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 6 of its series: Allspring Government Money Market Fund, Allspring Heritage Money Market Fund, Allspring Money Market Fund, Allspring 100% Treasury Money Market Fund, Allspring National Tax-Free Money Market Fund and Allspring Treasury Plus Money Market Fund
Date of reporting period: January 31, 2024
ITEM 1. REPORT TO STOCKHOLDERS
2
Allspring 100% Treasury Money Market Fund |
2 | |
6 | |
9 | |
10 | |
12 | |
13 | |
14 | |
15 | |
20 | |
24 | |
25 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WFTXX) | 11-8-1999 | 4.65 | 1.54 | 0.94 | 0.59 | 0.58 |
Administrator Class (WTRXX) | 6-30-2010 | 4.95 | 1.72 | 1.10 | 0.35 | 0.30 |
Institutional Class (WOTXX)3 | 10-31-2014 | 5.06 | 1.78 | 1.16 | 0.23 | 0.20 |
Roberts & Ryan Class (RRAXX)4 | 10-20-2023 | 5.03 | 1.78 | 1.16 | 0.23 | 0.20 |
Service Class (NWTXX) | 12-3-1990 | 4.74 | 1.59 | 0.99 | 0.52 | 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, 2024 (May 31, 2025 for Class A and Roberts & Ryan Class), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.58% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.20% for Roberts & Ryan 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. |
4 | Historical performance shown for the Roberts & Ryan Class shares prior to their inception reflects the performance of the Institutional Class shares. The Roberts & Ryan Class shares and Institutional Class shares have the same expenses. |
Yield summary (%) as of January 31, 2024 | |||||
Class A | Administrator Class | Institutional Class | Roberts & Ryan Class | Service Class | |
7-day current yield1 | 4.82 | 5.10 | 5.20 | 5.20 | 4.90 |
7-day compound yield | 4.94 | 5.23 | 5.33 | 5.34 | 5.02 |
30-day simple yield | 4.82 | 5.10 | 5.20 | 5.20 | 4.90 |
30-day compound yield | 4.93 | 5.22 | 5.32 | 5.33 | 5.01 |
1 | The manager has contractually committed through May 31, 2024 (May 31, 2025 for Class A and Roberts & Ryan Class), 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 4.80%, 5.05%, 5.17%, 5.18% and 4.88% for Class A, Administrator Class, Institutional Class, Roberts & Ryan Class and Service Class, respectively. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20241 |
1 | Figures represent the percentage of the Fund’s total investments. Allocations are subject to change and may have changed since the date specified. |
Our investment strategy remained consistent. We invested in T-bills and U.S. Treasury notes—including floating-rate notes—while taking into account the Fund’s overall level of liquidity and average maturity and
Effective maturity distribution as of January 31, 20241 |
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, 20241 |
49 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, 20241 |
90 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 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,024.63 | $2.96 | 0.58 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,026.07 | $1.53 | 0.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,026.58 | $1.02 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Roberts & Ryan Class | ||||
Actual | $1,000.00 | $1,026.29 | $0.56 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Service Class | ||||
Actual | $1,000.00 | $1,025.04 | $2.55 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.55 | 0.50 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities: 105.31% | ||||||
U.S. Treasury Bills☼ | 4.67 % | 1-23-2025 | $ | 60,000,000 | $57,268,950 | |
U.S. Treasury Bills☼ | 4.70 | 12-26-2024 | 20,000,000 | 19,155,932 | ||
U.S. Treasury Bills%%☼ | 4.97 | 6-4-2024 | 250,000,000 | 245,750,121 | ||
U.S. Treasury Bills☼ | 5.09 | 7-18-2024 | 50,000,000 | 48,831,933 | ||
U.S. Treasury Bills%%☼ | 5.10 | 8-1-2024 | 50,000,000 | 48,735,669 | ||
U.S. Treasury Bills☼ | 5.11 | 7-25-2024 | 50,000,000 | 48,778,707 | ||
U.S. Treasury Bills☼ | 5.12 | 7-11-2024 | 60,000,000 | 58,648,271 | ||
U.S. Treasury Bills☼ | 5.15 | 7-5-2024 | 30,000,000 | 29,346,029 | ||
U.S. Treasury Bills☼ | 5.18 | 6-27-2024 | 50,000,000 | 48,959,260 | ||
U.S. Treasury Bills☼ | 5.19 | 3-14-2024 | 600,000,000 | 596,306,567 | ||
U.S. Treasury Bills☼ | 5.22 | 5-2-2024 | 280,000,000 | 276,290,411 | ||
U.S. Treasury Bills☼ | 5.26 | 5-28-2024 | 250,000,000 | 245,793,281 | ||
U.S. Treasury Bills☼ | 5.26 | 6-6-2024 | 150,000,000 | 147,284,700 | ||
U.S. Treasury Bills☼ | 5.27 | 5-14-2024 | 200,000,000 | 197,033,672 | ||
U.S. Treasury Bills☼ | 5.27 | 5-21-2024 | 200,000,000 | 196,832,962 | ||
U.S. Treasury Bills☼ | 5.27 | 6-13-2024 | 50,000,000 | 49,042,585 | ||
U.S. Treasury Bills☼ | 5.29 | 5-7-2024 | 200,000,000 | 197,224,707 | ||
U.S. Treasury Bills☼ | 5.29 | 10-3-2024 | 70,000,000 | 67,519,715 | ||
U.S. Treasury Bills☼ | 5.30 | 4-23-2024 | 250,000,000 | 247,028,924 | ||
U.S. Treasury Bills☼ | 5.30 | 4-30-2024 | 200,000,000 | 197,422,313 | ||
U.S. Treasury Bills☼ | 5.30 | 5-23-2024 | 80,000,000 | 78,702,892 | ||
U.S. Treasury Bills☼ | 5.32 | 4-2-2024 | 200,000,000 | 198,225,239 | ||
U.S. Treasury Bills☼ | 5.32 | 4-9-2024 | 200,000,000 | 198,021,861 | ||
U.S. Treasury Bills☼ | 5.33 | 4-16-2024 | 200,000,000 | 197,815,417 | ||
U.S. Treasury Bills☼ | 5.33 | 4-25-2024 | 275,000,000 | 271,632,767 | ||
U.S. Treasury Bills☼ | 5.33 | 5-30-2024 | 100,000,000 | 98,267,062 | ||
U.S. Treasury Bills☼ | 5.34 | 5-9-2024 | 80,000,000 | 78,855,469 | ||
U.S. Treasury Bills☼ | 5.35 | 4-4-2024 | 250,000,000 | 247,696,300 | ||
U.S. Treasury Bills☼ | 5.35 | 4-11-2024 | 300,000,000 | 296,929,431 | ||
U.S. Treasury Bills☼ | 5.35 | 4-18-2024 | 285,000,000 | 281,790,150 | ||
U.S. Treasury Bills☼ | 5.35 | 5-16-2024 | 85,000,000 | 83,695,339 | ||
U.S. Treasury Bills☼ | 5.36 | 2-22-2024 | 200,000,000 | 199,384,685 | ||
U.S. Treasury Bills☼ | 5.36 | 3-7-2024 | 200,000,000 | 198,975,181 | ||
U.S. Treasury Bills☼ | 5.36 | 3-19-2024 | 650,000,000 | 645,528,067 | ||
U.S. Treasury Bills☼ | 5.36 | 3-21-2024 | 200,000,000 | 198,566,205 | ||
U.S. Treasury Bills☼ | 5.36 | 3-26-2024 | 200,000,000 | 198,419,900 | ||
U.S. Treasury Bills☼## | 5.36 | 3-26-2024 | 400,000,000 | 396,836,200 | ||
U.S. Treasury Bills☼ | 5.36 | 3-28-2024 | 200,000,000 | 198,358,344 | ||
U.S. Treasury Bills☼ | 5.37 | 2-8-2024 | 200,000,000 | 199,794,618 | ||
U.S. Treasury Bills☼ | 5.37 | 2-13-2024 | 1,852,250,000 | 1,848,987,862 | ||
U.S. Treasury Bills☼ | 5.37 | 2-15-2024 | 200,000,000 | 199,588,915 | ||
U.S. Treasury Bills☼ | 5.37 | 2-20-2024 | 1,850,000,000 | 1,844,839,310 | ||
U.S. Treasury Bills☼ | 5.37 | 3-12-2024 | 600,000,000 | 596,480,445 | ||
U.S. Treasury Bills☼ | 5.38 | 2-1-2024 | 327,390,000 | 327,390,000 | ||
U.S. Treasury Bills☼ | 5.38 | 2-6-2024 | 1,600,000,000 | 1,598,823,611 | ||
U.S. Treasury Bills☼ | 5.38 | 2-27-2024 | 1,100,000,000 | 1,095,794,212 | ||
U.S. Treasury Bills☼ | 5.38 | 2-29-2024 | 850,000,000 | 846,502,411 | ||
U.S. Treasury Bills☼ | 5.39 | 3-5-2024 | 600,000,000 | 597,084,405 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.04%)± | 5.33 % | 7-31-2024 | $ | 90,000,000 | $89,999,990 | |
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.13%)± | 5.42 | 7-31-2025 | 190,000,000 | 189,859,922 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.14%)± | 5.43 | 10-31-2024 | 100,000,000 | 99,927,216 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)±## | 5.46 | 4-30-2025 | 470,000,000 | 470,111,598 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)±## | 5.46 | 10-31-2025 | 420,000,000 | 419,797,649 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.20%)± | 5.49 | 1-31-2025 | 150,000,000 | 150,000,000 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.25%)± | 5.54 | 1-31-2026 | 70,000,000 | 70,000,000 | ||
U.S. Treasury Notes | 0.38 | 8-15-2024 | 90,000,000 | 87,651,471 | ||
U.S. Treasury Notes | 0.63 | 10-15-2024 | 40,000,000 | 38,690,551 | ||
U.S. Treasury Notes | 0.75 | 11-15-2024 | 50,000,000 | 48,304,947 | ||
U.S. Treasury Notes | 1.13 | 1-15-2025 | 60,000,000 | 57,960,631 | ||
U.S. Treasury Notes | 1.38 | 1-31-2025 | 10,000,000 | 9,666,624 | ||
U.S. Treasury Notes | 1.50 | 11-30-2024 | 20,000,000 | 19,445,815 | ||
U.S. Treasury Notes | 1.75 | 12-31-2024 | 60,000,000 | 58,241,812 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 30,000,000 | 29,323,368 | ||
U.S. Treasury Notes | 2.25 | 12-31-2024 | 50,000,000 | 48,860,744 | ||
U.S. Treasury Notes | 2.38 | 8-15-2024 | 50,000,000 | 49,194,418 | ||
U.S. Treasury Notes | 3.00 | 7-31-2024 | 60,000,000 | 59,274,939 | ||
U.S. Treasury Notes | 4.38 | 10-31-2024 | 20,000,000 | 19,843,722 | ||
Total U.S. treasury securities (Cost $18,262,396,424) | 18,262,396,424 | |||||
Total investments in securities (Cost $18,262,396,424) | 105.31 % | 18,262,396,424 | ||||
Other assets and liabilities, net | (5.31 ) | (920,296,198 ) | ||||
Total net assets | 100.00 % | $17,342,100,226 |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $18,262,396,424 |
Cash | 8,339 |
Receivable for Fund shares sold | 24,161,928 |
Receivable for interest | 1,732,983 |
Prepaid expenses and other assets | 440,890 |
Total assets | 18,288,740,564 |
Liabilities | |
Payable for investments purchased | 594,903,222 |
Payable for when-issued transactions | 294,485,790 |
Dividends payable | 28,513,748 |
Payable for Fund shares redeemed | 24,185,817 |
Management fee payable | 1,754,111 |
Administration fees payable | 1,403,082 |
Accrued expenses and other liabilities | 1,394,568 |
Total liabilities | 946,640,338 |
Total net assets | $17,342,100,226 |
Net assets consist of | |
Paid-in capital | $17,341,947,204 |
Total distributable earnings | 153,022 |
Total net assets | $17,342,100,226 |
Computation of net asset value per share | |
Net assets–Class A | $71,420,676 |
Shares outstanding–Class A1 | 71,418,100 |
Net asset value per share–Class A | $1.00 |
Net assets–Administrator Class | $344,068,944 |
Shares outstanding–Administrator Class1 | 344,055,975 |
Net asset value per share–Administrator Class | $1.00 |
Net assets–Institutional Class | $11,665,347,228 |
Shares outstanding–Institutional Class1 | 11,664,894,016 |
Net asset value per share–Institutional Class | $1.00 |
Net assets–Roberts & Ryan Class | $101,460 |
Shares outstanding–Roberts & Ryan Class1 | 101,456 |
Net asset value per share–Roberts & Ryan Class | $1.00 |
Net assets–Service Class | $5,261,161,918 |
Shares outstanding–Service Class1 | 5,260,967,205 |
Net asset value per share–Service Class | $1.00 |
Investment income | |
Interest | $790,610,052 |
Expenses | |
Management fee | 21,268,138 |
Administration fees | |
Class A | 117,307 |
Administrator Class | 457,242 |
Institutional Class | 8,010,468 |
Roberts & Ryan Class1 | 22 |
Service Class | 5,664,766 |
Shareholder servicing fees | |
Class A | 141,766 |
Administrator Class | 457,242 |
Service Class | 11,801,595 |
Custody and accounting fees | 101,140 |
Professional fees | 119,574 |
Registration fees | 483,862 |
Shareholder report expenses | 79,056 |
Trustees’ fees and expenses | 21,457 |
Other fees and expenses | 240,544 |
Total expenses | 48,964,179 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,876,706 ) |
Administrator Class | (121,907 ) |
Institutional Class | (631,632 ) |
Net expenses | 45,333,934 |
Net investment income | 745,276,118 |
Net realized gains on investments | 610,586 |
Net increase in net assets resulting from operations | $745,886,704 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $745,276,118 | $216,092,725 | ||
Net realized gains on investments | 610,586 | 106,371 | ||
Net increase in net assets resulting from operations | 745,886,704 | 216,199,096 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,613,056 ) | (554,590 ) | ||
Administrator Class | (22,214,954 ) | (7,357,000 ) | ||
Institutional Class | (499,705,847 ) | (138,173,030 ) | ||
Roberts & Ryan Class | (1,456 )1 | N/A | ||
Service Class | (221,362,222 ) | (70,008,074 ) | ||
Total distributions to shareholders | (745,897,535 ) | (216,092,694 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 74,170,889 | 74,170,889 | 24,596,262 | 24,596,262 |
Administrator Class | 1,370,281,993 | 1,370,281,993 | 1,608,978,051 | 1,608,978,051 |
Institutional Class | 40,211,606,724 | 40,211,606,724 | 32,845,394,582 | 32,845,394,582 |
Roberts & Ryan Class | 100,000 1 | 100,000 1 | N/A | N/A |
Service Class | 22,830,547,578 | 22,830,547,578 | 22,739,481,718 | 22,739,481,718 |
64,486,707,184 | 57,218,450,613 | |||
Reinvestment of distributions | ||||
Class A | 2,587,930 | 2,587,930 | 547,021 | 547,021 |
Administrator Class | 13,516,880 | 13,516,880 | 5,382,871 | 5,382,871 |
Institutional Class | 342,013,840 | 342,013,840 | 70,653,369 | 70,653,369 |
Roberts & Ryan Class | 1,456 1 | 1,456 1 | N/A | N/A |
Service Class | 73,066,874 | 73,066,874 | 21,667,659 | 21,667,659 |
431,186,980 | 98,250,920 | |||
Payment for shares redeemed | ||||
Class A | (46,063,818 ) | (46,063,818 ) | (31,827,366 ) | (31,827,366 ) |
Administrator Class | (1,457,019,771 ) | (1,457,019,771 ) | (1,632,886,943 ) | (1,632,886,943 ) |
Institutional Class | (35,854,154,502 ) | (35,854,154,502 ) | (36,747,937,814 ) | (36,747,937,814 ) |
Service Class | (21,815,460,107 ) | (21,815,460,107 ) | (23,924,417,944 ) | (23,924,417,944 ) |
(59,172,698,198 ) | (62,337,070,067 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 5,745,195,966 | (5,020,368,534 ) | ||
Total increase (decrease) in net assets | 5,745,185,135 | (5,020,262,132 ) | ||
Net assets | ||||
Beginning of period | 11,596,915,091 | 16,617,177,223 | ||
End of period | $17,342,100,226 | $11,596,915,091 |
Year ended January 31 | |||||
Class A | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.01 | 0.00 1,2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | (0.00 )3 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | 0.00 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.65 % | 1.42 % | 0.02 % | 0.14 % | 1.54 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.60 % | 0.62 % | 0.61 % | 0.61 % | 0.63 % |
Net expenses | 0.59 % | 0.50 %* | 0.06 %* | 0.31 %* | 0.60 % |
Net investment income | 4.60 % | 1.27 % | 0.02 % | 0.15 % | 1.49 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $71,421 | $40,725 | $47,409 | $202,999 | $468,360 |
* | 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 | 0.29% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Administrator Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | (0.00 )3 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | 0.00 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.95 % | 1.65 % | 0.01 % | 0.20 % | 1.84 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.35 % | 0.35 % | 0.34 % | 0.34 % | 0.36 % |
Net expenses | 0.30 % | 0.28 %* | 0.06 %* | 0.22 %* | 0.30 % |
Net investment income | 4.86 % | 1.73 % | 0.01 % | 0.19 % | 1.85 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $344,069 | $417,372 | $435,818 | $493,677 | $554,447 |
* | 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 | 0.24% |
Year ended January 31, 2021 | 0.08% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Institutional Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | (0.00 )3 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | 0.00 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 5.06 % | 1.74 % | 0.01 % | 0.24 % | 1.95 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.23 % | 0.23 % | 0.23 % | 0.22 % | 0.24 % |
Net expenses | 0.20 % | 0.19 %* | 0.06 %* | 0.18 %* | 0.20 % |
Net investment income | 4.99 % | 1.54 % | 0.01 % | 0.17 % | 1.92 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $11,665,347 | $6,965,776 | $10,797,673 | $12,321,170 | $7,564,485 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Roberts & Ryan Class | Year ended January 31, 20241 |
Net asset value, beginning of period | $1.00 |
Net investment income | 0.01 2 |
Net realized gains (losses) on investments | 0.00 3 |
Total from investment operations | 0.01 |
Distributions to shareholders from | |
Net investment income | (0.01 ) |
Net realized gains | (0.00 )3 |
Total distributions to shareholders | (0.01 ) |
Net asset value, end of period | $1.00 |
Total return4 | 1.46 % |
Ratios to average net assets (annualized) | |
Gross expenses | 0.22 % |
Net expenses | 0.20 % |
Net investment income | 5.22 % |
Supplemental data | |
Net assets, end of period (000s omitted) | $101 |
1 | For the period from October 20, 2023 (commencement of class operations) to January 31, 2024 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | |||||
Service Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | (0.00 )3 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | 0.00 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.74 % | 1.49 % | 0.01 % | 0.15 % | 1.64 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.52 % | 0.52 % | 0.52 % | 0.51 % | 0.53 % |
Net expenses | 0.50 % | 0.44 %* | 0.06 %* | 0.25 %* | 0.50 % |
Net investment income | 4.69 % | 1.46 % | 0.01 % | 0.12 % | 1.58 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $5,261,162 | $4,173,042 | $5,336,278 | $5,225,755 | $4,230,537 |
* | 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 | 0.06% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 2021 | 0.25% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
U.S. Treasury securities | $0 | $18,262,396,424 | $0 | $18,262,396,424 |
Total assets | $0 | $18,262,396,424 | $0 | $18,262,396,424 |
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 | 0.20 % |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Roberts & Ryan Class | 0.08 |
Service Class | 0.12 |
EXPENSE RATIO CAPS | |
Class A | 0.58 % |
Administrator Class | 0.30 |
Institutional Class | 0.20 |
Roberts & Ryan Class | 0.20 |
Service Class | 0.50 |
Year ended January 31 | ||
2024 | 2023 | |
Ordinary income | $745,857,369 | $216,092,694 |
Long-term capital gain | 40,166 | 0 |
Allspring Funds Trust:
January 31, 2024.
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0252 01-24
2 | |
6 | |
10 | |
11 | |
19 | |
21 | |
22 | |
24 | |
32 | |
36 | |
37 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WFGXX) | 11-8-1999 | 4.68 | 1.57 | 0.96 | 0.59 | 0.58 |
Administrator Class (WGAXX) | 7-31-2003 | 4.94 | 1.72 | 1.10 | 0.34 | 0.34 |
Institutional Class (GVIXX) | 7-28-2003 | 5.08 | 1.81 | 1.19 | 0.22 | 0.20 |
Roberts & Ryan Class (RNRXX)3 | 10-20-2023 | 5.05 | 1.80 | 1.18 | 0.22 | 0.20 |
Select Class (WFFXX)4 | 6-30-2015 | 5.15 | 1.86 | 1.23 | 0.18 | 0.14 |
Service Class (NWGXX) | 11-16-1987 | 4.77 | 1.62 | 1.01 | 0.51 | 0.50 |
Sweep Class 5 | 7-31-2020 | 4.77 | 1.54 | 0.70 | 0.52 | 0.50 |
Tribal Inclusion Class (AGTXX)6 | 11-3-2023 | 5.06 | 1.81 | 1.19 | 0.20 | 0.16 |
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, 2024 (May 31, 2025 for Class A, Roberts & Ryan Class and Tribal Inclusion Class), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.58% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.20% for Roberts & Ryan Class, 0.14% for Select Class, 0.50% for Service Class, 0.50% for Sweep Class and 0.16% for Tribal Inclusion 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 Roberts & Ryan Class shares prior to their inception reflects the performance of the Institutional Class shares. The Roberts & Ryan Class shares and Institutional Class shares have the same expenses. |
4 | 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. |
5 | 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 been included, returns for the Sweep Class would be higher. |
6 | Historical performance shown for the Tribal Inclusion 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 Tribal Inclusion Class shares would be higher. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Yield summary (%) as of January 31, 2024 | ||||||||
Class A | Administrator Class | Institutional Class | Roberts & Ryan Class | Select Class | Service Class | Sweep Class | Tribal Inclusion Class | |
7-day current yield1 | 4.83 | 5.08 | 5.21 | 5.21 | 5.27 | 4.91 | 4.91 | 5.25 |
7-day compound yield | 4.94 | 5.21 | 5.34 | 5.34 | 5.41 | 5.03 | 5.03 | 5.39 |
30-day simple yield | 4.83 | 5.08 | 5.21 | 5.21 | 5.27 | 4.91 | 4.91 | 5.25 |
30-day compound yield | 4.93 | 5.19 | 5.33 | 5.33 | 5.39 | 5.02 | 5.02 | 5.37 |
1 | The manager has contractually committed through May 31, 2024 (May 31, 2025 for Class A, Roberts & Ryan Class and Tribal Inclusion Class), 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 4.83%, 5.08%, 5.20%, 5.20%, 5.24%, 4.91%, 4.90% and 5.22% for Class A, Administrator Class, Institutional Class, Roberts & Ryan Class, Select Class, Service Class, Sweep Class and Tribal Inclusion Class, respectively. |
Portfolio composition as of January 31, 20241 |
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, 20241 |
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, 20241 |
43 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. |
† | 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 life as of January 31, 20241 |
98 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 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,024.61 | $2.96 | 0.58 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,025.89 | $1.69 | 0.33 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.54 | $1.68 | 0.33 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,026.56 | $1.02 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Roberts & Ryan Class | ||||
Actual | $1,000.00 | $1,026.27 | $0.56 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Select Class | ||||
Actual | $1,000.00 | $1,026.87 | $0.72 | 0.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14 % |
Service Class | ||||
Actual | $1,000.00 | $1,025.02 | $2.55 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.55 | 0.50 % |
Sweep Class | ||||
Actual | $1,000.00 | $1,025.02 | $2.55 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.55 | 0.50 % |
Tribal Inclusion Class | ||||
Actual | $1,000.00 | $1,026.37 | $0.39 | 0.16 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.40 | $0.82 | 0.16 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Government agency debt: 16.92% | ||||||
FFCB | 0.31 % | 8-20-2024 | $ | 28,500,000 | $27,713,204 | |
FFCB | 0.47 | 11-18-2024 | 19,696,000 | 18,964,442 | ||
FFCB | 4.50 | 11-18-2024 | 138,074,000 | 137,343,037 | ||
FFCB | 4.75 | 1-8-2025 | 101,000,000 | 100,904,540 | ||
FFCB (U.S. Treasury 3 Month Bill Money Market Yield -0.04%)± | 5.24 | 3-28-2024 | 100,000,000 | 100,000,000 | ||
FFCB (U.S. SOFR+0.04%)± | 5.35 | 2-5-2024 | 120,000,000 | 120,000,000 | ||
FFCB (U.S. SOFR+0.05%)± | 5.36 | 2-20-2024 | 90,000,000 | 90,000,000 | ||
FFCB (U.S. SOFR+0.05%)± | 5.36 | 4-12-2024 | 170,000,000 | 170,000,000 | ||
FFCB (U.S. SOFR+0.06%)± | 5.37 | 5-13-2024 | 98,250,000 | 98,251,384 | ||
FFCB | 5.38 | 11-1-2024 | 92,950,000 | 92,922,013 | ||
FFCB (U.S. SOFR+0.10%)± | 5.41 | 8-8-2024 | 75,000,000 | 75,000,423 | ||
FFCB (U.S. SOFR+0.11%)± | 5.42 | 11-22-2024 | 95,000,000 | 95,000,000 | ||
FFCB (U.S. SOFR+0.11%)± | 5.42 | 1-17-2025 | 30,700,000 | 30,682,869 | ||
FFCB (U.S. SOFR+0.12%)± | 5.43 | 10-29-2025 | 160,000,000 | 160,000,000 | ||
FFCB (U.S. SOFR+0.13%)± | 5.44 | 4-10-2025 | 300,000,000 | 299,965,838 | ||
FFCB (U.S. SOFR+0.14%)± | 5.45 | 9-5-2024 | 150,000,000 | 150,000,000 | ||
FFCB (U.S. SOFR+0.15%)± | 5.46 | 10-8-2024 | 400,000,000 | 399,986,709 | ||
FFCB (U.S. Federal Funds Effective Rate+0.13%)± | 5.46 | 3-12-2025 | 350,000,000 | 349,985,440 | ||
FFCB (U.S. SOFR+0.16%)± | 5.47 | 4-10-2025 | 60,000,000 | 60,000,000 | ||
FFCB (U.S. SOFR+0.16%)± | 5.47 | 5-15-2025 | 122,500,000 | 122,499,000 | ||
FFCB (U.S. SOFR+0.16%)± | 5.47 | 7-21-2025 | 72,000,000 | 72,000,000 | ||
FFCB (U.S. SOFR+0.16%)± | 5.47 | 8-4-2025 | 105,000,000 | 105,000,000 | ||
FFCB (U.S. SOFR+0.16%)± | 5.47 | 8-28-2025 | 93,000,000 | 93,000,000 | ||
FFCB (U.S. SOFR+0.17%)± | 5.48 | 1-23-2025 | 70,000,000 | 70,000,000 | ||
FFCB (U.S. Federal Funds Effective Rate+0.15%)± | 5.48 | 2-3-2025 | 40,000,000 | 39,998,067 | ||
FFCB (U.S. SOFR+0.17%)± | 5.48 | 6-2-2025 | 200,000,000 | 200,000,000 | ||
FFCB Series 1 (U.S. SOFR+0.17%)± | 5.48 | 7-28-2025 | 250,000,000 | 250,000,000 | ||
FFCB (U.S. SOFR+0.17%)± | 5.48 | 8-4-2025 | 465,000,000 | 464,989,818 | ||
FFCB (U.S. SOFR+0.17%)± | 5.48 | 10-23-2025 | 125,000,000 | 124,984,037 | ||
FFCB (U.S. Treasury 3 Month Bill Money Market Yield+0.22%)± | 5.49 | 1-27-2025 | 250,000,000 | 249,988,158 | ||
FFCB (U.S. SOFR+0.18%)± | 5.49 | 11-21-2025 | 250,000,000 | 249,972,608 | ||
FFCB (U.S. SOFR+0.18%)± | 5.49 | 12-11-2025 | 125,000,000 | 125,000,000 | ||
FFCB (U.S. SOFR+0.19%)± | 5.50 | 6-20-2025 | 100,000,000 | 100,000,000 | ||
FFCB (U.S. SOFR+0.19%)± | 5.50 | 6-30-2025 | 150,000,000 | 150,000,000 | ||
FFCB (U.S. Federal Funds Effective Rate+0.18%)± | 5.51 | 5-23-2025 | 112,500,000 | 112,492,956 | ||
FFCB (U.S. Federal Funds Effective Rate+0.18%)± | 5.51 | 6-2-2025 | 185,000,000 | 184,961,406 | ||
FFCB Series 1 (U.S. SOFR+0.20%)± | 5.51 | 6-2-2025 | 60,000,000 | 60,000,000 | ||
FFCB (U.S. Federal Funds Effective Rate+0.18%)± | 5.51 | 7-7-2025 | 200,000,000 | 200,000,000 | ||
FFCB (U.S. SOFR+0.21%)± | 5.52 | 12-12-2024 | 100,000,000 | 100,000,000 | ||
FFCB (U.S. Federal Funds Effective Rate+0.20%)± | 5.53 | 2-7-2025 | 400,000,000 | 400,000,000 | ||
FHLB | 0.50 | 9-27-2024 | 20,000,000 | 19,383,721 | ||
FHLB | 0.50 | 10-28-2024 | 10,000,000 | 9,670,096 | ||
FHLB | 0.50 | 11-26-2024 | 10,000,000 | 9,640,936 | ||
FHLB | 2.04 | 4-12-2024 | 50,000,000 | 49,673,549 | ||
FHLB | 4.83 | 1-2-2025 | 350,000,000 | 349,880,061 | ||
FHLB | 4.85 | 1-10-2025 | 250,000,000 | 250,000,000 | ||
FHLB | 4.90 | 4-15-2024 | 200,000,000 | 199,717,978 | ||
FHLB | 4.95 | 1-6-2025 | 200,000,000 | 199,960,661 | ||
FHLB | 5.13 | 12-2-2024 | 200,000,000 | 199,995,583 | ||
FHLB | 5.23 | 5-17-2024 | 500,000,000 | 500,000,000 | ||
FHLB | 5.27 | 4-29-2024 | 1,000,000,000 | 1,000,000,000 | ||
FHLB☼ | 5.28 | 2-15-2024 | 150,000,000 | 149,697,250 | ||
FHLB | 5.35 | 4-24-2024 | 200,000,000 | 200,000,000 | ||
FHLB | 5.35 | 5-30-2024 | 225,000,000 | 225,000,000 | ||
FHLB Series 1 (U.S. SOFR+0.05%)± | 5.36 | 2-22-2024 | 155,000,000 | 155,000,000 | ||
FHLB (U.S. SOFR+0.05%)± | 5.36 | 3-6-2024 | 75,000,000 | 75,000,000 | ||
FHLB (U.S. SOFR+0.05%)± | 5.36 | 3-12-2024 | 230,000,000 | 230,000,000 | ||
FHLB Series 1 (U.S. SOFR+0.05%)± | 5.36 | 3-14-2024 | 270,000,000 | 270,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Government agency debt(continued) | ||||||
FHLB☼ | 5.36 % | 5-8-2024 | $ | 300,000,000 | $295,740,892 | |
FHLB | 5.36 | 6-11-2024 | 300,000,000 | 300,000,000 | ||
FHLB (U.S. SOFR+0.06%)± | 5.37 | 5-6-2024 | 1,000,000,000 | 1,000,000,000 | ||
FHLB | 5.37 | 5-21-2024 | 200,000,000 | 200,000,000 | ||
FHLB (U.S. SOFR+0.07%)± | 5.38 | 5-24-2024 | 700,000,000 | 700,000,000 | ||
FHLB Series 1 (U.S. SOFR+0.07%)± | 5.38 | 6-17-2024 | 125,000,000 | 125,000,000 | ||
FHLB (U.S. SOFR+0.07%)± | 5.38 | 6-27-2024 | 125,000,000 | 125,000,000 | ||
FHLB (U.S. SOFR+0.07%)± | 5.38 | 6-28-2024 | 50,000,000 | 50,000,000 | ||
FHLB | 5.41 | 6-7-2024 | 200,000,000 | 200,000,000 | ||
FHLB (U.S. SOFR+0.10%)± | 5.41 | 9-4-2024 | 250,000,000 | 250,020,583 | ||
FHLB | 5.41 | 10-30-2024 | 129,950,000 | 130,034,955 | ||
FHLB | 5.42 | 5-30-2024 | 225,000,000 | 225,000,000 | ||
FHLB (U.S. SOFR+0.11%)± | 5.42 | 11-8-2024 | 95,000,000 | 94,996,960 | ||
FHLB Series 1 (U.S. SOFR+0.11%)± | 5.42 | 12-2-2024 | 500,000,000 | 500,000,000 | ||
FHLB (U.S. SOFR+0.11%)± | 5.42 | 12-19-2024 | 250,000,000 | 250,000,000 | ||
FHLB (U.S. SOFR+0.11%)± | 5.42 | 12-26-2024 | 200,000,000 | 200,000,000 | ||
FHLB (U.S. SOFR+0.12%)± | 5.43 | 3-14-2024 | 128,000,000 | 128,000,000 | ||
FHLB (U.S. SOFR+0.12%)± | 5.43 | 11-18-2024 | 250,000,000 | 250,000,000 | ||
FHLB (U.S. SOFR+0.13%)± | 5.44 | 2-10-2025 | 450,000,000 | 450,000,000 | ||
FHLB (U.S. SOFR+0.13%)± | 5.44 | 4-11-2025 | 250,000,000 | 250,000,000 | ||
FHLB (U.S. SOFR+0.14%)± | 5.45 | 1-26-2026 | 225,000,000 | 225,000,000 | ||
FHLB (U.S. SOFR+0.15%)± | 5.46 | 1-2-2026 | 244,000,000 | 244,035,122 | ||
FHLB (U.S. SOFR+0.15%)± | 5.46 | 1-5-2026 | 100,000,000 | 100,000,000 | ||
FHLB | 5.47 | 6-18-2024 | 100,000,000 | 100,000,000 | ||
FHLB (U.S. SOFR+0.16%)± | 5.47 | 7-3-2025 | 325,000,000 | 325,000,000 | ||
FHLB (U.S. SOFR+0.16%)± | 5.47 | 7-25-2025 | 200,000,000 | 200,000,000 | ||
FHLB (U.S. SOFR+0.16%)± | 5.47 | 8-22-2025 | 450,000,000 | 450,000,000 | ||
FHLB (U.S. SOFR+0.16%)± | 5.47 | 10-16-2025 | 150,000,000 | 150,000,000 | ||
FHLB | 5.50 | 9-20-2024 | 203,000,000 | 202,999,555 | ||
FHLB (U.S. SOFR+0.20%)± | 5.51 | 11-13-2025 | 500,000,000 | 500,000,000 | ||
FHLB (U.S. SOFR+0.21%)± | 5.52 | 11-25-2025 | 200,000,000 | 200,000,000 | ||
FHLMC | 5.41 | 6-14-2024 | 450,000,000 | 450,000,000 | ||
FHLMC | 5.50 | 6-18-2024 | 200,000,000 | 200,000,000 | ||
FNMA | 5.42 | 3-28-2024 | 100,000,000 | 100,000,000 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.44 | 1-20-2027 | 34,000,000 | 34,000,000 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.44 | 1-20-2035 | 40,931,440 | 40,931,440 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.44 | 4-20-2035 | 31,278,520 | 31,278,520 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.44 | 11-20-2037 | 24,582,272 | 24,582,272 | ||
U.S. International Development Finance Corp. Series 3 (U.S. Treasury 3 Month Bill+0.00%)§± | 5.47 | 12-15-2026 | 1,800,000 | 1,800,000 | ||
U.S. International Development Finance Corp. Series 699- 2014-878-IG (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 11-15-2025 | 2,778,947 | 2,778,947 | ||
U.S. International Development Finance Corp. Series 277- 2012-197-IG (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 7-9-2026 | 23,483,750 | 23,483,750 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 1-15-2030 | 9,056,604 | 9,056,604 | ||
U.S. International Development Finance Corp. Series 278- 2009-362-IG (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 5-15-2030 | 15,640,000 | 15,640,000 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 9-2-2031 | 56,789,084 | 56,789,084 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 9-30-2031 | 60,306,000 | 60,306,000 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 12-20-2031 | 48,372,093 | 48,372,093 |
Interest rate | Maturity date | Principal | Value | |||
Government agency debt(continued) | ||||||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 % | 10-15-2032 | $ | 14,448,719 | $14,448,719 | |
U.S. International Development Finance Corp. Series IV (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 11-15-2033 | 16,136,753 | 16,136,753 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.50 | 6-15-2034 | 12,446,664 | 12,446,664 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.51 | 6-20-2027 | 4,666,667 | 4,666,667 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.51 | 9-20-2027 | 13,392,857 | 13,392,857 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.51 | 3-15-2030 | 25,330,687 | 25,330,687 | ||
U.S. International Development Finance Corp. Series 2 (U.S. Treasury 3 Month Bill+0.00%)§± | 5.51 | 9-20-2038 | 3,209,530 | 3,209,530 | ||
U.S. International Development Finance Corp. (U.S. Treasury 3 Month Bill+0.00%)§± | 5.51 | 7-7-2040 | 50,029,404 | 50,029,404 | ||
Total government agency debt (Cost $19,803,733,842) | 19,803,733,842 | |||||
Municipal obligations: 0.05% | ||||||
Colorado: 0.05% | ||||||
Variable rate demand notes ø: 0.05% | ||||||
Colorado HFA Series C2 Class II (Housing revenue, GNMA Insured, FHLB SPA) | 5.35 | 5-1-2052 | 29,370,000 | 29,370,000 | ||
Colorado HFA Series D2 Class I (Housing revenue, GNMA Insured, FHLB SPA) | 5.35 | 5-1-2042 | 26,625,000 | 26,625,000 | ||
Total municipal obligations (Cost $55,995,000) | 55,995,000 | |||||
Other instruments: 0.35% | ||||||
17th Street Rentals LLC§øø | 5.46 | 6-1-2025 | 18,200,000 | 18,200,000 | ||
2020 Sheu Family Exempt Trust§øø | 5.45 | 7-1-2041 | 9,175,000 | 9,175,000 | ||
Brandon Place Partners Ltd. Series 2018§øø | 5.46 | 12-1-2058 | 15,335,000 | 15,335,000 | ||
Columbus Hotel Investment One LLC Series 2018§øø | 5.45 | 10-1-2048 | 6,535,000 | 6,535,000 | ||
Conger Investments LLC Series 2021§øø | 5.45 | 6-1-2051 | 6,465,000 | 6,465,000 | ||
Fortis Family Insurance LLC Series A§øø | 5.45 | 8-1-2070 | 10,345,000 | 10,345,000 | ||
Gillean Family Trust Series 2019§øø | 5.45 | 12-1-2039 | 6,140,000 | 6,140,000 | ||
Hacienda Senior Villas LP A California LP Series C§øø | 5.46 | 12-1-2058 | 20,575,000 | 20,575,000 | ||
Ken-Vin Life Co. LLC Series 2019§øø | 5.45 | 12-1-2059 | 19,645,000 | 19,645,000 | ||
L Ward Huntley Irrevocable Life Insurance Trust u/a Series 2021§øø | 5.45 | 4-1-2071 | 21,350,000 | 21,350,000 | ||
La Mesa Senior Living LP§øø | 5.46 | 8-1-2057 | 48,125,000 | 48,125,000 | ||
LaVonne V Johnson Irrevocable Life Insurance Trust Series 2021§øø | 5.45 | 6-1-2041 | 34,790,000 | 34,790,000 | ||
Legado Encino LLC Series A§øø | 5.46 | 12-1-2059 | 19,500,000 | 19,500,000 | ||
Mitchell Irrevocable Life Insurance Trust§øø | 5.45 | 9-1-2059 | 25,905,000 | 25,905,000 | ||
Morris Family Insurance Trust§øø | 5.45 | 10-1-2059 | 3,350,000 | 3,350,000 | ||
Our Family IV LLC§øø | 5.45 | 1-1-2044 | 13,785,000 | 13,785,000 | ||
Plaza Patria Court Ltd. a California LP Series B§øø | 5.46 | 12-1-2058 | 17,325,000 | 17,325,000 | ||
Renaissance 88 Co. LP§øø | 5.46 | 3-1-2062 | 19,000,000 | 19,000,000 | ||
Rock Hill SI LLC Series 2021§øø | 5.46 | 6-1-2061 | 35,700,000 | 35,700,000 | ||
Rohnert Park 668 LP Series A§øø | 5.46 | 6-1-2058 | 20,920,000 | 20,920,000 | ||
Schulder Family Trust§øø | 5.45 | 3-1-2041 | 2,495,000 | 2,495,000 | ||
Southside Brookshore Associates LP Series A§øø | 5.46 | 9-1-2059 | 7,640,000 | 7,640,000 | ||
Vickie Bice Life Insurance Trust Series 2021§øø | 5.45 | 8-1-2046 | 6,550,000 | 6,550,000 | ||
VPM Linden Manor LP Series A§øø | 5.46 | 9-1-2060 | 15,200,000 | 15,200,000 | ||
Total other instruments (Cost $404,050,000) | 404,050,000 |
Interest rate | Maturity date | Principal | Value | |||
Repurchase agreements^^: 53.12% | ||||||
Australia & New Zealand Banking Group Ltd., dated 1-31-2024, maturity value $535,078,186(01) | 5.32 % | 2-1-2024 | $ | 534,999,125 | $534,999,125 | |
Bank of America NA, dated 1-31-2024, maturity value $1,500,221,667(02) | 5.32 | 2-1-2024 | 1,500,000,000 | 1,500,000,000 | ||
Bank of Montreal, dated 1-31-2024, maturity value $350,051,722(03) | 5.32 | 2-1-2024 | 350,000,000 | 350,000,000 | ||
Barclays Bank PLC, dated 1-31-2024, maturity value $1,510,222,725(04) | 5.31 | 2-1-2024 | 1,510,000,000 | 1,510,000,000 | ||
Barclays Bank PLC, dated 1-31-2024, maturity value $45,006,650(05) | 5.32 | 2-1-2024 | 45,000,000 | 45,000,000 | ||
Barclays Bank PLC, dated 1-31-2024, maturity value $686,651,457(06) | 5.32 | 2-1-2024 | 686,550,000 | 686,550,000 | ||
Barclays Bank PLC, dated 1-31-2024, maturity value $3,000,443,333(07) | 5.32 | 2-1-2024 | 3,000,000,000 | 3,000,000,000 | ||
Barclays Bank PLC, dated 1-31-2024, maturity value $700,103,639(08) | 5.33 | 2-1-2024 | 700,000,000 | 700,000,000 | ||
BOFA Securities, Inc., dated 1-31-2024, maturity value $300,044,167(09) | 5.30 | 2-1-2024 | 300,000,000 | 300,000,000 | ||
Citibank NA, dated 1-31-2024, maturity value $250,036,944(10) | 5.32 | 2-1-2024 | 250,000,000 | 250,000,000 | ||
Citibank NA, dated 1-25-2024, maturity value $250,259,097(11) | 5.33 | 2-1-2024 | 250,000,000 | 250,000,000 | ||
Citigroup Global Markets Holdings, Inc., dated 1-31-2024, maturity value $1,150,169,944(12) | 5.32 | 2-1-2024 | 1,150,000,000 | 1,150,000,000 | ||
Citigroup Global Markets Holdings, Inc., dated 1-30-2024, maturity value $750,775,833(13) | 5.32 | 2-6-2024 | 750,000,000 | 750,000,000 | ||
Credit Agricole Corporate & Investment Bank, dated 1-31-2024, maturity value $500,073,750(14) | 5.31 | 2-1-2024 | 500,000,000 | 500,000,000 | ||
Credit Agricole Corporate & Investment Bank, dated 1-31-2024, maturity value $200,029,556(15) | 5.32 | 2-1-2024 | 200,000,000 | 200,000,000 | ||
Daiwa Capital Markets America, Inc., dated 1-31-2024, maturity value $1,500,221,667(16) | 5.32 | 2-1-2024 | 1,500,000,000 | 1,500,000,000 | ||
Deutsche Bank Securities, Inc., dated 1-31-2024, maturity value $250,036,944(17) | 5.32 | 2-1-2024 | 250,000,000 | 250,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $1,900,280,778(18) | 5.32 | 2-1-2024 | 1,900,000,000 | 1,900,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $2,000,295,556(19) | 5.32 | 2-1-2024 | 2,000,000,000 | 2,000,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $2,000,316,015(20) | 5.32 | 2-1-2024 | 2,000,020,456 | 2,000,020,456 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $2,062,807,774(21) | 5.32 | 2-1-2024 | 2,062,502,982 | 2,062,502,982 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $2,500,369,444(22) | 5.32 | 2-1-2024 | 2,500,000,000 | 2,500,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $3,000,443,333(23) | 5.32 | 2-1-2024 | 3,000,000,000 | 3,000,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $4,500,665,000(24) | 5.32 | 2-1-2024 | 4,500,000,000 | 4,500,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $5,000,738,889(25) | 5.32 | 2-1-2024 | 5,000,000,000 | 5,000,000,000 | ||
Goldman Sachs & Co. LLC, dated 1-31-2024, maturity value $100,014,306(26) | 5.15 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
ING Financial Markets LLC, dated 1-31-2024, maturity value $500,073,889(27) | 5.32 | 2-1-2024 | 500,000,000 | 500,000,000 | ||
ING Financial Markets LLC, dated 12-14-2023, maturity value $1,158,389,889(28) | 5.36 | 2-1-2024 | 1,150,000,000 | 1,150,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Repurchase agreements(continued) | ||||||
JP Morgan Securities LLC, dated 1-31-2024, maturity value $425,062,688(29) | 5.31 % | 2-1-2024 | $ | 425,000,000 | $425,000,000 | |
JP Morgan Securities LLC, dated 1-31-2024, maturity value $1,700,251,222(30) | 5.32 | 2-1-2024 | 1,700,000,000 | 1,700,000,000 | ||
JP Morgan Securities LLC, dated 1-31-2024, maturity value $4,000,591,111(31) | 5.32 | 2-1-2024 | 4,000,000,000 | 4,000,000,000 | ||
MUFG Securities Americas, dated 1-30-2024, maturity value $1,251,106,250(32) | 5.31 | 2-5-2024 | 1,250,000,000 | 1,250,000,000 | ||
MUFG Securities Americas, dated 1-31-2024, maturity value $500,073,889(33) | 5.32 | 2-1-2024 | 500,000,000 | 500,000,000 | ||
MUFG Securities Americas, dated 12-22-2023, maturity value $100,627,667(34) | 5.38 | 2-2-2024 | 100,000,000 | 100,000,000 | ||
MUFG Securities Canada Ltd., dated 1-31-2024, maturity value $2,100,310,333(35) | 5.32 | 2-1-2024 | 2,100,000,000 | 2,100,000,000 | ||
MUFG Securities Canada Ltd., dated 1-12-2024, maturity value $2,012,432,222(36) | 5.36 | 2-1-2024 | 2,000,000,000 | 2,000,000,000 | ||
MUFG Securities EMEA PLC, dated 1-31-2024, maturity value $1,569,231,863(37) | 5.32 | 2-1-2024 | 1,569,000,000 | 1,569,000,000 | ||
Nomura Securities International, dated 1-31-2024, maturity value $3,000,443,333(38) | 5.32 | 2-1-2024 | 3,000,000,000 | 3,000,000,000 | ||
RBC Dominion Securities, Inc., dated 1-31-2024, maturity value $150,022,167(39) | 5.32 | 2-1-2024 | 150,000,000 | 150,000,000 | ||
Royal Bank of Canada, dated 12-14-2023, maturity value $2,518,204,861(40) | 5.35 | 2-1-2024 | 2,500,000,000 | 2,500,000,000 | ||
Societe Generale, dated 1-17-2024, maturity value $402,013,556(41) | 5.33 | 2-20-2024 | 400,000,000 | 400,000,000 | ||
Societe Generale, dated 1-8-2024, maturity value $803,797,333(42) | 5.34 | 2-9-2024 | 800,000,000 | 800,000,000 | ||
Societe Generale, dated 1-9-2024, maturity value $402,017,333(43) | 5.34 | 2-12-2024 | 400,000,000 | 400,000,000 | ||
Standard Chartered Bank, dated 1-31-2024, maturity value $250,036,944(44) | 5.32 | 2-1-2024 | 250,000,000 | 250,000,000 | ||
Sumitomo Mitsui Banking Corp., dated 1-31-2024, maturity value $94,141,032(45) | 5.40 | 2-14-2024 | 93,943,750 | 93,943,750 | ||
Sumitomo Mitsui Banking Corp., dated 11-27-2023, maturity value $481,878,088(46) | 5.47 | 2-21-2024 | 475,662,500 | 475,662,500 | ||
TD Securities USA LLC, dated 1-31-2024, maturity value $250,036,944(47) | 5.32 | 2-1-2024 | 250,000,000 | 250,000,000 | ||
Wells Fargo Securities, dated 1-31-2024, maturity value $1,500,221,667(48) | 5.32 | 2-1-2024 | 1,500,000,000 | 1,500,000,000 | ||
Wells Fargo Securities, dated 1-16-2024, maturity value $502,245,833(49) | 5.39 | 2-15-2024 | 500,000,000 | 500,000,000 | ||
Total repurchase agreements (Cost $62,152,678,813) | 62,152,678,813 | |||||
U.S. Treasury securities: 30.69% | ||||||
U.S. Treasury Bills☼ | 4.67 | 1-23-2025 | 220,000,000 | 209,990,612 | ||
U.S. Treasury Bills☼ | 4.67 | 1-23-2025 | 180,000,000 | 171,802,834 | ||
U.S. Treasury Bills☼ | 4.70 | 12-26-2024 | 270,000,000 | 258,605,085 | ||
U.S. Treasury Bills☼ | 4.70 | 1-3-2025 | 500,000,000 | 478,385,195 | ||
U.S. Treasury Bills☼ | 4.82 | 11-15-2024 | 100,000,000 | 96,204,000 | ||
U.S. Treasury Bills%%☼ | 4.97 | 6-4-2024 | 750,000,000 | 737,250,728 | ||
U.S. Treasury Bills%%☼ | 5.10 | 8-1-2024 | 600,000,000 | 584,828,025 | ||
U.S. Treasury Bills☼ | 5.11 | 7-25-2024 | 400,000,000 | 390,229,653 | ||
U.S. Treasury Bills☼ | 5.12 | 7-11-2024 | 830,000,000 | 811,301,862 | ||
U.S. Treasury Bills☼ | 5.15 | 7-5-2024 | 140,000,000 | 136,948,136 | ||
U.S. Treasury Bills☼ | 5.18 | 6-24-2024 | 234,000,000 | 229,235,760 | ||
U.S. Treasury Bills☼ | 5.18 | 6-27-2024 | 530,000,000 | 518,968,160 | ||
U.S. Treasury Bills☼ | 5.26 | 5-28-2024 | 910,000,000 | 894,688,356 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Bills☼ | 5.26 % | 6-6-2024 | $ | 1,670,000,000 | $1,639,777,360 | |
U.S. Treasury Bills☼ | 5.27 | 5-14-2024 | 720,000,000 | 709,321,088 | ||
U.S. Treasury Bills☼ | 5.27 | 5-21-2024 | 775,000,000 | 762,727,652 | ||
U.S. Treasury Bills☼ | 5.27 | 6-13-2024 | 400,000,000 | 392,340,678 | ||
U.S. Treasury Bills☼ | 5.28 | 5-31-2024 | 440,000,000 | 432,385,067 | ||
U.S. Treasury Bills☼ | 5.28 | 9-20-2024 | 300,000,000 | 289,966,000 | ||
U.S. Treasury Bills☼ | 5.29 | 5-7-2024 | 1,140,000,000 | 1,124,180,520 | ||
U.S. Treasury Bills☼ | 5.29 | 10-3-2024 | 330,000,000 | 318,323,028 | ||
U.S. Treasury Bills☼ | 5.29 | 10-3-2024 | 400,000,000 | 385,811,778 | ||
U.S. Treasury Bills☼ | 5.30 | 4-23-2024 | 1,200,000,000 | 1,185,738,378 | ||
U.S. Treasury Bills☼ | 5.30 | 4-30-2024 | 1,200,000,000 | 1,184,533,307 | ||
U.S. Treasury Bills☼ | 5.30 | 5-23-2024 | 740,000,000 | 728,002,715 | ||
U.S. Treasury Bills☼ | 5.32 | 4-2-2024 | 720,000,000 | 713,611,267 | ||
U.S. Treasury Bills☼ | 5.32 | 4-9-2024 | 600,000,000 | 594,065,489 | ||
U.S. Treasury Bills☼ | 5.33 | 4-16-2024 | 600,000,000 | 593,446,250 | ||
U.S. Treasury Bills☼ | 5.33 | 5-15-2024 | 100,000,000 | 98,486,511 | ||
U.S. Treasury Bills☼ | 5.33 | 5-30-2024 | 1,100,000,000 | 1,080,938,183 | ||
U.S. Treasury Bills☼ | 5.34 | 5-9-2024 | 550,000,000 | 542,131,308 | ||
U.S. Treasury Bills☼ | 5.35 | 3-19-2024 | 400,000,000 | 397,254,208 | ||
U.S. Treasury Bills☼ | 5.35 | 5-3-2024 | 200,000,000 | 197,309,000 | ||
U.S. Treasury Bills☼ | 5.35 | 5-16-2024 | 550,000,000 | 541,558,073 | ||
U.S. Treasury Bills☼ | 5.36 | 3-26-2024 | 575,000,000 | 570,457,212 | ||
U.S. Treasury Bills☼ | 5.38 | 3-12-2024 | 400,000,000 | 397,649,778 | ||
U.S. Treasury Bills☼ | 5.39 | 3-7-2024 | 400,000,000 | 397,938,111 | ||
U.S. Treasury Bills☼ | 5.39 | 3-21-2024 | 400,000,000 | 397,112,811 | ||
U.S. Treasury Bills☼ | 5.39 | 3-28-2024 | 200,000,000 | 198,349,244 | ||
U.S. Treasury Bills☼ | 5.40 | 3-14-2024 | 400,000,000 | 397,522,000 | ||
U.S. Treasury Bills☼ | 5.40 | 4-25-2024 | 700,000,000 | 691,330,558 | ||
U.S. Treasury Bills☼ | 5.41 | 2-29-2024 | 250,000,000 | 248,965,556 | ||
U.S. Treasury Bills☼ | 5.41 | 5-2-2024 | 1,080,000,000 | 1,065,478,651 | ||
U.S. Treasury Bills☼ | 5.42 | 2-23-2024 | 200,000,000 | 199,348,678 | ||
U.S. Treasury Bills☼ | 5.42 | 2-27-2024 | 400,000,000 | 398,459,356 | ||
U.S. Treasury Bills☼ | 5.42 | 3-5-2024 | 500,000,000 | 497,556,506 | ||
U.S. Treasury Bills☼ | 5.42 | 4-11-2024 | 1,450,000,000 | 1,434,983,736 | ||
U.S. Treasury Bills☼## | 5.43 | 4-18-2024 | 1,050,000,000 | 1,038,012,303 | ||
U.S. Treasury Bills☼ | 5.44 | 2-6-2024 | 400,000,000 | 399,702,889 | ||
U.S. Treasury Bills☼ | 5.44 | 2-20-2024 | 400,000,000 | 398,870,028 | ||
U.S. Treasury Bills☼ | 5.44 | 2-29-2024 | 200,000,000 | 199,167,544 | ||
U.S. Treasury Bills☼ | 5.44 | 4-4-2024 | 400,000,000 | 396,256,400 | ||
U.S. Treasury Bills☼ | 5.45 | 2-13-2024 | 400,000,000 | 399,285,000 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.14%)± | 5.43 | 10-31-2024 | 400,000,000 | 399,708,864 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)± | 5.46 | 4-30-2025 | 680,000,000 | 680,039,915 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)± | 5.46 | 10-31-2025 | 950,000,000 | 949,171,130 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.20%)±## | 5.49 | 1-31-2025 | 1,150,000,000 | 1,150,221,834 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.25%)± | 5.54 | 1-31-2026 | 250,000,000 | 250,000,000 | ||
U.S. Treasury Notes | 0.38 | 8-15-2024 | 270,000,000 | 262,988,842 | ||
U.S. Treasury Notes | 0.63 | 10-15-2024 | 630,000,000 | 609,529,717 | ||
U.S. Treasury Notes | 0.75 | 11-15-2024 | 860,000,000 | 830,947,516 | ||
U.S. Treasury Notes | 1.13 | 1-15-2025 | 30,000,000 | 28,980,315 | ||
U.S. Treasury Notes | 1.38 | 1-31-2025 | 30,000,000 | 28,999,873 | ||
U.S. Treasury Notes | 1.50 | 10-31-2024 | 70,000,000 | 68,090,988 | ||
U.S. Treasury Notes | 1.50 | 11-30-2024 | 50,000,000 | 48,614,538 | ||
U.S. Treasury Notes | 1.75 | 12-31-2024 | 120,000,000 | 116,486,163 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 420,000,000 | 410,496,690 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Notes | 2.25 % | 12-31-2024 | $ | 50,000,000 | $48,853,588 | |
U.S. Treasury Notes | 3.00 | 7-31-2024 | 360,000,000 | 355,648,933 | ||
U.S. Treasury Notes | 4.25 | 12-31-2024 | 300,000,000 | 297,789,467 | ||
U.S. Treasury Notes | 4.38 | 10-31-2024 | 220,000,000 | 218,280,941 | ||
Total U.S. treasury securities (Cost $35,911,641,941) | 35,911,641,941 | |||||
Total investments in securities (Cost $118,328,099,596) | 101.13 % | 118,328,099,596 | ||||
Other assets and liabilities, net | (1.13 ) | (1,319,843,694 ) | ||||
Total net assets | 100.00 % | $117,008,255,902 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
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, 1.00% to 5.00%, 4-15-2025 to 8-15-2047, fair value including accrued interest is $538,126,590. | |
(02) U.S. government securities, 2.00% to 3.50%, 4-1-2045 to 11-1-2050, fair value including accrued interest is $1,545,000,000. | |
(03) U.S. government securities, 2.00% to 8.00%, 6-20-2024 to 1-20-2054, fair value including accrued interest is $360,500,000. | |
(04) U.S. government securities, 0.13% to 4.00%, 4-15-2025 to 7-15-2031, fair value including accrued interest is $1,540,200,086. | |
(05) U.S. government securities, 0.00% to 1.13%, 6-1-2029 to 1-15-2030, fair value including accrued interest is $45,900,656. | |
(06) U.S. government securities, 2.50% to 7.00%, 8-1-2042 to 12-20-2053, fair value including accrued interest is $707,146,500. | |
(07) U.S. government securities, 0.13% to 0.50%, 4-15-2024 to 1-15-2031, fair value including accrued interest is $3,060,000,019. | |
(08) U.S. government securities, 1.75% to 3.13%, 8-31-2029 to 11-15-2029, fair value including accrued interest is $714,000,026. | |
(09) U.S. government securities, 0.63% to 3.25%, 11-30-2024 to 6-30-2029, fair value including accrued interest is $306,000,036. | |
(10) U.S. government securities, 0.00% to 9.00%, 3-1-2024 to 3-20-2072, fair value including accrued interest is $257,467,090. | |
(11) U.S. government securities, 0.00% to 8.00%, 1-15-2025 to 8-15-2064, fair value including accrued interest is $257,498,332. | |
(12) U.S. government securities, 2.00% to 7.50%, 7-20-2037 to 1-20-2054, fair value including accrued interest is $1,184,500,000. | |
(13) U.S. government securities, 3.50% to 6.00%, 6-1-2052 to 1-1-2054, fair value including accrued interest is $772,500,000. | |
(14) U.S. government securities, 0.38% to 5.00%, 4-30-2025 to 11-30-2026, fair value including accrued interest is $510,000,004. | |
(15) U.S. government securities, 4.00% to 4.00%, 1-15-2027 to 1-15-2027, fair value including accrued interest is $204,000,067. | |
(16) U.S. government securities, 0.00% to 7.50%, 2-15-2024 to 1-1-2054, fair value including accrued interest is $1,542,519,410. | |
(17) U.S. government securities, 0.00% to 6.10%, 2-1-2024 to 2-15-2049, fair value including accrued interest is $255,000,009. | |
(18) U.S. government securities, 0.00% to 6.50%, 2-15-2024 to 11-15-2053, fair value including accrued interest is $1,938,000,040. | |
(19) U.S. government securities, 0.00% to 7.63%, 2-15-2024 to 2-1-2054, fair value including accrued interest is $2,062,082,123. | |
(20) U.S. government securities, 0.75% to 4.13%, 3-31-2026 to 5-15-2049, fair value including accrued interest is $2,040,020,865. | |
(21) U.S. government securities, 3.63% to 4.38%, 12-15-2026 to 11-30-2029, fair value including accrued interest is $2,104,585,887. | |
(22) U.S. government securities, 1.88% to 4.13%, 2-28-2026 to 8-15-2032, fair value including accrued interest is $2,550,000,000. | |
(23) U.S. government securities, 0.75% to 3.88%, 5-15-2043 to 5-15-2051, fair value including accrued interest is $3,060,000,059. | |
(24) U.S. government securities, 0.00% to 4.75%, 2-29-2024 to 11-15-2053, fair value including accrued interest is $4,590,000,051. | |
(25) U.S. government securities, 0.00% to 4.38%, 5-7-2024 to 2-15-2050, fair value including accrued interest is $5,100,000,111. | |
(26) U.S. government securities, 1.63% to 1.63%, 11-15-2050 to 11-15-2050, fair value including accrued interest is $102,000,012. | |
(27) U.S. government securities, 1.50% to 7.00%, 8-1-2034 to 1-1-2054, fair value including accrued interest is $515,000,001. | |
(28) U.S. government securities, 1.50% to 7.00%, 10-1-2026 to 5-1-2058, fair value including accrued interest is $1,184,501,044. | |
(29) U.S. government securities, 1.50% to 7.50%, 2-23-2024 to 8-1-2056, fair value including accrued interest is $437,606,656. | |
(30) U.S. government securities, 0.00% to 8.00%, 4-15-2025 to 1-20-2064, fair value including accrued interest is $1,749,091,949. | |
(31) U.S. government securities, 0.00% to 5.50%, 4-15-2024 to 8-15-2028, fair value including accrued interest is $4,080,000,001. | |
(32) U.S. government securities, 0.00% to 7.50%, 2-25-2024 to 7-1-2060, fair value including accrued interest is $1,284,613,910. | |
(33) U.S. government securities, 1.50% to 7.00%, 2-25-2024 to 2-1-2054, fair value including accrued interest is $515,000,000. | |
(34) U.S. government securities, 0.13% to 5.33%, 2-29-2024 to 5-31-2030, fair value including accrued interest is $102,000,008. | |
(35) U.S. government securities, 0.13% to 7.50%, 3-8-2024 to 1-20-2072, fair value including accrued interest is $2,161,462,642. | |
(36) U.S. government securities, 0.00% to 7.10%, 3-31-2024 to 1-20-2072, fair value including accrued interest is $2,054,627,639. | |
(37) U.S. government securities, 0.00% to 4.63%, 2-13-2024 to 8-15-2046, fair value including accrued interest is $1,600,380,000. | |
(38) U.S. government securities, 0.00% to 7.13%, 2-6-2024 to 9-15-2060, fair value including accrued interest is $3,060,000,026. | |
(39) U.S. government securities, 0.00% to 7.50%, 8-31-2024 to 2-1-2054, fair value including accrued interest is $154,053,600. | |
(40) U.S. government securities, 0.00% to 7.50%, 2-20-2024 to 1-20-2054, fair value including accrued interest is $2,559,541,981. | |
(41) U.S. government securities, 0.75% to 4.63%, 8-15-2025 to 11-15-2032, fair value including accrued interest is $408,000,033. | |
(42) U.S. government securities, 0.50% to 5.00%, 8-31-2025 to 8-15-2048, fair value including accrued interest is $816,000,042. | |
(43) U.S. government securities, 0.38% to 3.75%, 1-31-2026 to 5-31-2030, fair value including accrued interest is $408,000,015. | |
(44) U.S. government securities, 0.00% to 5.00%, 5-21-2024 to 5-20-2053, fair value including accrued interest is $257,469,256. | |
(45) U.S. government securities, 1.63% to 2.88%, 5-15-2049 to 11-15-2050, fair value including accrued interest is $95,873,515. | |
(46) U.S. government securities, 3.00% to 4.00%, 6-20-2046 to 4-20-2049, fair value including accrued interest is $489,988,760. | |
(47) U.S. government securities, 2.50% to 6.00%, 10-1-2051 to 1-1-2053, fair value including accrued interest is $257,500,000. | |
(48) U.S. government securities, 2.00% to 7.50%, 12-20-2026 to 1-20-2054, fair value including accrued interest is $1,545,000,000. | |
(49) U.S. government securities, 1.50% to 7.50%, 6-1-2024 to 9-1-2060, fair value including accrued interest is $515,000,000. | |
%% | The security is purchased on a when-issued basis. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
Abbreviations: | |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
HFA | Housing Finance Authority |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $56,175,420,783 |
Investments in repurchase agreements, at amortized cost | 62,152,678,813 |
Cash | 52,994 |
Receivable for interest | 251,002,964 |
Receivable for investments sold | 7,495,000 |
Receivable for Fund shares sold | 4,795,920 |
Prepaid expenses and other assets | 286 |
Total assets | 118,591,446,760 |
Liabilities | |
Payable for when-issued transactions | 1,322,078,753 |
Dividends payable | 237,385,424 |
Management fee payable | 10,152,061 |
Administration fees payable | 5,307,369 |
Payable for Fund shares redeemed | 2,980,385 |
Distribution fee payable | 71,590 |
Accrued expenses and other liabilities | 5,215,276 |
Total liabilities | 1,583,190,858 |
Total net assets | $117,008,255,902 |
Net assets consist of | |
Paid-in capital | $117,014,972,555 |
Total distributable loss | (6,716,653 ) |
Total net assets | $117,008,255,902 |
Computation of net asset value per share | |
Net assets–Class A | $404,404,310 |
Shares outstanding–Class A1 | 404,426,200 |
Net asset value per share–Class A | $1.00 |
Net assets–Administrator Class | $4,219,598,810 |
Shares outstanding–Administrator Class1 | 4,219,760,807 |
Net asset value per share–Administrator Class | $1.00 |
Net assets–Institutional Class | $29,521,342,334 |
Shares outstanding–Institutional Class1 | 29,522,898,181 |
Net asset value per share–Institutional Class | $1.00 |
Net assets–Roberts & Ryan Class | $101,446 |
Shares outstanding–Roberts & Ryan Class1 | 101,452 |
Net asset value per share–Roberts & Ryan Class | $1.00 |
Net assets–Select Class | $80,838,095,316 |
Shares outstanding–Select Class1 | 80,843,024,093 |
Net asset value per share–Select Class | $1.00 |
Net assets–Service Class | $1,092,007,926 |
Shares outstanding–Service Class1 | 1,092,072,754 |
Net asset value per share–Service Class | $1.00 |
Net assets–Sweep Class | $813,036,006 |
Shares outstanding–Sweep Class1 | 813,074,694 |
Net asset value per share–Sweep Class | $1.00 |
Net assets–Tribal Inclusion Class | $119,669,754 |
Shares outstanding–Tribal Inclusion Class1 | 119,676,279 |
Net asset value per share–Tribal Inclusion Class | $1.00 |
Investment income | |
Interest | $5,476,179,329 |
Expenses | |
Management fee | 133,495,132 |
Administration fees | |
Class A | 786,899 |
Administrator Class | 3,182,324 |
Institutional Class | 23,415,862 |
Roberts & Ryan Class1 | 22 |
Select Class | 28,114,861 |
Service Class | 1,607,349 |
Sweep Class | 253,733 |
Tribal Inclusion Class2 | 14,606 |
Shareholder servicing fees | |
Class A | 946,468 |
Administrator Class | 3,182,324 |
Service Class | 3,348,644 |
Sweep Class | 2,114,444 |
Distribution fee | |
Sweep Class | 845,778 |
Custody and accounting fees | 1,510,688 |
Professional fees | 211,971 |
Registration fees | 2,634,683 |
Shareholder report expenses | 190,799 |
Trustees’ fees and expenses | 21,666 |
Other fees and expenses | 2,051,556 |
Total expenses | 207,929,809 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (66,303 ) |
Institutional Class | (3,892,785 ) |
Roberts & Ryan Class1 | (3 ) |
Select Class | (23,124,341 ) |
Sweep Class | (116,231 ) |
Tribal Inclusion Class2 | (7,511 ) |
Net expenses | 180,722,635 |
Net investment income | 5,295,456,694 |
Net realized losses on investments | (6,814,123 ) |
Net increase in net assets resulting from operations | $5,288,642,571 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $5,295,456,694 | $1,893,970,796 | ||
Net realized gains (losses) on investments | (6,814,123 ) | 149,695 | ||
Net increase in net assets resulting from operations | 5,288,642,571 | 1,894,120,491 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (17,382,936 ) | (5,107,291 ) | ||
Administrator Class | (154,958,609 ) | (52,936,267 ) | ||
Institutional Class | (1,455,767,244 ) | (548,499,498 ) | ||
Roberts & Ryan Class | (1,452 )1 | N/A | ||
Select Class | (3,564,765,933 ) | (1,244,456,867 ) | ||
Service Class | (62,258,699 ) | (25,306,204 ) | ||
Sweep Class | (39,188,966 ) | (17,779,099 ) | ||
Tribal Inclusion Class | (1,280,052 )2 | N/A | ||
Total distributions to shareholders | (5,295,603,891 ) | (1,894,085,226 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 101,965,372 | 101,965,372 | 97,246,217 | 97,246,217 |
Administrator Class | 17,885,794,054 | 17,885,794,054 | 19,247,989,683 | 19,247,989,683 |
Institutional Class | 105,036,303,037 | 105,036,303,037 | 133,382,515,269 | 133,382,515,269 |
Roberts & Ryan Class | 100,000 1 | 100,000 1 | N/A | N/A |
Select Class | 692,253,012,201 | 692,253,012,201 | 739,906,150,392 | 739,906,150,392 |
Service Class | 19,299,991,400 | 19,299,991,400 | 36,788,307,413 | 36,788,307,413 |
Sweep Class | 5,881,976,608 | 5,881,976,608 | 7,282,764,941 | 7,282,764,941 |
Tribal Inclusion Class | 118,396,227 2 | 118,396,227 2 | N/A | N/A |
840,577,538,899 | 936,704,973,915 | |||
Reinvestment of distributions | ||||
Class A | 17,338,107 | 17,338,107 | 5,088,443 | 5,088,443 |
Administrator Class | 50,690,456 | 50,690,456 | 21,593,914 | 21,593,914 |
Institutional Class | 505,644,683 | 505,644,683 | 181,718,307 | 181,718,307 |
Roberts & Ryan Class | 1,452 1 | 1,452 1 | N/A | N/A |
Select Class | 1,997,928,846 | 1,997,928,845 | 750,229,605 | 750,229,605 |
Service Class | 5,956,535 | 5,956,535 | 2,171,675 | 2,171,675 |
Sweep Class | 39,188,966 | 39,188,966 | 17,779,099 | 17,779,099 |
Tribal Inclusion Class | 1,280,052 2 | 1,280,052 2 | N/A | N/A |
2,618,029,096 | 978,581,043 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Shares | Shares | |||
Payment for shares redeemed | ||||
Class A | (71,118,280 ) | $(71,118,280 ) | (62,551,940 ) | $(62,551,940 ) |
Administrator Class | (17,344,746,441 ) | (17,344,746,441 ) | (20,668,809,280 ) | (20,668,809,280 ) |
Institutional Class | (105,553,104,129 ) | (105,553,104,129 ) | (144,108,581,896 ) | (144,108,581,896 ) |
Select Class | (669,525,126,773 ) | (669,525,126,773 ) | (769,736,358,487 ) | (769,736,358,487 ) |
Service Class | (19,633,332,226 ) | (19,633,332,226 ) | (37,244,407,620 ) | (37,244,407,620 ) |
Sweep Class | (6,153,160,999 ) | (6,153,160,999 ) | (7,357,298,131 ) | (7,357,298,131 ) |
(818,280,588,848 ) | (979,178,007,354 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 24,914,979,147 | (41,494,452,396 ) | ||
Total increase (decrease) in net assets | 24,908,017,827 | (41,494,417,131 ) | ||
Net assets | ||||
Beginning of period | 92,100,238,075 | 133,594,655,206 | ||
End of period | $117,008,255,902 | $92,100,238,075 |
Year ended January 31 | |||||
Class A | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.68 % | 1.50 % | 0.01 % | 0.13 % | 1.59 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.59 % | 0.61 % | 0.60 % | 0.60 % | 0.61 % |
Net expenses | 0.59 % | 0.48 %* | 0.07 %* | 0.28 %* | 0.60 % |
Net investment income | 4.59 % | 1.55 % | 0.01 % | 0.13 % | 1.56 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $404,404 | $356,236 | $316,459 | $306,864 | $366,601 |
* | 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 | 0.12% |
Year ended January 31, 2022 | 0.53% |
Year ended January 31, 2021 | 0.32% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Administrator Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.94 % | 1.71 % | 0.01 % | 0.17 % | 1.85 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.33 % | 0.34 % | 0.33 % | 0.33 % | 0.34 % |
Net expenses | 0.33 % | 0.28 %* | 0.07 %* | 0.22 %* | 0.34 % |
Net investment income | 4.87 % | 1.63 % | 0.01 % | 0.14 % | 1.81 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $4,219,599 | $3,628,015 | $5,027,252 | $4,540,262 | $3,893,928 |
* | 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 | 0.06% |
Year ended January 31, 2022 | 0.27% |
Year ended January 31, 2021 | 0.11% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Institutional Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 5.08 % | 1.82 % | 0.01 % | 0.22 % | 1.99 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.21 % | 0.22 % | 0.21 % | 0.21 % | 0.22 % |
Net expenses | 0.20 % | 0.17 %* | 0.07 %* | 0.18 %* | 0.20 % |
Net investment income | 4.97 % | 1.66 % | 0.01 % | 0.16 % | 1.97 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $29,521,342 | $29,533,412 | $40,078,395 | $42,883,663 | $29,289,517 |
* | 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 | 0.13% |
Year ended January 31, 2021 | 0.02% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Roberts & Ryan Class | Year ended January 31, 20241 |
Net asset value, beginning of period | $1.00 |
Net investment income | 0.01 2 |
Net realized gains (losses) on investments | 0.00 3 |
Total from investment operations | 0.01 |
Distributions to shareholders from | |
Net investment income | (0.01 ) |
Net realized gains | (0.00 )3 |
Total distributions to shareholders | (0.01 ) |
Net asset value, end of period | $1.00 |
Total return4 | 1.45 % |
Ratios to average net assets (annualized) | |
Gross expenses | 0.21 % |
Net expenses | 0.20 % |
Net investment income | 5.22 % |
Supplemental data | |
Net assets, end of period (000s omitted) | $101 |
1 | For the period from October 20, 2023 (commencement of class operations) to January 31, 2024 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | |||||
Select Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 5.15 % | 1.89 % | 0.03 % | 0.26 % | 2.05 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.17 % | 0.18 % | 0.17 % | 0.17 % | 0.18 % |
Net expenses | 0.14 % | 0.11 %* | 0.05 %* | 0.14 % | 0.14 % |
Net investment income | 5.07 % | 1.73 % | 0.03 % | 0.19 % | 2.02 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $80,838,095 | $56,118,082 | $85,197,344 | $95,165,936 | $51,954,718 |
* | 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 | 0.09% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Service Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.77 % | 1.58 % | 0.01 % | 0.14 % | 1.69 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.50 % | 0.51 % | 0.50 % | 0.50 % | 0.51 % |
Net expenses | 0.50 % | 0.40 %* | 0.07 %* | 0.25 %* | 0.50 % |
Net investment income | 4.65 % | 1.47 % | 0.01 % | 0.13 % | 1.67 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,092,008 | $1,419,439 | $1,873,382 | $1,862,889 | $1,994,923 |
* | 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 | 0.43% |
Year ended January 31, 2021 | 0.25% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | ||||
Sweep Class | 2024 | 2023 | 2022 | 20211 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 2 | 0.02 | 0.00 3 | 0.00 3 |
Net realized gains (losses) on investments | (0.00 )4 | 0.00 3 | 0.00 3 | 0.00 3 |
Total from investment operations | 0.05 | 0.02 | 0.00 3 | 0.00 3 |
Distributions to shareholders from | ||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )3 | (0.00 )3 |
Net realized gains | (0.00 )3 | (0.00 )3 | (0.00 )3 | (0.00 )3 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )3 | (0.00 )3 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
Total return5 | 4.77 % | 1.58 % | 0.01 % | 0.01 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.51 % | 0.52 % | 0.51 % | 0.56 % |
Net expenses | 0.50 % | 0.41 %* | 0.06 %* | 0.13 %* |
Net investment income | 4.63 % | 1.54 % | 0.01 % | 0.01 % |
Supplemental data | ||||
Net assets, end of period (000s omitted) | $813,036 | $1,045,053 | $1,101,824 | $1,465 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Year ended January 31, 2023 | 0.09% |
Year ended January 31, 2022 | 0.44% |
Year ended January 31, 2021 | 0.37% |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Amount is more than $(0.005). |
5 | Returns for periods of less than one year are not annualized. |
Tribal Inclusion Class | Year ended January 31, 20241 |
Net asset value, beginning of period | $1.00 |
Net investment income | 0.01 2 |
Net realized gains (losses) on investments | 0.00 3 |
Total from investment operations | 0.01 |
Distributions to shareholders from | |
Net investment income | (0.01 ) |
Net realized gains | (0.00 )3 |
Total distributions to shareholders | (0.01 ) |
Net asset value, end of period | $1.00 |
Total return4 | 1.26 % |
Ratios to average net assets (annualized) | |
Gross expenses | 0.19 % |
Net expenses | 0.16 % |
Net investment income | 5.26 % |
Supplemental data | |
Net assets, end of period (000s omitted) | $119,670 |
1 | For the period from November 3, 2023 (commencement of class operations) to January 31, 2024 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Government agency debt | $0 | $19,803,733,842 | $0 | $19,803,733,842 |
Municipal obligations | 0 | 55,995,000 | 0 | 55,995,000 |
Other instruments | 0 | 404,050,000 | 0 | 404,050,000 |
Repurchase agreements | 0 | 62,152,678,813 | 0 | 62,152,678,813 |
U.S. Treasury securities | 0 | 35,911,641,941 | 0 | 35,911,641,941 |
Total assets | $0 | $118,328,099,596 | $0 | $118,328,099,596 |
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 | 0.20 % |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Roberts & Ryan Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Tribal Inclusion Class | 0.06 |
EXPENSE RATIO CAPS | |
Class A | 0.58 % |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Roberts & Ryan Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.50 |
Sweep Class | 0.50 |
Tribal Inclusion Class | 0.16 |
Year ended January 31 | ||
2024 | 2023 | |
Ordinary income | $5,295,454,196 | $1,894,085,226 |
Long-term capital gain | 149,695 | 0 |
Undistributed ordinary income | Capital loss carryforward |
$237,511,345 | $(6,814,123 ) |
Allspring Funds Trust:
January 31, 2024.
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0450 01-24
2 | |
6 | |
9 | |
10 | |
17 | |
18 | |
19 | |
20 | |
24 | |
28 | |
29 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Administrator Class (SHMXX) | 6-29-1995 | 5.14 | 1.88 | 1.26 | 0.36 | 0.33 |
Institutional Class (SHIXX) | 3-31-2000 | 5.29 | 1.98 | 1.35 | 0.24 | 0.20 |
Select Class (WFJXX) | 6-29-2007 | 5.35 | 2.04 | 1.42 | 0.20 | 0.13 |
Service Class (WHTXX) | 6-30-2010 | 5.05 | 1.82 | 1.20 | 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, 2024, 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, 2024 | ||||
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 5.26 | 5.39 | 5.46 | 5.16 |
7-day compound yield | 5.40 | 5.53 | 5.61 | 5.29 |
30-day simple yield | 5.26 | 5.39 | 5.46 | 5.16 |
30-day compound yield | 5.39 | 5.53 | 5.60 | 5.29 |
1 | The manager has contractually committed through May 31, 2024, 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 5.23%, 5.35%, 5.39% and 5.06% 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, 20241 |
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, 20241 |
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, 20241 |
33 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, 20241 |
56 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 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,026.92 | $1.69 | 0.33 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.54 | $1.68 | 0.33 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,027.69 | $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 | $1,027.94 | $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 | $1,026.51 | $2.20 | 0.43 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.04 | $2.19 | 0.43 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Certificates of deposit: 26.80% | ||||||
ABN AMRO Bank NV | 5.33 % | 2-1-2024 | $ | 75,000,000 | $75,000,000 | |
Banco Santander SA (U.S. SOFR+0.45%)± | 5.76 | 3-8-2024 | 17,000,000 | 17,007,126 | ||
Banco Santander SA | 5.85 | 5-2-2024 | 10,000,000 | 10,009,170 | ||
Bank of America NA±± | 5.77 | 7-25-2024 | 25,000,000 | 25,032,289 | ||
Bank of America NA±± | 5.86 | 3-4-2024 | 7,000,000 | 7,002,840 | ||
Bank of Montreal | 5.62 | 6-3-2024 | 25,000,000 | 25,016,643 | ||
Bank of Montreal (U.S. SOFR+0.53%)± | 5.84 | 4-5-2024 | 10,000,000 | 10,007,101 | ||
BNP Paribas SA | 5.74 | 8-15-2024 | 25,000,000 | 25,051,667 | ||
Canadian Imperial Bank of Commerce | 5.31 | 2-1-2024 | 75,000,000 | 75,000,000 | ||
Citibank NA (U.S. SOFR+0.35%)± | 5.66 | 2-20-2024 | 15,000,000 | 15,002,166 | ||
Citibank NA (U.S. SOFR+0.55%)± | 5.86 | 3-21-2024 | 10,000,000 | 10,006,294 | ||
Cooperatieve Rabobank UA (U.S. SOFR+0.44%)± | 5.75 | 5-29-2024 | 15,000,000 | 15,016,833 | ||
Credit Agricole Corporate & Investment Bank SA | 5.41 | 6-28-2024 | 5,000,000 | 5,000,965 | ||
Credit Industriel et Commercial (U.S. SOFR+0.36%)± | 5.67 | 4-9-2024 | 15,000,000 | 15,006,904 | ||
Credit Industriel et Commercial | 5.78 | 5-14-2024 | 25,000,000 | 25,020,725 | ||
Credit Industriel et Commercial | 5.80 | 5-1-2024 | 12,000,000 | 12,008,709 | ||
DG Bank | 5.80 | 4-19-2024 | 30,000,000 | 30,017,005 | ||
Mitsubishi UFJ Trust & Banking Corp. (U.S. SOFR+0.30%)± | 5.61 | 7-1-2024 | 10,000,000 | 10,005,656 | ||
MUFG Bank Ltd. | 5.42 | 4-23-2024 | 25,000,000 | 24,999,658 | ||
MUFG Bank Ltd. (U.S. SOFR+0.40%)± | 5.71 | 5-14-2024 | 25,000,000 | 25,019,284 | ||
MUFG Bank Ltd. | 5.78 | 2-13-2024 | 10,000,000 | 10,001,137 | ||
National Australia Bank Ltd. (U.S. SOFR+0.51%)± | 5.82 | 11-12-2024 | 12,000,000 | 12,023,502 | ||
Nordea Bank Abp | 5.90 | 7-15-2024 | 15,000,000 | 15,033,186 | ||
Norinchukin Bank (U.S. SOFR+0.41%)± | 5.72 | 2-1-2024 | 25,000,000 | 25,000,211 | ||
Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.20%)± | 5.51 | 7-11-2024 | 10,000,000 | 10,001,887 | ||
Oversea-Chinese Banking Corp. Ltd. | 5.63 | 2-7-2024 | 15,000,000 | 15,000,668 | ||
Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.37%)± | 5.68 | 4-26-2024 | 20,000,000 | 20,012,187 | ||
Skandinaviska Enskilda Banken AB | 5.25 | 10-8-2024 | 10,000,000 | 10,004,480 | ||
Skandinaviska Enskilda Banken AB (U.S. SOFR+0.16%)± | 5.47 | 7-26-2024 | 15,000,000 | 15,000,000 | ||
Standard Chartered Bank | 5.37 | 7-18-2024 | 17,000,000 | 16,999,185 | ||
Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.37%)± | 5.68 | 5-21-2024 | 30,000,000 | 30,021,890 | ||
Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.40%)± | 5.71 | 4-26-2024 | 35,000,000 | 35,024,788 | ||
Sumitomo Mitsui Trust Bank Ltd. (U.S. SOFR+0.30%)± | 5.61 | 6-17-2024 | 50,000,000 | 50,030,546 | ||
Svenska Handelsbanken AB (U.S. SOFR+0.35%)± | 5.66 | 4-24-2024 | 45,000,000 | 45,028,437 | ||
Swedbank AB (U.S. SOFR+0.36%)± | 5.67 | 4-5-2024 | 10,000,000 | 10,004,557 | ||
Swedbank AB (U.S. SOFR+0.47%)± | 5.78 | 5-23-2024 | 25,000,000 | 25,029,416 | ||
Toronto-Dominion Bank | 5.92 | 7-17-2024 | 32,000,000 | 32,071,836 | ||
UBS AG | 5.58 | 7-8-2024 | 25,000,000 | 25,016,137 | ||
Wells Fargo Bank NA (U.S. SOFR+0.38%)± | 5.69 | 3-28-2024 | 10,000,000 | 10,004,818 | ||
Wells Fargo Bank NA (U.S. SOFR+0.52%)± | 5.83 | 6-3-2024 | 5,000,000 | 5,005,897 | ||
Westpac Banking Corp. (U.S. SOFR+0.40%)± | 5.71 | 7-3-2024 | 25,000,000 | 25,031,836 | ||
Westpac Banking Corp. (U.S. SOFR+0.48%)± | 5.79 | 4-15-2024 | 25,000,000 | 25,019,202 | ||
Woori Bank | 5.35 | 2-6-2024 | 25,000,000 | 25,000,013 | ||
Total certificates of deposit (Cost $947,004,874) | 947,596,851 |
Interest rate | Maturity date | Principal | Value | |||
Commercial paper: 43.70% | ||||||
Asset-backed commercial paper: 38.20% | ||||||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.52 % | 4-23-2024 | $ | 10,000,000 | $9,874,924 | |
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.64 | 2-26-2024 | 10,000,000 | 9,960,849 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.69 | 2-20-2024 | 5,000,000 | 4,984,950 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.69 | 2-27-2024 | 5,000,000 | 4,979,673 | ||
Alinghi Funding Co. LLC144A☼ | 5.57 | 6-6-2024 | 10,000,000 | 9,814,194 | ||
Alinghi Funding Co. LLC144A☼ | 5.79 | 6-12-2024 | 8,000,000 | 7,844,487 | ||
Alinghi Funding Co. LLC144A☼ | 5.85 | 5-14-2024 | 10,000,000 | 9,846,508 | ||
Anglesea Funding LLC (U.S. OBFR+0.20%)144A§± | 5.51 | 3-13-2024 | 25,000,000 | 25,000,969 | ||
Anglesea Funding LLC (U.S. SOFR+0.22%)144A§± | 5.53 | 5-24-2024 | 10,000,000 | 9,999,297 | ||
Anglesea Funding LLC (U.S. SOFR+0.24%)144A§± | 5.55 | 4-8-2024 | 15,000,000 | 15,000,549 | ||
Anglesea Funding LLC (U.S. SOFR+0.24%)144A§± | 5.55 | 4-12-2024 | 15,000,000 | 15,000,526 | ||
Antalis SA144A☼ | 5.44 | 2-1-2024 | 10,000,000 | 9,998,522 | ||
Antalis SA144A☼ | 5.55 | 4-11-2024 | 5,000,000 | 4,946,688 | ||
Aquitaine Funding Co. LLC144A☼ | 5.47 | 3-4-2024 | 5,000,000 | 4,975,113 | ||
Aquitaine Funding Co. LLC144A☼ | 5.59 | 2-1-2024 | 5,000,000 | 4,999,257 | ||
Armada Funding Co. LLC144A☼ | 5.51 | 3-27-2024 | 9,700,000 | 9,617,700 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 2-7-2024 | 5,000,000 | 4,994,721 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 2-22-2024 | 5,000,000 | 4,983,299 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 3-12-2024 | 8,000,000 | 7,950,071 | ||
Armada Funding Co. LLC144A☼ | 5.58 | 3-7-2024 | 10,000,000 | 9,945,200 | ||
Atlantic Asset Securitization LLC§±± | 5.59 | 7-8-2024 | 17,000,000 | 17,000,349 | ||
Atlantic Asset Securitization LLC (U.S. SOFR+0.38%)144A§± | 5.69 | 5-21-2024 | 10,000,000 | 10,003,447 | ||
Atlantic Asset Securitization LLC144A☼ | 5.71 | 3-7-2024 | 5,000,000 | 4,973,050 | ||
Autobahn Funding Co. LLC144A☼ | 5.51 | 2-22-2024 | 5,000,000 | 4,983,635 | ||
Barton Capital SA144A☼ | 5.71 | 2-27-2024 | 10,000,000 | 9,959,540 | ||
Bedford Row Funding Corp.144A☼ | 5.61 | 2-8-2024 | 5,000,000 | 4,994,087 | ||
Bedford Row Funding Corp.144A☼ | 5.61 | 3-25-2024 | 25,000,000 | 24,798,700 | ||
Bedford Row Funding Corp. (U.S. SOFR+0.34%)144A± | 5.65 | 2-23-2024 | 15,000,000 | 15,002,110 | ||
Bennington Stark Capital Co. LLC144A☼ | 5.44 | 2-5-2024 | 15,000,000 | 14,988,857 | ||
Bennington Stark Capital Co. LLC144A☼ | 5.44 | 2-7-2024 | 12,000,000 | 11,987,493 | ||
Britannia Funding Co. LLC144A☼ | 5.74 | 2-7-2024 | 5,000,000 | 4,994,808 | ||
Britannia Funding Co. LLC144A☼ | 5.75 | 2-20-2024 | 10,000,000 | 9,970,163 | ||
Britannia Funding Co. LLC144A☼ | 5.75 | 3-6-2024 | 10,000,000 | 9,947,500 | ||
Britannia Funding Co. LLC144A☼ | 5.76 | 3-7-2024 | 10,000,000 | 9,946,000 | ||
Britannia Funding Co. LLC144A☼ | 5.77 | 5-17-2024 | 5,000,000 | 4,920,224 | ||
Britannia Funding Co. LLC144A☼ | 5.80 | 4-11-2024 | 10,000,000 | 9,893,500 | ||
Britannia Funding Co. LLC144A☼ | 5.80 | 4-22-2024 | 8,000,000 | 7,901,600 | ||
Britannia Funding Co. LLC144A☼ | 5.81 | 4-17-2024 | 10,000,000 | 9,884,500 | ||
Cabot Trail Funding LLC144A☼ | 5.44 | 6-24-2024 | 10,000,000 | 9,786,273 | ||
Cabot Trail Funding LLC144A☼ | 5.48 | 3-25-2024 | 10,000,000 | 9,918,700 | ||
Chariot Funding LLC144A☼ | 5.47 | 4-16-2024 | 10,000,000 | 9,886,450 | ||
Chariot Funding LLC±± | 5.59 | 7-8-2024 | 10,000,000 | 10,000,390 | ||
Chariot Funding LLC (U.S. SOFR+0.40%)144A± | 5.71 | 6-3-2024 | 10,000,000 | 10,001,338 | ||
Charta LLC144A☼ | 5.39 | 5-14-2024 | 5,000,000 | 4,922,955 | ||
Charta LLC144A☼ | 5.64 | 3-6-2024 | 10,000,000 | 9,947,662 | ||
Charta LLC144A☼ | 5.66 | 2-5-2024 | 20,000,000 | 19,985,202 | ||
Charta LLC144A☼ | 5.71 | 2-21-2024 | 15,000,000 | 14,952,803 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
Chesham Finance Ltd./Chesham Finance LLC144A☼ | 2.67 % | 2-2-2024 | $ | 15,000,000 | $14,995,564 | |
Chesham Finance Ltd./Chesham Finance LLC±± | 5.42 | 3-6-2024 | 35,000,000 | 35,000,000 | ||
Chesham Finance Ltd./Chesham Finance LLC144A☼ | 5.43 | 2-1-2024 | 15,000,000 | 14,997,783 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.60 | 6-18-2024 | 10,000,000 | 10,004,978 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.60 | 7-22-2024 | 10,000,000 | 10,005,288 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.68 | 7-8-2024 | 10,000,000 | 10,008,376 | ||
Collateralized Commercial Paper FLEX Co. LLC144A±± | 5.71 | 7-15-2024 | 10,000,000 | 10,005,019 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.80 | 5-14-2024 | 7,000,000 | 7,006,132 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.84 | 6-10-2024 | 20,000,000 | 20,023,589 | ||
Collateralized Commercial Paper V Co. LLC±± | 5.66 | 10-11-2024 | 10,000,000 | 10,000,009 | ||
Columbia Funding Co. LLC144A☼ | 5.74 | 2-2-2024 | 5,000,000 | 4,998,522 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.44 | 2-2-2024 | 10,000,000 | 9,997,032 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.44 | 2-5-2024 | 30,000,000 | 29,977,720 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.49 | 4-5-2024 | 9,919,000 | 9,822,439 | ||
Concord Minutemen Capital Co. LLC±± | 5.51 | 4-5-2024 | 10,000,000 | 9,999,799 | ||
Concord Minutemen Capital Co. LLC144A | 5.60 | 3-13-2024 | 10,000,000 | 10,001,557 | ||
Concord Minutemen Capital Co. LLC144A | 5.62 | 3-13-2024 | 10,000,000 | 10,001,788 | ||
CRC Funding LLC144A☼ | 5.35 | 7-8-2024 | 25,000,000 | 24,421,759 | ||
Erste Group Bank AG | 5.33 | 2-6-2024 | 75,000,000 | 74,999,897 | ||
Glencove Funding LLC144A☼ | 5.42 | 6-18-2024 | 5,000,000 | 4,898,307 | ||
Glencove Funding LLC144A☼ | 5.69 | 2-1-2024 | 5,000,000 | 4,999,261 | ||
Gotham Funding Corp.144A☼ | 5.74 | 2-16-2024 | 15,000,000 | 14,964,362 | ||
Great Bear Funding LLC144A☼ | 5.42 | 2-1-2024 | 35,000,000 | 34,994,825 | ||
Ionic Funding LLC☼ | 5.52 | 2-8-2024 | 30,000,000 | 29,964,188 | ||
Ionic Funding LLC☼ | 5.53 | 2-15-2024 | 10,000,000 | 9,977,567 | ||
Ionic Funding LLC☼ | 5.56 | 2-27-2024 | 10,000,000 | 9,959,240 | ||
Ionic Funding LLC☼ | 5.57 | 3-28-2024 | 5,000,000 | 4,956,933 | ||
Ionic Funding LLC☼ | 5.59 | 3-6-2024 | 5,000,000 | 4,973,556 | ||
Ionic Funding LLC☼ | 5.60 | 2-1-2024 | 10,000,000 | 9,998,514 | ||
Legacy Capital Co. LLC144A±± | 5.66 | 11-15-2024 | 15,000,000 | 15,002,334 | ||
Legacy Capital Co. LLC144A±± | 5.66 | 11-19-2024 | 10,000,000 | 10,001,649 | ||
Lexington Parker Capital Co. LLC144A☼ | 5.44 | 2-7-2024 | 20,000,000 | 19,979,272 | ||
Lexington Parker Capital Co. LLC144A☼ | 5.52 | 2-22-2024 | 10,000,000 | 9,967,270 | ||
Lexington Parker Capital Co. LLC (U.S. SOFR+0.42%)144A± | 5.73 | 2-14-2024 | 15,000,000 | 15,001,726 | ||
Liberty Street Funding LLC144A☼ | 5.39 | 5-10-2024 | 10,000,000 | 9,852,232 | ||
Liberty Street Funding LLC144A☼ | 5.62 | 5-2-2024 | 15,000,000 | 14,796,222 | ||
Liberty Street Funding LLC144A☼ | 5.71 | 2-1-2024 | 10,000,000 | 9,998,522 | ||
Liberty Street Funding LLC144A☼ | 5.74 | 4-8-2024 | 7,000,000 | 6,929,385 | ||
LMA-Americas LLC144A☼ | 5.62 | 4-19-2024 | 22,400,000 | 22,135,494 | ||
LMA-Americas LLC144A☼ | 5.68 | 2-1-2024 | 15,000,000 | 14,997,783 | ||
LMA-Americas LLC144A☼ | 5.71 | 2-22-2024 | 5,800,000 | 5,780,910 | ||
LMA-Americas LLC144A☼ | 5.73 | 2-7-2024 | 7,000,000 | 6,992,745 | ||
LMA-Americas LLC144A☼ | 5.74 | 4-5-2024 | 8,000,000 | 7,922,072 | ||
LMA-Americas LLC144A☼ | 5.77 | 4-10-2024 | 5,000,000 | 4,947,597 | ||
LMA-Americas LLC144A☼ | 5.78 | 4-11-2024 | 5,000,000 | 4,946,858 | ||
Mackinac Funding Co. LLC144A☼ | 5.74 | 2-2-2024 | 9,600,000 | 9,597,161 | ||
Mackinac Funding Co. LLC144A☼ | 5.75 | 3-19-2024 | 9,000,000 | 8,935,344 | ||
Matchpoint Finance PLC144A☼ | 5.55 | 6-14-2024 | 5,000,000 | 4,901,094 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
Mountcliff Funding LLC144A☼ | 5.44 % | 2-1-2024 | $ | 10,000,000 | $9,998,522 | |
Mountcliff Funding LLC144A☼ | 5.44 | 2-7-2024 | 10,000,000 | 9,989,636 | ||
Mountcliff Funding LLC144A§±± | 5.50 | 7-29-2024 | 10,000,000 | 10,000,000 | ||
Mountcliff Funding LLC144A☼ | 5.73 | 3-5-2024 | 15,000,000 | 14,923,925 | ||
Nieuw Amsterdam Receivables Corp. BV144A☼ | 5.31 | 7-30-2024 | 10,000,000 | 9,740,662 | ||
Old Line Funding LLC144A☼ | 5.34 | 7-11-2024 | 5,000,000 | 4,881,871 | ||
Old Line Funding LLC (U.S. SOFR+0.37%)144A± | 5.68 | 3-20-2024 | 5,000,000 | 5,000,877 | ||
Old Line Funding LLC144A☼ | 5.80 | 4-2-2024 | 5,000,000 | 4,953,357 | ||
Podium Funding Trust☼ | 5.43 | 6-20-2024 | 10,000,000 | 9,794,171 | ||
Podium Funding Trust☼ | 5.59 | 8-22-2024 | 10,000,000 | 9,706,489 | ||
Podium Funding Trust☼ | 5.69 | 3-13-2024 | 10,000,000 | 9,936,930 | ||
Ridgefield Funding Co. LLC (U.S. SOFR+0.42%)144A± | 5.73 | 2-2-2024 | 5,000,000 | 5,000,079 | ||
Ridgefield Funding Co. LLC144A☼ | 5.73 | 5-6-2024 | 13,766,000 | 13,568,915 | ||
Starbird Funding Corp.144A☼ | 5.66 | 5-14-2024 | 10,000,000 | 9,845,911 | ||
Starbird Funding Corp. (U.S. SOFR+0.39%)144A± | 5.70 | 5-3-2024 | 10,000,000 | 10,007,144 | ||
Starbird Funding Corp.144A☼ | 5.72 | 3-1-2024 | 10,000,000 | 9,955,250 | ||
Thunder Bay Funding LLC (U.S. SOFR+0.37%)144A± | 5.68 | 3-20-2024 | 5,000,000 | 5,000,838 | ||
Thunder Bay Funding LLC (U.S. SOFR+0.43%)144A± | 5.74 | 6-6-2024 | 10,000,000 | 10,004,212 | ||
Versailles Commercial Paper LLC☼ | 5.54 | 4-12-2024 | 20,000,000 | 19,783,520 | ||
Versailles Commercial Paper LLC (U.S. SOFR+0.28%)144A§± | 5.59 | 3-5-2024 | 15,000,000 | 15,001,617 | ||
Versailles Commercial Paper LLC☼ | 5.63 | 5-31-2024 | 10,000,000 | 9,819,549 | ||
Victory Receivables Corp.144A☼ | 5.74 | 2-15-2024 | 15,000,000 | 14,966,475 | ||
1,350,788,457 | ||||||
Financial company commercial paper: 3.41% | ||||||
Australia & New Zealand Banking Group Ltd.144A☼ | 5.58 | 6-7-2024 | 25,000,000 | 24,530,258 | ||
Commonwealth Bank of Australia144A☼ | 5.19 | 9-10-2024 | 24,000,000 | 23,234,119 | ||
Dexia SA144A☼ | 5.39 | 6-12-2024 | 24,000,000 | 23,533,176 | ||
DNB Bank ASA144A☼ | 5.67 | 5-9-2024 | 22,500,000 | 22,175,503 | ||
Federation des Caisses Desjardins du Quebec144A☼ | 5.49 | 3-27-2024 | 8,500,000 | 8,427,357 | ||
Federation des Caisses Desjardins du Quebec144A☼ | 5.73 | 2-28-2024 | 10,000,000 | 9,958,160 | ||
Suncorp-Metway Ltd.144A☼ | 5.64 | 5-7-2024 | 8,800,000 | 8,666,998 | ||
120,525,571 | ||||||
Other commercial paper: 2.09% | ||||||
Mercy Health☼ | 5.48 | 2-21-2024 | 5,000,000 | 4,984,145 | ||
Mercy Health☼ | 5.49 | 2-7-2024 | 15,000,000 | 14,984,309 | ||
Province of British Columbia Canada☼ | 5.31 | 7-5-2024 | 10,000,000 | 9,777,353 | ||
Province of British Columbia Canada☼ | 5.33 | 7-18-2024 | 20,000,000 | 19,522,074 | ||
Toyota Credit de Puerto Rico Corp.☼ | 5.77 | 4-22-2024 | 25,000,000 | 24,689,159 | ||
73,957,040 | ||||||
Total commercial paper (Cost $1,545,106,430) | 1,545,271,068 | |||||
Municipal obligations: 8.94% | ||||||
Alaska: 0.28% | ||||||
Variable rate demand notes ø: 0.28% | ||||||
Alaska Housing Finance Corp. Series A (Housing revenue) | 5.35 | 12-1-2044 | 10,000,000 | 10,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Colorado: 0.70% | ||||||
Variable rate demand notes ø: 0.70% | ||||||
Colorado HFA Fort Carson Family Housing LLC Series B (Housing revenue, FHLB SPA) | 4.38 % | 5-1-2052 | $ | 19,555,000 | $19,555,000 | |
Colorado HFA Series M2 Class II (Housing revenue, GNMA Insured, Bank of America N.A. SPA) | 5.36 | 5-1-2054 | 5,000,000 | 5,000,000 | ||
24,555,000 | ||||||
Delaware: 0.28% | ||||||
Variable rate demand notes ø: 0.28% | ||||||
Jets Stadium Development LLC Series A-4B (Industrial development revenue)144A | 5.92 | 4-1-2047 | 10,000,000 | 10,000,000 | ||
Georgia: 0.85% | ||||||
Variable rate demand notes ø: 0.85% | ||||||
Macon-Bibb County Industrial Authority Kumho Tire Georgia, Inc. (Industrial development revenue, Korea Development Bank LOC)144A | 5.46 | 11-1-2029 | 15,000,000 | 15,000,000 | ||
Private Colleges & Universities Authority Emory University Series C-2 (Education revenue, Royal Bank of Canada SPA) | 5.35 | 9-1-2052 | 15,000,000 | 15,000,000 | ||
30,000,000 | ||||||
Iowa: 0.25% | ||||||
Variable rate demand notes ø: 0.25% | ||||||
Iowa Student Loan Liquidity Corp. Series 2023-1 (Education revenue, Royal Bank of Canada LOC) | 5.38 | 3-1-2053 | 8,987,000 | 8,987,000 | ||
Kentucky: 0.14% | ||||||
Variable rate demand notes ø: 0.14% | ||||||
Kentucky Higher Education Student Loan Corp. Series 1A-2 (Education revenue, Bank of America N.A. LOC) | 5.35 | 6-1-2043 | 5,000,000 | 5,000,000 | ||
Maine: 0.23% | ||||||
Variable rate demand notes ø: 0.23% | ||||||
City of Portland (GO revenue, TD Bank N.A. LOC) | 5.35 | 6-1-2026 | 8,065,000 | 8,065,000 | ||
Massachusetts: 0.34% | ||||||
Variable rate demand notes ø: 0.34% | ||||||
Massachusetts Housing Finance Agency Series 229 (Housing revenue, GNMA / FNMA / FHLMC Insured, UBS AG SPA) | 5.35 | 6-1-2052 | 12,165,000 | 12,165,000 | ||
Minnesota: 1.36% | ||||||
Variable rate demand notes ø: 1.36% | ||||||
Minnesota Housing Finance Agency Series D (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 5.35 | 7-1-2052 | 10,000,000 | 10,000,000 | ||
Minnesota Housing Finance Agency Series H (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 5.35 | 7-1-2052 | 15,000,000 | 15,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Taxable Municipal Funding Trust Series 2019-019 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 5.60 % | 12-1-2030 | $ | 810,000 | $810,000 | |
Taxable Municipal Funding Trust Series 2020-11 (Health revenue, Barclays Bank plc LOC)144A | 5.60 | 9-1-2030 | 22,145,000 | 22,145,000 | ||
47,955,000 | ||||||
New Hampshire: 0.57% | ||||||
Variable rate demand notes ø: 0.57% | ||||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont LLC Series A (Industrial development revenue, Kookmin Bank LOC)144A | 5.49 | 10-1-2028 | 20,000,000 | 20,000,000 | ||
New York: 3.80% | ||||||
Other municipal debt : 0.14% | ||||||
Long Island Power Authority (Utilities revenue) | 5.51 | 2-7-2024 | 5,000,000 | 4,999,880 | ||
Variable rate demand notes ø: 3.66% | ||||||
Mizuho Floater/Residual Trust Series 2022-MIZ9107TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.58 | 2-1-2026 | 15,000,000 | 15,000,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9108TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.43 | 11-1-2031 | 15,000,000 | 15,000,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9109TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.71 | 6-4-2027 | 20,000,000 | 20,000,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9112TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.74 | 10-1-2027 | 7,000,000 | 7,000,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9117TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.71 | 11-1-2052 | 11,892,729 | 11,892,729 | ||
Taxable Municipal Funding Trust Series 2019-007 (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 5-1-2029 | 5,000,000 | 5,000,000 | ||
Taxable Municipal Funding Trust Series 2021-BTMFT (GO revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 5.60 | 12-15-2025 | 17,260,000 | 17,260,000 | ||
Taxable Municipal Funding Trust Series BTMFT (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 5-15-2056 | 19,850,000 | 19,850,000 | ||
Triborough Bridge & Tunnel Authority Series E (Transportation revenue, UBS AG LOC) | 5.35 | 11-15-2032 | 18,500,000 | 18,500,000 | ||
129,502,729 | ||||||
Rhode Island: 0.14% | ||||||
Variable rate demand notes ø: 0.14% | ||||||
Rhode Island Housing & Mortgage Finance Corp. Series 80 (Housing revenue, GNMA Insured, TD Bank N.A. SPA) | 5.35 | 10-1-2053 | 5,000,000 | 5,000,000 | ||
Total municipal obligations (Cost $316,229,721) | 316,229,609 |
Interest rate | Maturity date | Principal | Value | |||
Other instruments: 0.70% | ||||||
AARP, Inc. Series 2001§øø | 5.37 % | 5-1-2031 | $ | 10,000,000 | $10,000,000 | |
Ecmc Group, Inc. Series 23-1§øø | 5.38 | 12-1-2050 | 14,860,000 | 14,860,000 | ||
Total other instruments (Cost $24,860,000) | 24,860,000 | |||||
Repurchase agreements^^: 20.09% | ||||||
Barclays Bank PLC, dated 1-31-2024, maturity value $225,333,294(01) | 5.32 | 2-1-2024 | 225,300,000 | 225,300,000 | ||
Deutsche Bank Securities, Inc., dated 1-31-2024, maturity value $150,022,167(02) | 5.32 | 2-1-2024 | 150,000,000 | 150,000,000 | ||
RBC Dominion Securities, Inc., dated 1-31-2024, maturity value $235,034,728(03) | 5.32 | 2-1-2024 | 235,000,000 | 235,000,000 | ||
Standard Chartered Bank, dated 1-31-2024, maturity value $100,014,778(04) | 5.32 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
Total repurchase agreements (Cost $710,300,000) | 710,300,000 | |||||
Total investments in securities (Cost $3,543,501,025) | 100.23 % | 3,544,257,528 | ||||
Other assets and liabilities, net | (0.23 ) | (8,192,433 ) | ||||
Total net assets | 100.00 % | $3,536,065,095 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
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. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
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, 2.50% to 7.00%, 8-1-2042 to 12-20-2053, fair value including accrued interest is $232,059,000. | |
(02) U.S. government securities, 0.00% to 6.10%, 2-1-2024 to 2-15-2049, fair value including accrued interest is $153,000,005. | |
(03) U.S. government securities, 0.00% to 7.50%, 8-31-2024 to 2-1-2054, fair value including accrued interest is $241,350,641. | |
(04) U.S. government securities, 0.00% to 5.00%, 5-21-2024 to 5-20-2053, fair value including accrued interest is $102,987,703. |
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 |
LIQ | Liquidity agreement |
LOC | Letter of credit |
OBFR | Overnight Bank Funding Rate |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $2,833,201,025) | $2,833,957,528 |
Investments in repurchase agreements, at value (cost $710,300,000) | 710,300,000 |
Cash | 292,270 |
Receivable for interest | 8,716,148 |
Receivable for investments sold | 9,999 |
Receivable for Fund shares sold | 1,375 |
Prepaid expenses and other assets | 85,526 |
Total assets | 3,553,362,846 |
Liabilities | |
Payable for investments purchased | 14,997,775 |
Dividends payable | 1,705,337 |
Management fee payable | 246,039 |
Administration fees payable | 155,787 |
Payable for Fund shares redeemed | 1,610 |
Accrued expenses and other liabilities | 191,203 |
Total liabilities | 17,297,751 |
Total net assets | $3,536,065,095 |
Net assets consist of | |
Paid-in capital | $3,538,296,027 |
Total distributable loss | (2,230,932 ) |
Total net assets | $3,536,065,095 |
Computation of net asset value per share | |
Net assets–Administrator Class | $79,261,229 |
Shares outstanding–Administrator Class1 | 79,218,482 |
Net asset value per share–Administrator Class | $1.0005 |
Net assets–Institutional Class | $755,729,728 |
Shares outstanding–Institutional Class1 | 755,307,084 |
Net asset value per share–Institutional Class | $1.0006 |
Net assets–Select Class | $2,596,581,811 |
Shares outstanding–Select Class1 | 2,594,897,470 |
Net asset value per share–Select Class | $1.0006 |
Net assets–Service Class | $104,492,327 |
Shares outstanding–Service Class1 | 104,444,461 |
Net asset value per share–Service Class | $1.0005 |
Investment income | |
Interest | $199,831,108 |
Expenses | |
Management fee | 5,612,247 |
Administration fees | |
Administrator Class | 90,969 |
Institutional Class | 523,909 |
Select Class | 1,160,110 |
Service Class | 114,441 |
Shareholder servicing fees | |
Administrator Class | 90,969 |
Service Class | 238,418 |
Custody and accounting fees | 19,595 |
Professional fees | 139,440 |
Registration fees | 75,862 |
Shareholder report expenses | 27,480 |
Trustees’ fees and expenses | 16,822 |
Other fees and expenses | 122,685 |
Total expenses | 8,232,947 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,141,925 ) |
Institutional Class | (72,845 ) |
Select Class | (1,160,110 ) |
Service Class | (67,660 ) |
Net expenses | 5,790,407 |
Net investment income | 194,040,701 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 6,217 |
Net change in unrealized gains (losses) on investments | (412,330 ) |
Net realized and unrealized gains (losses) on investments | (406,113 ) |
Net increase in net assets resulting from operations | $193,634,588 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $194,040,701 | $101,945,181 | ||
Net realized gains (losses) on investments | 6,217 | (18,204 ) | ||
Net change in unrealized gains (losses) on investments | (412,330 ) | 1,143,218 | ||
Net increase in net assets resulting from operations | 193,634,588 | 103,070,195 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (4,561,913 ) | (1,957,328 ) | ||
Institutional Class | (33,920,288 ) | (12,772,848 ) | ||
Select Class | (150,857,617 ) | (85,334,954 ) | ||
Service Class | (4,699,568 ) | (1,882,125 ) | ||
Total distributions to shareholders | (194,039,386 ) | (101,947,255 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 109,140,022 | 109,189,185 | 123,114,666 | 123,167,045 |
Institutional Class | 2,065,324,900 | 2,066,281,185 | 4,000,160,380 | 4,001,754,376 |
Select Class | 9,096,230,381 | 9,101,290,372 | 14,773,390,843 | 14,780,703,471 |
Service Class | 263,692,040 | 263,795,569 | 380,589,513 | 380,714,221 |
11,540,556,311 | 19,286,339,113 | |||
Reinvestment of distributions | ||||
Administrator Class | 4,461,823 | 4,463,814 | 1,819,781 | 1,820,643 |
Institutional Class | 30,872,895 | 30,887,297 | 11,199,701 | 11,205,088 |
Select Class | 135,742,657 | 135,813,062 | 76,199,609 | 76,240,760 |
Service Class | 3,817,761 | 3,819,165 | 1,581,906 | 1,582,516 |
174,983,338 | 90,849,007 | |||
Payment for shares redeemed | ||||
Administrator Class | (126,943,395 ) | (126,998,392 ) | (163,859,559 ) | (163,926,317 ) |
Institutional Class | (2,001,526,154 ) | (2,002,457,285 ) | (4,029,437,260 ) | (4,031,043,553 ) |
Select Class | (10,598,970,355 ) | (10,604,837,071 ) | (15,258,868,199 ) | (15,266,607,066 ) |
Service Class | (281,482,176 ) | (281,595,699 ) | (391,978,351 ) | (392,099,945 ) |
(13,015,888,447 ) | (19,853,676,881 ) | |||
Net decrease in net assets resulting from capital share transactions | (1,300,348,798 ) | (476,488,761 ) | ||
Total decrease in net assets | (1,300,753,596 ) | (475,365,821 ) | ||
Net assets | ||||
Beginning of period | 4,836,818,691 | 5,312,184,512 | ||
End of period | $3,536,065,095 | $4,836,818,691 |
Year ended January 31 | |||||
Administrator Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.0006 | $1.0004 | $1.0003 | $1.0005 | $1.0004 |
Net investment income | 0.0502 1 | 0.0193 | 0.0001 | 0.0033 | 0.0203 |
Net realized and unrealized gains (losses) on investments | 0.0001 | 0.0002 | 0.0000 2 | (0.0002 ) | 0.0001 |
Total from investment operations | 0.0503 | 0.0195 | 0.0001 | 0.0031 | 0.0204 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0001 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0504 ) | (0.0193 ) | (0.0001 ) | (0.0033 ) | (0.0203 ) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | 0.0000 | (0.0000 )2 |
Total distributions to shareholders | (0.0504 ) | (0.0193 ) | (0.0001 ) | (0.0033 ) | (0.0203 ) |
Net asset value, end of period | $1.0005 | $1.0006 | $1.0004 | $1.0003 | $1.0005 |
Total return | 5.14 % | 1.97 % | 0.02 %3 | 0.32 % | 2.05 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.36 % | 0.36 % | 0.36 % | 0.35 % | 0.35 % |
Net expenses | 0.33 % | 0.31 %* | 0.15 %* | 0.29 %* | 0.33 % |
Net investment income | 5.01 % | 1.79 % | 0.01 % | 0.39 % | 2.01 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $79,261 | $92,617 | $131,539 | $76,740 | $113,555 |
* | 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 | 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. |
Year ended January 31 | |||||
Institutional Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.0006 | $1.0004 | $1.0003 | $1.0004 | $1.0004 |
Net investment income | 0.0518 1 | 0.0203 | 0.0001 | 0.0041 | 0.0216 |
Net realized and unrealized gains (losses) on investments | (0.0001 ) | 0.0003 | (0.0001 ) | 0.0000 | 0.0000 2 |
Total from investment operations | 0.0517 | 0.0206 | 0.0000 | 0.0041 | 0.0216 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0002 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0517 ) | (0.0204 ) | (0.0001 ) | (0.0042 ) | (0.0216 ) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | 0.0000 | (0.0000 )2 |
Total distributions to shareholders | (0.0517 ) | (0.0204 ) | (0.0001 ) | (0.0042 ) | (0.0216 ) |
Net asset value, end of period | $1.0006 | $1.0006 | $1.0004 | $1.0003 | $1.0004 |
Total return | 5.29 % | 2.08 % | 0.02 %3 | 0.42 % | 2.18 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.24 % | 0.24 % | 0.24 % | 0.23 % | 0.23 % |
Net expenses | 0.20 % | 0.20 % | 0.15 %4 | 0.20 % | 0.20 % |
Net investment income | 5.18 % | 2.07 % | 0.01 % | 0.46 % | 2.14 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $755,730 | $661,042 | $678,991 | $794,541 | $1,704,936 |
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 0.02% impact on total return. |
4 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.05% higher. |
Year ended January 31 | |||||
Select Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.0007 | $1.0005 | $1.0004 | $1.0005 | $1.0005 |
Net investment income | 0.0520 1 | 0.0211 | 0.0004 1 | 0.0049 | 0.0223 |
Net realized and unrealized gains (losses) on investments | 0.0003 | 0.0002 | (0.0002 ) | (0.0001 ) | 0.0000 2 |
Total from investment operations | 0.0523 | 0.0213 | 0.0002 | 0.0048 | 0.0223 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0003 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0524 ) | (0.0211 ) | (0.0004 ) | (0.0049 ) | (0.0223 ) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | 0.0000 | (0.0000 )2 |
Total distributions to shareholders | (0.0524 ) | (0.0211 ) | (0.0004 ) | (0.0049 ) | (0.0223 ) |
Net asset value, end of period | $1.0006 | $1.0007 | $1.0005 | $1.0004 | $1.0005 |
Total return | 5.35 % | 2.15 % | 0.05 %3 | 0.49 % | 2.25 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.20 % | 0.20 % | 0.20 % | 0.19 % | 0.19 % |
Net expenses | 0.13 % | 0.13 % | 0.12 %4 | 0.13 % | 0.13 % |
Net investment income | 5.20 % | 2.10 % | 0.04 % | 0.40 % | 2.21 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $2,596,582 | $3,964,681 | $4,373,391 | $8,471,954 | $7,119,681 |
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. |
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 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.0005 | $1.0003 | $1.0002 | $1.0004 | $1.0004 |
Net investment income | 0.0493 1 | 0.0185 | 0.0001 1 | 0.0031 | 0.0194 |
Net realized and unrealized gains (losses) on investments | 0.0001 | 0.0002 | 0.0000 2 | (0.0004 ) | (0.0001 ) |
Total from investment operations | 0.0494 | 0.0187 | 0.0001 | 0.0027 | 0.0193 |
Payment from affiliate | 0.0000 | 0.0000 | 0.0001 | 0.0000 | 0.0000 |
Distributions to shareholders from | |||||
Net investment income | (0.0494 ) | (0.0185 ) | (0.0001 ) | (0.0029 ) | (0.0193 ) |
Net realized gains | 0.0000 | 0.0000 | 0.0000 | 0.0000 | (0.0000 )2 |
Total distributions to shareholders | (0.0494 ) | (0.0185 ) | (0.0001 ) | (0.0029 ) | (0.0193 ) |
Net asset value, end of period | $1.0005 | $1.0005 | $1.0003 | $1.0002 | $1.0004 |
Total return | 5.05 % | 1.88 % | 0.02 %3 | 0.28 % | 1.95 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.53 % | 0.53 % | 0.53 % | 0.50 % | 0.51 % |
Net expenses | 0.43 % | 0.39 %* | 0.14 %* | 0.34 %* | 0.43 % |
Net investment income | 4.93 % | 1.70 % | 0.01 % | 0.33 % | 1.92 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $104,492 | $118,479 | $128,263 | $42,155 | $55,893 |
* | 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. |
Gross unrealized gains | $850,695 |
Gross unrealized losses | (93,441 ) |
Net unrealized gains | $757,254 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $947,596,851 | $0 | $947,596,851 |
Commercial paper | 0 | 1,545,271,068 | 0 | 1,545,271,068 |
Municipal obligations | 0 | 316,229,609 | 0 | 316,229,609 |
Other instruments | 0 | 24,860,000 | 0 | 24,860,000 |
Repurchase agreements | 0 | 710,300,000 | 0 | 710,300,000 |
Total assets | $0 | $3,544,257,528 | $0 | $3,544,257,528 |
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 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$1,651,354 | $757,254 | $(2,747,205 ) |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR3229 01-24
2 | |
6 | |
9 | |
10 | |
21 | |
22 | |
23 | |
24 | |
28 | |
32 | |
33 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (STGXX) | 7-1-1992 | – | – | – | 4.89 | 1.72 | 1.09 | 0.66 | 0.58 |
Class C * | 6-30-2010 | 3.11 | 1.27 | 0.85 | 4.11 | 1.27 | 0.85 | 1.41 | 1.33 |
Premier Class (WMPXX)3 | 3-31-2016 | – | – | – | 5.37 | 2.04 | 1.36 | 0.29 | 0.20 |
Service Class (WMOXX) | 6-30-2010 | – | – | – | 4.98 | 1.78 | 1.15 | 0.58 | 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, 2024 (May 31, 2025 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.58% for Class A, 1.33% 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, 2024 | ||||
Class A | Class C* | Premier Class | Service Class | |
7-day current yield1 | 5.02 | 4.27 | 5.47 | 5.10 |
7-day compound yield | 5.15 | 4.37 | 5.62 | 5.23 |
30-day simple yield | 5.03 | 4.28 | 5.48 | 5.11 |
30-day compound yield | 5.15 | 4.37 | 5.62 | 5.23 |
* | Class C is closed to new investors and additional investments from existing shareholders. |
1 | The manager has contractually committed through May 31, 2024 (May 31, 2025 for Class A and Class C), 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 4.97%, 4.22%, 5.34% and 5.05% 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, 20241 |
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, 20241 |
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, 20241 |
39 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. |
† | 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 life as of January 31, 20241 |
65 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 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,025.65 | $2.96 | 0.58 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58 % |
Class C | ||||
Actual | $1,000.00 | $1,021.80 | $6.78 | 1.33 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.50 | $6.77 | 1.33 % |
Premier Class | ||||
Actual | $1,000.00 | $1,027.97 | $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 | $1,026.06 | $2.55 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.55 | 0.50 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Certificates of deposit: 27.78% | ||||||
ABN AMRO Bank NV | 5.33 % | 2-1-2024 | $ | 325,000,000 | $325,000,000 | |
Banco Santander SA | 5.47 | 7-19-2024 | 50,000,000 | 50,000,000 | ||
Banco Santander SA (U.S. SOFR+0.45%)± | 5.76 | 3-8-2024 | 83,000,000 | 83,000,000 | ||
Banco Santander SA | 5.85 | 5-2-2024 | 90,000,000 | 90,000,000 | ||
Bank of America NA±± | 5.77 | 7-25-2024 | 75,000,000 | 75,000,000 | ||
Bank of America NA±± | 5.86 | 3-4-2024 | 93,000,000 | 93,000,000 | ||
Bank of America NA±± | 5.89 | 8-7-2024 | 100,000,000 | 100,000,000 | ||
Bank of America NA | 5.90 | 5-10-2024 | 65,000,000 | 65,000,000 | ||
Bank of Montreal | 5.63 | 8-29-2024 | 75,000,000 | 75,000,000 | ||
Bank of Montreal (U.S. SOFR+0.50%)± | 5.81 | 2-5-2024 | 100,000,000 | 100,000,000 | ||
Bank of Montreal (U.S. SOFR+0.51%)± | 5.82 | 11-20-2024 | 65,000,000 | 65,000,000 | ||
Bank of Montreal (U.S. SOFR+0.53%)± | 5.84 | 4-5-2024 | 90,000,000 | 90,000,000 | ||
Bank of Nova Scotia (U.S. SOFR+0.51%)± | 5.82 | 4-18-2024 | 100,000,000 | 100,000,000 | ||
Bank of Nova Scotia | 5.82 | 8-13-2024 | 50,000,000 | 50,000,000 | ||
BNP Paribas SA | 5.74 | 8-15-2024 | 125,000,000 | 125,000,000 | ||
BNP Paribas SA (U.S. SOFR+0.55%)± | 5.86 | 4-5-2024 | 100,000,000 | 100,000,000 | ||
Canadian Imperial Bank of Commerce (U.S. SOFR+0.48%)± | 5.79 | 5-9-2024 | 100,000,000 | 100,000,000 | ||
Canadian Imperial Bank of Commerce | 5.79 | 8-9-2024 | 150,000,000 | 150,000,000 | ||
Citibank NA | 5.27 | 11-8-2024 | 90,000,000 | 90,000,000 | ||
Citibank NA (U.S. SOFR+0.35%)± | 5.66 | 2-20-2024 | 60,000,000 | 60,000,000 | ||
Citibank NA (U.S. SOFR+0.55%)± | 5.86 | 3-21-2024 | 90,000,000 | 90,000,000 | ||
Commonwealth Bank of Australia | 5.81 | 11-14-2024 | 100,000,000 | 100,000,000 | ||
Commonwealth Bank of Australia | 5.81 | 11-15-2024 | 100,000,000 | 100,000,000 | ||
Cooperatieve Rabobank UA (U.S. SOFR+0.44%)± | 5.75 | 5-29-2024 | 135,000,000 | 135,000,000 | ||
Cooperatieve Rabobank UA | 5.78 | 11-8-2024 | 48,000,000 | 47,992,923 | ||
Cooperatieve Rabobank UA (U.S. SOFR+0.50%)± | 5.81 | 10-10-2024 | 100,000,000 | 100,000,000 | ||
Cooperatieve Rabobank UA | 5.90 | 7-18-2024 | 50,000,000 | 50,000,000 | ||
Credit Agricole Corporate & Investment Bank SA | 5.31 | 2-1-2024 | 175,000,000 | 175,000,000 | ||
Credit Agricole Corporate & Investment Bank SA | 5.41 | 6-28-2024 | 41,800,000 | 41,799,635 | ||
Credit Industriel et Commercial | 5.22 | 9-16-2024 | 150,000,000 | 150,000,000 | ||
Credit Industriel et Commercial (U.S. SOFR+0.36%)± | 5.67 | 4-9-2024 | 135,000,000 | 135,000,000 | ||
Credit Industriel et Commercial | 5.80 | 5-1-2024 | 38,000,000 | 38,000,000 | ||
DG Bank | 5.80 | 4-19-2024 | 170,000,000 | 170,000,000 | ||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank (U.S. SOFR+0.45%)± | 5.76 | 7-26-2024 | 150,000,000 | 150,000,000 | ||
HSBC Bank USA NA (U.S. SOFR+0.45%)± | 5.76 | 7-11-2024 | 200,000,000 | 200,000,000 | ||
HSBC Bank USA NA | 6.00 | 10-17-2024 | 130,000,000 | 130,000,000 | ||
Mitsubishi UFJ Trust & Banking Corp. (U.S. SOFR+0.30%)± | 5.61 | 7-1-2024 | 40,000,000 | 40,000,000 | ||
Mizuho Bank Ltd. | 5.32 | 2-1-2024 | 445,000,000 | 445,000,000 | ||
MUFG Bank Ltd. | 5.42 | 4-23-2024 | 100,000,000 | 100,000,000 | ||
MUFG Bank Ltd. (U.S. SOFR+0.40%)± | 5.71 | 5-14-2024 | 100,000,000 | 100,000,000 | ||
MUFG Bank Ltd. | 5.78 | 2-13-2024 | 90,000,000 | 90,000,000 | ||
National Australia Bank Ltd. (U.S. SOFR+0.37%)± | 5.68 | 9-6-2024 | 100,000,000 | 100,000,000 | ||
National Australia Bank Ltd. (U.S. SOFR+0.51%)± | 5.82 | 11-12-2024 | 188,000,000 | 188,000,000 | ||
Natixis SA | 5.37 | 9-3-2024 | 130,000,000 | 130,000,000 | ||
Natixis SA | 5.63 | 8-5-2024 | 200,000,000 | 200,000,000 | ||
Nordea Bank Abp (U.S. SOFR+0.51%)± | 5.82 | 3-22-2024 | 123,000,000 | 123,000,000 | ||
Nordea Bank Abp (U.S. SOFR+0.51%)± | 5.82 | 4-11-2024 | 125,000,000 | 125,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Certificates of deposit(continued) | ||||||
Nordea Bank Abp | 5.90 % | 7-15-2024 | $ | 85,000,000 | $85,000,000 | |
Norinchukin Bank (U.S. SOFR+0.41%)± | 5.72 | 2-1-2024 | 125,000,000 | 125,000,000 | ||
Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.20%)± | 5.51 | 7-11-2024 | 90,000,000 | 90,000,000 | ||
Oversea-Chinese Banking Corp. Ltd. | 5.63 | 2-7-2024 | 135,000,000 | 135,000,000 | ||
Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.37%)± | 5.68 | 4-26-2024 | 135,000,000 | 135,000,000 | ||
Royal Bank of Canada (U.S. SOFR+0.36%)± | 5.67 | 1-10-2025 | 100,000,000 | 100,000,000 | ||
Royal Bank of Canada | 5.86 | 9-3-2024 | 150,000,000 | 150,000,000 | ||
Royal Bank of Canada | 5.91 | 7-22-2024 | 50,000,000 | 50,000,000 | ||
Skandinaviska Enskilda Banken AB | 5.25 | 10-8-2024 | 90,000,000 | 90,000,000 | ||
Skandinaviska Enskilda Banken AB (U.S. SOFR+0.16%)± | 5.47 | 7-26-2024 | 120,000,000 | 120,000,000 | ||
Skandinaviska Enskilda Banken AB (U.S. SOFR+0.25%)± | 5.56 | 10-9-2024 | 100,000,000 | 100,000,000 | ||
Standard Chartered Bank | 5.37 | 7-18-2024 | 158,000,000 | 158,000,000 | ||
Standard Chartered Bank (U.S. SOFR+0.47%)± | 5.78 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
Standard Chartered Bank | 5.90 | 2-21-2024 | 75,000,000 | 75,000,000 | ||
State Street Bank & Trust Co. (U.S. SOFR+0.52%)± | 5.83 | 3-5-2024 | 150,000,000 | 150,000,000 | ||
Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.37%)± | 5.68 | 5-21-2024 | 100,000,000 | 100,000,000 | ||
Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.40%)± | 5.71 | 4-26-2024 | 140,000,000 | 140,000,000 | ||
Sumitomo Mitsui Trust Bank Ltd. (U.S. SOFR+0.30%)± | 5.61 | 6-17-2024 | 125,000,000 | 125,000,000 | ||
Svenska Handelsbanken AB (U.S. SOFR+0.35%)± | 5.66 | 4-24-2024 | 80,000,000 | 80,000,000 | ||
Svenska Handelsbanken AB (U.S. SOFR+0.47%)± | 5.78 | 5-15-2024 | 150,000,000 | 150,000,000 | ||
Svenska Handelsbanken AB | 5.90 | 7-12-2024 | 100,000,000 | 100,000,000 | ||
Swedbank AB (U.S. SOFR+0.36%)± | 5.67 | 4-5-2024 | 115,000,000 | 115,000,000 | ||
Swedbank AB (U.S. SOFR+0.47%)± | 5.78 | 5-23-2024 | 177,000,000 | 176,999,889 | ||
Swedbank AB | 5.90 | 6-20-2024 | 40,000,000 | 40,000,000 | ||
Toronto-Dominion Bank | 5.92 | 7-17-2024 | 168,000,000 | 168,000,000 | ||
Toronto-Dominion Bank | 6.00 | 9-6-2024 | 65,000,000 | 65,000,000 | ||
Toronto-Dominion Bank | 6.01 | 10-3-2024 | 100,000,000 | 100,000,000 | ||
UBS AG | 5.57 | 9-4-2024 | 125,000,000 | 125,000,000 | ||
UBS AG | 5.58 | 7-8-2024 | 100,000,000 | 100,000,000 | ||
Wells Fargo Bank NA (U.S. SOFR+0.38%)± | 5.69 | 3-28-2024 | 90,000,000 | 90,000,000 | ||
Wells Fargo Bank NA (U.S. SOFR+0.52%)± | 5.83 | 6-3-2024 | 20,000,000 | 20,016,762 | ||
Westpac Banking Corp. (U.S. SOFR+0.40%)± | 5.71 | 7-3-2024 | 75,000,000 | 75,000,000 | ||
Westpac Banking Corp. (U.S. SOFR+0.48%)± | 5.79 | 4-15-2024 | 100,000,000 | 100,000,000 | ||
Westpac Banking Corp. (U.S. SOFR+0.50%)± | 5.81 | 10-4-2024 | 150,000,000 | 150,000,000 | ||
Woori Bank | 5.35 | 2-6-2024 | 125,000,000 | 125,000,000 | ||
Total certificates of deposit (Cost $9,247,809,209) | 9,247,809,209 | |||||
Commercial paper: 41.84% | ||||||
Asset-backed commercial paper: 39.73% | ||||||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.52 | 4-22-2024 | 43,854,000 | 43,318,214 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.52 | 4-23-2024 | 83,242,000 | 82,212,435 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.58 | 3-27-2024 | 49,184,000 | 48,771,469 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.64 | 2-26-2024 | 97,209,000 | 96,834,340 | ||
Albion Capital Corp. SA/Albion Capital LLC☼ | 5.69 | 2-27-2024 | 62,713,000 | 62,459,361 | ||
Alinghi Funding Co. LLC144A☼ | 5.19 | 10-22-2024 | 99,000,000 | 95,297,400 | ||
Alinghi Funding Co. LLC144A☼ | 5.57 | 6-6-2024 | 80,000,000 | 78,465,600 | ||
Alinghi Funding Co. LLC144A☼ | 5.78 | 4-8-2024 | 68,000,000 | 67,281,164 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
Alinghi Funding Co. LLC144A☼ | 5.79 % | 6-12-2024 | $ | 71,880,000 | $70,380,344 | |
Alinghi Funding Co. LLC144A☼ | 5.85 | 5-14-2024 | 90,000,000 | 88,519,375 | ||
Anglesea Funding LLC144A§±± | 5.49 | 7-1-2024 | 100,000,000 | 100,000,000 | ||
Anglesea Funding LLC (U.S. OBFR+0.20%)144A§± | 5.51 | 3-13-2024 | 175,000,000 | 175,000,000 | ||
Anglesea Funding LLC (U.S. SOFR+0.22%)144A§± | 5.53 | 5-24-2024 | 90,000,000 | 90,000,000 | ||
Anglesea Funding LLC (U.S. SOFR+0.24%)144A§± | 5.55 | 4-8-2024 | 135,000,000 | 135,000,000 | ||
Anglesea Funding LLC (U.S. SOFR+0.24%)144A§± | 5.55 | 4-12-2024 | 135,000,000 | 135,000,000 | ||
Anglesea Funding LLC144A☼ | 5.72 | 2-1-2024 | 44,000,000 | 44,000,000 | ||
Antalis SA144A☼ | 5.44 | 2-1-2024 | 114,700,000 | 114,700,000 | ||
Antalis SA144A☼ | 5.52 | 2-6-2024 | 212,000,000 | 211,840,148 | ||
Antalis SA144A☼ | 5.54 | 4-3-2024 | 50,000,000 | 49,530,694 | ||
Antalis SA144A☼ | 5.55 | 4-11-2024 | 45,000,000 | 44,522,250 | ||
Aquitaine Funding Co. LLC144A☼ | 5.47 | 3-4-2024 | 48,000,000 | 47,770,453 | ||
Aquitaine Funding Co. LLC144A☼ | 5.59 | 2-1-2024 | 48,000,000 | 48,000,000 | ||
Armada Funding Co. LLC144A☼ | 5.51 | 3-26-2024 | 60,000,000 | 59,512,200 | ||
Armada Funding Co. LLC144A☼ | 5.51 | 3-27-2024 | 70,000,000 | 69,420,361 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 2-7-2024 | 35,000,000 | 34,968,092 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 2-22-2024 | 49,200,000 | 49,043,011 | ||
Armada Funding Co. LLC144A☼ | 5.56 | 3-12-2024 | 47,000,000 | 46,714,345 | ||
Armada Funding Co. LLC144A☼ | 5.58 | 4-3-2024 | 50,600,000 | 50,121,577 | ||
Armada Funding Co. LLC144A☼ | 5.59 | 3-7-2024 | 108,600,000 | 108,019,539 | ||
Atlantic Asset Securitization LLC144A☼ | 5.30 | 7-10-2024 | 17,750,000 | 17,338,989 | ||
Atlantic Asset Securitization LLC144A☼ | 5.49 | 3-27-2024 | 25,000,000 | 24,793,750 | ||
Atlantic Asset Securitization LLC§±± | 5.59 | 7-8-2024 | 133,000,000 | 133,000,000 | ||
Atlantic Asset Securitization LLC (U.S. SOFR+0.38%)144A§± | 5.69 | 5-21-2024 | 50,000,000 | 50,000,000 | ||
Atlantic Asset Securitization LLC144A☼ | 5.71 | 3-7-2024 | 45,000,000 | 44,754,125 | ||
Autobahn Funding Co. LLC144A☼ | 5.51 | 2-22-2024 | 45,000,000 | 44,857,725 | ||
Barton Capital SA144A☼ | 5.71 | 2-27-2024 | 40,000,000 | 39,837,644 | ||
Bedford Row Funding Corp.144A☼ | 5.61 | 2-8-2024 | 31,936,000 | 31,901,722 | ||
Bedford Row Funding Corp. (U.S. SOFR+0.34%)144A± | 5.65 | 2-23-2024 | 185,000,000 | 185,000,000 | ||
Bennington Stark Capital Co. LLC144A☼ | 5.44 | 2-5-2024 | 86,029,000 | 85,977,861 | ||
Bennington Stark Capital Co. LLC144A☼ | 5.44 | 2-7-2024 | 172,801,000 | 172,646,919 | ||
Britannia Funding Co. LLC144A☼ | 5.74 | 2-7-2024 | 27,000,000 | 26,974,575 | ||
Britannia Funding Co. LLC144A☼ | 5.75 | 2-20-2024 | 90,000,000 | 89,731,150 | ||
Britannia Funding Co. LLC144A☼ | 5.75 | 3-6-2024 | 126,300,000 | 125,624,856 | ||
Britannia Funding Co. LLC144A☼ | 5.76 | 3-7-2024 | 81,683,000 | 81,232,723 | ||
Britannia Funding Co. LLC144A☼ | 5.77 | 5-17-2024 | 144,500,000 | 142,085,379 | ||
Britannia Funding Co. LLC144A☼ | 5.80 | 4-11-2024 | 90,000,000 | 89,002,500 | ||
Britannia Funding Co. LLC144A☼ | 5.80 | 4-22-2024 | 67,000,000 | 66,140,725 | ||
Britannia Funding Co. LLC144A☼ | 5.81 | 4-17-2024 | 90,000,000 | 88,915,100 | ||
Cabot Trail Funding LLC144A☼ | 5.44 | 6-24-2024 | 55,000,000 | 53,823,000 | ||
Cabot Trail Funding LLC144A☼ | 5.48 | 3-25-2024 | 15,000,000 | 14,880,971 | ||
CAFCO LLC144A☼ | 5.39 | 5-10-2024 | 75,000,000 | 73,906,875 | ||
Chariot Funding LLC144A☼ | 5.47 | 4-16-2024 | 90,000,000 | 88,991,250 | ||
Chariot Funding LLC144A☼ | 5.50 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
Chariot Funding LLC±± | 5.59 | 7-8-2024 | 90,000,000 | 90,000,000 | ||
Chariot Funding LLC (U.S. SOFR+0.40%)144A± | 5.71 | 6-3-2024 | 90,000,000 | 90,000,000 | ||
Charta LLC144A☼ | 5.39 | 5-14-2024 | 45,000,000 | 44,317,625 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
Charta LLC144A☼ | 5.64 % | 3-5-2024 | $ | 50,000,000 | $49,745,625 | |
Charta LLC144A☼ | 5.64 | 3-6-2024 | 90,000,000 | 89,528,250 | ||
Charta LLC144A☼ | 5.66 | 2-5-2024 | 130,000,000 | 129,919,545 | ||
Charta LLC144A☼ | 5.71 | 2-21-2024 | 60,000,000 | 59,812,667 | ||
Chesham Finance Ltd./Chesham Finance LLC144A☼ | 2.67 | 2-2-2024 | 210,000,000 | 209,968,850 | ||
Chesham Finance Ltd./Chesham Finance LLC±± | 5.42 | 3-6-2024 | 385,000,000 | 385,000,000 | ||
Chesham Finance Ltd./Chesham Finance LLC144A☼ | 5.43 | 2-1-2024 | 210,000,000 | 210,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.60 | 6-18-2024 | 90,000,000 | 90,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.60 | 7-22-2024 | 90,000,000 | 90,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.68 | 7-8-2024 | 90,000,000 | 90,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A±± | 5.71 | 7-15-2024 | 90,000,000 | 90,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.80 | 5-14-2024 | 93,000,000 | 93,000,000 | ||
Collateralized Commercial Paper FLEX Co. LLC144A | 5.84 | 6-10-2024 | 80,000,000 | 80,000,000 | ||
Collateralized Commercial Paper V Co. LLC±± | 5.66 | 10-11-2024 | 140,000,000 | 140,000,000 | ||
Columbia Funding Co. LLC144A☼ | 5.74 | 2-2-2024 | 49,650,000 | 49,642,208 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.44 | 2-2-2024 | 133,224,000 | 133,204,201 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.44 | 2-5-2024 | 121,217,000 | 121,144,943 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.44 | 2-7-2024 | 100,000,000 | 99,910,833 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.49 | 4-5-2024 | 69,000,000 | 68,337,600 | ||
Concord Minutemen Capital Co. LLC±± | 5.51 | 4-5-2024 | 90,000,000 | 90,000,000 | ||
Concord Minutemen Capital Co. LLC144A☼ | 5.59 | 3-14-2024 | 52,941,000 | 52,601,295 | ||
Concord Minutemen Capital Co. LLC144A | 5.60 | 3-13-2024 | 60,000,000 | 60,000,000 | ||
Concord Minutemen Capital Co. LLC144A | 5.62 | 3-13-2024 | 90,000,000 | 90,000,000 | ||
CRC Funding LLC144A☼ | 5.35 | 7-8-2024 | 50,000,000 | 48,845,722 | ||
Erste Group Bank AG | 5.33 | 2-6-2024 | 325,000,000 | 325,000,000 | ||
Glencove Funding LLC144A☼ | 5.42 | 6-18-2024 | 60,000,000 | 58,774,100 | ||
Glencove Funding LLC144A☼ | 5.70 | 2-1-2024 | 132,900,000 | 132,900,000 | ||
Gotham Funding Corp.144A☼ | 5.74 | 2-16-2024 | 135,000,000 | 134,682,188 | ||
Great Bear Funding LLC144A☼ | 5.42 | 2-1-2024 | 225,000,000 | 225,000,000 | ||
Ionic Funding LLC☼ | 5.52 | 2-8-2024 | 270,000,000 | 269,714,925 | ||
Ionic Funding LLC☼ | 5.53 | 2-15-2024 | 87,670,000 | 87,484,529 | ||
Ionic Funding LLC☼ | 5.56 | 2-27-2024 | 134,720,000 | 134,187,782 | ||
Ionic Funding LLC☼ | 5.57 | 3-28-2024 | 45,000,000 | 44,616,400 | ||
Ionic Funding LLC☼ | 5.59 | 3-6-2024 | 45,000,000 | 44,766,250 | ||
Ionic Funding LLC☼ | 5.60 | 2-1-2024 | 90,000,000 | 90,000,000 | ||
Legacy Capital Co. LLC144A±± | 5.66 | 11-15-2024 | 85,000,000 | 85,000,000 | ||
Legacy Capital Co. LLC144A±± | 5.66 | 11-19-2024 | 90,000,000 | 90,000,000 | ||
Lexington Parker Capital Co. LLC144A☼ | 5.44 | 2-7-2024 | 240,221,000 | 240,006,803 | ||
Lexington Parker Capital Co. LLC144A☼ | 5.52 | 2-22-2024 | 40,000,000 | 39,873,300 | ||
Lexington Parker Capital Co. LLC (U.S. SOFR+0.42%)144A± | 5.73 | 2-14-2024 | 85,000,000 | 85,000,000 | ||
Liberty Street Funding LLC144A☼ | 5.39 | 5-10-2024 | 50,000,000 | 49,271,250 | ||
Liberty Street Funding LLC144A☼ | 5.59 | 5-2-2024 | 110,000,000 | 108,470,442 | ||
Liberty Street Funding LLC144A☼ | 5.71 | 2-1-2024 | 40,000,000 | 40,000,000 | ||
Liberty Street Funding LLC144A☼ | 5.74 | 4-8-2024 | 93,000,000 | 92,022,079 | ||
LMA-Americas LLC144A☼ | 5.40 | 5-16-2024 | 62,000,000 | 61,039,775 | ||
LMA-Americas LLC144A☼ | 5.40 | 5-17-2024 | 22,695,000 | 22,340,164 | ||
LMA-Americas LLC144A☼ | 5.40 | 5-20-2024 | 18,465,000 | 18,168,129 | ||
LMA-Americas LLC144A☼ | 5.45 | 9-3-2024 | 50,000,000 | 48,399,444 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
LMA-Americas LLC144A☼ | 5.55 % | 6-17-2024 | $ | 51,000,000 | $49,940,305 | |
LMA-Americas LLC144A☼ | 5.59 | 4-3-2024 | 11,940,000 | 11,826,902 | ||
LMA-Americas LLC144A☼ | 5.67 | 4-11-2024 | 76,245,000 | 75,418,737 | ||
LMA-Americas LLC144A☼ | 5.68 | 2-2-2024 | 25,000,000 | 24,996,118 | ||
LMA-Americas LLC144A☼ | 5.71 | 2-7-2024 | 106,329,000 | 106,229,388 | ||
LMA-Americas LLC144A☼ | 5.71 | 2-16-2024 | 25,700,000 | 25,639,819 | ||
LMA-Americas LLC144A☼ | 5.71 | 2-22-2024 | 25,000,000 | 24,918,042 | ||
LMA-Americas LLC144A☼ | 5.72 | 2-8-2024 | 20,160,000 | 20,137,930 | ||
LMA-Americas LLC144A☼ | 5.74 | 4-5-2024 | 40,000,000 | 39,598,222 | ||
LMA-Americas LLC144A☼ | 5.77 | 4-10-2024 | 46,700,000 | 46,192,488 | ||
Mackinac Funding Co. LLC144A☼ | 5.74 | 2-2-2024 | 65,000,000 | 64,989,799 | ||
Mackinac Funding Co. LLC144A☼ | 5.75 | 3-19-2024 | 72,200,000 | 71,666,482 | ||
Mainbeach Funding LLC144A☼ | 5.44 | 2-1-2024 | 30,000,000 | 30,000,000 | ||
Manhattan Asset Funding Co. LLC144A☼ | 5.39 | 5-14-2024 | 75,000,000 | 73,862,708 | ||
Manhattan Asset Funding Co. LLC144A☼ | 5.74 | 5-13-2024 | 50,000,000 | 49,199,583 | ||
Matchpoint Finance PLC144A☼ | 5.35 | 7-9-2024 | 100,000,000 | 97,676,833 | ||
Matchpoint Finance PLC144A☼ | 5.55 | 6-14-2024 | 45,000,000 | 44,085,450 | ||
Matchpoint Finance PLC (U.S. SOFR+0.45%)144A± | 5.76 | 2-6-2024 | 100,000,000 | 100,000,000 | ||
Mountcliff Funding LLC144A☼ | 5.44 | 2-1-2024 | 90,000,000 | 90,000,000 | ||
Mountcliff Funding LLC144A☼ | 5.44 | 2-7-2024 | 90,000,000 | 89,919,750 | ||
Mountcliff Funding LLC144A§±± | 5.50 | 7-29-2024 | 90,000,000 | 90,000,000 | ||
Mountcliff Funding LLC144A☼ | 5.72 | 3-5-2024 | 110,000,000 | 109,432,583 | ||
Mountcliff Funding LLC144A☼ | 5.77 | 3-14-2024 | 25,600,000 | 25,430,656 | ||
Nieuw Amsterdam Receivables Corp. BV144A☼ | 5.31 | 7-30-2024 | 90,000,000 | 87,651,000 | ||
Old Line Funding LLC144A☼ | 5.34 | 7-11-2024 | 95,000,000 | 92,769,479 | ||
Old Line Funding LLC (U.S. SOFR+0.37%)144A± | 5.68 | 3-20-2024 | 45,000,000 | 45,000,000 | ||
Old Line Funding LLC144A☼ | 5.73 | 6-10-2024 | 100,000,000 | 97,963,333 | ||
Old Line Funding LLC144A☼ | 5.80 | 4-2-2024 | 45,000,000 | 44,565,375 | ||
Podium Funding Trust☼ | 5.23 | 10-1-2024 | 50,000,000 | 48,265,250 | ||
Podium Funding Trust☼ | 5.23 | 10-2-2024 | 50,000,000 | 48,258,111 | ||
Podium Funding Trust☼ | 5.43 | 6-20-2024 | 90,000,000 | 88,131,000 | ||
Podium Funding Trust☼ | 5.59 | 8-22-2024 | 90,000,000 | 87,208,750 | ||
Podium Funding Trust☼ | 5.69 | 3-13-2024 | 85,000,000 | 84,457,889 | ||
Podium Funding Trust☼ | 5.73 | 4-16-2024 | 40,000,000 | 39,530,000 | ||
Podium Funding Trust (U.S. SOFR+0.56%)± | 5.87 | 3-25-2024 | 100,000,000 | 100,000,000 | ||
Ridgefield Funding Co. LLC144A☼ | 5.65 | 5-22-2024 | 103,415,000 | 101,642,122 | ||
Ridgefield Funding Co. LLC144A☼ | 5.71 | 3-1-2024 | 50,000,000 | 49,773,639 | ||
Ridgefield Funding Co. LLC (U.S. SOFR+0.42%)144A± | 5.73 | 2-2-2024 | 50,000,000 | 50,000,000 | ||
Ridgefield Funding Co. LLC144A☼ | 5.73 | 5-6-2024 | 115,000,000 | 113,288,417 | ||
Ridgefield Funding Co. LLC144A☼ | 5.74 | 4-2-2024 | 50,000,000 | 49,521,319 | ||
Starbird Funding Corp.144A☼ | 5.66 | 5-14-2024 | 79,500,000 | 78,233,057 | ||
Starbird Funding Corp. (U.S. SOFR+0.39%)144A± | 5.70 | 5-3-2024 | 90,000,000 | 90,000,000 | ||
Starbird Funding Corp.144A☼ | 5.72 | 3-1-2024 | 40,000,000 | 39,818,589 | ||
Starbird Funding Corp. (U.S. SOFR+0.42%)144A± | 5.73 | 2-1-2024 | 75,000,000 | 75,000,000 | ||
Thunder Bay Funding LLC (U.S. SOFR+0.37%)144A± | 5.68 | 3-20-2024 | 45,000,000 | 45,000,000 | ||
Thunder Bay Funding LLC (U.S. SOFR+0.43%)144A± | 5.74 | 6-6-2024 | 90,000,000 | 90,000,000 | ||
Versailles Commercial Paper LLC☼ | 5.46 | 5-23-2024 | 26,800,000 | 26,352,261 | ||
Versailles Commercial Paper LLC☼ | 5.54 | 4-12-2024 | 105,000,000 | 103,871,396 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed commercial paper(continued) | ||||||
Versailles Commercial Paper LLC (U.S. SOFR+0.28%)144A§± | 5.59 % | 3-5-2024 | $ | 85,000,000 | $85,000,000 | |
Versailles Commercial Paper LLC☼ | 5.63 | 5-31-2024 | 90,000,000 | 88,338,000 | ||
Versailles Commercial Paper LLC☼ | 5.69 | 2-5-2024 | 25,000,000 | 24,984,444 | ||
Versailles Commercial Paper LLC☼ | 5.77 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
Victory Receivables Corp.144A☼ | 5.45 | 4-17-2024 | 68,000,000 | 67,230,542 | ||
Victory Receivables Corp.144A☼ | 5.74 | 2-15-2024 | 135,000,000 | 134,703,375 | ||
13,227,536,278 | ||||||
Financial company commercial paper: 1.09% | ||||||
Federation des Caisses Desjardins du Quebec144A☼ | 5.49 | 3-27-2024 | 35,000,000 | 34,711,250 | ||
Federation des Caisses Desjardins du Quebec144A☼ | 5.73 | 2-28-2024 | 90,000,000 | 89,619,300 | ||
ING U.S. Funding LLC144A☼ | 5.73 | 6-18-2024 | 50,000,000 | 48,919,000 | ||
ING U.S. Funding LLC (U.S. SOFR+0.53%)144A± | 5.84 | 4-1-2024 | 75,000,000 | 75,000,000 | ||
Ontario Teachers’ Finance Trust144A☼ | 5.41 | 9-5-2024 | 50,000,000 | 48,396,611 | ||
Suncorp-Metway Ltd.144A☼ | 5.64 | 5-7-2024 | 68,000,000 | 66,993,600 | ||
363,639,761 | ||||||
Other commercial paper: 1.02% | ||||||
Deaconess Hospital Obligated Group☼ | 5.49 | 4-2-2024 | 50,000,000 | 49,542,500 | ||
Deaconess Hospital Obligated Group☼ | 5.71 | 2-1-2024 | 50,000,000 | 50,000,000 | ||
Mercy Health☼ | 5.48 | 2-21-2024 | 47,000,000 | 46,859,261 | ||
Mercy Health☼ | 5.49 | 2-7-2024 | 60,000,000 | 59,946,000 | ||
Province of British Columbia Canada☼ | 5.31 | 7-5-2024 | 65,000,000 | 63,539,125 | ||
Toyota Finance Australia Ltd.☼ | 5.74 | 3-26-2024 | 19,000,000 | 18,838,975 | ||
Toyota Finance Australia Ltd.☼ | 5.77 | 4-17-2024 | 50,000,000 | 49,401,500 | ||
338,127,361 | ||||||
Total commercial paper (Cost $13,929,303,400) | 13,929,303,400 | |||||
Municipal obligations: 9.48% | ||||||
Alaska: 0.19% | ||||||
Variable rate demand notes ø: 0.19% | ||||||
Alaska Housing Finance Corp. Series A (Housing revenue) | 5.35 | 12-1-2044 | 63,000,000 | 63,000,000 | ||
California: 0.46% | ||||||
Other municipal debt : 0.31% | ||||||
State of California (GO revenue) | 5.46 | 2-21-2024 | 47,515,000 | 47,515,000 | ||
State of California (GO revenue) | 5.47 | 3-4-2024 | 20,280,000 | 20,280,000 | ||
State of California (GO revenue) | 5.49 | 2-8-2024 | 33,550,000 | 33,550,000 | ||
101,345,000 | ||||||
Variable rate demand notes ø: 0.15% | ||||||
Metropolitan Water District of Southern California Series A (Water & sewer revenue, Bank of America N.A. SPA) | 5.35 | 7-1-2042 | 34,455,000 | 34,455,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2016- TXG002 (GO revenue, Bank of America N.A. LIQ)144A | 5.52 | 8-1-2049 | 15,700,000 | 15,700,000 | ||
50,155,000 |
Interest rate | Maturity date | Principal | Value | |||
Colorado: 0.62% | ||||||
Variable rate demand notes ø: 0.62% | ||||||
Colorado HFA Fort Carson Family Housing LLC Series B (Housing revenue, FHLB SPA) | 4.38 % | 5-1-2052 | $ | 92,920,000 | $92,920,000 | |
Colorado HFA Series G-2 Class II (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 5.35 | 11-1-2052 | 31,000,000 | 31,000,000 | ||
Colorado HFA Series I Class II (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 5.35 | 11-1-2051 | 19,900,000 | 19,900,000 | ||
Colorado HFA Series M2 Class II (Housing revenue, GNMA Insured, Bank of America N.A. SPA) | 5.36 | 5-1-2054 | 12,000,000 | 12,000,000 | ||
Colorado HFA Series N-2 Class I (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 5.35 | 11-1-2046 | 15,000,000 | 15,000,000 | ||
Colorado HFA Series Q2 Class I (Housing revenue, GNMA Insured, FHLB LIQ) | 5.35 | 11-1-2048 | 35,240,000 | 35,240,000 | ||
206,060,000 | ||||||
Delaware: 0.21% | ||||||
Variable rate demand notes ø: 0.21% | ||||||
Jets Stadium Development LLC Series A-4B (Industrial development revenue)144A | 5.92 | 4-1-2047 | 49,225,000 | 49,225,000 | ||
Jets Stadium Finance Issuer 2015 LLC (Industrial development revenue)144A | 5.92 | 4-1-2047 | 21,720,000 | 21,720,000 | ||
70,945,000 | ||||||
Georgia: 0.44% | ||||||
Variable rate demand notes ø: 0.44% | ||||||
Macon-Bibb County Industrial Authority Kumho Tire Georgia, Inc. (Industrial development revenue, Korea Development Bank LOC)144A | 5.46 | 11-1-2029 | 50,000,000 | 50,000,000 | ||
Private Colleges & Universities Authority Emory University Series C-2 (Education revenue, Royal Bank of Canada SPA) | 5.35 | 9-1-2052 | 95,445,000 | 95,445,000 | ||
145,445,000 | ||||||
Hawaii: 0.16% | ||||||
Other municipal debt : 0.16% | ||||||
City & County of Honolulu (Tax revenue) | 5.50 | 3-14-2024 | 52,000,000 | 52,000,000 | ||
Illinois: 0.58% | ||||||
Variable rate demand notes ø: 0.58% | ||||||
Illinois Housing Development Authority Series C-2 (Housing revenue, Goldman Sachs Bank USA LOC) | 5.35 | 12-1-2058 | 99,595,000 | 99,595,000 | ||
Illinois Housing Development Authority Series C (Housing revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA) | 5.35 | 10-1-2046 | 36,000,000 | 36,000,000 | ||
Illinois Housing Development Authority Series F (Housing revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ) | 5.33 | 10-1-2046 | 43,290,000 | 43,290,000 | ||
Illinois Housing Development Authority Series J (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 5.35 | 10-1-2048 | 14,835,000 | 14,835,000 | ||
193,720,000 |
Interest rate | Maturity date | Principal | Value | |||
Iowa: 0.11% | ||||||
Variable rate demand notes ø: 0.11% | ||||||
Iowa Student Loan Liquidity Corp. Series 2023-1 (Education revenue, Royal Bank of Canada LOC) | 5.38 % | 3-1-2053 | $ | 35,943,000 | $35,943,000 | |
Kentucky: 0.14% | ||||||
Variable rate demand notes ø: 0.14% | ||||||
Kentucky Higher Education Student Loan Corp. Series 1A-2 (Education revenue, Bank of America N.A. LOC) | 5.35 | 6-1-2043 | 45,805,000 | 45,805,000 | ||
Maine: 0.14% | ||||||
Variable rate demand notes ø: 0.14% | ||||||
City of Portland (GO revenue, TD Bank N.A. LOC) | 5.35 | 6-1-2026 | 45,035,000 | 45,035,000 | ||
Maryland: 0.07% | ||||||
Variable rate demand notes ø: 0.07% | ||||||
Maryland Community Development Administration Residential Revenue Series B (Housing revenue, TD Bank N.A. SPA) | 5.35 | 9-1-2033 | 24,905,000 | 24,905,000 | ||
Massachusetts: 0.51% | ||||||
Other municipal debt : 0.16% | ||||||
Massachusetts Educational Financing Authority (Education revenue) | 5.43 | 3-13-2024 | 55,000,000 | 55,000,000 | ||
Variable rate demand notes ø: 0.35% | ||||||
Massachusetts Housing Finance Agency Series 229 (Housing revenue, GNMA / FNMA / FHLMC Insured, UBS AG SPA) | 5.35 | 6-1-2052 | 39,825,000 | 39,825,000 | ||
Massachusetts Housing Finance Agency Series E (Housing revenue, Department of Housing and Urban Development Insured, TD Bank N.A. SPA) | 5.37 | 12-1-2063 | 75,595,000 | 75,595,000 | ||
115,420,000 | ||||||
Minnesota: 1.22% | ||||||
Variable rate demand notes ø: 1.22% | ||||||
Minnesota Housing Finance Agency Series D (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 5.35 | 7-1-2052 | 19,365,000 | 19,365,000 | ||
Minnesota Housing Finance Agency Series F (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 5.35 | 7-1-2052 | 50,000,000 | 50,000,000 | ||
Minnesota Housing Finance Agency Series H (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 5.35 | 7-1-2052 | 35,000,000 | 35,000,000 | ||
Minnesota Housing Finance Agency Series I (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB LIQ) | 5.35 | 1-1-2050 | 28,810,000 | 28,810,000 | ||
Minnesota Housing Finance Agency Series K (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 5.35 | 7-1-2053 | 25,000,000 | 25,000,000 | ||
Minnesota Housing Finance Agency Series M (Housing revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA) | 5.35 | 1-1-2050 | 30,000,000 | 30,000,000 | ||
Minnesota Housing Finance Agency Series Q (Housing revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ) | 5.35 | 7-1-2053 | 30,000,000 | 30,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Taxable Municipal Funding Trust Series 2019-019 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 5.60 % | 12-1-2030 | $ | 7,460,000 | $7,460,000 | |
Taxable Municipal Funding Trust Series 2020-11 (Health revenue, Barclays Bank plc LOC)144A | 5.60 | 9-1-2030 | 181,545,000 | 181,545,000 | ||
407,180,000 | ||||||
Missouri: 0.40% | ||||||
Variable rate demand notes ø: 0.40% | ||||||
HEFA of the State of Missouri SSM Health Care Obligated Group Series B-1 (Health revenue) | 5.33 | 6-1-2053 | 66,535,000 | 66,535,000 | ||
HEFA of the State of Missouri SSM Health Care Obligated Group Series B-2 (Health revenue) | 5.33 | 6-1-2053 | 66,535,000 | 66,535,000 | ||
133,070,000 | ||||||
New Hampshire: 0.33% | ||||||
Variable rate demand notes ø: 0.33% | ||||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont LLC Series A (Industrial development revenue, Kookmin Bank LOC)144A | 5.49 | 10-1-2028 | 60,000,000 | 60,000,000 | ||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont LLC Series A (Industrial development revenue, Kookmin Bank LOC)144A | 5.49 | 7-1-2029 | 24,400,000 | 24,400,000 | ||
New Hampshire Business Finance Authority Joon Georgia, Inc. (Industrial development revenue, Korea Development Bank LOC)144A | 5.46 | 7-1-2033 | 26,700,000 | 26,700,000 | ||
111,100,000 | ||||||
New Jersey: 0.18% | ||||||
Other municipal debt : 0.18% | ||||||
Rutgers The State University of New Jersey (GO revenue) | 5.40 | 4-2-2024 | 20,000,000 | 20,000,000 | ||
Trustees of Princeton University (Miscellaneous revenue) | 5.50 | 5-6-2024 | 40,200,000 | 40,200,000 | ||
60,200,000 | ||||||
New York: 3.38% | ||||||
Other municipal debt : 0.28% | ||||||
Long Island Power Authority (Utilities revenue) | 5.36 | 3-1-2024 | 20,000,000 | 19,999,360 | ||
Long Island Power Authority (Utilities revenue) | 5.37 | 2-28-2024 | 30,000,000 | 29,999,552 | ||
Long Island Power Authority (Utilities revenue) | 5.51 | 2-7-2024 | 45,000,000 | 44,999,926 | ||
94,998,838 | ||||||
Variable rate demand notes ø: 3.10% | ||||||
Mizuho Floater/Residual Trust Series 2022-MIZ9106TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.58 | 7-1-2057 | 26,925,000 | 26,925,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9107TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.58 | 2-1-2026 | 53,555,000 | 53,555,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9108TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.43 | 11-1-2031 | 32,500,000 | 32,500,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Mizuho Floater/Residual Trust Series 2022-MIZ9109TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.71 % | 6-4-2027 | $ | 100,640,000 | $100,640,000 | |
Mizuho Floater/Residual Trust Series 2022-MIZ9112TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.74 | 10-1-2027 | 67,390,000 | 67,390,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9114TX (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 5.63 | 11-1-2052 | 19,000,000 | 19,000,000 | ||
Mizuho Floater/Residual Trust Series 2022-MIZ9117TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.71 | 11-1-2052 | 96,172,271 | 96,172,271 | ||
Mizuho Floater/Residual Trust Series 2023-MIZ9132TX (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 5.43 | 2-1-2058 | 33,650,000 | 33,650,000 | ||
New York State Housing Finance Agency Series B (Housing revenue, Landesbank Hessen-Thüringen LOC) | 5.40 | 11-1-2050 | 45,250,000 | 45,250,000 | ||
New York State Housing Finance Agency Series I (Housing revenue, TD Bank N.A. SPA) | 5.35 | 11-1-2055 | 41,980,000 | 41,980,000 | ||
Taxable Municipal Funding Trust Series 2019-007 (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 5-1-2029 | 61,725,000 | 61,725,000 | ||
Taxable Municipal Funding Trust Series 2021-BTMFT (GO revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 5.60 | 12-15-2025 | 125,865,000 | 125,865,000 | ||
Taxable Municipal Funding Trust Series 2022-002 (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 11-1-2041 | 15,000,000 | 15,000,000 | ||
Taxable Municipal Funding Trust Series 2023-006 (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 10-1-2024 | 84,165,000 | 84,165,000 | ||
Taxable Municipal Funding Trust Series BTMFT (GO revenue, Barclays Bank plc LOC)144A | 5.60 | 5-15-2056 | 169,055,000 | 169,055,000 | ||
Triborough Bridge & Tunnel Authority Series E (Transportation revenue, UBS AG LOC) | 5.35 | 11-15-2032 | 59,000,000 | 59,000,000 | ||
1,031,872,271 | ||||||
North Dakota: 0.09% | ||||||
Variable rate demand notes ø: 0.09% | ||||||
North Dakota Housing Finance Agency Series C (Housing revenue, Royal Bank of Canada SPA) | 5.40 | 7-1-2052 | 29,900,000 | 29,900,000 | ||
Rhode Island: 0.08% | ||||||
Variable rate demand notes ø: 0.08% | ||||||
Rhode Island Housing & Mortgage Finance Corp. Series 80 (Housing revenue, GNMA Insured, TD Bank N.A. SPA) | 5.35 | 10-1-2053 | 27,355,000 | 27,355,000 | ||
Texas: 0.17% | ||||||
Variable rate demand notes ø: 0.17% | ||||||
North Texas Higher Education Authority, Inc. Series 2023-1 (Education revenue, Royal Bank of Canada LOC) | 5.38 | 12-1-2053 | 56,400,000 | 56,400,000 | ||
Total municipal obligations (Cost $3,156,854,109) | 3,156,854,109 | |||||
Other instruments: 0.34% | ||||||
AARP, Inc. Series 2001§øø | 5.37 | 5-1-2031 | 36,400,000 | 36,400,000 |
Interest rate | Maturity date | Principal | Value | |||
Other instruments(continued) | ||||||
Ecmc Group, Inc. Series 23-1§øø | 5.38 % | 12-1-2050 | $ | 59,440,000 | $59,440,000 | |
Willow Partners LP§øø | 5.46 | 8-1-2063 | 17,000,000 | 17,000,000 | ||
Total other instruments (Cost $112,840,000) | 112,840,000 | |||||
Repurchase agreements^^: 20.88% | ||||||
Barclays Bank PLC, dated 1-31-2024, maturity value $1,888,429,027(01) | 5.32 | 2-1-2024 | 1,888,150,000 | 1,888,150,000 | ||
Deutsche Bank Securities, Inc., dated 1-31-2024, maturity value $1,350,199,500(02) | 5.32 | 2-1-2024 | 1,350,000,000 | 1,350,000,000 | ||
Federal Reserve Bank of New York, dated 1-31-2024, maturity value $700,103,056(03) | 5.30 | 2-1-2024 | 700,000,000 | 700,000,000 | ||
RBC Dominion Securities, Inc., dated 1-31-2024, maturity value $2,115,312,550(04) | 5.32 | 2-1-2024 | 2,115,000,000 | 2,115,000,000 | ||
Standard Chartered Bank, dated 1-31-2024, maturity value $900,133,000(05) | 5.32 | 2-1-2024 | 900,000,000 | 900,000,000 | ||
Total repurchase agreements (Cost $6,953,150,000) | 6,953,150,000 | |||||
Total investments in securities (Cost $33,399,956,718) | 100.32 % | 33,399,956,718 | ||||
Other assets and liabilities, net | (0.32 ) | (105,003,787 ) | ||||
Total net assets | 100.00 % | $33,294,952,931 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
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. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
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, 2.50% to 7.00%, 8-1-2042 to 12-20-2053, fair value including accrued interest is $1,944,794,500. | |
(02) U.S. government securities, 0.00% to 6.10%, 2-1-2024 to 2-15-2049, fair value including accrued interest is $1,377,000,048. | |
(03) U.S. government securities, 0.63% to 0.63%, 8-15-2030 to 8-15-2030, fair value including accrued interest is $700,103,103. | |
(04) U.S. government securities, 0.00% to 7.50%, 8-31-2024 to 2-1-2054, fair value including accrued interest is $2,172,155,765. | |
(05) U.S. government securities, 0.00% to 5.00%, 5-21-2024 to 5-20-2053, fair value including accrued interest is $926,889,323. |
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 |
HEFA | Health & Educational Facilities Authority |
HFA | Housing Finance Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
OBFR | Overnight Bank Funding Rate |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $26,446,806,718 |
Investments in repurchase agreements, at amortized cost | 6,953,150,000 |
Cash | 1,471,190 |
Receivable for Fund shares sold | 171,975,422 |
Receivable for interest | 99,256,841 |
Receivable for investments sold | 210,000 |
Prepaid expenses and other assets | 3,338,440 |
Total assets | 33,676,208,611 |
Liabilities | |
Payable for investments purchased | 209,968,850 |
Payable for Fund shares redeemed | 166,892,839 |
Administration fees payable | 2,264,608 |
Management fee payable | 1,284,048 |
Dividends payable | 313,067 |
Distribution fee payable | 1,197 |
Accrued expenses and other liabilities | 531,071 |
Total liabilities | 381,255,680 |
Total net assets | $33,294,952,931 |
Net assets consist of | |
Paid-in capital | $33,295,738,244 |
Total distributable loss | (785,313 ) |
Total net assets | $33,294,952,931 |
Computation of net asset value per share | |
Net assets–Class A | $434,396,083 |
Shares outstanding–Class A1 | 434,398,974 |
Net asset value per share–Class A | $1.00 |
Net assets–Class C | $1,877,130 |
Shares outstanding–Class C1 | 1,877,144 |
Net asset value per share–Class C | $1.00 |
Net assets–Premier Class | $32,847,252,446 |
Shares outstanding–Premier Class1 | 32,847,443,189 |
Net asset value per share–Premier Class | $1.00 |
Net assets–Service Class | $11,427,272 |
Shares outstanding–Service Class1 | 11,427,356 |
Net asset value per share–Service Class | $1.00 |
Investment income | |
Interest | $1,308,259,976 |
Expenses | |
Management fee | 44,653,783 |
Administration fees | |
Class A | 925,298 |
Class C | 4,817 |
Premier Class | 18,897,809 |
Service Class | 13,815 |
Shareholder servicing fees | |
Class A | 1,111,398 |
Class C | 5,752 |
Service Class | 28,782 |
Distribution fee | |
Class C | 17,256 |
Custody and accounting fees | 416,677 |
Professional fees | 87,234 |
Registration fees | 312,323 |
Shareholder report expenses | 278,765 |
Trustees’ fees and expenses | 21,450 |
Other fees and expenses | 58,473 |
Total expenses | 66,833,632 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (14,523,882 ) |
Premier Class | (18,897,809 ) |
Net expenses | 33,411,941 |
Net investment income | 1,274,848,035 |
Net realized gains on investments | 18,245 |
Net increase in net assets resulting from operations | $1,274,866,280 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $1,274,848,035 | $188,088,709 | ||
Net realized gains on investments | 18,245 | 1,320 | ||
Net increase in net assets resulting from operations | 1,274,866,280 | 188,090,029 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (21,284,933 ) | (7,430,764 ) | ||
Class C | (91,881 ) | (35,060 ) | ||
Premier Class | (1,252,928,099 ) | (180,416,780 ) | ||
Service Class | (560,850 ) | (192,224 ) | ||
Total distributions to shareholders | (1,274,865,763 ) | (188,074,828 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 118,992,763 | 118,992,763 | 134,454,486 | 134,454,486 |
Class C | 529,734 | 529,734 | 3,467,135 | 3,467,135 |
Premier Class | 42,611,000,613 | 42,611,000,613 | 19,195,678,230 | 19,195,678,230 |
Service Class | 3,645,360 | 3,645,360 | 1,913,173 | 1,913,173 |
42,734,168,470 | 19,335,513,024 | |||
Reinvestment of distributions | ||||
Class A | 21,087,620 | 21,087,620 | 7,357,498 | 7,357,498 |
Class C | 89,980 | 89,980 | 34,971 | 34,971 |
Premier Class | 1,250,101,366 | 1,250,101,366 | 179,735,448 | 179,735,448 |
Service Class | 544,096 | 544,096 | 187,740 | 187,740 |
1,271,823,062 | 187,315,657 | |||
Payment for shares redeemed | ||||
Class A | (143,879,663 ) | (143,879,663 ) | (138,534,614 ) | (138,534,614 ) |
Class C | (1,754,664 ) | (1,754,664 ) | (2,450,253 ) | (2,450,253 ) |
Premier Class | (25,920,279,052 ) | (25,920,279,052 ) | (6,900,239,877 ) | (6,900,239,877 ) |
Service Class | (3,916,439 ) | (3,916,439 ) | (1,775,484 ) | (1,775,484 ) |
(26,069,829,818 ) | (7,043,000,228 ) | |||
Net increase in net assets resulting from capital share transactions | 17,936,161,714 | 12,479,828,453 | ||
Total increase in net assets | 17,936,162,231 | 12,479,843,654 | ||
Net assets | ||||
Beginning of period | 15,358,790,700 | 2,878,947,046 | ||
End of period | $33,294,952,931 | $15,358,790,700 |
Year ended January 31 | |||||
Class A | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 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 )3 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.00 )2 | 0.00 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.89 % | 1.73 % | 0.01 % | 0.27 % | 1.76 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.65 % | 0.69 % | 0.70 % | 0.68 % | 0.70 % |
Net expenses | 0.59 % | 0.52 %* | 0.15 %* | 0.40 %* | 0.60 % |
Net investment income | 4.79 % | 1.73 % | 0.01 % | 0.27 % | 1.74 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $434,396 | $438,190 | $434,892 | $466,559 | $475,180 |
* | 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 | 0.45% |
Year ended January 31, 2021 | 0.18% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Class C | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.04 1 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 |
Net realized gains (losses) on investments | (0.00 )3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.04 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.04 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.00 )2 | 0.00 |
Total distributions to shareholders | (0.04 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.11 % | 1.19 % | 0.01 % | 0.08 %4 | 1.00 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.40 % | 1.44 % | 1.45 % | 1.43 % | 1.45 % |
Net expenses | 1.34 % | 1.09 %* | 0.15 %* | 0.59 %* | 1.35 % |
Net investment income | 3.99 % | 1.27 % | 0.01 % | 0.07 % | 1.03 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,877 | $3,012 | $1,960 | $2,855 | $3,153 |
* | 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 | 0.26% |
Year ended January 31, 2022 | 1.20% |
Year ended January 31, 2021 | 0.76% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
4 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on total return. |
Year ended January 31 | |||||
Premier Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.02 | 0.00 2 | 0.01 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | (0.00 )3 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.01 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.01 ) | (0.02 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.00 )2 | 0.00 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.01 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 5.37 % | 2.13 % | 0.03 % | 0.54 % | 2.20 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.27 % | 0.29 % | 0.31 % | 0.29 % | 0.30 % |
Net expenses | 0.13 %* | 0.13 %* | 0.13 %* | 0.13 %* | 0.15 % |
Net investment income | 5.30 % | 3.02 % | 0.03 % | 0.41 % | 1.99 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $32,847,252 | $14,906,434 | $2,431,267 | $4,452,436 | $2,183,582 |
* | 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, 2024 | 0.07% |
Year ended January 31, 2023 | 0.07% |
Year ended January 31, 2022 | 0.07% |
Year ended January 31, 2021 | 0.07% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Year ended January 31 | |||||
Service Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 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 )3 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.00 )2 | 0.00 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.98 % | 1.81 % | 0.01 % | 0.31 % | 1.86 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.56 % | 0.59 % | 0.59 % | 0.58 % | 0.60 % |
Net expenses | 0.50 % | 0.44 %* | 0.15 %* | 0.36 %* | 0.50 % |
Net investment income | 4.87 % | 1.80 % | 0.01 % | 0.31 % | 1.84 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $11,427 | $11,154 | $10,828 | $11,963 | $12,038 |
* | 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 | 0.06% |
Year ended January 31, 2022 | 0.35% |
Year ended January 31, 2021 | 0.12% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005). |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $9,247,809,209 | $0 | $9,247,809,209 |
Commercial paper | 0 | 13,929,303,400 | 0 | 13,929,303,400 |
Municipal obligations | 0 | 3,156,854,109 | 0 | 3,156,854,109 |
Other instruments | 0 | 112,840,000 | 0 | 112,840,000 |
Repurchase agreements | 0 | 6,953,150,000 | 0 | 6,953,150,000 |
Total assets | $0 | $33,399,956,718 | $0 | $33,399,956,718 |
Average daily net assets | Management fee |
First $5 billion | 0.200 % |
Next $5 billion | 0.190 |
Next $15 billion | 0.180 |
Over $25 billion | 0.170 |
Average daily net assets | Management fee |
First $5 billion | 0.20 % |
Next $5 billion | 0.19 |
Over $10 billion | 0.18 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Premier Class | 0.08 |
Service Class | 0.12 |
EXPENSE RATIO CAPS | |
Class A | 0.58 % |
Class C | 1.33 |
Premier Class | 0.20 |
Service Class | 0.50 |
Undistributed ordinary income | Capital loss carryforward |
$252,939 | $(532,335 ) |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0478 01-24
Allspring National Tax-Free Money Market Fund |
2 | |
6 | |
9 | |
10 | |
25 | |
26 | |
27 | |
28 | |
32 | |
36 | |
37 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (NWMXX) | 7-28-2003 | 2.99 | 1.04 | 0.66 | 0.70 | 0.58 |
Administrator Class (WNTXX) | 4-8-2005 | 3.29 | 1.22 | 0.83 | 0.38 | 0.30 |
Premier Class (WFNXX) | 11-8-1999 | 3.39 | 1.29 | 0.90 | 0.26 | 0.20 |
Service Class (MMIXX) | 8-3-1993 | 3.22 | 1.14 | 0.75 | 0.55 | 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, 2024 (May 31, 2025 for Class A), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.58% 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, 2024 | ||||
Class A | Administrator Class | Premier Class | Service Class | |
7-day current yield1 | 3.68 | 3.96 | 4.06 | 3.89 |
7-day compound yield | 3.74 | 4.03 | 4.14 | 3.97 |
30-day simple yield | 2.74 | 3.02 | 3.12 | 2.95 |
30-day compound yield | 2.77 | 3.06 | 3.16 | 2.99 |
1 | The manager has contractually committed through May 31, 2024 (May 31, 2025 for Class A), 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 3.64%, 3.89%, 4.01% and 3.89% 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, 20241 |
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, 20241 |
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, 20241 |
29 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, 20241 |
31 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. |
Actual expenses
Beginning account value 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,015.90 | $2.95 | 0.58 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,017.33 | $1.53 | 0.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30 % |
Premier Class | ||||
Actual | $1,000.00 | $1,017.84 | $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 | $1,016.96 | $1.88 | 0.37 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 1.06% | ||||||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 4.61%144Aø | $ | 10,000,000 | $10,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series D (70 shares) 5.00%144Aø | 7,000,000 | 7,000,000 | ||||
Total closed-end fund obligations (Cost $17,000,000) | 17,000,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 97.85% | ||||||
Alabama: 2.76% | ||||||
Variable rate demand notes ø: 2.76% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XG0410 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 % | 1-1-2053 | 14,200,000 | 14,200,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- ZL0396 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 2-1-2053 | 2,395,000 | 2,395,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- ZL0397 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 2-1-2053 | 2,700,000 | 2,700,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XM1131 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 1-1-2028 | 4,000,000 | 4,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1677 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 4-1-2030 | 2,185,000 | 2,185,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF3202 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 4-1-2054 | 5,000,000 | 5,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF3208 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 2-1-2053 | 11,930,000 | 11,930,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZL0487 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 12-1-2028 | 2,000,000 | 2,000,000 | ||
44,410,000 | ||||||
Arizona: 1.86% | ||||||
Variable rate demand notes ø: 1.86% | ||||||
Arizona Health Facilities Authority Banner Health Obligated Group Series C (Health revenue, Bank of America NA LOC) | 2.95 | 1-1-2046 | 500,000 | 500,000 | ||
Mizuho Floater/Residual Trust Series 2023-MIZ9140 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 3.32 | 4-1-2037 | 6,855,000 | 6,855,000 | ||
Mizuho Floater/Residual Trust Series 2023-MIZ9155 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 | 3-1-2038 | 9,685,000 | 9,685,000 | ||
Mizuho Floater/Residual Trust Series 2023-MIZ9157 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 | 5-1-2038 | 2,265,000 | 2,265,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2015- XF0135 (Tax revenue, JPMorgan Chase Bank N.A. LIQ)144A | 4.58 % | 7-1-2024 | $ | 7,350,000 | $7,350,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2018- XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 12-1-2037 | 3,215,000 | 3,215,000 | ||
29,870,000 | ||||||
California: 8.15% | ||||||
Other municipal debt : 0.19% | ||||||
State of California (GO revenue) | 3.60 | 2-13-2024 | 3,000,000 | 3,000,000 | ||
Variable rate demand notes ø: 7.96% | ||||||
California Municipal Finance Authority Chevron USA, Inc. Series A (Industrial development revenue) | 2.85 | 11-1-2035 | 10,000,000 | 10,000,000 | ||
California Statewide CDA Uptown Newport Building Owner LP Series BB (Housing revenue, East West Bank LOC) | 4.59 | 3-1-2057 | 21,500,000 | 21,500,000 | ||
Mizuho Floater/Residual Trust Series 2021-MIZ9063 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 | 5-1-2049 | 5,000,000 | 5,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2019- XF2830 (GO revenue, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 10-1-2034 | 3,400,000 | 3,400,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3007 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 5-1-2053 | 12,980,000 | 12,980,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XX1258 (Education revenue, Barclays Bank plc LIQ)144A | 4.57 | 5-15-2048 | 2,000,000 | 2,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML6010 (Housing revenue, Bank of America N.A. LOC, Bank of America N.A. LIQ)144A | 4.68 | 12-18-2053 | 5,155,000 | 5,155,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF1635 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 10-1-2028 | 3,720,000 | 3,720,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0484 (Tax revenue, BAM Insured, Royal Bank of Canada LIQ)144A | 4.61 | 9-1-2049 | 3,000,000 | 3,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF3207 (Utilities revenue, Morgan Stanley Bank LIQ)144A | 4.85 | 2-1-2054 | 5,000,000 | 5,000,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7002 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 1-20-2053 | 25,004,000 | 25,004,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7011 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 5-31-2053 | 9,108,000 | 9,108,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7014 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 7-7-2053 | 12,227,000 | 12,227,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7015 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 7-11-2053 | 10,000,000 | 10,000,000 | ||
128,094,000 |
Interest rate | Maturity date | Principal | Value | |||
Colorado: 2.46% | ||||||
Other municipal debt : 2.18% | ||||||
Board of Water Commissioners City & County of Denver (Water & sewer revenue) | 3.17 % | 2-8-2024 | $ | 10,000,000 | $10,000,000 | |
Colorado State Education Loan Program Series B (Miscellaneous revenue)§ | 4.00 | 6-28-2024 | 5,000,000 | 5,014,982 | ||
Colorado State Education Loan Program Series B (Miscellaneous revenue)§ | 4.50 | 6-28-2024 | 10,000,000 | 10,050,029 | ||
Colorado State Education Loan Program Series B (Miscellaneous revenue)§ | 5.00 | 6-28-2024 | 10,000,000 | 10,070,005 | ||
35,135,016 | ||||||
Variable rate demand notes ø: 0.28% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3040 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 11-1-2052 | 2,500,000 | 2,500,000 | ||
University of Colorado Hospital Authority Obligated Group Series C (Health revenue, TD Bank N.A. SPA) | 3.80 | 11-15-2039 | 2,000,000 | 2,000,000 | ||
4,500,000 | ||||||
Delaware: 0.01% | ||||||
Variable rate demand notes ø: 0.01% | ||||||
University of Delaware (Education revenue, TD Bank N.A. SPA) | 3.15 | 11-1-2035 | 100,000 | 100,000 | ||
District of Columbia: 0.85% | ||||||
Variable rate demand notes ø: 0.85% | ||||||
District of Columbia MedStar Health Obligated Group Series A (Health revenue, TD Bank N.A. LOC) | 2.95 | 8-15-2038 | 4,000,000 | 4,000,000 | ||
District of Columbia MedStar Health Obligated Group Series A (Health revenue, TD Bank N.A. LOC) | 3.75 | 8-15-2038 | 4,865,000 | 4,865,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2019- ZF2784 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ)144A | 4.58 | 9-1-2039 | 2,800,000 | 2,800,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2019- ZF2785 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ)144A | 4.58 | 9-1-2039 | 2,070,000 | 2,070,000 | ||
13,735,000 | ||||||
Florida: 4.55% | ||||||
Variable rate demand notes ø: 4.55% | ||||||
City of Tampa BayCare Obligated Group Series B (Health revenue) | 4.85 | 11-15-2033 | 10,000,000 | 10,000,000 | ||
County of St. Lucie Florida Power & Light Co. (Industrial development revenue) | 3.30 | 9-1-2028 | 1,685,000 | 1,685,000 | ||
Highlands County Health Facilities Authority AdventHealth Obligated Group Series A (Health revenue) | 4.55 | 11-15-2037 | 17,000,000 | 17,000,000 | ||
Highlands County Health Facilities Authority AdventHealth Obligated Group Series I-2 (Health revenue) | 4.55 | 11-15-2032 | 600,000 | 600,000 | ||
Highlands County Health Facilities Authority AdventHealth Obligated Group Series I-5 (Health revenue) | 4.55 | 11-15-2035 | 7,165,000 | 7,165,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Hillsborough County IDA BayCare Obligated Group Series C (Health revenue, TD Bank N.A. LOC) | 3.80 % | 11-1-2038 | $ | 1,500,000 | $1,500,000 | |
Orange County Health Facilities Authority Nemours Foundation Series B (Health revenue, Northern Trust Company LOC) | 4.30 | 1-1-2039 | 5,770,000 | 5,770,000 | ||
Orange County Health Facilities Authority Nemours Foundation Series C1 (Health revenue, TD Bank N.A. LOC) | 4.30 | 1-1-2039 | 7,230,000 | 7,230,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2016- ZF0444 (Tax revenue, NPFGC Insured, JPMorgan Chase Bank N.A. LIQ)144A | 4.65 | 4-1-2027 | 5,250,000 | 5,250,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3058 (Housing revenue, Mizuho Capital Markets LLC LOC)144A | 4.92 | 11-1-2035 | 14,475,000 | 14,475,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0485 (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 12-1-2047 | 2,595,000 | 2,595,000 | ||
73,270,000 | ||||||
Georgia: 1.38% | ||||||
Other municipal debt : 0.31% | ||||||
Municipal Electric Authority of Georgia (Utilities revenue) | 3.45 | 6-5-2024 | 5,000,000 | 5,000,000 | ||
Variable rate demand notes ø: 1.07% | ||||||
County of DeKalb Water & Sewerage Revenue Series 2016-XF2254 (Water & sewer revenue, AGM Insured, JPMorgan Chase Bank N.A. LIQ)144A | 4.62 | 10-1-2025 | 2,500,000 | 2,500,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3183 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 1-1-2059 | 4,315,000 | 4,315,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0489 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 9-1-2028 | 2,705,000 | 2,705,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XM1136 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 6-1-2029 | 2,600,000 | 2,600,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1655 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 3-1-2029 | 3,000,000 | 3,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1659 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 6-1-2029 | 2,100,000 | 2,100,000 | ||
17,220,000 | ||||||
Idaho: 0.66% | ||||||
Variable rate demand notes ø: 0.66% | ||||||
Idaho HFA Trinity Health Corp. Obligated Group Series ID (Health revenue) | 4.30 | 12-1-2048 | 7,235,000 | 7,235,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1654 (Tax revenue, Bank of America N.A. LIQ)144A | 4.58 | 8-15-2048 | 3,425,000 | 3,425,000 | ||
10,660,000 |
Interest rate | Maturity date | Principal | Value | |||
Illinois: 5.72% | ||||||
Variable rate demand notes ø: 5.72% | ||||||
County of Lake Whispering Oaks Associates LP (Housing revenue, FHLMC LIQ) | 4.82 % | 11-1-2045 | $ | 250,000 | $249,977 | |
Illinois Development Finance Authority American College of Surgeons (Education revenue, Northern Trust Company LOC) | 4.50 | 8-1-2026 | 1,628,000 | 1,628,000 | ||
Illinois Development Finance Authority YMCA of Metropolitan Chicago LLC (Miscellaneous revenue, BMO Harris Bank NA LOC) | 3.45 | 6-1-2029 | 3,000,000 | 3,000,000 | ||
Illinois Educational Facilities Authority Aurora University (Education revenue, BMO Harris Bank NA LOC) | 4.54 | 3-1-2032 | 2,600,000 | 2,600,000 | ||
Illinois Finance Authority NorthShore - Edward-Elmhurst Health Obligated Group Series B (Health revenue, JPMorgan Chase Bank N.A. SPA) | 2.90 | 8-15-2049 | 500,000 | 500,000 | ||
Illinois Finance Authority NorthShore - Edward-Elmhurst Health Obligated Group Series E (Health revenue, JPMorgan Chase Bank N.A. SPA) | 3.00 | 8-15-2057 | 14,755,000 | 14,755,000 | ||
Illinois Finance Authority NorthShore - Edward-Elmhurst Health Obligated Group Series F (Health revenue, JPMorgan Chase Bank N.A. SPA) | 2.90 | 8-15-2057 | 3,705,000 | 3,705,000 | ||
Illinois Finance Authority University of Chicago Medical Center Obligated Group Series A (Health revenue, Bank of America NA LOC) | 3.18 | 8-1-2044 | 2,100,000 | 2,100,000 | ||
Illinois Housing Development Authority Series D (Housing revenue, GNMA / FNMA / FHLMC Insured, Bank of Montreal SPA) | 3.70 | 4-1-2045 | 12,000,000 | 12,000,000 | ||
Illinois Housing Development Authority Series P (Housing revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA) | 3.90 | 4-1-2049 | 6,265,000 | 6,265,000 | ||
Quad Cities Regional EDA Augustana College Series A (Education revenue, BMO Harris Bank NA LOC) | 4.50 | 10-1-2035 | 4,400,000 | 4,400,000 | ||
RBC Municipal Products, Inc. Trust Series 2023-E-156 (GO revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 11-25-2026 | 15,000,000 | 15,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3153 (Tax revenue, BAM Insured, Barclays Bank plc LIQ)144A | 4.63 | 12-1-2044 | 10,000,000 | 10,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0434 (GO revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 1-1-2043 | 2,750,000 | 2,750,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- YX1326 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 11-15-2038 | 4,575,000 | 4,575,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- YX1327 (GO revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 12-1-2044 | 5,590,000 | 5,590,000 | ||
Village of Brookfield Chicago Zoological Society (Miscellaneous revenue, Northern Trust Company LOC) | 4.50 | 6-1-2038 | 2,845,000 | 2,845,000 | ||
91,962,977 | ||||||
Indiana: 2.28% | ||||||
Variable rate demand notes ø: 2.28% | ||||||
Indiana Finance Authority Duke Energy Indiana LLC (Industrial development revenue, Mizuho Bank Limited LOC) | 3.83 | 12-1-2039 | 250,000 | 249,978 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Indiana Finance Authority Duke Energy Indiana LLC Series A4 (Industrial development revenue, Sumitomo Mitsui Banking Corp. LOC) | 3.20 % | 12-1-2039 | $ | 3,000,000 | $3,000,000 | |
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series I (Health revenue, Barclays Bank plc LOC) | 3.20 | 11-1-2037 | 19,050,000 | 19,050,000 | ||
Indiana Finance Authority Parkview Health System Obligated Group Series B (Health revenue, Sumitomo Mitsui Banking Corp. LOC) | 3.50 | 11-1-2039 | 10,000,000 | 10,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF2990 (Education revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.63 | 9-1-2057 | 4,405,000 | 4,405,000 | ||
36,704,978 | ||||||
Iowa: 0.63% | ||||||
Variable rate demand notes ø: 0.63% | ||||||
Iowa Finance Authority Health System Obligated Group Series F (Health revenue, JPMorgan Chase Bank N.A. LOC) | 3.15 | 7-1-2041 | 1,000,000 | 1,000,000 | ||
Residual Interest Bond Floater Trust Various States Series 2023-016 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.67 | 2-15-2035 | 9,200,000 | 9,200,000 | ||
10,200,000 | ||||||
Kansas: 0.27% | ||||||
Variable rate demand notes ø: 0.27% | ||||||
Mizuho Floater/Residual Trust Series 2024-MIZ9159 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 | 5-1-2037 | 4,270,000 | 4,270,000 | ||
Louisiana: 0.97% | ||||||
Variable rate demand notes ø: 0.97% | ||||||
East Baton Rouge Parish Industrial Development Board, Inc. Exxon Mobil Corp. (Industrial development revenue) | 3.13 | 12-1-2051 | 1,228,000 | 1,227,979 | ||
Louisiana Public Facilities Authority Children’s Medical Center Obligated Group Series A (Health revenue, UBS AG LOC) | 4.79 | 9-1-2057 | 3,300,000 | 3,300,000 | ||
Louisiana Public Facilities Authority Children’s Medical Center Obligated Group Series B (Health revenue, UBS AG LOC) | 4.70 | 9-1-2057 | 6,000,000 | 6,000,000 | ||
State of Louisiana Gasoline & Fuels Tax Revenue Series A-1 (Tax revenue, Toronto-Dominion Bank LOC) | 3.15 | 5-1-2043 | 5,000,000 | 5,000,000 | ||
15,527,979 | ||||||
Maryland: 0.91% | ||||||
Variable rate demand notes ø: 0.91% | ||||||
County of Montgomery Trinity Health Corp. Obligated Group Series MD (Health revenue) | 3.81 | 12-1-2041 | 9,000,000 | 9,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3152 (Health revenue, Barclays Bank plc LOC)144A | 4.59 | 7-1-2047 | 5,615,000 | 5,615,000 | ||
14,615,000 |
Interest rate | Maturity date | Principal | Value | |||
Massachusetts: 0.89% | ||||||
Other municipal debt : 0.62% | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue (Tax revenue) | 3.77 % | 2-1-2024 | $ | 10,000,000 | $10,000,000 | |
Variable rate demand notes ø: 0.27% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML6005 (Housing revenue, Bank of America NA LOC, Bank of America N.A. LIQ)144A | 4.70 | 12-1-2037 | 4,280,000 | 4,280,000 | ||
Michigan: 4.38% | ||||||
Other municipal debt : 2.29% | ||||||
Regents of the University of Michigan/Ann Arbor (Health revenue) | 3.30 | 2-5-2024 | 26,870,000 | 26,870,000 | ||
Regents of the University of Michigan/Ann Arbor (Health revenue) | 3.40 | 5-1-2024 | 6,890,000 | 6,890,000 | ||
Regents of the University of Michigan/Ann Arbor (Health revenue) | 3.60 | 4-3-2024 | 3,050,000 | 3,050,000 | ||
36,810,000 | ||||||
Variable rate demand notes ø: 2.09% | ||||||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series MI-1 (Health revenue) | 3.81 | 12-1-2034 | 5,500,000 | 5,500,000 | ||
Michigan State Housing Development Authority Series C (Housing revenue, TD Bank N.A. SPA) | 3.85 | 12-1-2035 | 1,775,000 | 1,775,000 | ||
Michigan State Housing Development Authority Series D (Housing revenue, TD Bank N.A. SPA) | 3.85 | 6-1-2030 | 3,365,000 | 3,365,000 | ||
Residual Interest Bond Floater Trust Various States Series 2022-047 (Housing revenue, Barclays Bank plc LIQ)144A | 3.75 | 12-1-2045 | 7,500,000 | 7,500,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3120 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 7-1-2025 | 15,561,000 | 15,561,000 | ||
33,701,000 | ||||||
Minnesota: 1.95% | ||||||
Variable rate demand notes ø: 1.95% | ||||||
City of Burnsville Bridgeway Apartments LP LLP (Housing revenue, FNMA LOC, FNMA LIQ) | 4.63 | 10-15-2033 | 2,375,000 | 2,375,000 | ||
City of Forest Lake Kilkenny Senior Housing LP (Housing revenue, FNMA LOC, FNMA LIQ) | 4.64 | 8-15-2038 | 970,000 | 970,000 | ||
City of Minneapolis Fairview Health Services Obligated Group Series C (Health revenue, Wells Fargo Bank LOC) | 3.15 | 11-15-2048 | 2,000,000 | 2,000,000 | ||
City of Oak Park Heights VSSA Boutwells Landing LLC (Housing revenue, FHLMC LIQ) | 4.52 | 11-1-2035 | 8,700,000 | 8,700,000 | ||
County of Hennepin Series B (GO revenue, TD Bank N.A. SPA) | 4.55 | 12-1-2038 | 9,680,000 | 9,680,000 | ||
Minnesota Housing Finance Agency Series D (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA) | 4.45 | 1-1-2045 | 6,540,000 | 6,540,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3050 (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 2-1-2039 | 1,172,727 | 1,172,727 | ||
31,437,727 |
Interest rate | Maturity date | Principal | Value | |||
Mississippi: 0.53% | ||||||
Variable rate demand notes ø: 0.53% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML5026 (Health revenue, Bank of America N.A. LOC, Bank of America NA LIQ)144A | 3.25 % | 8-15-2029 | $ | 8,565,000 | $8,565,000 | |
Nebraska: 2.24% | ||||||
Other municipal debt : 1.55% | ||||||
Lincoln Nebraska Electric (Utilities revenue) | 3.80 | 3-5-2024 | 25,000,000 | 25,000,000 | ||
Variable rate demand notes ø: 0.69% | ||||||
Nebraska Investment Finance Authority Phoenix Realty Special Account-U LP (Housing revenue, Northern Trust Company LOC) | 4.75 | 9-1-2031 | 11,100,000 | 11,100,000 | ||
New Jersey: 4.15% | ||||||
Other municipal debt : 2.04% | ||||||
City of East Orange (GO revenue)§ | 5.25 | 10-18-2024 | 5,000,000 | 5,042,679 | ||
New Jersey Educational Facilities Authority (Education revenue) | 3.40 | 4-8-2024 | 14,800,000 | 14,800,000 | ||
New Jersey Educational Facilities Authority (Education revenue) | 3.40 | 4-1-2024 | 5,200,000 | 5,200,000 | ||
New Jersey Educational Facilities Authority (Education revenue) | 3.70 | 3-25-2024 | 4,200,000 | 4,200,000 | ||
Rutgers The State University of New Jersey (GO revenue) | 3.65 | 2-2-2024 | 3,590,000 | 3,590,000 | ||
32,832,679 | ||||||
Variable rate demand notes ø: 2.11% | ||||||
Residual Interest Bond Floater Trust Various States Series 2024-001 (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.80 | 11-1-2063 | 10,000,000 | 10,000,000 | ||
Rutgers The State University of New Jersey Series G (Education revenue, TD Bank N.A. SPA) | 3.20 | 5-1-2039 | 4,375,000 | 4,375,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2016- XM0226 (Tax revenue, NPFGC Insured, Bank of America N.A. LIQ)144A | 4.59 | 9-11-2025 | 10,220,000 | 10,220,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF1675 (Housing revenue, Toronto-Dominion Bank LOC, Toronto- Dominion Bank LIQ)144A | 4.59 | 6-15-2050 | 5,000,000 | 5,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XX1329 (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 | 6-15-2050 | 4,250,000 | 4,250,000 | ||
33,845,000 | ||||||
New York: 9.20% | ||||||
Other municipal debt : 1.25% | ||||||
Town of Hempstead (GO revenue)§ | 5.00 | 5-24-2024 | 10,000,000 | 10,040,724 | ||
Town of Oyster Bay (GO revenue) | 4.75 | 8-23-2024 | 10,000,000 | 10,063,212 | ||
20,103,936 | ||||||
Variable rate demand notes ø: 7.95% | ||||||
City of New York Series A6 (GO revenue, JPMorgan Chase Bank N.A. SPA) | 3.15 | 8-1-2044 | 3,190,000 | 3,190,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
City of New York Series D-4 (GO revenue, State Street Bank & Trust Co. SPA) | 3.15 % | 5-1-2052 | $ | 8,300,000 | $8,300,000 | |
City of New York Series E-4 (GO revenue, Bank of America NA LOC) | 4.89 | 8-1-2034 | 1,325,000 | 1,325,000 | ||
City of New York Series G6 (GO revenue, Mizuho Bank Limited LOC) | 3.10 | 4-1-2042 | 5,000,000 | 5,000,000 | ||
New York City Municipal Water Finance Authority Series BB1 (Water & sewer revenue, Mizuho Bank Limited SPA) | 3.20 | 6-15-2044 | 6,455,000 | 6,455,000 | ||
New York City Municipal Water Finance Authority Water & Sewer System Series AA-1 (Water & sewer revenue, Bank of America NA SPA) | 3.20 | 6-15-2048 | 1,000,000 | 1,000,000 | ||
New York City Municipal Water Finance Authority Water & Sewer System Series AA-4 (Water & sewer revenue, State Street Bank & Trust Co. SPA) | 3.15 | 6-15-2049 | 3,000,000 | 3,000,000 | ||
New York City Municipal Water Finance Authority Water & Sewer System Series BB-1 (Water & sewer revenue, Bank of America NA SPA) | 3.20 | 6-15-2049 | 2,000,000 | 2,000,000 | ||
New York City Municipal Water Finance Authority Water & Sewer System Series F-2 (Water & sewer revenue, Citibank N.A. LOC) | 3.40 | 6-15-2035 | 13,705,000 | 13,705,000 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 3.15 | 8-1-2043 | 2,100,000 | 2,100,000 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series E4 (Tax revenue, Bank of America NA SPA) | 3.20 | 2-1-2045 | 2,000,000 | 2,000,000 | ||
New York State Housing Finance Agency 8 East 102nd Street LLC Series A (Housing revenue, TD Bank N.A. LOC) | 3.75 | 5-1-2044 | 5,000,000 | 5,000,000 | ||
New York State Housing Finance Agency Series A (Housing revenue, FNMA LOC) | 3.45 | 11-15-2036 | 1,000,000 | 1,000,000 | ||
State of New York Mortgage Agency Homeowner Mortgage Revenue Series 247 (Housing revenue, TD Bank N.A. SPA) | 3.75 | 10-1-2052 | 3,600,000 | 3,600,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2018- XF2556 (Tax revenue, Toronto-Dominion Bank LIQ)144A | 4.58 | 9-15-2025 | 5,600,000 | 5,600,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF1420 (Tax revenue, Bank of America N.A. LIQ)144A | 4.58 | 11-1-2046 | 4,800,000 | 4,800,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF1442 (Water & sewer revenue, Toronto-Dominion Bank LIQ)144A | 4.58 | 9-15-2052 | 3,560,000 | 3,560,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF1660 (Tax revenue, JPMorgan Chase Bank N.A. LIQ)144A | 3.20 | 11-1-2031 | 3,750,000 | 3,750,000 | ||
Triborough Bridge & Tunnel Authority Series B2A (Transportation revenue, State Street Bank & Trust Co. LOC) | 3.78 | 1-1-2032 | 5,200,000 | 5,200,000 | ||
Trust for Cultural Resources of The City of New York American Museum of Natural History Series B2 (Tax revenue) | 4.59 | 4-1-2044 | 9,895,000 | 9,895,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7000 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 12-28-2052 | 27,448,000 | 27,448,000 | ||
UBS Auction Rate Preferred Shares Tender Option Bond Trust Series UA-7008 (Miscellaneous revenue, UBS AG LIQ)144A | 4.75 | 5-22-2053 | 10,028,000 | 10,028,000 | ||
127,956,000 |
Interest rate | Maturity date | Principal | Value | |||
North Carolina: 0.61% | ||||||
Variable rate demand notes ø: 0.61% | ||||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated Group Series G (Health revenue, JPMorgan Chase Bank N.A. SPA) | 3.10 % | 1-15-2048 | $ | 5,590,000 | $5,590,000 | |
University of North Carolina at Chapel Hill Series A (Health revenue, Bank of America NA SPA) | 4.88 | 2-1-2029 | 3,000,000 | 3,000,000 | ||
University of North Carolina at Chapel Hill Series B (Health revenue, TD Bank N.A. SPA) | 3.15 | 2-15-2031 | 1,235,000 | 1,235,000 | ||
9,825,000 | ||||||
Ohio: 6.29% | ||||||
Other municipal debt : 2.62% | ||||||
American Municipal Power, Inc. BAN (Miscellaneous revenue)§ | 4.50 | 4-26-2024 | 550,000 | 551,064 | ||
American Municipal Power, Inc. City of Wapakoneta BAN (Utilities revenue)§ | 4.50 | 6-21-2024 | 3,470,000 | 3,478,230 | ||
American Municipal Power, Inc. Village of Carey (Utilities revenue)§ | 5.00 | 11-7-2024 | 1,160,000 | 1,165,627 | ||
American Municipal Power, Inc. Village of Jackson Center (Miscellaneous revenue)§ | 4.63 | 8-9-2024 | 675,000 | 677,312 | ||
American Municipal Power, Inc. Village of Pioneer (Utilities revenue)§ | 5.00 | 11-14-2024 | 1,475,000 | 1,482,330 | ||
City of Hamilton (GO revenue)§ | 4.50 | 12-19-2024 | 3,500,000 | 3,526,444 | ||
Dublin City School District (GO revenue)§ | 5.00 | 12-18-2024 | 3,750,000 | 3,790,597 | ||
Ohio Water Development Authority (Water & sewer revenue) | 3.75 | 2-1-2024 | 10,000,000 | 10,000,000 | ||
Ohio Water Development Authority (Water & sewer revenue) | 3.78 | 3-1-2024 | 10,000,000 | 10,000,000 | ||
Yellow Springs Exempt Village School District (GO revenue)§ | 5.00 | 6-12-2024 | 7,500,000 | 7,535,004 | ||
42,206,608 | ||||||
Variable rate demand notes ø: 3.67% | ||||||
County of Allen Hospital Facilities Revenue Bon Secours Mercy Health, Inc. Series C (Health revenue, Bank of Montreal LOC) | 3.20 | 6-1-2034 | 3,110,000 | 3,110,000 | ||
County of Franklin Trinity Health Corp. Obligated Group Series OH (Health revenue) | 4.30 | 12-1-2046 | 11,995,000 | 11,995,000 | ||
Mizuho Floater/Residual Trust Series 2020-MIZ9020 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.65 | 5-1-2039 | 3,770,000 | 3,770,000 | ||
RBC Municipal Products, Inc. Trust Series 2022-C-18 (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.59 | 1-15-2037 | 8,000,000 | 8,000,000 | ||
Residual Interest Bond Floater Trust Various States Series 2017-003 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.85 | 11-15-2045 | 14,395,000 | 14,395,000 | ||
State of Ohio Series C (Housing revenue) | 3.70 | 10-1-2036 | 6,500,000 | 6,500,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML5043 (Health revenue, Bank of America N.A. LIQ)144A | 4.62 | 2-15-2047 | 5,800,000 | 5,800,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2024- YX1330 (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.65 | 2-10-2026 | 5,450,000 | 5,450,000 | ||
59,020,000 |
Interest rate | Maturity date | Principal | Value | |||
Oregon: 1.43% | ||||||
Other municipal debt : 1.31% | ||||||
State of Oregon Department of Transportation (Transportation revenue) | 3.59 % | 3-14-2024 | $ | 5,000,000 | $5,000,000 | |
State of Oregon Housing & Community Services Department Series D (Housing revenue)§ | 3.55 | 9-28-2024 | 16,000,000 | 16,000,000 | ||
21,000,000 | ||||||
Variable rate demand notes ø: 0.12% | ||||||
State of Oregon Housing & Community Services Department Series B (Housing revenue, Sumitomo Mitsui Banking Corp. LOC) | 4.91 | 7-1-2037 | 1,925,000 | 1,925,000 | ||
Pennsylvania: 3.38% | ||||||
Other municipal debt : 1.92% | ||||||
City of Philadelphia Water & Wastewater Revenue (Water & sewer revenue) | 3.77 | 2-1-2024 | 10,000,000 | 10,000,000 | ||
School District of Philadelphia Series A (Miscellaneous revenue)§ | 5.00 | 6-28-2024 | 20,800,000 | 20,865,322 | ||
30,865,322 | ||||||
Variable rate demand notes ø: 1.46% | ||||||
County of Lehigh Lehigh Valley Health Network Obligated Group Series B (Health revenue, Bank of America NA LOC) | 4.89 | 7-1-2049 | 550,000 | 549,949 | ||
Delaware Valley Regional Finance Authority Series D (Miscellaneous revenue, TD Bank N.A. LOC) | 3.80 | 11-1-2055 | 5,000,000 | 5,000,000 | ||
Mizuho Floater/Residual Trust Series 2020-MIZ9051 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 | 11-1-2034 | 1,390,390 | 1,390,390 | ||
Pennsylvania EDFA Talen Energy Supply LLC Series B (Utilities revenue, MUFG Bank Limited LOC) | 4.90 | 12-1-2038 | 12,000,000 | 12,000,000 | ||
Pennsylvania Turnpike Commission (Transportation revenue, TD Bank N.A. LOC) | 4.70 | 12-1-2039 | 2,000,000 | 2,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0536 (GO revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 9-1-2031 | 2,500,000 | 2,500,000 | ||
23,440,339 | ||||||
South Carolina: 2.97% | ||||||
Other municipal debt : 0.62% | ||||||
South Carolina Association of Governmental Organizations Series B (Miscellaneous revenue, Certificate of Participation)§ | 5.00 | 3-1-2024 | 10,000,000 | 10,010,956 | ||
Variable rate demand notes ø: 2.35% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3075 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 6-1-2028 | 8,000,000 | 8,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3079 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 7-1-2028 | 11,000,000 | 11,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023- XL0418 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A | 4.59 % | 12-1-2056 | $ | 3,385,000 | $3,385,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2023- XM1143 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 10-1-2029 | 6,000,000 | 6,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1653 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 10-1-2029 | 2,730,000 | 2,730,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZL0525 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.58 | 3-1-2029 | 6,670,000 | 6,670,000 | ||
37,785,000 | ||||||
Tennessee: 2.44% | ||||||
Other municipal debt : 1.87% | ||||||
City of Memphis (Miscellaneous revenue) | 3.58 | 3-6-2024 | 10,000,000 | 10,000,000 | ||
Vanderbilt University (Health revenue) | 3.32 | 10-16-2024 | 5,000,000 | 5,000,000 | ||
Vanderbilt University (Health revenue) | 3.55 | 2-16-2024 | 15,000,000 | 15,000,000 | ||
30,000,000 | ||||||
Variable rate demand notes ø: 0.57% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF1421 (Miscellaneous revenue, Bank of America N.A. LIQ)144A | 4.58 | 11-1-2052 | 6,700,000 | 6,700,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- ZF1658 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A | 4.60 | 11-1-2029 | 2,500,000 | 2,500,000 | ||
9,200,000 | ||||||
Texas: 13.36% | ||||||
Other municipal debt : 7.06% | ||||||
City of Austin (Utilities revenue) | 3.50 | 3-6-2024 | 10,000,000 | 10,000,000 | ||
City of Garland (GO revenue) | 3.31 | 3-7-2024 | 14,000,000 | 14,000,000 | ||
City of Houston (Water & sewer revenue) | 3.55 | 2-20-2024 | 15,000,000 | 15,000,000 | ||
City of San Antonio (Utilities revenue) | 3.50 | 10-18-2024 | 19,400,000 | 19,400,000 | ||
County of Harris (GO revenue) | 3.60 | 2-21-2024 | 19,640,000 | 19,640,000 | ||
Harris County Cultural Education Facilities Finance Corp. (Health revenue) | 3.25 | 2-1-2024 | 20,000,000 | 20,000,000 | ||
Texas Transportation Commission State Highway Fund Series A (Tax revenue)§ | 5.00 | 4-1-2024 | 450,000 | 451,152 | ||
University of Texas Permanent University Fund (Education revenue) | 3.50 | 6-25-2024 | 15,000,000 | 15,000,000 | ||
113,491,152 | ||||||
Variable rate demand notes ø: 6.30% | ||||||
City of Houston Combined Utility System Revenue Series B-3 (Water & sewer revenue, Sumitomo Mitsui Banking Corp. LOC) | 4.77 | 5-15-2034 | 550,000 | 550,000 | ||
Port of Arthur Navigation District Industrial Development Corp. TotalEnergies Petrochemicals & Refining USA, Inc. (Industrial development revenue) | 3.62 | 6-1-2041 | 20,000,000 | 20,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes(continued) | ||||||
State of Texas (GO revenue, FHLB SPA) | 3.50 % | 12-1-2050 | $ | 2,500,000 | $2,500,000 | |
State of Texas Series C (GO revenue, FHLB SPA) | 3.80 | 6-1-2042 | 1,425,000 | 1,425,000 | ||
State of Texas Series D (GO revenue, FHLB SPA) | 3.50 | 6-1-2045 | 3,500,000 | 3,500,000 | ||
Tarrant County Cultural Education Facilities Finance Corp. Methodist Hospitals of Dallas Obligated Group Series A (Health revenue, TD Bank N.A. LOC) | 3.15 | 10-1-2041 | 5,000,000 | 5,000,000 | ||
Tarrant County Cultural Education Facilities Finance Corp. Methodist Hospitals of Dallas Obligated Group Series B (Health revenue, TD Bank N.A. LOC) | 3.19 | 10-1-2041 | 1,700,000 | 1,700,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2021- MS0002 (Education revenue, Morgan Stanley Municipal Funding LOC, Morgan Stanley Municipal Funding LIQ)144A | 4.95 | 6-15-2056 | 38,210,000 | 38,210,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF1448 (GO revenue, Bank of America N.A. LIQ)144A | 4.58 | 2-15-2052 | 2,050,000 | 2,050,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3037 (GO revenue, Barclays Bank plc LIQ)144A | 4.58 | 8-15-2052 | 3,040,000 | 3,040,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML6015 (Housing revenue, Bank of America N.A. LOC, Bank of America N.A. LIQ)144A | 4.67 | 12-1-2055 | 4,500,000 | 4,500,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF1664 (Airport revenue, Bank of America N.A. LIQ)144A | 4.58 | 10-15-2056 | 2,000,000 | 2,000,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3089 (GO revenue, Barclays Bank plc LIQ)144A | 4.58 | 8-15-2047 | 4,630,000 | 4,630,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3128 (GO revenue, UBS AG LIQ)144A | 4.57 | 8-15-2053 | 2,370,000 | 2,370,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0513 (GO revenue, Bank of America N.A. LIQ)144A | 4.58 | 2-1-2053 | 2,000,000 | 2,000,000 | ||
Texas Transportation Commission State Highway Fund Series B (Tax revenue, Sumitomo Mitsui Banking Corp. LIQ) | 4.56 | 4-1-2032 | 7,900,000 | 7,900,000 | ||
101,375,000 | ||||||
Utah: 0.11% | ||||||
Variable rate demand notes ø: 0.11% | ||||||
City of Murray Intermountain Healthcare Obligated Group Series A (Health revenue) | 4.40 | 5-15-2036 | 1,800,000 | 1,800,000 | ||
Vermont: 0.12% | ||||||
Variable rate demand notes ø: 0.12% | ||||||
Vermont Educational & Health Buildings Financing Agency Landmark College, Inc. Series A (Education revenue, TD Bank N.A. LOC) | 3.26 | 7-1-2033 | 1,890,000 | 1,890,000 | ||
Virginia: 0.16% | ||||||
Variable rate demand notes ø: 0.16% | ||||||
FHLMC Multifamily VRD Certificates Series M031 Class A (Housing revenue, FHLMC LIQ)144A | 4.58 | 12-15-2045 | 2,590,000 | 2,590,000 | ||
Washington: 1.75% | ||||||
Other municipal debt : 0.31% | ||||||
University of Washington (Education revenue) | 3.75 | 3-12-2024 | 5,000,000 | 5,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Variable rate demand notes ø: 1.44% | ||||||
Mizuho Floater/Residual Trust Series 2023-MIZ9156 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.95 % | 6-1-2037 | $ | 8,220,000 | $8,220,000 | |
Washington State Housing Finance Commission Series 1NMM (Housing revenue, FHLB SPA) | 4.45 | 12-1-2048 | 15,000,000 | 15,000,000 | ||
23,220,000 | ||||||
Wisconsin: 8.03% | ||||||
Other municipal debt : 0.51% | ||||||
State of Wisconsin (GO revenue) | 3.85 | 3-6-2024 | 8,200,000 | 8,200,000 | ||
Variable rate demand notes ø: 7.52% | ||||||
State of Wisconsin Series A (GO revenue) | 4.55 | 5-1-2029 | 44,800,000 | 44,800,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2019- XF2831 (Housing revenue, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 7-1-2029 | 3,595,000 | 3,595,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2020- XF2869 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144A | 4.92 | 11-1-2025 | 9,951,000 | 9,951,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2023- BAML5046 (Health revenue, Bank of America N.A. LOC, Bank of America N.A. LIQ)144A | 4.63 | 2-15-2032 | 6,820,000 | 6,820,000 | ||
University of Wisconsin Hospitals & Clinics Authority Obligated Group Series B (Health revenue, JPMorgan Chase Bank N.A. SPA) | 2.90 | 4-1-2048 | 35,405,000 | 35,405,000 | ||
University of Wisconsin Hospitals & Clinics Authority Obligated Group Series C (Health revenue, BMO Harris Bank NA SPA) | 3.15 | 4-1-2048 | 10,000,000 | 10,000,000 | ||
Wisconsin HEFA Aspirus, Inc. Obligated Group Series B (Housing revenue, JPMorgan Chase Bank N.A. LOC) | 3.65 | 8-15-2034 | 2,580,000 | 2,580,000 | ||
Wisconsin HEFA Marshfield Clinic Health System, Inc. Series A (Health revenue, Barclays Bank plc LOC) | 3.20 | 2-15-2050 | 1,500,000 | 1,500,000 | ||
Wisconsin HEFA Medical College of Wisconsin, Inc. Series B (Education revenue, TD Bank N.A. LOC) | 3.15 | 12-1-2033 | 1,000,000 | 1,000,000 | ||
Wisconsin Housing & EDA Housing Revenue Series B (Housing revenue, FHLB SPA) | 4.45 | 5-1-2055 | 5,360,000 | 5,360,000 | ||
121,011,000 | ||||||
Wyoming: 0.40% | ||||||
Variable rate demand notes ø: 0.40% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023- XG0544 (Housing revenue, GNMA / FNMA / FHLMC Insured, Bank of America N.A. LIQ)144A | 4.58 | 12-1-2053 | 6,400,000 | 6,400,000 | ||
Total municipal obligations (Cost $1,574,161,669) | 1,574,161,669 |
Interest rate | Maturity date | Principal | Value | |||
Repurchase agreements ^^: 0.93% | ||||||
Citigroup Global Markets Holdings, Inc., dated 1-31-2024, maturity value $15,002,208 | 5.30 % | 2-1-2024 | $ | 15,000,000 | $15,000,000 | |
Total Repurchase agreements (Cost $15,000,000) | 15,000,000 | |||||
Total investments in securities (Cost $1,606,161,669) | 99.84 % | 1,606,161,669 | ||||
Other assets and liabilities, net | 0.16 | 2,650,972 | ||||
Total net assets | 100.00 % | $1,608,812,641 |
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. |
^^ | Collateralized by U.S. government securities, 1.25% to 2.00%, 2-15-2025 to 4-30-2028, fair value including accrued interest is $15,300,003. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation note |
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 |
HEFA | Health & Educational Facilities Authority |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $1,606,161,669 |
Cash | 609,904 |
Receivable for Fund shares sold | 8,114,225 |
Receivable for interest | 7,506,543 |
Receivable for investments sold | 3,571,000 |
Prepaid expenses and other assets | 267,127 |
Total assets | 1,626,230,468 |
Liabilities | |
Payable for Fund shares redeemed | 9,059,920 |
Payable for investments purchased | 7,730,000 |
Dividends payable | 201,314 |
Management fee payable | 141,258 |
Administration fees payable | 122,429 |
Accrued expenses and other liabilities | 162,906 |
Total liabilities | 17,417,827 |
Total net assets | $1,608,812,641 |
Net assets consist of | |
Paid-in capital | $1,608,760,870 |
Total distributable earnings | 51,771 |
Total net assets | $1,608,812,641 |
Computation of net asset value per share | |
Net assets–Class A | $69,193,959 |
Shares outstanding–Class A1 | 69,185,428 |
Net asset value per share–Class A | $1.00 |
Net assets–Administrator Class | $70,988,850 |
Shares outstanding–Administrator Class1 | 70,979,470 |
Net asset value per share–Administrator Class | $1.00 |
Net assets–Premier Class | $1,388,951,833 |
Shares outstanding–Premier Class1 | 1,388,781,672 |
Net asset value per share–Premier Class | $1.00 |
Net assets–Service Class | $79,677,999 |
Shares outstanding–Service Class1 | 79,667,864 |
Net asset value per share–Service Class | $1.00 |
Investment income | |
Interest | $46,771,553 |
Expenses | |
Management fee | 1,972,857 |
Administration fees | |
Class A | 157,216 |
Administrator Class | 84,473 |
Premier Class | 864,978 |
Service Class | 89,016 |
Shareholder servicing fees | |
Class A | 188,408 |
Administrator Class | 84,386 |
Service Class | 69,359 |
Custody and accounting fees | 45,821 |
Professional fees | 89,436 |
Registration fees | 34,847 |
Shareholder report expenses | 31,569 |
Trustees’ fees and expenses | 20,593 |
Other fees and expenses | 30,024 |
Total expenses | 3,762,983 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (508,079 ) |
Administrator Class | (24,359 ) |
Premier Class | (99,829 ) |
Net expenses | 3,130,716 |
Net investment income | 43,640,837 |
Net realized gains on investments | 172,232 |
Net increase in net assets resulting from operations | $43,813,069 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $43,640,837 | $10,231,197 | ||
Net realized gains on investments | 172,232 | 12,276 | ||
Net increase in net assets resulting from operations | 43,813,069 | 10,243,473 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,217,622 ) | (798,869 ) | ||
Administrator Class | (2,728,350 ) | (1,212,244 ) | ||
Premier Class | (36,413,333 ) | (7,494,148 ) | ||
Service Class | (2,359,091 ) | (725,136 ) | ||
Total distributions to shareholders | (43,718,396 ) | (10,230,397 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 14,124,070 | 14,124,070 | 34,574,722 | 34,574,722 |
Administrator Class | 37,692,941 | 37,692,941 | 40,036,417 | 40,036,417 |
Premier Class | 2,216,366,541 | 2,216,366,541 | 1,120,340,157 | 1,120,340,157 |
Service Class | 21,953,146 | 21,953,146 | 7,338,355 | 7,338,355 |
2,290,136,698 | 1,202,289,651 | |||
Reinvestment of distributions | ||||
Class A | 2,171,417 | 2,171,417 | 777,346 | 777,346 |
Administrator Class | 2,681,147 | 2,681,147 | 1,199,864 | 1,199,864 |
Premier Class | 35,607,839 | 35,607,839 | 7,102,128 | 7,102,128 |
Service Class | 712,765 | 712,765 | 172,679 | 172,679 |
41,173,168 | 9,252,017 | |||
Payment for shares redeemed | ||||
Class A | (28,207,623 ) | (28,207,623 ) | (38,777,151 ) | (38,777,151 ) |
Administrator Class | (65,390,803 ) | (65,390,803 ) | (53,384,885 ) | (53,384,885 ) |
Premier Class | (1,677,701,650 ) | (1,677,701,650 ) | (872,135,804 ) | (872,135,804 ) |
Service Class | (11,690,560 ) | (11,690,560 ) | (4,484,446 ) | (4,484,446 ) |
(1,782,990,636 ) | (968,782,286 ) | |||
Net increase in net assets resulting from capital share transactions | 548,319,230 | 242,759,382 | ||
Total increase in net assets | 548,413,903 | 242,772,458 | ||
Net assets | ||||
Beginning of period | 1,060,398,738 | 817,626,280 | ||
End of period | $1,608,812,641 | $1,060,398,738 |
Year ended January 31 | |||||
Class A | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.03 1 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.03 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 2.99 % | 0.99 % | 0.02 % | 0.27 % | 0.93 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.63 % | 0.65 % | 0.66 % | 0.64 % | 0.66 % |
Net expenses | 0.59 % | 0.52 %* | 0.12 %* | 0.33 %* | 0.60 % |
Net investment income | 2.94 % | 0.97 % | 0.01 % | 0.25 % | 0.92 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $69,194 | $81,106 | $84,532 | $100,920 | $95,632 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended January 31 | |||||
Administrator Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.03 1 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.03 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 3.29 % | 1.23 % | 0.02 % | 0.35 % | 1.23 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.37 % | 0.38 % | 0.38 % | 0.37 % | 0.39 % |
Net expenses | 0.30 % | 0.28 %* | 0.11 %* | 0.25 %* | 0.30 % |
Net investment income | 3.22 % | 1.21 % | 0.01 % | 0.34 % | 1.22 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $70,989 | $96,006 | $108,157 | $85,489 | $107,457 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended January 31 | |||||
Premier Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.03 1 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.03 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 3.39 % | 1.31 % | 0.02 % | 0.40 % | 1.33 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.25 % | 0.26 % | 0.27 % | 0.25 % | 0.27 % |
Net expenses | 0.20 % | 0.20 % | 0.12 %3 | 0.20 % | 0.20 % |
Net investment income | 3.36 % | 1.42 % | 0.01 % | 0.38 % | 1.28 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,388,952 | $814,588 | $559,264 | $632,040 | $847,871 |
1 | Calculated based upon average shares outstanding |
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 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.03 1 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.03 | 0.01 | 0.00 2 | 0.00 2 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 | (0.00 )2 |
Total distributions to shareholders | (0.03 ) | (0.01 ) | (0.00 )2 | (0.00 )2 | (0.01 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 3.22 % | 1.09 % | 0.02 % | 0.30 % | 1.08 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.38 % | 0.55 % | 0.56 % | 0.54 % | 0.56 % |
Net expenses | 0.37 % | 0.42 %* | 0.12 %* | 0.29 %* | 0.45 % |
Net investment income | 3.17 % | 1.10 % | 0.01 % | 0.28 % | 1.06 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $79,678 | $68,699 | $65,673 | $64,183 | $64,802 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $17,000,000 | $0 | $17,000,000 |
Municipal obligations | 0 | 1,574,161,669 | 0 | 1,574,161,669 |
Repurchase agreements | 0 | 15,000,000 | 0 | 15,000,000 |
Total assets | $0 | $1,606,161,669 | $0 | $1,606,161,669 |
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 | 0.20 % |
Administrator Class | 0.10 |
Premier Class | 0.08 |
Service Class | 0.12 |
EXPENSE RATIO CAPS | |
Class A | 0.58 % |
Administrator Class | 0.30 |
Premier Class | 0.20 |
Service Class | 0.45 |
Year ended January 31 | ||
2024 | 2023 | |
Ordinary income | $2,957,370 | $1,829,860 |
Tax-exempt income | 40,724,287 | 8,400,537 |
Long-term capital gain | 36,739 | 14,623 |
Undistributed ordinary income | Undistributed tax-exempt income | Undistributed long-term gain |
$93,290 | $188,964 | $19,149 |
Allspring Funds Trust:
January 31, 2024.
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0452 01-24
Allspring Treasury Plus Money Market Fund |
2 | |
6 | |
9 | |
10 | |
13 | |
14 | |
15 | |
16 | |
22 | |
26 | |
27 |
Allspring Funds
President
Allspring Funds
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 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, 2024 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (PIVXX) | 7-28-2003 | 4.68 | 1.56 | 0.96 | 0.60 | 0.58 |
Administrator Class (WTPXX) | 3-31-2008 | 4.94 | 1.72 | 1.09 | 0.35 | 0.34 |
Institutional Class (PISXX) | 8-11-1995 | 5.09 | 1.81 | 1.18 | 0.23 | 0.20 |
Roberts & Ryan Class (RRTXX)3 | 10-20-2023 | 5.06 | 1.80 | 1.18 | 0.23 | 0.20 |
Select Class (WTLXX)4 | 3-15-2019 | 5.15 | 1.85 | 1.20 | 0.19 | 0.14 |
Service Class (PRVXX) | 10-1-1985 | 4.83 | 1.65 | 1.03 | 0.52 | 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, 2024 (May 31, 2025 for Class A and Roberts & Ryan Class), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.58% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.20% for Roberts & Ryan 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 Roberts & Ryan Class shares prior to their inception reflects the performance of the Institutional Class shares. The Roberts & Ryan Class shares and Institutional Class shares have the same expenses. |
4 | 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, 2024 | ||||||
Class A | Administrator Class | Institutional Class | Roberts & Ryan Class | Select Class | Service Class | |
7-day current yield1 | 4.82 | 5.06 | 5.20 | 5.20 | 5.26 | 4.95 |
7-day compound yield | 4.94 | 5.19 | 5.33 | 5.34 | 5.40 | 5.07 |
30-day simple yield | 4.82 | 5.06 | 5.20 | 5.20 | 5.26 | 4.95 |
30-day compound yield | 4.93 | 5.18 | 5.32 | 5.33 | 5.39 | 5.06 |
1 | The manager has contractually committed through May 31, 2024 (May 31, 2025 for Class A and Roberts & Ryan Class), 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 4.81%, 5.06%, 5.18%, 5.18%, 5.22% and 4.89% for Class A, Administrator Class, Institutional Class, Roberts & Ryan Class, Select Class and Service Class, respectively. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of January 31, 20241 |
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, 20241 |
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, 20241 |
42 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
† | 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 life as of January 31, 20241 |
85 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 8-1-2023 | Ending account value 1-31-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,024.61 | $2.96 | 0.58 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,025.85 | $1.74 | 0.34 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.49 | $1.73 | 0.34 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,026.57 | $1.02 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Roberts & Ryan Class | ||||
Actual | $1,000.00 | $1,026.27 | $0.56 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20 % |
Select Class | ||||
Actual | $1,000.00 | $1,026.87 | $0.72 | 0.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14 % |
Service Class | ||||
Actual | $1,000.00 | $1,025.28 | $2.30 | 0.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45 % |
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 184 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Repurchase agreements^^: 62.30% | ||||||
Australia & New Zealand Banking Group Ltd., dated 1-31-2024, maturity value $2,000,295,284(01) | 5.32 % | 2-1-2024 | $ | 1,999,999,728 | $1,999,999,728 | |
Barclays Bank PLC, dated 1-31-2024, maturity value $1,990,293,525(02) | 5.31 | 2-1-2024 | 1,990,000,000 | 1,990,000,000 | ||
Citigroup Global Markets Holdings, Inc., dated 1-31-2024, maturity value $150,022,083(03) | 5.30 | 2-1-2024 | 150,000,000 | 150,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $1,000,147,778(04) | 5.32 | 2-1-2024 | 1,000,000,000 | 1,000,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $1,000,147,778(05) | 5.32 | 2-1-2024 | 1,000,000,000 | 1,000,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $1,500,221,667(06) | 5.32 | 2-1-2024 | 1,500,000,000 | 1,500,000,000 | ||
Fixed Income Clearing Corp., dated 1-31-2024, maturity value $2,000,308,673(07) | 5.32 | 2-1-2024 | 2,000,013,116 | 2,000,013,116 | ||
ING Financial Markets LLC, dated 1-25-2024, maturity value $100,103,250(08) | 5.31 | 2-1-2024 | 100,000,000 | 100,000,000 | ||
ING Financial Markets LLC, dated 1-31-2024, maturity value $200,029,556(09) | 5.32 | 2-1-2024 | 200,000,000 | 200,000,000 | ||
MUFG Securities Americas, dated 12-22-2023, maturity value $402,510,667(10) | 5.38 | 2-2-2024 | 400,000,000 | 400,000,000 | ||
MUFG Securities EMEA PLC, dated 1-31-2024, maturity value $1,569,231,863(11) | 5.32 | 2-1-2024 | 1,569,000,000 | 1,569,000,000 | ||
NatWest Group PLC, dated 1-31-2024, maturity value $400,059,000(12) | 5.31 | 2-1-2024 | 400,000,000 | 400,000,000 | ||
NatWest Group PLC, dated 1-31-2024, maturity value $1,751,806,875(13) | 5.31 | 2-7-2024 | 1,750,000,000 | 1,750,000,000 | ||
Societe Generale, dated 1-9-2024, maturity value $1,001,032,500(14) | 5.31 | 2-6-2024 | 1,000,000,000 | 1,000,000,000 | ||
Societe Generale, dated 1-30-2024, maturity value $603,020,333(15) | 5.33 | 2-20-2024 | 600,000,000 | 600,000,000 | ||
Societe Generale, dated 1-8-2024, maturity value $200,949,333(16) | 5.34 | 2-9-2024 | 200,000,000 | 200,000,000 | ||
Societe Generale, dated 1-17-2024, maturity value $100,504,333(17) | 5.34 | 2-12-2024 | 100,000,000 | 100,000,000 | ||
Standard Chartered Bank, dated 1-31-2024, maturity value $2,000,295,556(18) | 5.32 | 2-1-2024 | 2,000,000,000 | 2,000,000,000 | ||
Total repurchase agreements (Cost $17,959,012,844) | 17,959,012,844 | |||||
U.S. Treasury securities: 39.15% | ||||||
U.S. Treasury Bills☼ | 4.67 | 1-23-2025 | 240,000,000 | 229,075,849 | ||
U.S. Treasury Bills☼ | 4.70 | 12-26-2024 | 60,000,000 | 57,467,797 | ||
U.S. Treasury Bills%%☼ | 4.97 | 6-4-2024 | 200,000,000 | 196,600,237 | ||
U.S. Treasury Bills%%☼ | 5.10 | 8-1-2024 | 150,000,000 | 146,207,007 | ||
U.S. Treasury Bills☼ | 5.11 | 7-25-2024 | 100,000,000 | 97,557,413 | ||
U.S. Treasury Bills☼ | 5.12 | 7-11-2024 | 210,000,000 | 205,269,283 | ||
U.S. Treasury Bills☼ | 5.15 | 7-5-2024 | 30,000,000 | 29,346,029 | ||
U.S. Treasury Bills☼ | 5.18 | 6-27-2024 | 120,000,000 | 117,502,225 | ||
U.S. Treasury Bills☼ | 5.26 | 5-28-2024 | 240,000,000 | 235,961,550 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Bills☼ | 5.26 % | 6-6-2024 | $ | 380,000,000 | $373,122,815 | |
U.S. Treasury Bills☼ | 5.27 | 5-14-2024 | 180,000,000 | 177,330,325 | ||
U.S. Treasury Bills☼ | 5.27 | 5-21-2024 | 200,000,000 | 196,832,963 | ||
U.S. Treasury Bills☼ | 5.27 | 6-13-2024 | 100,000,000 | 98,085,169 | ||
U.S. Treasury Bills☼ | 5.29 | 5-7-2024 | 260,000,000 | 256,392,106 | ||
U.S. Treasury Bills☼ | 5.29 | 10-3-2024 | 200,000,000 | 192,913,716 | ||
U.S. Treasury Bills☼ | 5.30 | 4-23-2024 | 300,000,000 | 296,434,481 | ||
U.S. Treasury Bills☼ | 5.30 | 4-30-2024 | 300,000,000 | 296,133,321 | ||
U.S. Treasury Bills☼ | 5.30 | 5-23-2024 | 180,000,000 | 177,081,614 | ||
U.S. Treasury Bills☼ | 5.32 | 4-2-2024 | 180,000,000 | 178,402,817 | ||
U.S. Treasury Bills☼ | 5.32 | 4-9-2024 | 150,000,000 | 148,516,372 | ||
U.S. Treasury Bills☼ | 5.33 | 4-16-2024 | 150,000,000 | 148,361,563 | ||
U.S. Treasury Bills☼ | 5.33 | 5-30-2024 | 300,000,000 | 294,801,353 | ||
U.S. Treasury Bills☼ | 5.34 | 5-9-2024 | 170,000,000 | 167,567,912 | ||
U.S. Treasury Bills☼ | 5.35 | 3-19-2024 | 100,000,000 | 99,313,565 | ||
U.S. Treasury Bills☼ | 5.35 | 5-16-2024 | 140,000,000 | 137,851,146 | ||
U.S. Treasury Bills☼ | 5.36 | 2-8-2024 | 50,000,000 | 49,948,764 | ||
U.S. Treasury Bills☼ | 5.36 | 3-26-2024 | 125,000,000 | 124,012,438 | ||
U.S. Treasury Bills☼ | 5.37 | 2-1-2024 | 50,000,000 | 50,000,000 | ||
U.S. Treasury Bills☼ | 5.37 | 2-15-2024 | 50,000,000 | 49,897,236 | ||
U.S. Treasury Bills☼ | 5.38 | 3-12-2024 | 100,000,000 | 99,412,444 | ||
U.S. Treasury Bills☼ | 5.39 | 3-7-2024 | 50,000,000 | 49,742,264 | ||
U.S. Treasury Bills☼ | 5.39 | 3-21-2024 | 50,000,000 | 49,639,101 | ||
U.S. Treasury Bills☼ | 5.39 | 3-28-2024 | 50,000,000 | 49,587,311 | ||
U.S. Treasury Bills☼ | 5.40 | 3-14-2024 | 50,000,000 | 49,690,250 | ||
U.S. Treasury Bills☼ | 5.40 | 4-25-2024 | 175,000,000 | 172,832,567 | ||
U.S. Treasury Bills☼ | 5.41 | 5-2-2024 | 270,000,000 | 266,369,669 | ||
U.S. Treasury Bills☼ | 5.42 | 2-27-2024 | 100,000,000 | 99,614,839 | ||
U.S. Treasury Bills☼ | 5.42 | 3-5-2024 | 100,000,000 | 99,511,307 | ||
U.S. Treasury Bills☼ | 5.42 | 4-11-2024 | 450,000,000 | 445,338,292 | ||
U.S. Treasury Bills☼ | 5.43 | 4-18-2024 | 265,000,000 | 261,974,534 | ||
U.S. Treasury Bills☼ | 5.44 | 2-6-2024 | 100,000,000 | 99,925,722 | ||
U.S. Treasury Bills☼ | 5.44 | 2-20-2024 | 100,000,000 | 99,717,507 | ||
U.S. Treasury Bills☼ | 5.44 | 2-29-2024 | 50,000,000 | 49,791,886 | ||
U.S. Treasury Bills☼ | 5.44 | 4-4-2024 | 50,000,000 | 49,532,050 | ||
U.S. Treasury Bills☼ | 5.45 | 2-13-2024 | 150,000,000 | 149,731,875 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.04%)± | 5.33 | 7-31-2024 | 130,000,000 | 129,999,985 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.13%)± | 5.42 | 7-31-2025 | 160,000,000 | 159,892,881 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.14%)± | 5.43 | 10-31-2024 | 300,000,000 | 299,781,648 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)±## | 5.46 | 4-30-2025 | 785,000,000 | 785,172,195 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.17%)± | 5.46 | 10-31-2025 | 600,000,000 | 599,616,699 | ||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.20%)± | 5.49 | 1-31-2025 | 550,000,000 | 550,092,431 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill Money Market Yield+0.25%)± | 5.54 % | 1-31-2026 | $ | 180,000,000 | $180,000,000 | |
U.S. Treasury Notes | 0.38 | 8-15-2024 | 250,000,000 | 243,491,103 | ||
U.S. Treasury Notes | 0.63 | 10-15-2024 | 170,000,000 | 164,472,598 | ||
U.S. Treasury Notes | 0.75 | 11-15-2024 | 240,000,000 | 231,897,038 | ||
U.S. Treasury Notes | 1.13 | 1-15-2025 | 160,000,000 | 154,561,682 | ||
U.S. Treasury Notes | 1.38 | 1-31-2025 | 60,000,000 | 57,999,745 | ||
U.S. Treasury Notes | 1.50 | 10-31-2024 | 15,000,000 | 14,590,926 | ||
U.S. Treasury Notes | 1.50 | 11-30-2024 | 30,000,000 | 29,168,723 | ||
U.S. Treasury Notes | 1.75 | 12-31-2024 | 170,000,000 | 165,020,160 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 71,000,000 | 69,377,857 | ||
U.S. Treasury Notes | 2.25 | 12-31-2024 | 250,000,000 | 244,287,620 | ||
U.S. Treasury Notes | 2.38 | 8-15-2024 | 100,000,000 | 98,388,836 | ||
U.S. Treasury Notes | 3.00 | 7-31-2024 | 130,000,000 | 128,428,566 | ||
U.S. Treasury Notes | 4.38 | 10-31-2024 | 60,000,000 | 59,531,166 | ||
Total U.S. treasury securities (Cost $11,286,170,543) | 11,286,170,543 | |||||
Total investments in securities (Cost $29,245,183,387) | 101.45 % | 29,245,183,387 | ||||
Other assets and liabilities, net | (1.45 ) | (417,602,962 ) | ||||
Total net assets | 100.00 % | $28,827,580,425 |
^^ | Collateralized by: |
(01) U.S. government securities, 0.88% to 5.00%, 5-31-2024 to 8-15-2047, fair value including accrued interest is $2,020,375,390. | |
(02) U.S. government securities, 0.13% to 2.38%, 4-15-2025 to 7-15-2031, fair value including accrued interest is $2,029,800,055. | |
(03) U.S. government securities, 1.25% to 2.00%, 2-15-2025 to 4-30-2028, fair value including accrued interest is $153,000,031. | |
(04) U.S. government securities, 2.75% to 4.13%, 4-30-2027 to 11-15-2032, fair value including accrued interest is $1,020,000,037. | |
(05) U.S. government securities, 0.00% to 4.38%, 2-15-2024 to 11-15-2052, fair value including accrued interest is $1,020,000,000. | |
(06) U.S. government securities, 0.50% to 3.50%, 2-28-2026 to 5-15-2032, fair value including accrued interest is $1,530,000,000. | |
(07) U.S. government securities, 0.00% to 4.75%, 7-31-2025 to 5-15-2044, fair value including accrued interest is $2,040,013,379. | |
(08) U.S. government securities, 0.00% to 5.00%, 2-27-2024 to 2-15-2043, fair value including accrued interest is $102,000,060. | |
(09) U.S. government securities, 0.00% to 5.49%, 2-22-2024 to 11-15-2050, fair value including accrued interest is $204,000,082. | |
(10) U.S. government securities, 0.13% to 5.33%, 2-29-2024 to 5-31-2030, fair value including accrued interest is $408,000,031. | |
(11) U.S. government securities, 0.00% to 4.00%, 3-31-2024 to 8-15-2049, fair value including accrued interest is $1,600,380,000. | |
(12) U.S. government securities, 0.00% to 5.54%, 2-15-2024 to 11-15-2052, fair value including accrued interest is $408,000,030. | |
(13) U.S. government securities, 0.00% to 5.46%, 2-15-2024 to 11-15-2033, fair value including accrued interest is $1,785,000,009. | |
(14) U.S. government securities, 2.25% to 4.25%, 1-31-2026 to 11-15-2032, fair value including accrued interest is $1,020,000,092. | |
(15) U.S. government securities, 0.75% to 4.63%, 8-15-2025 to 11-15-2032, fair value including accrued interest is $612,000,049. | |
(16) U.S. government securities, 0.50% to 5.00%, 8-31-2025 to 8-15-2048, fair value including accrued interest is $204,000,010. | |
(17) U.S. government securities, 0.38% to 3.75%, 1-31-2026 to 5-31-2030, fair value including accrued interest is $102,000,004. | |
(18) U.S. government securities, 0.00% to 5.49%, 2-29-2024 to 5-15-2053, fair value including accrued interest is $2,040,000,013. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $11,286,170,543 |
Investments in repurchase agreements, at amortized cost | 17,959,012,844 |
Cash | 142,216 |
Receivable for interest | 12,176,762 |
Receivable for Fund shares sold | 2,717,945 |
Prepaid expenses and other assets | 606,769 |
Total assets | 29,260,827,079 |
Liabilities | |
Payable for when-issued transactions | 342,807,242 |
Dividends payable | 71,831,298 |
Payable for Fund shares redeemed | 12,456,733 |
Management fee payable | 2,674,927 |
Administration fees payable | 1,952,602 |
Accrued expenses and other liabilities | 1,523,852 |
Total liabilities | 433,246,654 |
Total net assets | $28,827,580,425 |
Net assets consist of | |
Paid-in capital | $28,827,850,153 |
Total distributable loss | (269,728 ) |
Total net assets | $28,827,580,425 |
Computation of net asset value per share | |
Net assets–Class A | $1,617,295,284 |
Shares outstanding–Class A1 | 1,617,186,860 |
Net asset value per share–Class A | $1.00 |
Net assets–Administrator Class | $24,655,663 |
Shares outstanding–Administrator Class1 | 24,654,013 |
Net asset value per share–Administrator Class | $1.00 |
Net assets–Institutional Class | $16,599,118,372 |
Shares outstanding–Institutional Class1 | 16,598,031,914 |
Net asset value per share–Institutional Class | $1.00 |
Net assets–Roberts & Ryan Class | $101,458 |
Shares outstanding–Roberts & Ryan Class1 | 101,451 |
Net asset value per share–Roberts & Ryan Class | $1.00 |
Net assets–Select Class | $8,535,982,876 |
Shares outstanding–Select Class1 | 8,535,468,875 |
Net asset value per share–Select Class | $1.00 |
Net assets–Service Class | $2,050,426,772 |
Shares outstanding–Service Class1 | 2,050,288,442 |
Net asset value per share–Service Class | $1.00 |
Investment income | |
Interest | $1,361,129,007 |
Expenses | |
Management fee | 35,012,513 |
Administration fees | |
Class A | 3,374,941 |
Administrator Class | 26,037 |
Institutional Class | 12,492,597 |
Roberts & Ryan Class1 | 22 |
Select Class | 2,946,530 |
Service Class | 1,896,870 |
Shareholder servicing fees | |
Class A | 4,052,872 |
Administrator Class | 26,038 |
Service Class | 3,951,812 |
Custody and accounting fees | 961,612 |
Professional fees | 122,847 |
Registration fees | 532,823 |
Shareholder report expenses | 64,798 |
Trustees’ fees and expenses | 21,443 |
Other fees and expenses | 455,372 |
Total expenses | 65,939,127 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (131,428 ) |
Class A | (193,130 ) |
Institutional Class | (3,410,213 ) |
Roberts & Ryan Class1 | (6 ) |
Select Class | (2,946,530 ) |
Service Class | (976,348 ) |
Net expenses | 58,281,472 |
Net investment income | 1,302,847,535 |
Net realized gains on investments | 134,191 |
Net increase in net assets resulting from operations | $1,302,981,726 |
Year ended January 31, 2024 | Year ended January 31, 2023 | |||
Operations | ||||
Net investment income | $1,302,847,535 | $383,755,971 | ||
Net realized gains on investments | 134,191 | 65,128 | ||
Net increase in net assets resulting from operations | 1,302,981,726 | 383,821,099 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (74,300,517 ) | (25,565,870 ) | ||
Administrator Class | (1,258,552 ) | (440,511 ) | ||
Institutional Class | (779,368,224 ) | (254,685,515 ) | ||
Roberts & Ryan Class | (1,451 )1 | N/A | ||
Select Class | (372,944,731 ) | (79,109,378 ) | ||
Service Class | (75,165,216 ) | (23,980,373 ) | ||
Total distributions to shareholders | (1,303,038,691 ) | (383,781,647 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 18,090,907,697 | 18,090,907,697 | 17,653,453,173 | 17,653,453,173 |
Administrator Class | 56,931,747 | 56,931,747 | 67,085,431 | 67,085,431 |
Institutional Class | 82,912,347,680 | 82,912,347,680 | 77,346,516,193 | 77,346,516,193 |
Roberts & Ryan Class | 100,000 1 | 100,000 1 | N/A | N/A |
Select Class | 156,674,927,496 | 156,674,927,496 | 118,255,756,477 | 118,255,756,477 |
Service Class | 15,675,394,045 | 15,675,394,045 | 15,792,269,840 | 15,792,269,840 |
273,410,608,665 | 229,115,081,114 | |||
Reinvestment of distributions | ||||
Class A | 17,914,143 | 17,914,143 | 7,430,854 | 7,430,854 |
Administrator Class | 1,247,377 | 1,247,377 | 440,411 | 440,411 |
Institutional Class | 237,882,496 | 237,882,496 | 72,488,135 | 72,488,135 |
Roberts & Ryan Class | 1,451 1 | 1,451 1 | N/A | N/A |
Select Class | 271,578,262 | 271,578,262 | 48,607,896 | 48,607,896 |
Service Class | 26,167,185 | 26,167,185 | 5,927,465 | 5,927,465 |
554,790,914 | 134,894,761 | |||
Payment for shares redeemed | ||||
Class A | (17,961,213,574 ) | (17,961,213,574 ) | (18,612,631,923 ) | (18,612,631,923 ) |
Administrator Class | (60,292,856 ) | (60,292,856 ) | (158,305,822 ) | (158,305,822 ) |
Institutional Class | (80,023,008,819 ) | (80,023,008,819 ) | (78,931,733,518 ) | (78,931,733,518 ) |
Select Class | (153,976,003,636 ) | (153,976,003,636 ) | (117,099,644,309 ) | (117,099,644,309 ) |
Service Class | (15,066,838,947 ) | (15,066,838,947 ) | (15,789,038,356 ) | (15,789,038,356 ) |
(267,087,357,832 ) | (230,591,353,928 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 6,878,041,747 | (1,341,378,053 ) | ||
Total increase (decrease) in net assets | 6,877,984,782 | (1,341,338,601 ) | ||
Net assets | ||||
Beginning of period | 21,949,595,643 | 23,290,934,244 | ||
End of period | $28,827,580,425 | $21,949,595,643 |
Year ended January 31 | |||||
Class A | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 0.01 | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.01 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.68 % | 1.51 % | 0.01 % | 0.12 % | 1.56 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.60 % | 0.62 % | 0.61 % | 0.61 % | 0.61 % |
Net expenses | 0.59 % | 0.50 %* | 0.06 %* | 0.25 %* | 0.60 % |
Net investment income | 4.58 % | 1.33 % | 0.01 % | 0.11 % | 1.53 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,617,295 | $1,469,727 | $2,421,542 | $1,537,192 | $1,379,059 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended January 31 | |||||
Administrator Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 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 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.94 % | 1.71 % | 0.01 % | 0.16 % | 1.83 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.34 % | 0.35 % | 0.34 % | 0.34 % | 0.34 % |
Net expenses | 0.34 % | 0.26 %* | 0.06 %* | 0.24 %* | 0.34 % |
Net investment income | 4.83 % | 1.10 % | 0.01 % | 0.16 % | 1.84 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $24,656 | $26,770 | $117,556 | $143,745 | $137,102 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended January 31 | |||||
Institutional Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 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 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 5.09 % | 1.84 % | 0.01 % | 0.21 % | 1.97 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.22 % | 0.23 % | 0.22 % | 0.22 % | 0.22 % |
Net expenses | 0.20 % | 0.19 %* | 0.06 %* | 0.18 %* | 0.20 % |
Net investment income | 4.99 % | 1.84 % | 0.01 % | 0.16 % | 1.95 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $16,599,118 | $13,471,949 | $14,984,670 | $15,879,274 | $11,295,226 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Roberts & Ryan Class | Year ended January 31, 20241 |
Net asset value, beginning of period | $1.00 |
Net investment income | 0.01 2 |
Net realized gains (losses) on investments | 0.00 3 |
Total from investment operations | 0.01 |
Distributions to shareholders from | |
Net investment income | (0.01 ) |
Net realized gains | (0.00 )3 |
Total distributions to shareholders | (0.01 ) |
Net asset value, end of period | $1.00 |
Total return4 | 1.45 % |
Ratios to average net assets (annualized) | |
Gross expenses | 0.22 % |
Net expenses | 0.20 % |
Net investment income | 5.22 % |
Supplemental data | |
Net assets, end of period (000s omitted) | $101 |
1 | For the period from October 20, 2023 (commencement of class operations) to January 31, 2024 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | |||||
Select Class | 2024 | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 2 | 0.02 | 0.00 3 | 0.00 3 | 0.02 |
Net realized gains (losses) on investments | 0.00 3 | 0.00 3 | 0.00 3 | 0.00 3 | 0.00 3 |
Total from investment operations | 0.05 | 0.02 | 0.00 3 | 0.00 3 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )3 | (0.00 )3 | (0.02 ) |
Net realized gains | (0.00 )3 | (0.00 )3 | (0.00 )3 | 0.00 | (0.00 )3 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )3 | (0.00 )3 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return4 | 5.15 % | 1.89 % | 0.01 % | 0.24 % | 1.74 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.18 % | 0.19 % | 0.18 % | 0.18 % | 0.18 % |
Net expenses | 0.14 % | 0.14 % | 0.06 %5 | 0.14 % | 0.14 % |
Net investment income | 5.06 % | 1.87 % | 0.01 % | 0.09 % | 1.81 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $8,535,983 | $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 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. |
Year ended January 31 | |||||
Service Class | 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.05 1 | 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 | 0.00 2 |
Total from investment operations | 0.05 | 0.02 | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net realized gains | (0.00 )2 | (0.00 )2 | (0.00 )2 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.05 ) | (0.02 ) | (0.00 )2 | (0.00 )2 | (0.02 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 4.83 % | 1.62 % | 0.01 % | 0.14 % | 1.72 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.51 % | 0.52 % | 0.51 % | 0.51 % | 0.51 % |
Net expenses | 0.45 % | 0.40 %* | 0.06 %* | 0.23 %* | 0.45 % |
Net investment income | 4.75 % | 1.60 % | 0.01 % | 0.12 % | 1.71 % |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $2,050,427 | $1,415,688 | $1,406,514 | $1,416,203 | $1,168,901 |
* | 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 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Repurchase agreements | $0 | $17,959,012,844 | $0 | $17,959,012,844 |
U.S. Treasury securities | 0 | 11,286,170,543 | 0 | 11,286,170,543 |
Total assets | $0 | $29,245,183,387 | $0 | $29,245,183,387 |
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 | 0.20 % |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Roberts & Ryan Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
EXPENSE RATIO CAPS | |
Class A | 0.58 % |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Roberts & Ryan Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.45 |
Year ended January 31 | ||
2024 | 2023 | |
Ordinary income | $1,302,973,563 | $383,781,647 |
Long-term capital gain | 65,128 | 0 |
Allspring Funds Trust:
January 31, 2024.
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0453 01-24
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, 2024 | Fiscal year ended January 31, 2023 | |||||||
Audit fees | $ | 298,230 | $ | 323,880 | ||||
Audit-related fees | — | $ | 7,400 | |||||
Tax fees (1) | $ | 15,610 | $ | 15,050 | ||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 313,840 | $ | 346,330 |
(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.
3
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.
(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.
4
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.
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.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
5
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 27, 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: March 27, 2024 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: March 27, 2024 |