,000 | 360,546 | ||
1,658,703 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 1.54% | ||||||
Aviation Station North Metropolitan District No. 2 Series A | 5.00 % | 12-1-2039 | $ | 750,000 | $722,537 | |
Aviation Station North Metropolitan District No. 2 Series A | 5.00 | 12-1-2048 | 850,000 | 771,834 | ||
Broadway Station Metropolitan District No. 3 Series A | 5.00 | 12-1-2039 | 749,000 | 656,652 | ||
Rampart Range Metropolitan District No. 5 | 4.00 | 12-1-2036 | 1,000,000 | 846,069 | ||
Southlands Metropolitan District No. 1 Series A2 | 5.00 | 12-1-2047 | 650,000 | 622,860 | ||
Thompson Crossing Metropolitan District No. 4 | 5.00 | 12-1-2039 | 1,400,000 | 1,353,250 | ||
Weld County School District No. RE-4 | 5.00 | 12-1-2041 | 4,500,000 | 5,126,583 | ||
10,099,785 | ||||||
Health revenue: 0.95% | ||||||
Colorado Health Facilities Authority AdventHealth Obligated Group Series A | 4.00 | 11-15-2043 | 2,000,000 | 1,985,283 | ||
Colorado Health Facilities Authority CommonSpirit Health Obligated Group | 5.50 | 11-1-2047 | 1,000,000 | 1,093,295 | ||
Colorado Health Facilities Authority CommonSpirit Health Obligated Group Series A-2 | 5.00 | 8-1-2044 | 3,000,000 | 3,124,163 | ||
6,202,741 | ||||||
Industrial development revenue: 0.39% | ||||||
Denver Convention Center Hotel Authority | 5.00 | 12-1-2033 | 2,500,000 | 2,563,671 | ||
Miscellaneous revenue: 0.24% | ||||||
Westminster Public Schools COP (AGM Insured) | 5.00 | 12-1-2048 | 1,500,000 | 1,579,737 | ||
Utilities revenue: 0.58% | ||||||
Public Authority for Colorado Energy | 6.50 | 11-15-2038 | 3,000,000 | 3,779,794 | ||
27,282,266 | ||||||
Connecticut: 1.11% | ||||||
Education revenue: 0.29% | ||||||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2035 | 850,000 | 951,287 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2036 | 880,000 | 978,618 | ||
1,929,905 | ||||||
GO revenue: 0.38% | ||||||
City of Bridgeport Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,114,833 | ||
Town of Hamden (BAM Insured) | 5.00 | 8-15-2025 | 275,000 | 278,063 | ||
Town of Hamden Series A (BAM Insured) | 4.00 | 8-1-2039 | 500,000 | 501,319 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-1-2035 | 500,000 | 561,066 | ||
2,455,281 | ||||||
Health revenue: 0.44% | ||||||
Connecticut State HEFA Nuvance Health Obligated Group Series A | 4.00 | 7-1-2041 | 860,000 | 752,511 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | 7-1-2040 | 2,150,000 | 2,122,413 | ||
2,874,924 | ||||||
7,260,110 |
Interest rate | Maturity date | Principal | Value | |||
District of Columbia: 0.24% | ||||||
Airport revenue: 0.24% | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 % | 10-1-2046 | $ | 1,500,000 | $1,593,528 | |
Florida: 8.19% | ||||||
Airport revenue: 4.16% | ||||||
County of Broward Airport System Revenue Series A AMT | 5.00 | 10-1-2036 | 4,500,000 | 4,581,533 | ||
County of Broward Port Facilities Revenue Series B AMT | 4.00 | 9-1-2037 | 7,490,000 | 7,654,805 | ||
County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | 10-1-2049 | 3,000,000 | 3,095,384 | ||
County of Miami-Dade Seaport Department Series A AMT | 5.25 | 10-1-2052 | 3,000,000 | 3,262,544 | ||
Jacksonville Port Authority Series B | 5.00 | 11-1-2040 | 2,625,000 | 2,803,610 | ||
Jacksonville Port Authority Series B | 5.00 | 11-1-2044 | 5,500,000 | 5,847,365 | ||
27,245,241 | ||||||
Education revenue: 0.73% | ||||||
Capital Projects Finance Authority Series A144A | 7.00 | 6-15-2030 | 1,500,000 | 1,562,502 | ||
Florida Development Finance Corp. Cornerstone Charter Academy: A Challenge Foundation Academy, Inc.144A | 5.00 | 10-1-2042 | 500,000 | 475,997 | ||
Florida Higher Educational Facilities Financial Authority Jacksonville University Series A-1144A | 4.50 | 6-1-2033 | 1,300,000 | 1,265,894 | ||
Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 5.75 | 9-15-2035 | 1,500,000 | 1,504,103 | ||
4,808,496 | ||||||
Health revenue: 1.69% | ||||||
City of Atlantic Beach Naval Continuing Care Retirement Foundation Obligated Group Series B | 5.63 | 11-15-2043 | 1,500,000 | 1,500,688 | ||
City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | 11-1-2045 | 1,500,000 | 1,382,366 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2030 | 225,000 | 252,089 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2031 | 450,000 | 501,686 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2032 | 250,000 | 278,055 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2033 | 250,000 | 277,332 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2035 | 475,000 | 523,145 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2036 | 475,000 | 520,039 | ||
Holmes County Hospital Corp. | 6.00 | 11-1-2038 | 250,000 | 220,461 | ||
Lee County IDA Shell Point Obligated Group | 5.00 | 11-15-2044 | 1,000,000 | 978,390 | ||
Lee County IDA Shell Point Obligated Group | 5.00 | 11-15-2049 | 2,000,000 | 1,918,639 | ||
Sarasota County Public Hospital District Obligated Group | 5.00 | 7-1-2052 | 1,250,000 | 1,324,890 | ||
South Broward Hospital District Obligated Group Series A | 4.00 | 5-1-2044 | 1,440,000 | 1,411,024 | ||
11,088,804 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.30% | ||||||
County of Broward Tourist Development Tax Revenue | 4.00 % | 9-1-2047 | $ | 1,000,000 | $983,767 | |
Julington Creek Plantation Community Development District (AGM Insured) | 4.63 | 5-1-2054 | 1,000,000 | 1,011,328 | ||
1,995,095 | ||||||
Transportation revenue: 0.79% | ||||||
County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | 10-1-2029 | 500,000 | 505,649 | ||
County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | 10-1-2030 | 550,000 | 556,134 | ||
Sunshine Skyway Bridge Series A (AGM Insured) | 4.00 | 7-1-2037 | 4,000,000 | 4,103,150 | ||
5,164,933 | ||||||
Utilities revenue: 0.09% | ||||||
City of Lakeland Department of Electric Utilities | 5.00 | 10-1-2048 | 500,000 | 577,612 | ||
Water & sewer revenue: 0.43% | ||||||
County of Orange Water Utility System Revenue | 5.00 | 10-1-2040 | 1,090,000 | 1,224,067 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2038 | 1,455,000 | 1,622,966 | ||
2,847,033 | ||||||
53,727,214 | ||||||
Georgia: 4.12% | ||||||
Education revenue: 0.08% | ||||||
Development Authority of Cobb County Series A144A | 6.00 | 6-15-2043 | 500,000 | 501,474 | ||
Health revenue: 0.16% | ||||||
Development Authority for Fulton County WellStar Health System Obligated Group Series A | 5.00 | 4-1-2042 | 1,000,000 | 1,029,639 | ||
Industrial development revenue: 0.14% | ||||||
Atlanta Development Authority Tuff Yamacraw LLC Series A (Ambac Insured) | 5.00 | 1-1-2027 | 50,000 | 51,930 | ||
George L Smith II Congress Center Authority Signia Hotel Management LLC Series B144A | 5.00 | 1-1-2054 | 1,000,000 | 871,050 | ||
922,980 | ||||||
Miscellaneous revenue: 0.28% | ||||||
Brookhaven Urban Redevelopment Agency Special Service Tax District Series A | 4.00 | 7-1-2044 | 1,800,000 | 1,857,209 | ||
Utilities revenue: 3.46% | ||||||
Main Street Natural Gas, Inc. Series Aøø | 5.00 | 6-1-2053 | 5,000,000 | 5,302,115 | ||
Main Street Natural Gas, Inc. Series Bøø | 5.00 | 7-1-2053 | 1,000,000 | 1,066,200 | ||
Main Street Natural Gas, Inc. Series Cøø | 4.00 | 5-1-2052 | 1,500,000 | 1,510,241 | ||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 3,500,000 | 3,367,977 | ||
Main Street Natural Gas, Inc. Series Døø | 5.00 | 5-1-2054 | 2,000,000 | 2,127,118 | ||
Main Street Natural Gas, Inc. Series E-1 (Royal Bank of Canada LIQ)øø | 5.00 | 12-1-2053 | 3,000,000 | 3,228,627 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2036 | 800,000 | 855,556 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue(continued) | ||||||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 % | 7-1-2064 | $ | 4,000,000 | $4,181,408 | |
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2044 | 1,000,000 | 1,042,485 | ||
22,681,727 | ||||||
26,993,029 | ||||||
Guam: 0.20% | ||||||
Airport revenue: 0.06% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | 10-1-2036 | 370,000 | 381,015 | ||
Miscellaneous revenue: 0.14% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 1,000,000 | 957,317 | ||
1,338,332 | ||||||
Hawaii: 0.31% | ||||||
Airport revenue: 0.31% | ||||||
State of Hawaii Airports System Revenue Series A AMT | 5.00 | 7-1-2048 | 2,000,000 | 2,054,591 | ||
Idaho: 0.18% | ||||||
Education revenue: 0.18% | ||||||
Idaho Housing & Finance Association Idaho Arts Charter School, Inc. Series A144A | 5.00 | 12-1-2036 | 800,000 | 805,593 | ||
Idaho Housing & Finance Association Legacy Public Charter School, Inc. Series A | 5.85 | 5-1-2033 | 365,000 | 365,185 | ||
1,170,778 | ||||||
Illinois: 16.35% | ||||||
Airport revenue: 1.30% | ||||||
Chicago Midway International Airport Series A AMT | 5.50 | 1-1-2031 | 4,500,000 | 4,506,477 | ||
Chicago O’Hare International Airport AMT | 5.00 | 1-1-2032 | 1,440,000 | 1,452,495 | ||
Chicago O’Hare International Airport Series A AMT | 5.00 | 1-1-2048 | 2,000,000 | 2,060,946 | ||
Chicago O’Hare International Airport Transportation Infrastructure Purpose Obligated Group AMT | 5.00 | 7-1-2038 | 500,000 | 514,360 | ||
8,534,278 | ||||||
Education revenue: 0.69% | ||||||
Illinois Finance Authority University of Chicago Series A | 5.25 | 5-15-2048 | 1,475,000 | 1,656,366 | ||
Illinois Finance Authority Wesleyan University | 5.00 | 9-1-2036 | 2,345,000 | 2,414,541 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2031 | 450,000 | 460,824 | ||
4,531,731 | ||||||
GO revenue: 7.71% | ||||||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | 4-1-2048 | 1,500,000 | 1,640,410 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2035 | 4,250,000 | 4,459,758 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2038 | 4,105,000 | 4,216,970 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2042 | 2,000,000 | 1,974,462 | ||
Chicago Board of Education Series D | 5.00 | 12-1-2046 | 3,500,000 | 3,417,261 | ||
Chicago Board of Education Series H | 5.00 | 12-1-2036 | 1,000,000 | 1,011,713 | ||
Chicago Park District Series A | 5.00 | 1-1-2030 | 1,000,000 | 1,033,849 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue(continued) | ||||||
Chicago Park District Series A | 5.00 % | 1-1-2031 | $ | 1,000,000 | $1,032,650 | |
Chicago Park District Series A | 5.00 | 1-1-2032 | 1,225,000 | 1,263,433 | ||
Chicago Park District Series A | 5.00 | 1-1-2035 | 1,000,000 | 1,029,864 | ||
Chicago Park District Series E | 5.00 | 11-15-2029 | 1,735,000 | 1,809,998 | ||
City of Chicago (NPFGC Insured)¤ | 0.00 | 1-1-2027 | 6,000,000 | 5,512,786 | ||
City of Chicago (NPFGC Insured)¤ | 0.00 | 1-1-2031 | 800,000 | 612,495 | ||
City of Chicago Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,093,859 | ||
City of Chicago Series A | 6.00 | 1-1-2038 | 3,500,000 | 3,674,453 | ||
Cook County School District No. 144 Prairie Hills Series C CAB (AGM Insured)¤ | 0.00 | 12-1-2025 | 675,000 | 631,112 | ||
County of Winnebago Series A (AGM Insured) | 4.00 | 12-30-2025 | 1,035,000 | 1,060,535 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series A | 5.00 | 1-1-2034 | 1,000,000 | 1,000,000 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series D | 5.00 | 1-1-2034 | 1,700,000 | 1,700,000 | ||
Metropolitan Water Reclamation District of Greater Chicago Series C | 5.00 | 12-1-2045 | 1,000,000 | 1,025,230 | ||
State of Illinois | 5.00 | 5-1-2025 | 870,000 | 873,705 | ||
State of Illinois | 5.00 | 2-1-2026 | 1,000,000 | 1,038,052 | ||
State of Illinois (AGM Insured) | 5.00 | 4-1-2026 | 1,130,000 | 1,134,051 | ||
State of Illinois Series B | 5.00 | 10-1-2031 | 2,000,000 | 2,234,887 | ||
Village of Bolingbrook (AGM Insured) | 5.00 | 1-1-2031 | 500,000 | 509,098 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2027 | 1,030,000 | 932,237 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2028 | 475,000 | 415,490 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2033 | 1,625,000 | 1,176,847 | ||
Will County Community Unit School District No. 201-U Crete-Monee Series B (AGM Insured) | 4.00 | 1-1-2032 | 715,000 | 748,850 | ||
Will County Community Unit School District No. 201-U Crete-Monee Series B (AGM Insured) | 4.00 | 1-1-2033 | 745,000 | 776,558 | ||
Will County Community Unit School District No. 201-U Crete-Monee Series B (AGM Insured) | 4.00 | 1-1-2035 | 475,000 | 490,622 | ||
50,531,235 | ||||||
Health revenue: 1.98% | ||||||
Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00 | 8-15-2048 | 1,750,000 | 1,667,614 | ||
Illinois Finance Authority Carle Foundation Obligated Group Series A | 5.00 | 2-15-2045 | 5,350,000 | 5,456,439 | ||
Illinois Finance Authority OSF Healthcare System Obligated Group Series A | 5.00 | 11-15-2045 | 1,750,000 | 1,773,791 | ||
Illinois Finance Authority University of Chicago Medical Center Obligated Group Series A | 5.00 | 8-15-2047 | 3,000,000 | 3,208,580 | ||
Illinois Finance Authority University of Illinois | 4.00 | 10-1-2050 | 1,000,000 | 894,516 | ||
13,000,940 | ||||||
Housing revenue: 1.86% | ||||||
Illinois Sports Facilities Authority | 5.00 | 6-15-2029 | 1,000,000 | 1,057,883 | ||
Metropolitan Pier & Exposition Authority Series A | 4.00 | 12-15-2042 | 750,000 | 749,551 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue(continued) | ||||||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 % | 6-15-2029 | $ | 1,950,000 | $1,634,827 | |
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2030 | 11,000,000 | 8,741,284 | ||
12,183,545 | ||||||
Miscellaneous revenue: 0.01% | ||||||
Illinois Finance Authority Rogers Park Montessori School | 5.00 | 2-1-2024 | 95,000 | 95,005 | ||
Tax revenue: 1.04% | ||||||
County of Cook Sales Tax Revenue Series A | 5.00 | 11-15-2037 | 1,625,000 | 1,796,522 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,508,568 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.25 | 6-15-2031 | 2,500,000 | 2,518,158 | ||
Sales Tax Securitization Corp. Series A | 4.00 | 1-1-2038 | 1,000,000 | 1,018,122 | ||
6,841,370 | ||||||
Transportation revenue: 1.04% | ||||||
Illinois State Toll Highway Authority Series A | 4.00 | 1-1-2046 | 2,000,000 | 1,982,898 | ||
Illinois State Toll Highway Authority Series A | 5.00 | 1-1-2045 | 3,450,000 | 3,777,095 | ||
Illinois State Toll Highway Authority Series B | 5.00 | 1-1-2039 | 1,030,000 | 1,034,913 | ||
6,794,906 | ||||||
Water & sewer revenue: 0.72% | ||||||
City of Chicago Wastewater Transmission Revenue Series A (AGM Insured) | 5.25 | 1-1-2048 | 1,000,000 | 1,111,339 | ||
City of Chicago Waterworks Revenue Second Lien Project | 5.00 | 11-1-2044 | 2,500,000 | 2,515,284 | ||
City of Chicago Waterworks Revenue Series 2017-2 (AGM Insured) | 5.00 | 11-1-2037 | 1,000,000 | 1,065,639 | ||
4,692,262 | ||||||
107,205,272 | ||||||
Indiana: 1.32% | ||||||
Education revenue: 0.23% | ||||||
Indiana Finance Authority DePauw University Series A | 5.00 | 7-1-2047 | 1,500,000 | 1,530,197 | ||
Health revenue: 0.84% | ||||||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C | 4.00 | 11-1-2034 | 5,360,000 | 5,517,943 | ||
Miscellaneous revenue: 0.17% | ||||||
Indianapolis Local Public Improvement Bond Bank Series E | 5.75 | 3-1-2043 | 1,000,000 | 1,099,285 | ||
Water & sewer revenue: 0.08% | ||||||
Terre Haute Sanitary District | 5.25 | 9-28-2028 | 500,000 | 502,001 | ||
8,649,426 | ||||||
Kansas: 0.87% | ||||||
Tax revenue: 0.87% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB144A¤ | 0.00 | 9-1-2034 | 14,245,000 | 5,705,412 |
Interest rate | Maturity date | Principal | Value | |||
Kentucky: 0.97% | ||||||
Health revenue: 0.17% | ||||||
Louisville/Jefferson County Metropolitan Government Norton Healthcare Obligated Group Series A | 5.00 % | 10-1-2039 | $ | 1,000,000 | $1,102,570 | |
Housing revenue: 0.40% | ||||||
Kentucky State Property & Building Commission Project No. 124 Series A (AGM Insured) | 5.00 | 11-1-2039 | 2,325,000 | 2,608,234 | ||
Transportation revenue: 0.16% | ||||||
Kentucky Public Transportation Infrastructure Authority Series B CAB¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,098,206 | ||
Utilities revenue: 0.24% | ||||||
Paducah Electric Plant Board Series A (AGM Insured) | 5.00 | 10-1-2035 | 1,510,000 | 1,576,483 | ||
6,385,493 | ||||||
Louisiana: 1.08% | ||||||
Airport revenue: 0.29% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series A | 5.00 | 1-1-2040 | 1,215,000 | 1,227,107 | ||
Port New Orleans Board of Commissioners Series E AMT | 5.00 | 4-1-2038 | 640,000 | 668,741 | ||
1,895,848 | ||||||
Industrial development revenue: 0.14% | ||||||
Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | 6-1-2037 | 1,000,000 | 945,621 | ||
Tax revenue: 0.33% | ||||||
Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | 7-15-2048 | 2,000,000 | 2,190,677 | ||
Water & sewer revenue: 0.32% | ||||||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2034 | 500,000 | 524,429 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2035 | 500,000 | 522,432 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2036 | 565,000 | 587,061 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2037 | 415,000 | 427,784 | ||
2,061,706 | ||||||
7,093,852 | ||||||
Maryland: 2.14% | ||||||
Airport revenue: 0.52% | ||||||
Maryland Economic Development Corp. Air Cargo Obligated Group AMT | 4.00 | 7-1-2039 | 1,100,000 | 1,048,843 | ||
Maryland Economic Development Corp. Air Cargo Obligated Group AMT | 4.00 | 7-1-2044 | 750,000 | 679,407 | ||
Maryland Economic Development Corp. Air Cargo Obligated Group AMT | 5.00 | 7-1-2024 | 645,000 | 647,486 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue(continued) | ||||||
Maryland Economic Development Corp. Air Cargo Obligated Group AMT | 5.00 % | 7-1-2027 | $ | 800,000 | $830,906 | |
Maryland Economic Development Corp. Air Cargo Obligated Group AMT | 5.00 | 7-1-2029 | 220,000 | 233,863 | ||
3,440,505 | ||||||
Education revenue: 0.87% | ||||||
County of Prince George’s Chesapeake Lighthouse Charter School Obligated Group Series A-2øø | 6.00 | 8-1-2048 | 2,825,000 | 3,058,630 | ||
County of Prince George’s Chesapeake Lighthouse Foundation, Inc. Series A | 5.75 | 8-1-2033 | 1,000,000 | 1,042,924 | ||
County of Prince George’s Chesapeake Lighthouse Foundation, Inc. Series A | 7.00 | 8-1-2046 | 1,500,000 | 1,579,690 | ||
5,681,244 | ||||||
Health revenue: 0.75% | ||||||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group Series B | 4.00 | 1-1-2051 | 5,000,000 | 4,353,490 | ||
Maryland Health & Higher Educational Facilities Authority Frederick Health, Inc. Obligated Group | 4.00 | 7-1-2040 | 550,000 | 552,254 | ||
4,905,744 | ||||||
14,027,493 | ||||||
Massachusetts: 0.92% | ||||||
Airport revenue: 0.33% | ||||||
Massachusetts Port Authority Series A AMT | 5.00 | 7-1-2041 | 2,000,000 | 2,174,754 | ||
Health revenue: 0.59% | ||||||
Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group Series F | 5.00 | 8-15-2045 | 2,000,000 | 2,020,061 | ||
Massachusetts Development Finance Agency UMass Memorial Health Care Obligated Group Series L | 5.00 | 7-1-2044 | 1,785,000 | 1,818,077 | ||
3,838,138 | ||||||
6,012,892 | ||||||
Michigan: 3.87% | ||||||
Health revenue: 0.16% | ||||||
Michigan Finance Authority Sparrow Health Obligated Group | 5.00 | 11-15-2045 | 1,000,000 | 1,026,790 | ||
Miscellaneous revenue: 1.14% | ||||||
Michigan Finance Authority County of Wayne | 4.00 | 11-1-2048 | 2,000,000 | 1,944,789 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2039 | 4,000,000 | 4,009,501 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2044 | 1,500,000 | 1,501,862 | ||
7,456,152 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 2.57% | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue Series C | 5.00 % | 7-1-2036 | $ | 3,560,000 | $3,697,493 | |
Great Lakes Water Authority Water Supply System Revenue Series D | 4.00 | 7-1-2032 | 4,000,000 | 4,084,295 | ||
Great Lakes Water Authority Water Supply System Revenue Series D (AGM Insured) | 4.00 | 7-1-2033 | 4,000,000 | 4,085,605 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D4 | 5.00 | 7-1-2029 | 1,000,000 | 1,004,342 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D4 | 5.00 | 7-1-2030 | 4,000,000 | 4,017,171 | ||
16,888,906 | ||||||
25,371,848 | ||||||
Minnesota: 0.14% | ||||||
Airport revenue: 0.11% | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.25 | 1-1-2047 | 650,000 | 696,411 | ||
Education revenue: 0.03% | ||||||
City of Independence Beacon Academy Series A | 4.25 | 7-1-2026 | 230,000 | 224,687 | ||
921,098 | ||||||
Mississippi: 0.60% | ||||||
Miscellaneous revenue: 0.60% | ||||||
Mississippi Development Bank City of Jackson Water & Sewer System Revenue (AGM Insured) | 5.00 | 9-1-2030 | 755,000 | 755,991 | ||
Mississippi Development Bank City of Jackson Series A | 5.00 | 3-1-2026 | 3,050,000 | 3,158,865 | ||
3,914,856 | ||||||
Missouri: 0.79% | ||||||
Miscellaneous revenue: 0.79% | ||||||
Kansas City IDA Airport Revenue Series B AMT (AGM Insured) | 5.00 | 3-1-2049 | 5,000,000 | 5,160,905 | ||
Nebraska: 0.32% | ||||||
Utilities revenue: 0.32% | ||||||
Central Plains Energy Project (Royal Bank of Canada LIQ)øø | 4.00 | 12-1-2049 | 2,080,000 | 2,091,431 | ||
Nevada: 0.98% | ||||||
GO revenue: 0.91% | ||||||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 2,000,000 | 2,056,036 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2040 | 750,000 | 766,940 | ||
County of Clark Series A | 5.00 | 5-1-2048 | 3,000,000 | 3,154,586 | ||
5,977,562 | ||||||
Industrial development revenue: 0.07% | ||||||
County of Clark Southern California Edison Co. | 2.10 | 6-1-2031 | 500,000 | 430,482 | ||
6,408,044 |
Interest rate | Maturity date | Principal | Value | |||
New Hampshire: 1.07% | ||||||
Housing revenue: 0.28% | ||||||
New Hampshire Business Finance Authority National Finance Authority Series 1A | 4.13 % | 1-20-2034 | $ | 1,882,721 | $1,861,320 | |
Resource recovery revenue: 0.16% | ||||||
New Hampshire Business Finance Authority United Illuminating Co. Series A | 4.50 | 10-1-2033 | 1,000,000 | 1,076,784 | ||
Water & sewer revenue: 0.63% | ||||||
New Hampshire Business Finance Authority Pennichuck Water Works, Inc. Series A AMT | 5.00 | 1-1-2026 | 1,000,000 | 1,015,544 | ||
New Hampshire Business Finance Authority Pennichuck Water Works, Inc. Series A AMT | 5.00 | 1-1-2027 | 845,000 | 873,286 | ||
New Hampshire Business Finance Authority Pennichuck Water Works, Inc. Series A AMT | 5.00 | 1-1-2028 | 2,170,000 | 2,212,336 | ||
4,101,166 | ||||||
7,039,270 | ||||||
New Jersey: 3.85% | ||||||
Education revenue: 0.36% | ||||||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2041 | 530,000 | 533,824 | ||
New Jersey EDA Hatikvah International Academy Charter School Series A144A | 5.00 | 7-1-2027 | 420,000 | 417,082 | ||
New Jersey EDA Hatikvah International Academy Charter School Series A144A | 5.25 | 7-1-2037 | 1,500,000 | 1,426,204 | ||
2,377,110 | ||||||
Housing revenue: 2.58% | ||||||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 205,000 | 215,282 | ||
New Jersey EDA New Jersey Transit Corp. Series A | 5.25 | 11-1-2041 | 2,000,000 | 2,274,097 | ||
New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 3.30 | 10-1-2025 | 3,375,000 | 3,352,196 | ||
New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 3.40 | 4-1-2026 | 3,405,000 | 3,335,884 | ||
New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 3.45 | 10-1-2026 | 1,495,000 | 1,451,599 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2031 | 2,500,000 | 1,931,796 | ||
New Jersey TTFA Series A | 4.00 | 6-15-2042 | 750,000 | 757,544 | ||
New Jersey TTFA Series A-1 | 5.00 | 6-15-2029 | 2,000,000 | 2,102,643 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 1,500,000 | 1,518,414 | ||
16,939,455 | ||||||
Tax revenue: 0.56% | ||||||
New Jersey TTFA Series AA | 4.00 | 6-15-2039 | 2,250,000 | 2,296,020 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2040 | 1,250,000 | 1,377,085 | ||
3,673,105 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.16% | ||||||
South Jersey Transportation Authority Series A | 5.25 % | 11-1-2052 | $ | 1,000,000 | $1,074,777 | |
Water & sewer revenue: 0.19% | ||||||
New Jersey EDA American Water Co., Inc. Series A AMTøø | 2.20 | 10-1-2039 | 1,350,000 | 1,210,179 | ||
25,274,626 | ||||||
New York: 7.57% | ||||||
Airport revenue: 0.82% | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. | 5.63 | 4-1-2040 | 500,000 | 537,912 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. | 6.00 | 4-1-2035 | 500,000 | 556,998 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2033 | 1,000,000 | 1,100,873 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2034 | 2,000,000 | 2,197,544 | ||
Port Authority of New York & New Jersey Series 221 AMT | 4.00 | 7-15-2040 | 1,000,000 | 997,307 | ||
5,390,634 | ||||||
Education revenue: 2.42% | ||||||
Babylon L D Corp. II Series A | 6.65 | 2-1-2053 | 3,500,000 | 3,521,083 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.45 | 2-1-2041 | 1,155,000 | 919,967 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.60 | 2-1-2051 | 1,915,000 | 1,428,822 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 6.24 | 2-1-2047 | 3,500,000 | 3,408,057 | ||
Hempstead Town Local Development Corp. Academy Charter School Series B | 5.66 | 2-1-2044 | 4,585,000 | 4,218,791 | ||
Hempstead Town Local Development Corp. Evergreen Charter School, Inc. Series A | 5.25 | 6-15-2042 | 1,500,000 | 1,496,442 | ||
Monroe County Industrial Development Corp. Community College Association, Inc. (AGM Insured) | 5.00 | 1-15-2038 | 500,000 | 500,764 | ||
Troy Capital Resource Corp. | 4.00 | 9-1-2032 | 350,000 | 362,548 | ||
15,856,474 | ||||||
Health revenue: 0.27% | ||||||
Broome County Local Development Corp. United Health Services Hospitals Obligated Group (AGM Insured) | 4.00 | 4-1-2038 | 1,250,000 | 1,269,497 | ||
Westchester County Local Development Corp. Purchase Senior Learning Community Obligated Group Series D144A | 2.88 | 7-1-2026 | 500,000 | 490,918 | ||
1,760,415 | ||||||
Industrial development revenue: 1.22% | ||||||
New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | 9-15-2069 | 1,000,000 | 908,990 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.00 | 10-1-2035 | 3,500,000 | 3,634,930 |
Interest rate | Maturity date | Principal | Value | |||
Industrial development revenue(continued) | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.00 % | 10-1-2040 | $ | 2,290,000 | $2,315,311 | |
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2031 | 1,135,000 | 1,162,391 | ||
8,021,622 | ||||||
Miscellaneous revenue: 0.12% | ||||||
Western Regional Off-Track Betting Corp.144A | 4.13 | 12-1-2041 | 1,000,000 | 761,266 | ||
Tax revenue: 1.32% | ||||||
New York State Dormitory Authority Personal Income Tax Revenue Series A | 5.00 | 3-15-2043 | 2,350,000 | 2,534,759 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series E | 4.00 | 3-15-2042 | 1,500,000 | 1,519,224 | ||
New York State Urban Development Corp. Personal Income Tax Revenue Series C | 4.00 | 3-15-2042 | 3,000,000 | 3,062,523 | ||
New York State Urban Development Corp. Personal Income Tax Revenue Series E | 4.00 | 3-15-2043 | 1,500,000 | 1,523,508 | ||
8,640,014 | ||||||
Transportation revenue: 1.28% | ||||||
Metropolitan Transportation Authority Series C1 | 5.00 | 11-15-2034 | 3,000,000 | 3,238,622 | ||
Metropolitan Transportation Authority Series C1 | 5.25 | 11-15-2030 | 2,000,000 | 2,063,192 | ||
Metropolitan Transportation Authority Series C1 | 5.25 | 11-15-2031 | 3,000,000 | 3,094,259 | ||
8,396,073 | ||||||
Utilities revenue: 0.12% | ||||||
New York State Energy Research & Development Authority Electric & Gas Corp. Series C | 4.00 | 4-1-2034 | 750,000 | 776,269 | ||
49,602,767 | ||||||
North Dakota: 0.11% | ||||||
Health revenue: 0.11% | ||||||
City of Grand Forks Altru Health System Obligated Group Series A (AGM Insured) | 5.00 | 12-1-2048 | 700,000 | 749,382 | ||
Ohio: 3.05% | ||||||
Airport revenue: 0.35% | ||||||
Port of Greater Cincinnati Development Authorityøø | 4.38 | 6-15-2056 | 2,340,000 | 2,266,339 | ||
Health revenue: 1.11% | ||||||
City of Middleburg Heights Southwest General Health Center Obligated Group Series A | 4.00 | 8-1-2041 | 2,000,000 | 1,915,258 | ||
Cleveland-Cuyahoga County Port Authority Centers for Dialysis Care Obligated Group Series A | 5.00 | 12-1-2037 | 2,700,000 | 2,773,377 | ||
County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 | 11-15-2048 | 750,000 | 690,885 | ||
County of Montgomery Premier Health Partners Obligated Group Series A | 4.00 | 11-15-2039 | 2,000,000 | 1,923,033 | ||
7,302,553 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.62% | ||||||
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 % | 12-31-2029 | $ | 2,070,000 | $2,083,130 | |
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 | 12-31-2035 | 2,000,000 | 2,014,981 | ||
4,098,111 | ||||||
Industrial development revenue: 0.29% | ||||||
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series A | 2.88 | 2-1-2026 | 2,000,000 | 1,928,949 | ||
Transportation revenue: 0.16% | ||||||
Summit County Development Finance Authority University of Akron Parking Project | 5.75 | 12-1-2053 | 1,000,000 | 1,031,182 | ||
Utilities revenue: 0.52% | ||||||
Lancaster Port Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 | 8-1-2049 | 1,920,000 | 1,944,517 | ||
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series A | 3.25 | 9-1-2029 | 1,500,000 | 1,448,475 | ||
3,392,992 | ||||||
20,020,126 | ||||||
Oklahoma: 2.13% | ||||||
Airport revenue: 0.93% | ||||||
Oklahoma City Airport Trust AMT | 5.00 | 7-1-2037 | 3,805,000 | 4,000,016 | ||
Tulsa Airports Improvement Trust Series A AMT (AGM Insured) | 5.25 | 6-1-2048 | 2,000,000 | 2,081,626 | ||
6,081,642 | ||||||
Housing revenue: 1.20% | ||||||
Custer County EDA Independent School District No. 7 Thomas-Fay- Custer | 4.00 | 12-1-2031 | 3,250,000 | 3,400,363 | ||
Garfield County Educational Facilities Authority Independent School District No. 57 Enid Series A | 5.00 | 9-1-2027 | 1,895,000 | 1,985,567 | ||
Muskogee Industrial Trust Independent School District No. 20 | 4.00 | 9-1-2030 | 2,000,000 | 2,018,946 | ||
Pontotoc County Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2040 | 500,000 | 485,652 | ||
7,890,528 | ||||||
13,972,170 | ||||||
Pennsylvania: 7.26% | ||||||
Airport revenue: 1.30% | ||||||
Allegheny County Airport Authority Series A AMT (AGM Insured) | 4.00 | 1-1-2046 | 3,715,000 | 3,623,118 | ||
City of Philadelphia Airport Revenue Series B AMT | 5.00 | 7-1-2042 | 2,500,000 | 2,573,024 | ||
City of Philadelphia Airport Revenue Series C AMT | 4.00 | 7-1-2036 | 1,630,000 | 1,657,769 | ||
City of Philadelphia Airport Revenue Series C AMT | 4.00 | 7-1-2040 | 655,000 | 652,034 | ||
8,505,945 | ||||||
Education revenue: 0.60% | ||||||
Philadelphia IDA First Philadelphia Preparatory Charter School Series A | 7.00 | 6-15-2033 | 935,000 | 947,720 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue(continued) | ||||||
Philadelphia IDA Southwest Leadership Academy Series A | 6.47 % | 11-1-2037 | $ | 2,390,000 | $2,244,451 | |
Philadelphia IDA Tacony Academy Charter School144A | 5.38 | 6-15-2038 | 750,000 | 752,457 | ||
3,944,628 | ||||||
GO revenue: 1.10% | ||||||
Armstrong School District Series A (BAM Insured) | 4.00 | 3-15-2037 | 1,000,000 | 1,031,515 | ||
City of Philadelphia Series A | 5.25 | 7-15-2033 | 1,010,000 | 1,010,701 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2030 | 1,000,000 | 1,042,330 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2036 | 3,000,000 | 3,098,365 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2037 | 1,000,000 | 1,029,973 | ||
7,212,884 | ||||||
Health revenue: 0.71% | ||||||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2035 | 450,000 | 455,544 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2036 | 900,000 | 907,403 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2037 | 2,285,000 | 2,292,593 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 4.00 | 4-15-2045 | 1,000,000 | 993,464 | ||
4,649,004 | ||||||
Housing revenue: 1.32% | ||||||
Pennsylvania EDFA Bridges Finco LP | 5.00 | 12-31-2034 | 5,000,000 | 5,126,058 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 5.25 | 6-30-2053 | 3,380,000 | 3,537,798 | ||
8,663,856 | ||||||
Miscellaneous revenue: 1.34% | ||||||
Philadelphia IDA | 5.00 | 12-1-2037 | 1,500,000 | 1,575,354 | ||
Philadelphia Municipal Authority | 5.00 | 4-1-2033 | 2,355,000 | 2,540,852 | ||
State Public School Building Authority School District of Philadelphia Series A | 5.00 | 6-1-2036 | 4,525,000 | 4,692,214 | ||
8,808,420 | ||||||
Tax revenue: 0.17% | ||||||
Southeastern Pennsylvania Transportation Authority | 5.25 | 6-1-2047 | 1,000,000 | 1,119,685 | ||
Transportation revenue: 0.72% | ||||||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2041 | 1,500,000 | 1,517,032 | ||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Series B | 5.00 | 12-1-2043 | 1,115,000 | 1,166,464 | ||
Pennsylvania Turnpike Commission Series A | 4.00 | 12-1-2045 | 1,000,000 | 1,002,659 | ||
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,036,689 | ||
4,722,844 | ||||||
47,627,266 |
Interest rate | Maturity date | Principal | Value | |||
South Carolina: 0.03% | ||||||
Resource recovery revenue: 0.03% | ||||||
South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 % | 12-6-2029 | $ | 115,000 | $92,000 | |
South Carolina Jobs-EDA RePower South Berkeley LLC AMT144A♦‡† | 6.00 | 2-1-2035 | 1,500,000 | 75,000 | ||
167,000 | ||||||
Tennessee: 0.16% | ||||||
Utilities revenue: 0.16% | ||||||
Tennergy Corp. Series Aøø | 5.50 | 10-1-2053 | 1,000,000 | 1,067,397 | ||
Texas: 5.60% | ||||||
Airport revenue: 0.77% | ||||||
City of Austin Airport System Revenue AMT | 5.00 | 11-15-2044 | 2,500,000 | 2,506,329 | ||
Port Authority of Houston of Harris County | 4.00 | 10-1-2039 | 2,500,000 | 2,558,732 | ||
5,065,061 | ||||||
Education revenue: 1.52% | ||||||
Arlington Higher Education Finance Corp. LTTS Charter School, Inc. Series A | 7.13 | 3-1-2044 | 1,250,000 | 1,249,714 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A144A | 6.00 | 2-15-2042 | 250,000 | 230,789 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 5.50 | 8-15-2035 | 2,000,000 | 2,011,525 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 5.75 | 8-15-2038 | 1,000,000 | 1,004,054 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 6.00 | 8-15-2038 | 2,500,000 | 2,547,125 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 6.13 | 8-15-2048 | 2,250,000 | 2,276,671 | ||
Clifton Higher Education Finance Corp. Valor Texas Education Foundation Series A144A | 6.00 | 6-15-2048 | 650,000 | 647,497 | ||
9,967,375 | ||||||
GO revenue: 2.19% | ||||||
City of Palestine (AGM Insured) | 4.00 | 2-15-2051 | 3,625,000 | 3,446,788 | ||
City of Port Isabel144A | 5.10 | 2-15-2049 | 475,000 | 484,027 | ||
El Paso County Hospital District | 5.00 | 8-15-2029 | 1,555,000 | 1,556,400 | ||
Temple College | 3.00 | 7-1-2027 | 400,000 | 405,462 | ||
Waller Consolidated Independent School District (BAM Insured) | 5.00 | 2-15-2045 | 7,610,000 | 8,450,592 | ||
14,343,269 | ||||||
Tax revenue: 0.29% | ||||||
City of Dallas144Aøø | 6.25 | 8-15-2053 | 750,000 | 761,521 | ||
Old Spanish Trail-Alemda Corridors RDA City of Houston Reinvestment Zone No. 7 (BAM Insured) | 4.00 | 9-1-2035 | 1,070,000 | 1,104,020 | ||
1,865,541 | ||||||
Transportation revenue: 0.63% | ||||||
Central Texas Regional Mobility Authority Series A | 5.00 | 1-1-2049 | 1,000,000 | 1,057,917 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue(continued) | ||||||
Central Texas Regional Mobility Authority Series B | 4.00 % | 1-1-2038 | $ | 550,000 | $563,541 | |
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 4.00 | 12-31-2037 | 2,500,000 | 2,521,391 | ||
4,142,849 | ||||||
Water & sewer revenue: 0.20% | ||||||
Upper Trinity Regional Water District (BAM Insured) | 5.00 | 8-1-2028 | 750,000 | 781,652 | ||
Upper Trinity Regional Water District (BAM Insured) | 5.00 | 8-1-2029 | 500,000 | 520,978 | ||
1,302,630 | ||||||
36,686,725 | ||||||
Utah: 1.64% | ||||||
Airport revenue: 0.58% | ||||||
City of Salt Lake City Airport Revenue Series A | 5.25 | 7-1-2048 | 1,575,000 | 1,697,612 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.25 | 7-1-2048 | 1,000,000 | 1,039,477 | ||
City of Salt Lake City Airport Revenue Series B | 5.00 | 7-1-2043 | 1,000,000 | 1,055,519 | ||
3,792,608 | ||||||
Education revenue: 1.06% | ||||||
Utah Charter School Finance Authority Early Light Academy, Inc.144A | 4.50 | 7-15-2027 | 380,000 | 371,388 | ||
Utah Charter School Finance Authority Freedom Academy Foundation144A | 5.25 | 6-15-2037 | 3,000,000 | 2,755,254 | ||
Utah Charter School Finance Authority Freedom Academy Foundation144A | 5.38 | 6-15-2048 | 1,500,000 | 1,231,540 | ||
Utah Charter School Finance Authority Summit Academy, Inc. Series A | 5.00 | 4-15-2039 | 1,550,000 | 1,628,518 | ||
Utah Charter School Finance Authority Wallace Stegner Academy Series A144A | 3.63 | 6-15-2029 | 340,000 | 314,556 | ||
Utah Charter School Finance Authority Wallace Stegner Academy Series A144A | 5.00 | 6-15-2039 | 675,000 | 630,158 | ||
6,931,414 | ||||||
10,724,022 | ||||||
Virginia: 0.11% | ||||||
Health revenue: 0.03% | ||||||
Roanoke County EDA Richfield Living Obligated Group Series A | 5.25 | 9-1-2049 | 230,000 | 211,788 | ||
Transportation revenue: 0.08% | ||||||
Virginia Small Business Financing Authority 95 Express Lanes LLC AMT | 4.00 | 1-1-2040 | 500,000 | 485,154 | ||
696,942 | ||||||
Washington: 3.63% | ||||||
Airport revenue: 1.40% | ||||||
Port of Seattle AMT | 4.00 | 4-1-2044 | 3,500,000 | 3,397,868 | ||
Port of Seattle AMT | 5.00 | 4-1-2044 | 3,000,000 | 3,140,787 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue(continued) | ||||||
Port of Seattle Series B AMT | 5.00 % | 8-1-2047 | $ | 1,000,000 | $1,063,420 | |
Port of Seattle Series C AMT | 5.00 | 8-1-2046 | 1,500,000 | 1,588,470 | ||
9,190,545 | ||||||
GO revenue: 1.19% | ||||||
Grant County Public Hospital District No. 2 | 5.00 | 12-1-2038 | 1,500,000 | 1,578,067 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2035 | 5,500,000 | 5,717,124 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2036 | 475,000 | 492,553 | ||
7,787,744 | ||||||
Health revenue: 1.04% | ||||||
Jefferson County Public Hospital District No. 2 Series A | 6.63 | 12-1-2043 | 2,250,000 | 2,348,743 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B-2 (SIFMA Municipal Swap+1.40%)± | 5.27 | 1-1-2035 | 2,000,000 | 2,000,338 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center | 5.00 | 1-1-2029 | 1,300,000 | 1,339,647 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 5.00 | 9-1-2036 | 365,000 | 399,409 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 5.00 | 9-1-2037 | 670,000 | 728,120 | ||
6,816,257 | ||||||
23,794,546 | ||||||
Wisconsin: 6.18% | ||||||
Airport revenue: 0.39% | ||||||
PFA Transportation Infrastructure Purpose Obligated Group Series C | 5.00 | 7-1-2042 | 2,585,000 | 2,585,610 | ||
Education revenue: 2.56% | ||||||
PFA Carolina International School Series A144A | 7.20 | 8-1-2048 | 1,000,000 | 1,000,519 | ||
PFA Contemporary Science Center, Inc. Series A144A | 4.38 | 7-1-2025 | 160,000 | 159,166 | ||
PFA Contemporary Science Center, Inc. Series A144A | 5.38 | 7-1-2035 | 1,730,000 | 1,736,757 | ||
PFA Contemporary Science Center, Inc. Series A144A | 5.63 | 7-1-2045 | 1,790,000 | 1,798,756 | ||
PFA Estancia Valley Classical Academy Series A144A | 4.00 | 7-1-2041 | 3,895,000 | 2,991,292 | ||
PFA Foundation of The University of North Carolina at Charlotte, Inc. Series A144A | 4.00 | 9-1-2041 | 2,000,000 | 1,708,719 | ||
PFA Founders Academy of Las Vegas Series A144A | 6.38 | 7-1-2043 | 300,000 | 307,073 | ||
PFA Founders Academy of Las Vegas Series A144A | 6.63 | 7-1-2053 | 600,000 | 614,739 | ||
PFA Pine Lake Preparatory, Inc.144A | 4.95 | 3-1-2030 | 1,370,000 | 1,384,153 | ||
PFA University of Kansas | 5.00 | 3-1-2046 | 5,000,000 | 5,070,477 | ||
16,771,651 | ||||||
Health revenue: 1.14% | ||||||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2037 | 500,000 | 548,306 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2038 | 685,000 | 741,637 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series B | 5.25 | 12-1-2048 | 1,000,000 | 1,068,724 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series A (AGM Insured) | 4.00 | 2-15-2034 | 700,000 | 721,704 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue(continued) | ||||||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series A (AGM Insured) | 4.00 % | 2-15-2035 | $ | 500,000 | $513,604 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series A (AGM Insured) | 4.00 | 2-15-2036 | 600,000 | 616,243 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series A (AGM Insured) | 4.00 | 2-15-2037 | 550,000 | 561,008 | ||
Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series A | 5.00 | 7-1-2044 | 1,050,000 | 1,077,555 | ||
Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B | 5.00 | 7-1-2038 | 750,000 | 777,012 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group Series B | 4.00 | 9-15-2036 | 525,000 | 460,244 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group Series B | 4.00 | 9-15-2041 | 510,000 | 416,581 | ||
7,502,618 | ||||||
Housing revenue: 0.37% | ||||||
PFA City of Boynton Beach | 5.00 | 7-1-2041 | 2,280,000 | 2,398,031 | ||
Industrial development revenue: 0.23% | ||||||
PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | 2-1-2042 | 1,500,000 | 1,531,855 | ||
Miscellaneous revenue: 0.30% | ||||||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2045 | 5,000,000 | 1,936,346 | ||
Tax revenue: 1.19% | ||||||
Village of Mount Pleasant Series A | 5.00 | 4-1-2043 | 5,000,000 | 5,291,994 | ||
Village of Mount Pleasant Series A | 5.00 | 4-1-2048 | 2,090,000 | 2,168,343 | ||
Village of Mount Pleasant Series A (BAM Insured) | 5.00 | 4-1-2048 | 330,000 | 343,677 | ||
7,804,014 | ||||||
40,530,125 | ||||||
Total municipal obligations (Cost $662,736,152) | 647,565,180 |
Yield | Shares | |||||
Short-term investments: 0.23% | ||||||
Investment companies: 0.23% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞ | 4.12 | 1,512,112 | 1,512,415 | |||
Total short-term investments (Cost $1,512,415) | 1,512,415 | |||||
Total investments in securities (Cost $664,248,567) | 98.99 % | 649,077,595 | ||||
Other assets and liabilities, net | 1.01 | 6,649,283 | ||||
Total net assets | 100.00 % | $655,726,878 |
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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
COP | Certificate of participation |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $51,093,636 | $209,925,639 | $(259,506,823 ) | $(1,556 ) | $1,519 | $1,512,415 | 1,512,112 | $227,664 |
Assets | |
Investments in unaffiliated securities, at value (cost $662,736,152) | $647,565,180 |
Investments in affiliated securities, at value (cost $1,512,415) | 1,512,415 |
Cash | 230,951 |
Cash at broker segregated for futures contracts | 255,000 |
Receivable for interest | 8,667,254 |
Receivable for Fund shares sold | 467,790 |
Receivable from manager | 29,313 |
Prepaid expenses and other assets | 203,932 |
Total assets | 658,931,835 |
Liabilities | |
Dividends payable | 2,253,502 |
Payable for Fund shares redeemed | 946,118 |
Accrued expenses and other liabilities | 5,337 |
Total liabilities | 3,204,957 |
Total net assets | $655,726,878 |
Net assets consist of | |
Paid-in capital | $701,012,878 |
Total distributable loss | (45,286,000 ) |
Total net assets | $655,726,878 |
Computation of net asset value per share | |
Net assets | $655,726,878 |
Shares outstanding1 | 58,094,694 |
Net asset value per share | $11.29 |
Investment income | |
Interest | $27,354,262 |
Income from affiliated securities | 227,664 |
Total investment income | 27,581,926 |
Expenses | |
Custody and accounting fees | 5,575 |
Professional fees | 93,294 |
Registration fees | 73,615 |
Shareholder report expenses | 17,149 |
Trustees’ fees and expenses | 16,608 |
Other fees and expenses | 12,058 |
Total expenses | 218,299 |
Less: Fee waivers and/or expense reimbursements | (218,299 ) |
Net expenses | 0 |
Net investment income | 27,581,926 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (7,683,155 ) |
Affiliated securities | (1,556 ) |
Futures contracts | (323,214 ) |
Net realized losses on investments | (8,007,925 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 23,293,146 |
Affiliated securities | 1,519 |
Net change in unrealized gains (losses) on investments | 23,294,665 |
Net realized and unrealized gains (losses) on investments | 15,286,740 |
Net increase in net assets resulting from operations | $42,868,666 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment income | $27,581,926 | $25,797,906 | ||
Net realized losses on investments | (8,007,925 ) | (6,796,200 ) | ||
Net change in unrealized gains (losses) on investments | 23,294,665 | (93,651,288 ) | ||
Net increase (decrease) in net assets resulting from operations | 42,868,666 | (74,649,582 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (27,664,395 ) | (25,799,892 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | 20,281,166 | 224,175,490 | 27,070,768 | 302,420,197 |
Reinvestment of distributions | 49 | 546 | 0 | 0 |
Payment for shares redeemed | (25,440,649 ) | (278,805,914 ) | (35,345,356 ) | (395,546,547 ) |
Net decrease in net assets resulting from capital share transactions | (54,629,878 ) | (93,126,350 ) | ||
Total decrease in net assets | (39,425,607 ) | (193,575,824 ) | ||
Net assets | ||||
Beginning of period | 695,152,485 | 888,728,309 | ||
End of period | $655,726,878 | $695,152,485 |
Year ended December 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.99 | $12.42 | $12.47 | $12.36 | $11.79 |
Net investment income | 0.42 1 | 0.39 | 0.39 | 0.40 | 0.41 |
Net realized and unrealized gains (losses) on investments | 0.30 | (1.43 ) | (0.05 ) | 0.11 | 0.57 |
Total from investment operations | 0.72 | (1.04 ) | 0.34 | 0.51 | 0.98 |
Distributions to shareholders from | |||||
Net investment income | (0.42 ) | (0.39 ) | (0.39 ) | (0.40 ) | (0.41 ) |
Net asset value, end of period | $11.29 | $10.99 | $12.42 | $12.47 | $12.36 |
Total return | 6.74 % | (8.37 )% | 2.73 % | 4.19 % | 8.42 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.03 % | 0.03 % | 0.02 % | 0.03 % | 0.02 % |
Net expenses | 0.00 %2 | 0.00 %2 | 0.00 %2 | 0.00 %2 | 0.00 %2 |
Net investment income | 3.82 % | 3.47 % | 3.10 % | 3.23 % | 3.37 % |
Supplemental data | |||||
Portfolio turnover rate | 20 % | 14 % | 9 % | 19 % | 7 % |
Net assets, end of period (000s omitted) | $655,727 | $695,152 | $888,728 | $868,571 | $858,102 |
1 | Calculated based upon average shares outstanding |
2 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $7,269,816 |
Gross unrealized losses | (22,728,328 ) |
Net unrealized losses | $(15,458,512 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $647,490,180 | $75,000 | $647,565,180 |
Short-term investments | ||||
Investment companies | 1,512,415 | 0 | 0 | 1,512,415 |
Total assets | $1,512,415 | $647,490,180 | $75,000 | $649,077,595 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$2,462,753 | $(15,458,512 ) | $(30,036,740 ) |
Allspring Funds Trust:
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | 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 |
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 |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | 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 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. |
Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
AR4901 12-23
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 December 31, 2023 | Fiscal year ended December 31, 2022 | |||||||
Audit fees | $ | 56,810 | $ | 97,320 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | $ | 4,420 | $ | 4,320 | ||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 61,230 | $ | 101,640 |
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e)(1) 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.
(e)(2) Not applicable.
(f) Not applicable.
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(g) Not applicable.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the 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 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: February 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: February 26, 2024 | ||
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: February 26, 2024 |