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SEC · EDGAR 财务披露·· 5 小时前AI 评分34

Allspring Funds Trust 提交截至2026年7月31日的半年报告

ALLSPRING FUNDS TRUST (0001081400) (Filer)

AI 导读

Allspring Funds Trust提交的半年报告涵盖5只系列基金,报告期截至2026年7月31日。披露包括各基金净资产、持仓构成、份额回报及费用;其中Government Money Market Fund净资产1,246.73亿美元,Money Market Fund净资产416.52亿美元。各份额类别每股净值多为1.00美元,部分基金董事会批准顾问协议续期一年。

正文

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Allspring Funds Trust

(Exact name of registrant as specified in charter)

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 5 of its series: Allspring Government Money Market Fund, Allspring Money Market Fund, Allspring National Tax-Free Money Market Fund, Allspring 100% Treasury Money Market Fund, and Allspring Treasury Plus Money Market Fund.

Date of reporting period: July 31, 2026


ITEM 1. REPORT TO STOCKHOLDERS

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Administrator Class 

WGAXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Administrator Class

$17

0.33%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0947 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Capital Class 

ALGXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from April 30, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Capital Class

$4Footnote Reference1

0.17%Footnote Reference2

Footnote Description

Footnote1

The Class commenced operations during the reporting period. Expenses for a full reporting period would be higher.

Footnote2

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR4730 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Class A 

WFGXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Class A

$28

0.56%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0450 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Institutional Class 

GVIXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Institutional Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR1751 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Roberts & Ryan Class 

RNRXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Roberts & Ryan Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR5123 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Select Class 

WFFXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Select Class

$7

0.14%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3802 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Service Class 

NWGXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Service Class

$25

0.50%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0743 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Sweep Class 

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Sweep Class

$25

0.50%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3931 07-26 

Image

Semi-Annual Shareholder Report

Government Money Market Fund 

July 31, 2026 

Tribal Inclusion Class 

AGTXX

This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Tribal Inclusion Class

$8

0.16%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$124,672,796,340

# of portfolio holdings

304

Total advisory fees paid

$84,267,215

Weighted average maturity

45 days

Weighted average life

118 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

52.8

Government agency debt

25.4

U.S. Treasury securities

21.1

Other instruments

0.6

Municipal obligations

0.1

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

52.3

8-14 days

0.2

15-29 days

3.6

30-59 days

5.7

60-89 days

3.3

90-179 days

8.8

180-269 days

7.7

270+ days

18.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR5120 07-26 

Image

Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Administrator Class 

WTRXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Administrator Class

$15

0.30%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3722 07-26 

Image

Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Advisor Class 

AHAXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from July 17, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Advisor Class

$2Footnote Reference1

0.42%Footnote Reference2

Footnote Description

Footnote1

The Class commenced operations during the reporting period. Expenses for a full reporting period would be higher.

Footnote2

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR4741 07-26 

Image

Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Capital Class 

AHCXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from April 30, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Capital Class

$4Footnote Reference1

0.17%Footnote Reference2

Footnote Description

Footnote1

The Class commenced operations during the reporting period. Expenses for a full reporting period would be higher.

Footnote2

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR4729 07-26 

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Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Roberts & Ryan Class 

RRAXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Roberts & Ryan Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR5122 07-26 

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Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Institutional Class 

WOTXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Institutional Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3177 07-26 

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Semi-Annual Shareholder Report

100% Treasury Money Market Fund 

July 31, 2026 

Service Class 

NWTXX

This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Service Class

$25

0.50%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$19,173,431,739

# of portfolio holdings

115

Total advisory fees paid

$11,631,465

Weighted average maturity

46 days

Weighted average life

89 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

U.S. Treasury Bills

81.1

U.S. Treasury Floating Rate Notes

10.1

U.S. Treasury Notes

8.8

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

11.7

8-14 days

14.0

15-29 days

24.9

30-59 days

20.2

60-89 days

6.2

90-179 days

5.7

180-269 days

4.7

270+ days

12.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0008 07-26 

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Semi-Annual Shareholder Report

Money Market Fund 

July 31, 2026 

Class A 

STGXX

This semi-annual shareholder report contains important information about Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Class A

$26

0.52%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$41,651,944,072

# of portfolio holdings

332

Total advisory fees paid

$24,915,764

Weighted average maturity

44 days

Weighted average life

76 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Commercial paper

40.7

Certificates of deposit

22.0

Repurchase agreements

16.8

Municipal obligations

10.4

U.S. Treasury securities

8.1

Other instruments

2.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

44.0

8-14 days

1.4

15-29 days

3.4

30-59 days

10.1

60-89 days

5.0

90-179 days

21.7

180-269 days

8.8

270+ days

5.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0478 07-26 

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Semi-Annual Shareholder Report

Money Market Fund 

July 31, 2026 

Class C 

This semi-annual shareholder report contains important information about Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class C is closed to new investors and additional investments from existing shareholders.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Class C

$66

1.33%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$41,651,944,072

# of portfolio holdings

332

Total advisory fees paid

$24,915,764

Weighted average maturity

44 days

Weighted average life

76 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Commercial paper

40.7

Certificates of deposit

22.0

Repurchase agreements

16.8

Municipal obligations

10.4

U.S. Treasury securities

8.1

Other instruments

2.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

44.0

8-14 days

1.4

15-29 days

3.4

30-59 days

10.1

60-89 days

5.0

90-179 days

21.7

180-269 days

8.8

270+ days

5.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3502 07-26 

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Semi-Annual Shareholder Report

Money Market Fund 

July 31, 2026 

Premier Class 

WMPXX

This semi-annual shareholder report contains important information about Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Premier Class

$9

0.18%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$41,651,944,072

# of portfolio holdings

332

Total advisory fees paid

$24,915,764

Weighted average maturity

44 days

Weighted average life

76 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Commercial paper

40.7

Certificates of deposit

22.0

Repurchase agreements

16.8

Municipal obligations

10.4

U.S. Treasury securities

8.1

Other instruments

2.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

44.0

8-14 days

1.4

15-29 days

3.4

30-59 days

10.1

60-89 days

5.0

90-179 days

21.7

180-269 days

8.8

270+ days

5.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3183 07-26 

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Semi-Annual Shareholder Report

Money Market Fund 

July 31, 2026 

Service Class 

WMOXX

This semi-annual shareholder report contains important information about Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Service Class

$23

0.45%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$41,651,944,072

# of portfolio holdings

332

Total advisory fees paid

$24,915,764

Weighted average maturity

44 days

Weighted average life

76 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Commercial paper

40.7

Certificates of deposit

22.0

Repurchase agreements

16.8

Municipal obligations

10.4

U.S. Treasury securities

8.1

Other instruments

2.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

44.0

8-14 days

1.4

15-29 days

3.4

30-59 days

10.1

60-89 days

5.0

90-179 days

21.7

180-269 days

8.8

270+ days

5.6

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3656 07-26 

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Semi-Annual Shareholder Report

National Tax-Free Money Market Fund 

July 31, 2026 

Administrator Class 

WNTXX

This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Administrator Class

$14

0.29%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$2,064,987,842

# of portfolio holdings

287

Total advisory fees paid

$976,354

Weighted average maturity

30 days

Weighted average life

31 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Tender option bond

45.0

Variable rate demand note

27.3

Other municipal debt

27.0

Treasury repurchase agreement

0.7

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

74.2

8-14 days

0.5

15-29 days

3.2

30-59 days

7.7

60-89 days

4.2

90-179 days

5.3

180-269 days

1.8

270+ days

3.1

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3710 07-26 

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Semi-Annual Shareholder Report

National Tax-Free Money Market Fund 

July 31, 2026 

Premier Class 

WFNXX

This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Premier Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$2,064,987,842

# of portfolio holdings

287

Total advisory fees paid

$976,354

Weighted average maturity

30 days

Weighted average life

31 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Tender option bond

45.0

Variable rate demand note

27.3

Other municipal debt

27.0

Treasury repurchase agreement

0.7

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

74.2

8-14 days

0.5

15-29 days

3.2

30-59 days

7.7

60-89 days

4.2

90-179 days

5.3

180-269 days

1.8

270+ days

3.1

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0477 07-26 

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Semi-Annual Shareholder Report

National Tax-Free Money Market Fund 

July 31, 2026 

Service Class 

MMIXX

This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Service Class

$20

0.40%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$2,064,987,842

# of portfolio holdings

287

Total advisory fees paid

$976,354

Weighted average maturity

30 days

Weighted average life

31 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Tender option bond

45.0

Variable rate demand note

27.3

Other municipal debt

27.0

Treasury repurchase agreement

0.7

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

74.2

8-14 days

0.5

15-29 days

3.2

30-59 days

7.7

60-89 days

4.2

90-179 days

5.3

180-269 days

1.8

270+ days

3.1

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0792 07-26 

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Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Administrator Class 

WTPXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Administrator Class

$17

0.34%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3720 07-26 

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Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Capital Class 

TPAXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from April 30, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Capital Class

$4Footnote Reference1

0.17%Footnote Reference2

Footnote Description

Footnote1

The Class commenced operations during the reporting period. Expenses for a full reporting period would be higher.

Footnote2

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR4731 07-26 

Image

Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Class A 

PIVXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Class A

$29

0.58%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0453 07-26 

Image

Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Institutional Class 

PISXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Institutional Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0793 07-26 

Image

Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Select Class 

WTLXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Select Class

$7

0.14%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR3803 07-26 

Image

Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Service Class 

PRVXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Service Class

$22

0.45%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR0454 07-26 

Image

Semi-Annual Shareholder Report

Treasury Plus Money Market Fund 

July 31, 2026 

Roberts & Ryan Class 

RRTXX

This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2026 to July 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. 

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

Table Summary

CLASS NAME

COSTS OF A $10,000 INVESTMENT

COSTS PAID AS A % OF A $10,000 INVESTMENT

Roberts & Ryan Class

$10

0.20%Footnote Reference1

Footnote Description

Footnote1

Annualized

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

KEY FUND STATISTICS

Table Summary

Total net assets

$29,235,135,972

# of portfolio holdings

63

Total advisory fees paid

$20,350,215

Weighted average maturity

45 days

Weighted average life

104 days

What did the Fund invest in? 

PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

Table Summary

Repurchase agreements

56.0

U.S. Treasury securities

44.0

EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

Table Summary

1-7 day(s)

54.8

8-14 days

1.7

15-29 days

4.0

30-59 days

2.8

60-89 days

3.4

90-179 days

9.0

180-269 days

7.9

270+ days

16.4

For more information

You can find additional information on the Fund's website at allspringglobal.com, including its:

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

SAR5124 07-26 


ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.


  

Government Money Market Funds 

Allspring 100% Treasury Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2026



Contents

Portfolio of investments

2

Item 7. Financial statements and financial highlights

Statement of assets and liabilities

4

Statement of operations

5

Statement of changes in net assets

6

Financial highlights

8

Notes to financial statements

14

Other information

18

Item 8. Changes in and disagreements with accountants

19

Item 9. Matters submitted to fund shareholders for a vote

19

Item 10. Remuneration paid to directors, officers and others

19

Item 11. Statement regarding basis for board’s approval of investment

advisory contract

20

Government Money Market Funds | 1


Portfolio of investments—July 31, 2026 (unaudited)

Portfolio of investments

Interest

rate

Maturity

date

Principal

Value

U.S. Treasury securities:  107.85%

U.S. Treasury Bills☼

3.44

%

2-18-2027

$

90,000,000

$88,313,475

U.S. Treasury Bills☼

3.65

8-6-2026

940,000,000

939,717,807

U.S. Treasury Bills☼

3.66

8-4-2026

1,489,905,000

1,489,755,630

U.S. Treasury Bills☼

3.66

8-11-2026

1,203,665,000

1,202,698,652

U.S. Treasury Bills☼

3.66

8-20-2026

1,511,200,000

1,508,623,661

U.S. Treasury Bills☼

3.66

9-8-2026

100,000,000

99,639,500

U.S. Treasury Bills☼

3.67

8-13-2026

1,700,000,000

1,698,292,708

U.S. Treasury Bills☼

3.68

8-18-2026

2,157,460,000

2,154,200,211

U.S. Treasury Bills☼

3.68

9-29-2026

425,000,000

422,566,563

U.S. Treasury Bills☼

3.69

8-27-2026

450,000,000

448,909,000

U.S. Treasury Bills☼

3.69

9-3-2026

845,650,000

843,001,406

U.S. Treasury Bills☼

3.69

9-15-2026

275,000,000

273,805,212

U.S. Treasury Bills☼

3.69

9-17-2026

400,000,000

398,181,750

U.S. Treasury Bills☼

3.69

10-6-2026

75,000,000

74,514,333

U.S. Treasury Bills☼

3.70

9-1-2026

1,600,000,000

1,595,438,612

U.S. Treasury Bills☼

3.72

8-25-2026

1,050,000,000

1,047,648,054

U.S. Treasury Bills☼

3.72

9-10-2026

550,000,000

547,870,943

U.S. Treasury Bills☼

3.72

9-22-2026

254,850,000

253,551,163

U.S. Treasury Bills☼

3.72

10-20-2026

75,000,000

74,403,625

U.S. Treasury Bills☼

3.72

12-3-2026

125,725,000

124,162,981

U.S. Treasury Bills☼

3.74

12-10-2026

100,000,000

98,679,811

U.S. Treasury Bills☼

3.75

9-24-2026

106,765,000

106,195,080

U.S. Treasury Bills☼

3.78

10-22-2026

100,000,000

99,171,111

U.S. Treasury Bills☼

3.79

10-1-2026

200,000,000

198,774,111

U.S. Treasury Bills☼

3.81

10-15-2026

250,000,000

248,092,621

U.S. Treasury Bills☼

3.82

10-27-2026

100,000,000

99,109,861

U.S. Treasury Bills☼

3.85

11-3-2026

150,000,000

148,546,208

U.S. Treasury Bills☼

3.87

10-29-2026

100,000,000

99,078,042

U.S. Treasury Bills☼

3.89

12-24-2026

50,000,000

49,237,333

U.S. Treasury Bills☼

3.89

12-31-2026

75,000,000

73,800,000

U.S. Treasury Bills☼

3.89

1-21-2027

50,000,000

49,089,188

U.S. Treasury Bills☼

3.90

11-24-2026

170,000,000

167,946,932

U.S. Treasury Bills☼

4.00

1-28-2027

50,000,000

49,024,708

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.95

1-31-2027

390,000,000

389,997,484

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.95

1-31-2028

300,000,000

299,968,674

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.96

4-30-2028

555,000,000

555,124,474

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

4-30-2027

275,000,000

275,014,524

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

7-31-2027

315,000,000

315,023,249

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.19%)±

4.04

10-31-2027

250,000,000

250,150,782

U.S. Treasury Notes

0.50

6-30-2027

50,000,000

48,456,780

U.S. Treasury Notes

0.63

3-31-2027

105,000,000

103,021,462

U.S. Treasury Notes

0.88

9-30-2026

55,000,000

54,752,065

The accompanying notes are an integral part of these financial statements.

2 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

U.S. Treasury securities(continued)

U.S. Treasury Notes

1.25

%

11-30-2026

$

65,000,000

$64,507,829

U.S. Treasury Notes

1.25

12-31-2026

42,500,000

42,102,340

U.S. Treasury Notes

2.75

4-30-2027

130,000,000

129,087,815

U.S. Treasury Notes

3.75

8-31-2026

65,000,000

64,999,371

U.S. Treasury Notes

3.75

4-30-2027

515,000,000

514,995,303

U.S. Treasury Notes

3.75

6-30-2027

75,000,000

74,884,229

U.S. Treasury Notes

3.88

3-31-2027

130,000,000

130,126,173

U.S. Treasury Notes

4.25

11-30-2026

50,000,000

50,085,695

U.S. Treasury Notes

4.25

12-31-2026

192,500,000

193,029,207

U.S. Treasury Notes

4.25

3-15-2027

210,000,000

210,881,667

U.S. Treasury Notes

4.38

7-15-2027

45,000,000

45,174,214

U.S. Treasury Notes

4.63

6-15-2027

95,000,000

95,576,973

Total U.S. treasury securities (Cost $20,679,000,602)

20,679,000,602

Total investments in securities (Cost $20,679,000,602)

107.85

%

20,679,000,602

Other assets and liabilities, net

(7.85

)

(1,505,568,863

)

Total net assets

100.00

%

$19,173,431,739

☼

Zero coupon security. The rate represents the current yield to maturity.

±

Variable rate investment. The rate shown is the rate in effect at period end.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 3


Statement of assets and liabilities—July 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities 

Assets

Investments in unaffiliated securities, at amortized cost

$20,679,000,602

Cash

30,490

Receivable for Fund shares sold

25,045,890

Receivable for interest

15,453,311

Prepaid expenses and other assets

198,328

Total assets

20,719,728,621

Liabilities

Payable for investments purchased

1,494,899,722

Payable for Fund shares redeemed

23,608,207

Dividends payable

22,883,236

Management fee payable

2,033,742

Administration fees payable

1,598,900

Shareholder servicing fees payable

1,188,953

Accrued expenses and other liabilities

84,122

Total liabilities

1,546,296,882

Total net assets

$19,173,431,739

Net assets consist of

Paid-in capital

$19,172,434,065

Total distributable earnings

997,674

Total net assets

$19,173,431,739

Computation of net asset value per share

Net assets–Administrator Class

$477,563,002

Shares outstanding–Administrator Class1

477,523,904

Net asset value per share–Administrator Class

$1.00

Net assets–Advisor Class

$100,117

Shares outstanding–Advisor Class1

100,109

Net asset value per share–Advisor Class

$1.00

Net assets–Capital Class

$100,909

Shares outstanding–Capital Class1

100,901

Net asset value per share–Capital Class

$1.00

Net assets–Institutional Class

$13,601,726,220

Shares outstanding–Institutional Class1

13,600,644,467

Net asset value per share–Institutional Class

$1.00

Net assets–Roberts & Ryan Class

$112,896

Shares outstanding–Roberts & Ryan Class1

112,887

Net asset value per share–Roberts & Ryan Class

$1.00

Net assets–Service Class

$5,093,828,595

Shares outstanding–Service Class1

5,093,441,345

Net asset value per share–Service Class

$1.00

1 The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

4 | Government Money Market Funds


Statement of operations—six months ended July 31, 2026 (unaudited)

Statement of operations 

Investment income

Interest

$341,942,946

Expenses

Management fee

12,648,543

Administration fees

Administrator Class

230,304

Advisor Class1

5

Capital Class2

15

Institutional Class

5,129,049

Roberts & Ryan Class

45

Service Class

3,095,518

Shareholder servicing fees

Administrator Class

230,304

Advisor Class1

7

Service Class

6,448,995

Custody and accounting fees

181,462

Professional fees

65,178

Registration fees

132,527

Shareholder report expenses

37,196

Trustees’ fees and expenses

74,519

Other fees and expenses

110,261

Total expenses

28,383,928

Less:  Fee waivers and/or expense reimbursements

Fund-level

(1,017,078

)

Administrator Class

(77,925

)

Advisor Class1

(1

)

Capital Class2

(5

)

Institutional Class

(877,495

)

Roberts & Ryan Class

(6

)

Service Class

(5,423

)

Net expenses

26,405,995

Net investment income

315,536,951

Net realized gains on investments

969,680

Net increase in net assets resulting from operations

$316,506,631

1 For the period from July 17, 2026 (commencement of class operations) to July 31, 2026

2 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 5


Statement of changes in net assets

Statement of changes in net assets 

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

Operations

Net investment income

$315,536,951

$698,478,517

Net realized gains on investments

969,680

5,116,254

Net increase in net assets resulting from operations

316,506,631

703,594,771

Distributions to shareholders from

Net investment income and net realized gains

Class A

N/A

(2,301,161

)1

Administrator Class

(7,852,886

)

(20,018,049

)

Advisor Class

(127

)2

N/A

Capital Class

(914

)3

N/A

Institutional Class

(225,021,407

)

(456,397,362

)

Roberts & Ryan Class

(1,988

)

(4,353

)

Service Class

(82,795,974

)

(225,104,711

)

Total distributions to shareholders

(315,673,296

)

(703,825,636

)

Capital share transactions

Shares

Shares

Proceeds from shares sold

Class A

N/A

N/A

84,318,086

1

84,318,086

1

Administrator Class

528,804,579

528,804,579

1,495,843,233

1,495,843,233

Advisor Class

100,000

2

100,000

2

N/A

N/A

Capital Class

100,007

3

100,007

3

N/A

N/A

Institutional Class

21,285,066,160

21,285,066,160

31,877,289,410

31,877,289,410

Roberts & Ryan Class

5,000

5,000

14

14

Service Class

10,469,962,721

10,469,962,721

18,074,484,635

18,074,484,635

32,284,038,467

51,531,935,378

Reinvestment of distributions

Class A

N/A

N/A

2,158,208

1

2,158,208

1

Administrator Class

4,540,245

4,540,245

12,656,065

12,656,065

Advisor Class

109

2

109

2

N/A

N/A

Capital Class

894

3

894

3

N/A

N/A

Institutional Class

171,064,880

171,064,880

367,175,829

367,175,829

Roberts & Ryan Class

1,977

1,977

4,353

4,353

Service Class

29,068,824

29,068,824

70,457,553

70,457,553

204,676,929

452,452,008

Payment for shares redeemed

Class A

N/A

N/A

(71,098,221

)1

(71,098,221

)1

Administrator Class

(509,671,619

)

(509,671,619

)

(1,651,858,669

)

(1,651,858,669

)

Institutional Class

(19,962,782,765

)

(19,962,782,765

)

(31,349,720,201

)

(31,349,720,201

)

Roberts & Ryan Class

(5,033

)

(5,033

)

0

0

Service Class

(10,861,990,295

)

(10,861,990,295

)

(19,429,316,286

)

(19,429,316,286

)

(31,334,449,712

)

(52,501,993,377

)

1 For the period from February 1, 2025 to September 12, 2025

2 For the period from July 17, 2026 (commencement of class operations) to July 31, 2026

3 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

6 | Government Money Market Funds


Statement of changes in net assets

Statement of changes in net assets

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

         Shares

         Shares

Share conversions

Class A

N/A

$N/A

(104,360,157

)4

$(104,360,157

)4

Service Class

0

0

104,360,157

4

104,360,157

4

0

0

Net increase (decrease) in net assets resulting from capital

share transactions

1,154,265,684

(517,605,991

)

Total increase (decrease) in net assets

1,155,099,019

(517,836,856

)

Net assets

Beginning of period

18,018,332,720

18,536,169,576

End of period

$19,173,431,739

$18,018,332,720

4 Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 7


Financial highlights

Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Administrator Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

(0.00

)3

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

0.00

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.70

%

3.99

%

4.94

%

4.95

%

1.65

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.34

%

0.34

%

0.35

%

0.35

%

0.35

%

0.34

%

Net expenses

0.30

%

0.30

%

0.30

%

0.30

%

0.28

%*

0.06

%*

Net investment income

3.41

%

3.90

%

4.76

%

4.86

%

1.73

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$477,563

$453,867

$597,240

$344,069

$417,372

$435,818

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

8 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Advisor Class

Six months ended

July 31, 20261

(unaudited)

Net asset value, beginning of period

$1.00

Net investment income

0.00

2,3

Net realized gains (losses) on investments

0.00

2

Total from investment operations

0.00

2

Distributions to shareholders from

Net investment income

(0.00

)4

Net asset value, end of period

$1.00

Total return5

0.11

%

Ratios to average net assets (annualized)

Gross expenses

0.43

%

Net expenses

0.42

%

Net investment income

3.28

%

Supplemental data

Net assets, end of period (000s omitted)

$100

1

For the period from July 17, 2026 (commencement of class operations) to July 31, 2026

2

Amount is less than $0.005.

3

Calculated based upon average shares outstanding

4

Amount is more than $(0.005).

5

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 9


Financial highlights

(For a share outstanding throughout each period) 

Capital Class

Six months ended

July 31, 20261

(unaudited)

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 asset value, end of period

$1.00

Total return4

0.89

%

Ratios to average net assets (annualized)

Gross expenses

0.20

%

Net expenses

0.17

%

Net investment income

3.53

%

Supplemental data

Net assets, end of period (000s omitted)

$101

1

For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

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.

The accompanying notes are an integral part of these financial statements.

10 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Institutional Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

(0.00

)3

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

0.00

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.75

%

4.10

%

5.05

%

5.06

%

1.74

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.22

%

0.22

%

0.23

%

0.23

%

0.23

%

0.23

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

0.19

%*

0.06

%*

Net investment income

3.51

%

3.97

%

4.93

%

4.99

%

1.54

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$13,601,726

$12,107,750

$11,213,105

$11,665,347

$6,965,776

$10,797,673

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 11


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Roberts & Ryan Class

2026

2025

20241

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

2

0.04

2

0.05

2

0.01

2

Net realized gains (losses) on investments

0.00

3

0.00

3

0.00

3

0.00

3

Total from investment operations

0.02

0.04

0.05

0.01

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net realized gains

0.00

(0.00

)3

(0.00

)3

(0.00

)3

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

Total return4

1.75

%

4.10

%

5.05

%

1.46

%

Ratios to average net assets (annualized)

Gross expenses

0.22

%

0.22

%

0.23

%

0.22

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

Net investment income

3.51

%

3.99

%

4.67

%

5.22

%

Supplemental data

Net assets, end of period (000s omitted)

$113

$111

$107

$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.

The accompanying notes are an integral part of these financial statements.

12 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Service Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

(0.00

)3

Total from investment operations

0.02

0.04

0.05

0.05

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.01

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

0.00

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.60

%

3.79

%

4.73

%

4.74

%

1.49

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.51

%

0.51

%

0.52

%

0.52

%

0.52

%

0.52

%

Net expenses

0.50

%

0.50

%

0.50

%

0.50

%

0.44

%*

0.06

%*

Net investment income

3.21

%

3.70

%

4.59

%

4.69

%

1.46

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$5,093,829

$5,456,604

$6,636,732

$5,261,162

$4,173,042

$5,336,278

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 13


Notes to financial statements (unaudited)

Notes to financial statements

1.ORGANIZATION

Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Class A shares became Service Class shares in a tax-free conversion. Shareholders of Class A received Service Class shares at a value equal to the value of their Class A shares immediately prior to the conversion. Class A shares are no longer offered by the Fund.

2.SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are valued using amortized cost which approximates market value and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

14 | Government Money Market Funds


Notes to financial statements (unaudited)

As of July 31, 2026, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.      

3.FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

•Level 1—quoted prices in active markets for identical securities

•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 

Quoted prices

(Level 1)

Other significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Assets

Investments in:

U.S. Treasury securities

$0

$20,679,000,602

$0

$20,679,000,602

Total assets

$0

$20,679,000,602

$0

$20,679,000,602

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2026, the Fund did not have any transfers into/out of Level 3.

4.TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:   

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

For the six months ended July 31, 2026, the management fee was equivalent to an annual rate of 0.14% of the Fund’s average daily net assets. 

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Government Money Market Funds | 15


Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows: 

Class-level

administration fee

Administrator Class

0.10

%

Advisor Class

0.12

Capital Class

0.06

Institutional Class

0.08

Roberts & Ryan Class

0.08

Service Class

0.12

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2027 (May 31, 2028 for Advisor Class) to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2026, the contractual caps are as follows:       

EXPENSE RATIO CAPS

Administrator Class

0.30

%

Advisor Class

0.42

Capital Class

0.17

Institutional Class

0.20

Roberts & Ryan Class

0.20

Service Class

0.50

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class, Administrator Class and Advisor Class are charged a fee at an annual rate up to 0.25%, 0.10% and 0.17% respectively of the respective average daily net assets of each class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2026.

5.CREDIT RISK

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

6.INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated. 

16 | Government Money Market Funds


Notes to financial statements (unaudited)

7.OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.

8.SUBSEQUENT EVENT

At the Fund’s Board meeting held on August 17-19, 2026, the Board of Trustees approved the addition of a new share class, “Token Class”. The Fund’s Token Class shares are not currently offered.

Government Money Market Funds | 17


Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Shareholders may view the filed Form N-MFP by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.

18 | Government Money Market Funds


Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Government Money Market Funds | 19


Other information (unaudited)

Item 11. Statement regarding basis for the board’s approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 18-20, 2026 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring 100% Treasury Money Market Fund (the “Fund”):  (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2026, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2026. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above conferred with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent, and quality of services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, recent changes in such senior management, and a summary of investments made in the Allspring Global Investments business.* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates, including the Sub-Adviser.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plan and Allspring Global Investments’ business resiliency and disaster recovery plans, their

*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”

20 | Government Money Market Funds


Other information (unaudited)

approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as the Fund’s valuation designee. The Board also received and considered information about Allspring Funds Management’s derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2025. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising the expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not the class level.

Among other information reviewed by the Board was a comparison of the Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of a fund.

Government Money Market Funds | 21


Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to the Fund and shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

22 | Government Money Market Funds


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For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-800-260-5969

  

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

NCSRS0252 07-26



  

Government Money Market Funds 

Allspring Government Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2026



Contents

Portfolio of investments

2

Item 7. Financial statements and financial highlights

Statement of assets and liabilities

11

Statement of operations

13

Statement of changes in net assets

14

Financial highlights

16

Notes to financial statements

25

Other information

29

Item 8. Changes in and disagreements with accountants

30

Item 9. Matters submitted to fund shareholders for a vote

30

Item 10. Remuneration paid to directors, officers and others

30

Item 11. Statement regarding basis for board’s approval of investment

advisory contract

31

Government Money Market Funds | 1


Portfolio of investments—July 31, 2026 (unaudited)

Portfolio of investments

Interest

rate

Maturity

date

Principal

Value

Government agency debt:  24.28%

FFCB

3.38

%

1-13-2027

$

25,000,000

$24,984,536

FFCB

3.50

10-2-2026

125,000,000

124,981,687

FFCB

3.50

10-27-2026

103,000,000

102,979,184

FFCB

3.50

2-26-2027

285,000,000

284,935,841

FFCB

3.50

3-9-2027

127,904,000

127,824,209

FFCB☼

3.57

8-25-2026

10,000,000

9,978,489

FFCB☼

3.63

8-18-2026

25,000,000

24,962,708

FFCB☼

3.63

10-15-2026

40,000,000

39,709,622

FFCB

3.63

11-19-2026

19,025,000

19,020,002

FFCB

3.63

4-29-2027

30,000,000

29,971,725

FFCB☼

3.65

10-8-2026

40,000,000

39,736,000

FFCB (U.S. SOFR+0.06%)±

3.71

9-4-2026

65,000,000

65,000,000

FFCB (U.S. SOFR+0.06%)±

3.71

6-15-2027

75,000,000

74,990,326

FFCB (U.S. SOFR+0.07%)±

3.72

9-18-2026

100,000,000

100,000,000

FFCB

3.72

11-4-2026

100,000,000

99,983,438

FFCB (U.S. SOFR+0.07%)±

3.72

3-24-2027

125,000,000

125,000,000

FFCB (U.S. SOFR+0.07%)±

3.72

4-1-2027

400,000,000

400,000,000

FFCB Series 2 (U.S. SOFR+0.07%)±

3.72

7-9-2027

44,900,000

44,901,265

FFCB Series 1 (U.S. SOFR+0.07%)±

3.72

8-18-2027

50,000,000

50,000,000

FFCB (U.S. SOFR+0.07%)±

3.72

11-5-2027

230,000,000

230,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

3-11-2027

40,000,000

40,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

3-18-2027

280,000,000

280,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

11-23-2027

120,000,000

120,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

12-22-2027

275,000,000

275,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

12-29-2027

135,000,000

135,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

1-5-2028

175,000,000

174,991,235

FFCB (U.S. SOFR+0.08%)±

3.73

1-11-2028

30,000,000

30,000,000

FFCB (U.S. SOFR+0.08%)±

3.73

1-12-2028

355,000,000

354,843,879

FFCB (U.S. SOFR+0.08%)±

3.73

1-20-2028

155,000,000

154,982,054

FFCB (U.S. SOFR+0.09%)±

3.74

8-17-2026

60,000,000

60,000,000

FFCB Series 1 (U.S. SOFR+0.09%)±

3.74

2-4-2027

130,000,000

130,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

2-26-2027

100,000,000

100,007,498

FFCB (U.S. SOFR+0.09%)±

3.74

3-11-2027

145,000,000

145,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

9-28-2027

155,000,000

155,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

12-9-2027

300,000,000

300,000,000

FFCB Series 1 (U.S. SOFR+0.09%)±

3.74

1-3-2028

16,500,000

16,503,125

FFCB (U.S. SOFR+0.09%)±

3.74

1-6-2028

210,000,000

210,000,000

FFCB Series 2 (U.S. SOFR+0.09%)±

3.74

2-11-2028

50,000,000

50,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

2-17-2028

45,000,000

45,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

2-25-2028

80,000,000

80,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

3-2-2028

45,000,000

45,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

3-9-2028

257,000,000

256,986,120

FFCB (U.S. SOFR+0.09%)±

3.74

3-13-2028

155,000,000

155,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

3-16-2028

95,000,000

95,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

3-17-2028

320,000,000

320,003,134

FFCB (U.S. SOFR+0.09%)±

3.74

3-20-2028

280,000,000

280,000,000

FFCB (U.S. SOFR+0.09%)±

3.74

3-24-2028

45,000,000

45,000,000

FFCB Series 1 (U.S. SOFR+0.09%)±

3.74

3-27-2028

225,000,000

225,000,000

The accompanying notes are an integral part of these financial statements.

2 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Government agency debt(continued)

FFCB (U.S. SOFR+0.09%)±

3.74

%

4-6-2028

$

68,000,000

$67,987,775

FFCB (U.S. SOFR+0.09%)±

3.74

4-10-2028

86,000,000

85,998,440

FFCB (U.S. SOFR+0.09%)±

3.74

4-17-2028

100,000,000

99,940,939

FFCB (U.S. SOFR+0.09%)±

3.74

5-15-2028

30,000,000

30,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

2-12-2027

140,000,000

140,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

2-25-2027

125,000,000

125,000,000

FFCB

3.75

3-30-2027

109,000,000

108,919,509

FFCB (U.S. Federal Funds Effective Rate+0.12%)±

3.75

6-9-2027

125,000,000

125,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

6-17-2027

140,000,000

140,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

6-23-2027

65,000,000

65,000,000

FFCB (U.S. Federal Funds Effective Rate+0.12%)±

3.75

6-23-2027

210,000,000

210,000,000

FFCB Series 1 (U.S. SOFR+0.10%)±

3.75

7-9-2027

320,000,000

320,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

12-1-2027

115,000,000

115,020,496

FFCB Series 2 (U.S. SOFR+0.10%)±

3.75

1-28-2028

90,000,000

90,000,000

FFCB (U.S. SOFR+0.10%)±

3.75

4-27-2028

130,000,000

130,000,000

FFCB (U.S. SOFR+0.11%)±

3.76

5-14-2027

115,000,000

115,000,000

FFCB Series 2 (U.S. SOFR+0.11%)±

3.76

5-27-2027

230,000,000

230,000,000

FFCB (U.S. Federal Funds Effective Rate+0.13%)±

3.76

7-9-2027

100,000,000

100,000,000

FFCB (U.S. Federal Funds Effective Rate+0.14%)±

3.77

2-3-2027

40,000,000

40,000,000

FFCB Series 1 (U.S. SOFR+0.12%)±

3.77

7-15-2027

125,000,000

125,000,000

FFCB (U.S. SOFR+0.12%)±

3.77

11-26-2027

400,000,000

400,000,000

FFCB Series 1 (U.S. SOFR+0.13%)±

3.78

11-2-2026

150,000,000

150,000,000

FFCB (U.S. SOFR+0.13%)±

3.78

4-16-2027

150,000,000

150,000,000

FFCB (U.S. SOFR+0.13%)±

3.78

5-5-2027

150,000,000

150,000,000

FFCB (U.S. SOFR+0.13%)±

3.78

8-18-2027

90,000,000

90,000,000

FFCB (U.S. SOFR+0.13%)±

3.78

8-24-2027

100,000,000

100,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

8-19-2026

62,000,000

62,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

8-26-2026

50,000,000

50,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

9-3-2026

70,000,000

70,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

9-4-2026

70,000,000

70,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

9-9-2026

25,000,000

25,000,000

FFCB (U.S. SOFR+0.14%)±

3.79

1-8-2027

45,000,000

45,000,000

FFCB (U.S. Federal Funds Effective Rate+0.17%)±

3.80

8-16-2027

90,000,000

90,000,000

FFCB (U.S. SOFR+0.15%)±

3.80

9-3-2027

50,000,000

50,008,783

FFCB (U.S. Federal Funds Effective Rate+0.18%)±

3.81

11-6-2026

175,000,000

175,000,000

FFCB Series 2 (U.S. Federal Funds Effective Rate+0.18%)±

3.81

11-19-2027

100,000,000

100,000,000

FFCB (U.S. SOFR+0.19%)±

3.84

4-3-2028

190,000,000

190,320,548

FFCB

3.88

5-26-2027

70,000,000

69,990,972

FFCB (U.S. SOFR+0.25%)±

3.90

11-12-2027

100,000,000

100,225,088

FFCB (U.S. SOFR+0.25%)±

3.90

4-21-2028

175,000,000

175,466,275

FFCB (U.S. Treasury 3 Month Bill Money Market

Yield+0.09%)±

3.94

10-27-2027

100,000,000

99,975,625

FFCB (U.S. Treasury 3 Month Bill Money Market

Yield+0.17%)±

4.02

7-23-2027

200,000,000

198,995,532

FFCB Series 1 (U.S. Treasury 3 Month Bill Money Market

Yield+0.17%)±

4.02

7-30-2027

50,000,000

50,000,000

FFCB (U.S. Treasury 3 Month Bill Money Market

Yield+0.18%)±

4.03

4-30-2027

95,000,000

95,000,000

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 3


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Government agency debt(continued)

FHLB

1.02

%

2-24-2027

$

27,750,000

$27,363,672

FHLB

1.25

12-21-2026

221,910,000

220,019,234

FHLB

3.38

4-9-2027

1,000,000,000

998,080,229

FHLB☼

3.50

10-2-2026

146,100,000

145,259,925

FHLB☼

3.53

8-31-2026

26,450,000

26,378,409

FHLB☼

3.54

9-14-2026

300,000,000

298,776,750

FHLB☼

3.54

9-16-2026

300,000,000

298,718,500

FHLB☼

3.59

9-18-2026

33,000,000

32,850,730

FHLB☼

3.60

8-5-2026

126,000,000

125,975,150

FHLB

3.62

2-8-2027

100,000,000

100,000,000

FHLB

3.63

9-4-2026

50,000,000

50,001,955

FHLB

3.65

12-4-2026

500,000,000

499,839,504

FHLB

3.65

3-24-2027

500,000,000

500,000,000

FHLB (U.S. SOFR+0.06%)±

3.71

6-1-2027

700,000,000

700,000,000

FHLB (U.S. SOFR+0.06%)±

3.71

7-20-2027

250,000,000

250,000,000

FHLB (U.S. SOFR+0.07%)±

3.72

8-10-2026

250,000,000

250,000,000

FHLB

3.73

4-2-2027

1,000,000,000

1,000,000,000

FHLB (U.S. SOFR+0.08%)±

3.73

1-14-2028

50,000,000

49,977,894

FHLB (U.S. SOFR+0.08%)±

3.73

1-20-2028

250,000,000

250,000,000

FHLB

3.74

1-8-2027

500,000,000

500,000,000

FHLB (U.S. SOFR+0.09%)±

3.74

12-2-2027

250,000,000

250,000,000

FHLB (U.S. SOFR+0.09%)±

3.74

12-6-2027

250,000,000

250,000,000

FHLB Series 1 (U.S. SOFR+0.09%)±

3.74

1-20-2028

250,000,000

250,000,000

FHLB (U.S. SOFR+0.09%)±

3.74

3-10-2028

75,000,000

75,000,000

FHLB (U.S. SOFR+0.09%)±

3.74

4-17-2028

36,750,000

36,749,423

FHLB (U.S. SOFR+0.10%)±

3.75

10-16-2026

150,000,000

150,000,000

FHLB

3.75

10-23-2026

250,000,000

249,966,677

FHLB

3.75

4-2-2027

250,000,000

250,000,000

FHLB (U.S. SOFR+0.10%)±

3.75

6-11-2027

300,000,000

300,000,000

FHLB (U.S. SOFR+0.10%)±

3.75

6-14-2027

100,000,000

100,000,000

FHLB (U.S. SOFR+0.10%)±

3.75

6-16-2027

250,000,000

250,000,000

FHLB (U.S. SOFR+0.10%)±

3.75

7-2-2027

250,000,000

250,000,000

FHLB

3.76

12-17-2026

500,000,000

500,000,000

FHLB (U.S. SOFR+0.13%)±

3.78

8-18-2027

100,000,000

100,000,000

FHLB (U.S. SOFR+0.14%)±

3.79

8-21-2026

50,000,000

50,000,000

FHLB (U.S. SOFR+0.14%)±

3.79

9-4-2026

150,000,000

150,000,000

FHLB

3.81

12-4-2026

333,333,333

333,333,333

FHLB

3.84

11-6-2026

500,000,000

500,000,000

FHLB

3.85

4-14-2027

500,000,000

500,000,000

FHLB

3.86

5-28-2027

500,000,000

500,000,000

FHLB

3.97

4-22-2027

250,000,000

250,000,000

FHLB

4.00

10-9-2026

132,450,000

132,533,150

FHLB

4.00

3-10-2027

90,875,000

90,873,714

FHLB

4.13

1-15-2027

56,345,000

56,482,177

FHLB

4.63

9-11-2026

100,000,000

100,109,683

FHLMC

3.64

3-19-2027

500,000,000

500,000,000

FHLMC (U.S. SOFR+0.08%)±

3.73

1-8-2027

250,000,000

250,000,000

FHLMC (U.S. SOFR+0.10%)±

3.75

5-5-2027

268,000,000

268,000,000

The accompanying notes are an integral part of these financial statements.

4 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Government agency debt(continued)

FHLMC (U.S. SOFR+0.12%)±

3.77

%

5-5-2027

$

664,866,000

$664,832,150

FHLMC (U.S. SOFR+0.14%)±

3.79

10-16-2026

141,000,000

141,000,000

FHLMC (U.S. SOFR+0.14%)±

3.79

9-22-2027

335,000,000

335,047,592

FHLMC (U.S. SOFR+0.14%)±

3.79

10-6-2027

300,000,000

300,000,000

FHLMC (U.S. SOFR+0.22%)±

3.87

5-23-2028

391,300,000

392,190,615

FNMA (U.S. SOFR+0.08%)±

3.73

12-22-2027

633,000,000

632,916,256

FNMA (U.S. SOFR+0.08%)±

3.73

1-7-2028

728,000,000

727,899,460

FNMA (U.S. SOFR+0.09%)±

3.74

2-2-2028

156,000,000

156,000,000

FNMA (U.S. SOFR+0.09%)±

3.74

3-6-2028

227,000,000

226,992,136

FNMA (U.S. SOFR+0.09%)±

3.74

4-6-2028

235,000,000

234,987,445

FNMA (U.S. SOFR+0.09%)±

3.74

5-8-2028

149,000,000

149,000,000

FNMA (U.S. SOFR+0.09%)±

3.74

6-8-2028

192,000,000

192,000,000

FNMA (U.S. SOFR+0.14%)±

3.79

8-21-2026

329,000,000

329,000,000

FNMA (U.S. SOFR+0.14%)±

3.79

11-20-2026

182,900,000

182,900,017

FNMA (U.S. SOFR+0.14%)±

3.79

12-11-2026

478,000,000

478,000,000

FNMA (U.S. SOFR+0.26%)±

3.91

11-5-2027

355,600,000

356,417,932

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.82

6-20-2027

1,333,334

1,333,334

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.82

9-20-2027

4,464,285

4,464,285

U.S. International Development Finance Corp. Series 2

(U.S. Treasury 3 Month Bill+0.00%)§±

3.82

9-20-2038

2,792,490

2,792,490

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.82

7-7-2040

45,289,874

45,289,875

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.83

1-15-2030

5,283,019

5,283,019

U.S. International Development Finance Corp. Series 9

(U.S. Treasury 3 Month Bill+0.00%)§±

3.83

5-15-2030

10,574,000

10,574,000

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.83

10-15-2032

10,320,513

10,320,513

U.S. International Development Finance Corp. Series IV

(U.S. Treasury 3 Month Bill+0.00%)§±

3.83

11-15-2033

12,034,190

12,034,190

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.83

6-15-2034

9,459,485

9,459,485

U.S. International Development Finance Corp. Series 3

(U.S. Treasury 3 Month Bill+0.00%)§±

3.94

12-15-2026

300,001

300,001

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.94

1-20-2027

5,666,667

5,666,667

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.94

9-2-2031

30,373,544

30,373,544

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.94

9-30-2031

43,862,640

43,862,640

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.94

12-20-2031

33,255,814

33,255,814

U.S. International Development Finance Corp. (U.S. Treasury

3 Month Bill+0.00%)§±

3.94

11-20-2037

21,208,668

21,208,668

Total government agency debt (Cost $30,268,818,296)

30,268,818,296

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 5


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Municipal obligations:  0.05%

Colorado:  0.05%

Variable rate demand notes ø:  0.05%

Colorado HFA Series C-2 Class II (Housing revenue, GNMA

Insured, FHLB SPA)

3.72

%

5-1-2052

$

39,370,000

$39,370,000

Colorado HFA Series D2 Class I (Housing revenue, GNMA

Insured, FHLB SPA)

3.72

5-1-2042

24,765,000

24,765,000

Total municipal obligations (Cost $64,135,000)

64,135,000

Other instruments:  0.62%

Variable rate demand notes ø:  0.62%

17th Street Rentals LLC

3.72

2-1-2061

18,200,000

18,200,000

2020 Sheu Family Exempt Trust

3.72

7-1-2041

9,175,000

9,175,000

Ashton Portfolio Borrowers Series 2026

3.72

5-1-2066

70,000,000

70,000,000

CLC Irrevocable Life Insurance Trust Series 2026

3.72

5-1-2051

18,115,000

18,115,000

Columbus Hotel Investment One LLC Series 2018

3.72

10-1-2048

6,535,000

6,535,000

Contour Sierra LLC Series 2026

3.72

7-1-2066

19,590,000

19,590,000

DMA Lancaster LLC Series A

3.72

7-1-2064

39,310,000

39,310,000

ELK Grove Independent Living LLC/ELK Grove Memory

Care LLC Series 2025

3.72

11-1-2065

57,250,000

57,250,000

Fehr Family Investments Project Series 2026

3.72

2-1-2056

25,000,000

25,000,000

Hotel Legado Redondo LLC Series 2026

3.72

6-1-2066

45,400,000

45,400,000

Karlo Lacey Apartments LLC Series 2026

3.72

1-1-2066

53,120,000

53,120,000

Ken-Vin Life Co. LLC Series 2025

3.72

2-1-2075

45,930,000

45,930,000

L Ward Huntley Irrevocable Life Insurance Trust u/a

Series 2021

3.72

4-1-2071

21,350,000

21,350,000

La Mesa Senior Living LP

3.72

8-1-2057

48,125,000

48,125,000

Magnolia Place Arlington LLC/MP Smokey Point LLC

Series 2025

3.72

12-1-2065

36,000,000

36,000,000

Our Family IV LLC

3.72

1-1-2044

13,785,000

13,785,000

Renaissance 88 Co. LP

3.72

4-1-2062

27,000,000

27,000,000

Rock Hill SI LLC Series 2021

3.72

6-1-2061

35,700,000

35,700,000

Rohnert Park 668 LP Series A

3.72

6-1-2058

20,920,000

20,920,000

Senior Living Riverside LP Series 2025

3.72

8-1-2065

43,940,000

43,940,000

Southside Brookshore Associates LP Series A

3.72

9-1-2059

7,640,000

7,640,000

Thomas Bently Durant Irrevocable Life Insurance Trust

Series 2024

3.72

3-1-2044

10,000,000

10,000,000

Vickie Bice Life Insurance Trust Series 2021

3.72

8-1-2046

6,550,000

6,550,000

Village Gate Apartments LLC/Village Gate at Knightdale LLC

Series 2026

3.72

3-1-2066

42,100,000

42,100,000

VPM Linden Manor LP Series A

3.72

9-1-2060

15,200,000

15,200,000

VSL Property Holdings AB LLC

3.72

5-1-2054

17,400,000

17,400,000

Wingo Family Master Trust Series 2025

3.72

12-1-2050

23,180,000

23,180,000

Total other instruments (Cost $776,515,000)

776,515,000

Repurchase agreements^^:  50.41%

Australia & New Zealand Banking Group Ltd., dated

7-31-2026, maturity value $2,000,610,000(01)

3.66

8-3-2026

2,000,000,000

2,000,000,000

The accompanying notes are an integral part of these financial statements.

6 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Repurchase agreements(continued)

Bank of America, dated 7-30-2026, maturity value

$1,041,657,778(02)

4.12

%

7-29-2027

$

1,000,000,000

$1,000,000,000

Bank of America NA, dated 7-31-2026, maturity value

$1,150,349,792(03)

3.65

8-3-2026

1,150,000,000

1,150,000,000

Citibank NA, dated 7-29-2026, maturity value

$250,177,917(04)

3.66

8-5-2026

250,000,000

250,000,000

Citigroup Global Markets Holdings, Inc., dated 5-28-2026,

maturity value $252,357,500(05)

3.69

8-28-2026

250,000,000

250,000,000

Daiwa Capital Markets America, Inc., dated 7-31-2026,

maturity value $50,015,208(06)

3.65

8-3-2026

50,000,000

50,000,000

Deutsche Bank Securities, Inc., dated 7-31-2026, maturity

value $1,950,591,500(07)

3.64

8-3-2026

1,950,000,000

1,950,000,000

Fixed Income Clearing Corp. - Bank of America Securities,

dated 7-31-2026, maturity value $1,000,304,167(08)

3.65

8-3-2026

1,000,000,000

1,000,000,000

Fixed Income Clearing Corp. - Barclays, dated 7-31-2026,

maturity value $5,001,525,000(09)

3.66

8-3-2026

5,000,000,000

5,000,000,000

Fixed Income Clearing Corp. - Barclays, dated 7-31-2026,

maturity value $15,004,575,000(10)

3.66

8-3-2026

15,000,000,000

15,000,000,000

Fixed Income Clearing Corp. - BBVA, dated 7-31-2026,

maturity value $2,250,684,375(11)

3.65

8-3-2026

2,250,000,000

2,250,000,000

Fixed Income Clearing Corp. - BNP Paribas, dated 7-31-2026,

maturity value $500,152,083(12)

3.65

8-3-2026

500,000,000

500,000,000

Fixed Income Clearing Corp. - CIBC, dated 7-31-2026,

maturity value $2,000,610,000(13)

3.66

8-3-2026

2,000,000,000

2,000,000,000

Fixed Income Clearing Corp. - Goldman Sachs, dated

7-31-2026, maturity value $1,500,455,000(14)

3.64

8-3-2026

1,500,000,000

1,500,000,000

Fixed Income Clearing Corp. - ING, dated 7-31-2026,

maturity value $1,000,305,000(15)

3.66

8-3-2026

1,000,000,000

1,000,000,000

Fixed Income Clearing Corp. - Mizuho Bank, dated

7-31-2026, maturity value $2,950,899,750(16)

3.66

8-3-2026

2,950,000,000

2,950,000,000

Fixed Income Clearing Corp. - Natixis, dated 7-31-2026,

maturity value $2,000,608,333(17)

3.65

8-3-2026

2,000,000,000

2,000,000,000

Fixed Income Clearing Corp. - Nomura Securities, dated

7-31-2026, maturity value $2,500,760,417(18)

3.65

8-3-2026

2,500,000,000

2,500,000,000

Fixed Income Clearing Corp. - State Street Bank & Trust Co.,

dated 7-31-2026, maturity value $1,000,304,167(19)

3.65

8-3-2026

1,000,000,000

1,000,000,000

Fixed Income Clearing Corp. - Wells Fargo Bank, dated

7-31-2026, maturity value $2,000,608,333(20)

3.65

8-3-2026

2,000,000,000

2,000,000,000

Goldman Sachs & Co. LLC, dated 7-31-2026, maturity value

$1,000,304,167(21)

3.65

8-3-2026

1,000,000,000

1,000,000,000

ING Financial Markets LLC, dated 7-30-2026, maturity value

$502,518,056(22)

3.70

9-17-2026

500,000,000

500,000,000

JPMorgan Securities LLC, dated 7-31-2026, maturity value

$50,015,208(23)

3.65

8-3-2026

50,000,000

50,000,000

JPMorgan Securities LLC, dated 8-20-2024, maturity value

$3,218,976,667∆(24)

3.67

8-6-2026

3,000,000,000

3,000,000,000

JPMorgan Securities LLC, dated 8-20-2024, maturity value

$2,146,382,222∆(25)

3.68

8-6-2026

2,000,000,000

2,000,000,000

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 7


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Repurchase agreements(continued)

MUFG Securities Americas, dated 7-30-2026, maturity value

$750,457,500(26)

3.66

%

8-5-2026

$

750,000,000

$750,000,000

MUFG Securities Canada Ltd., dated 7-31-2026, maturity

value $1,250,380,208(27)

3.65

8-3-2026

1,250,000,000

1,250,000,000

MUFG Securities Canada Ltd., dated 7-30-2026, maturity

value $1,507,554,167(28)

3.70

9-17-2026

1,500,000,000

1,500,000,000

Natixis, dated 7-31-2026, maturity value

$1,192,786,702(29)

3.64

8-3-2026

1,192,425,000

1,192,425,000

PNC BANK NA, dated 7-31-2026, maturity value

$1,000,305,000(30)

3.66

8-3-2026

1,000,000,000

1,000,000,000

RBC Dominion, dated 7-31-2026, maturity value

$100,030,500(31)

3.66

8-3-2026

100,000,000

100,000,000

Sumitomo Mitsui Banking Corp., dated 7-29-2026, maturity

value $145,303,406(32)

3.76

8-12-2026

145,091,250

145,091,250

Sumitomo Mitsui Banking Corp., dated 7-24-2026, maturity

value $148,794,344(33)

3.81

10-23-2026

147,375,000

147,375,000

Sumitomo Mitsui Banking Corp., dated 7-17-2026, maturity

value $470,905,574(34)

3.82

10-14-2026

466,500,000

466,500,000

TD Securities USA LLC, dated 7-31-2026, maturity value

$400,121,667(35)

3.65

8-3-2026

400,000,000

400,000,000

Wells Fargo Securities, dated 7-31-2026, maturity value

$2,000,608,333(36)

3.65

8-3-2026

2,000,000,000

2,000,000,000

Wells Fargo Securities, dated 5-29-2026, maturity value

$504,612,500(37)

3.69

8-27-2026

500,000,000

500,000,000

Wells Fargo Securities, dated 7-30-2026, maturity value

$502,518,056(38)

3.70

9-17-2026

500,000,000

500,000,000

Wells Fargo Securities, dated 6-8-2026, maturity value

$1,009,481,111(39)

3.71

9-8-2026

1,000,000,000

1,000,000,000

Total repurchase agreements (Cost $62,851,391,250)

62,851,391,250

U.S. Treasury securities:  20.15%

U.S. Treasury Bills☼

3.69

8-27-2026

1,550,000,000

1,546,238,667

U.S. Treasury Bills☼

3.70

9-3-2026

700,000,000

697,800,464

U.S. Treasury Bills☼

3.70

9-15-2026

750,000,000

746,729,611

U.S. Treasury Bills☼

3.71

8-18-2026

750,000,000

748,857,500

U.S. Treasury Bills☼

3.72

12-3-2026

350,000,000

345,652,903

U.S. Treasury Bills☼

3.74

12-10-2026

375,000,000

370,046,937

U.S. Treasury Bills☼

3.78

8-25-2026

850,000,000

848,065,154

U.S. Treasury Bills☼

3.78

10-22-2026

700,000,000

694,197,778

U.S. Treasury Bills☼

3.81

10-15-2026

1,500,000,000

1,488,555,729

U.S. Treasury Bills☼

3.81

11-10-2026

1,150,000,000

1,138,123,231

U.S. Treasury Bills☼

3.83

9-22-2026

450,000,000

447,641,407

U.S. Treasury Bills☼

3.88

1-7-2027

250,000,000

245,823,146

U.S. Treasury Bills☼

3.89

12-31-2026

750,000,000

738,000,000

U.S. Treasury Bills☼

3.89

1-21-2027

350,000,000

343,623,541

U.S. Treasury Bills☼

3.90

11-24-2026

130,000,000

128,430,007

U.S. Treasury Bills☼

3.91

7-8-2027

525,000,000

505,917,125

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.95

1-31-2027

520,000,000

519,978,766

The accompanying notes are an integral part of these financial statements.

8 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

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+0.10%)±

3.95

%

1-31-2028

$

500,000,000

$499,894,129

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.96

4-30-2028

1,100,000,000

1,100,212,293

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

4-30-2027

100,000,000

100,000,956

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

7-31-2027

409,000,000

409,372,257

U.S. Treasury Notes

0.50

6-30-2027

350,000,000

339,197,460

U.S. Treasury Notes

0.63

3-31-2027

270,000,000

264,948,374

U.S. Treasury Notes

0.75

8-31-2026

150,000,000

149,662,445

U.S. Treasury Notes

0.88

9-30-2026

235,000,000

233,962,053

U.S. Treasury Notes

1.25

11-30-2026

545,000,000

540,868,629

U.S. Treasury Notes

1.25

12-31-2026

725,000,000

718,260,815

U.S. Treasury Notes

2.75

4-30-2027

400,000,000

397,165,517

U.S. Treasury Notes

3.50

9-30-2026

360,000,000

359,879,447

U.S. Treasury Notes

3.75

8-31-2026

332,000,000

331,996,786

U.S. Treasury Notes

3.75

4-30-2027

1,160,000,000

1,160,036,527

U.S. Treasury Notes

3.75

6-30-2027

675,000,000

673,917,147

U.S. Treasury Notes

3.88

3-31-2027

875,000,000

876,049,407

U.S. Treasury Notes

4.25

11-30-2026

655,000,000

656,117,914

U.S. Treasury Notes

4.25

12-31-2026

1,145,000,000

1,148,076,864

U.S. Treasury Notes

4.25

3-15-2027

1,460,000,000

1,466,294,791

U.S. Treasury Notes

4.38

12-15-2026

500,000,000

501,507,923

U.S. Treasury Notes

4.38

7-15-2027

865,000,000

867,643,487

U.S. Treasury Notes

4.63

10-15-2026

180,000,000

180,371,160

U.S. Treasury Notes

4.63

6-15-2027

581,000,000

584,598,702

Total U.S. treasury securities (Cost $25,113,717,049)

25,113,717,049

Total investments in securities (Cost $119,074,576,595)

95.51

%

119,074,576,595

Other assets and liabilities, net

4.49

5,598,219,745

Total net assets

100.00

%

$124,672,796,340

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 9


Portfolio of investments—July 31, 2026 (unaudited)

☼

Zero coupon security. The rate represents the current yield to maturity.

±

Variable rate investment. The rate shown is the rate in effect at period end.

§

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.

^^

Collateralized by:

(01) U.S. government securities, 1.13% to 5.38%, 12-31-2026 to 2-15-2056, fair value including accrued interest is $2,035,834,061.

(02) U.S. government securities, 0.13% to 4.00%, 6-30-2028 to 2-15-2051, fair value including accrued interest is $1,020,000,053.

(03) U.S. government securities, 2.00% to 2.50%, 9-1-2050 to 9-1-2051, fair value including accrued interest is $1,184,500,000.

(04) U.S. government securities, 1.88% to 4.25%, 2-9-2028 to 2-15-2051, fair value including accrued interest is $255,000,092.

(05) U.S. government securities, 0.00% to 8.88%, 2-15-2027 to 8-15-2047, fair value including accrued interest is $255,000,001.

(06) U.S. government securities, 1.50% to 7.00%, 10-15-2032 to 2-20-2066, fair value including accrued interest is $51,500,000.

(07) U.S. government securities, 1.13% to 5.00%, 5-15-2039 to 5-15-2056, fair value including accrued interest is $1,989,000,085.

(08) U.S. government securities, 0.00% to 4.63%, 8-20-2026 to 5-15-2052, fair value including accrued interest is $1,020,000,057.

(09) U.S. government securities, 0.00% to 6.13%, 8-4-2026 to 5-15-2056, fair value including accrued interest is $5,100,000,003.

(10) U.S. government securities, 0.00% to 6.75%, 8-4-2026 to 2-15-2036, fair value including accrued interest is $15,300,000,091.

(11) U.S. government securities, 0.00% to 5.38%, 8-18-2026 to 5-15-2056, fair value including accrued interest is $2,295,000,005.

(12) U.S. government securities, 0.00% to 6.25%, 10-29-2026 to 5-15-2056, fair value including accrued interest is $510,000,027.

(13) U.S. government securities, 3.50% to 4.00%, 12-15-2028 to 2-28-2033, fair value including accrued interest is $2,040,000,000.

(14) U.S. government securities, 0.00% to 6.75%, 8-15-2026 to 11-15-2034, fair value including accrued interest is $1,530,000,018.

(15) U.S. government securities, 2.25% to 4.25%, 3-31-2028 to 8-15-2045, fair value including accrued interest is $1,020,000,000.

(16) U.S. government securities, 0.00% to 8.00%, 10-31-2026 to 1-1-2057, fair value including accrued interest is $3,029,978,300.

(17) U.S. government securities, 4.13% to 4.25%, 6-15-2029 to 5-31-2033, fair value including accrued interest is $2,039,999,913.

(18) U.S. government securities, 1.50% to 6.50%, 2-28-2027 to 7-1-2056, fair value including accrued interest is $2,574,216,000.

(19) U.S. government securities, 1.50% to 7.00%, 12-31-2028 to 11-1-2061, fair value including accrued interest is $1,031,545,000.

(20) U.S. government securities, 3.50% to 3.88%, 1-31-2028 to 9-30-2032, fair value including accrued interest is $2,040,000,065.

(21) U.S. government securities, 1.50% to 7.00%, 5-1-2029 to 3-1-2060, fair value including accrued interest is $1,028,542,891.

(22) U.S. government securities, 3.50% to 7.00%, 10-15-2030 to 4-1-2056, fair value including accrued interest is $515,000,000.

(23) U.S. government securities, 0.00% to 8.00%, 1-15-2030 to 8-1-2056, fair value including accrued interest is $51,480,424.

(24) U.S. government securities, 4.00% to 4.63%, 5-31-2028 to 9-30-2028, fair value including accrued interest is $3,060,000,084.

(25) U.S. government securities, 0.00% to 7.50%, 10-28-2026 to 2-20-2066, fair value including accrued interest is $2,058,218,122.

(26) U.S. government securities, 2.00% to 6.50%, 10-1-2027 to 8-1-2056, fair value including accrued interest is $772,115,796.

(27) U.S. government securities, 0.13% to 7.00%, 6-1-2027 to 6-1-2063, fair value including accrued interest is $1,287,103,631.

(28) U.S. government securities, 0.00% to 7.50%, 6-1-2027 to 3-1-2063, fair value including accrued interest is $1,541,998,246.

(29) U.S. government securities, 1.38% to 4.63%, 3-31-2028 to 2-15-2055, fair value including accrued interest is $1,216,273,523.

(30) U.S. government securities, 1.50% to 5.00%, 12-1-2029 to 8-1-2052, fair value including accrued interest is $1,030,000,001.

(31) U.S. government securities, 0.00% to 7.00%, 8-15-2029 to 2-1-2054, fair value including accrued interest is $102,241,101.

(32) U.S. government securities, 1.13% to 4.50%, 8-31-2028 to 8-15-2041, fair value including accrued interest is $148,185,599.

(33) U.S. government securities, 4.13% to 4.38%, 8-31-2028 to 12-31-2029, fair value including accrued interest is $150,455,037.

(34) U.S. government securities, 3.00% to 4.50%, 8-31-2028 to 5-20-2053, fair value including accrued interest is $480,573,213.

(35) U.S. government securities, 2.50% to 7.00%, 12-1-2050 to 6-1-2056, fair value including accrued interest is $412,000,000.

(36) U.S. government securities, 1.50% to 11.70%, 10-20-2026 to 3-15-2069, fair value including accrued interest is $2,060,000,000.

(37) U.S. government securities, 3.70% to 4.12%, 10-16-2026 to 5-15-2028, fair value including accrued interest is $510,004,105.

(38) U.S. government securities, 3.68% to 3.78%, 9-16-2026 to 3-10-2028, fair value including accrued interest is $510,000,082.

(39) U.S. government securities, 0.00% to 7.25%, 8-13-2026 to 10-17-2044, fair value including accrued interest is $1,020,000,611.

∆

Security is perpetual in nature and has no stated maturity date. The date shown reflects the next put date.

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

The accompanying notes are an integral part of these financial statements.

10 | Government Money Market Funds


Statement of assets and liabilities—July 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities 

Assets

Investments in unaffiliated securities, at amortized cost

$56,223,185,345

Investments in repurchase agreements, at amortized cost

62,851,391,250

Cash

5,327,154,943

Receivable for interest

335,455,569

Receivable for investments sold

200,490,100

Receivable for Fund shares sold

2,111,560

Prepaid expenses and other assets

1,682,244

Total assets

124,941,471,011

Liabilities

Dividends payable

238,713,252

Management fee payable

12,272,753

Administration fees payable

6,198,612

Payable for Fund shares redeemed

5,569,910

Payable for investments purchased

3,660,000

Shareholder servicing fees payable

1,050,538

Distribution fee payable

90,735

Accrued expenses and other liabilities

1,118,871

Total liabilities

268,674,671

Total net assets

$124,672,796,340

Net assets consist of

Paid-in capital

$124,675,150,832

Total distributable loss

(2,354,492

)

Total net assets

$124,672,796,340

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 11


Statement of assets and liabilities—July 31, 2026 (unaudited)

Statement of assets and liabilities

Computation of net asset value per share

Net assets–Class A

$873,495,699

Shares outstanding–Class A1

873,492,364

Net asset value per share–Class A

$1.00

Net assets–Administrator Class

$4,348,887,371

Shares outstanding–Administrator Class1

4,348,869,633

Net asset value per share–Administrator Class

$1.00

Net assets–Capital Class

$6,625,835

Shares outstanding–Capital Class1

6,625,783

Net asset value per share–Capital Class

$1.00

Net assets–Institutional Class

$25,749,387,984

Shares outstanding–Institutional Class1

25,749,294,089

Net asset value per share–Institutional Class

$1.00

Net assets–Roberts & Ryan Class

$102,613,523

Shares outstanding–Roberts & Ryan Class1

102,612,927

Net asset value per share–Roberts & Ryan Class

$1.00

Net assets–Select Class

$91,484,154,316

Shares outstanding–Select Class1

91,483,757,829

Net asset value per share–Select Class

$1.00

Net assets–Service Class

$1,052,316,519

Shares outstanding–Service Class1

1,052,312,600

Net asset value per share–Service Class

$1.00

Net assets–Sweep Class

$902,625,108

Shares outstanding–Sweep Class1

902,620,822

Net asset value per share–Sweep Class

$1.00

Net assets–Tribal Inclusion Class

$152,689,985

Shares outstanding–Tribal Inclusion Class1

152,689,384

Net asset value per share–Tribal Inclusion Class

$1.00

1 The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

12 | Government Money Market Funds


Statement of operations—six months ended July 31, 2026 (unaudited)

Statement of operations 

Investment income

Interest

$2,501,497,895

Expenses

Management fee

84,267,215

Administration fees

Class A

860,134

Administrator Class

1,989,039

Capital Class1

828

Institutional Class

11,549,272

Roberts & Ryan Class

37,024

Select Class

19,705,601

Service Class

629,239

Sweep Class

132,653

Tribal Inclusion Class

43,373

Shareholder servicing fees

Class A

1,084,999

Administrator Class

1,989,039

Service Class

1,310,915

Sweep Class

1,105,439

Distribution fee

Sweep Class

442,176

Custody and accounting fees

648,868

Professional fees

316,614

Registration fees

710,103

Shareholder report expenses

117,990

Trustees’ fees and expenses

522,957

Other fees and expenses

312,865

Total expenses

127,776,343

Less:  Fee waivers and/or expense reimbursements

Class A

(87,437

)

Administrator Class

(2,370

)

Capital Class1

(270

)

Institutional Class

(1,336,484

)

Roberts & Ryan Class

(4,302

)

Select Class

(14,434,153

)

Service Class

(1,950

)

Sweep Class

(41,400

)

Tribal Inclusion Class

(21,199

)

Net expenses

111,846,778

Net investment income

2,389,651,117

Net realized gains on investments

884,693

Net increase in net assets resulting from operations

$2,390,535,810

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 13


Statement of changes in net assets

Statement of changes in net assets 

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

Operations

Net investment income

$2,389,651,117

$5,238,757,594

Net realized gains on investments

884,693

2,781,299

Net increase in net assets resulting from

operations

2,390,535,810

5,241,538,893

Distributions to shareholders from

Net investment income and net realized gains

Class A

(13,733,315

)

(30,928,222

)

Administrator Class

(67,481,500

)

(162,319,078

)

Capital Class

(48,772

)1

N/A

Institutional Class

(508,645,931

)

(1,306,237,035

)

Roberts & Ryan Class

(1,630,252

)

(4,645,987

)

Select Class

(1,764,343,096

)

(3,653,187,082

)

Service Class

(16,900,214

)

(41,483,736

)

Sweep Class

(14,238,092

)

(33,991,041

)

Tribal Inclusion Class

(2,574,764

)

(5,495,818

)

Total distributions to shareholders

(2,389,595,936

)

(5,238,287,999

)

Capital share transactions

Shares

Shares

Proceeds from shares sold

Class A

41,110,110

41,110,110

166,544,574

166,544,574

Administrator Class

11,449,907,280

11,449,907,280

18,536,450,103

18,536,450,103

Capital Class

35,162,626

1

35,162,626

1

N/A

N/A

Institutional Class

53,905,235,249

53,905,235,249

125,821,650,510

125,821,650,510

Roberts & Ryan Class

5,902,500,000

5,902,500,000

1,703,614,388

1,703,614,388

Select Class

570,510,658,530

570,510,658,530

1,047,534,362,141

1,047,534,362,141

Service Class

1,581,928,556

1,581,928,556

3,864,712,184

3,864,712,184

Sweep Class

7,361,491,803

7,361,491,803

10,026,559,087

10,026,559,087

Tribal Inclusion Class

10,000,000

10,000,000

28,512,136

28,512,136

650,797,994,154

1,207,682,405,123

Reinvestment of distributions

Class A

13,539,638

13,539,638

30,832,455

30,832,455

Administrator Class

22,818,167

22,818,167

49,532,880

49,532,880

Capital Class

892

1

892

1

N/A

N/A

Institutional Class

189,296,719

189,296,719

476,872,994

476,872,994

Roberts & Ryan Class

1,952

1,952

4,389

4,389

Select Class

845,866,330

845,866,330

2,023,236,358

2,023,236,358

Service Class

2,147,489

2,147,489

4,661,885

4,661,885

Sweep Class

14,145,005

14,145,005

33,991,041

33,991,041

Tribal Inclusion Class

2,559,082

2,559,082

5,495,818

5,495,818

1,090,375,274

2,624,627,820

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

14 | Government Money Market Funds


Statement of changes in net assets

Statement of changes in net assets

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

          Shares

            Shares

Payment for shares redeemed

Class A

(58,165,996

)

$(58,165,996

)

(148,506,135

)

$(148,506,135

)

Administrator Class

(11,397,386,641

)

(11,397,386,641

)

(19,299,725,540

)

(19,299,725,540

)

Capital Class

(28,537,735

)1

(28,537,735

)1

N/A

N/A

Institutional Class

(60,257,603,023

)

(60,257,603,023

)

(128,716,929,225

)

(128,716,929,225

)

Roberts & Ryan Class

(5,900,000,000

)

(5,900,000,000

)

(1,940,612,498

)

(1,940,612,498

)

Select Class

(580,976,898,287

)

(580,976,898,287

)

(1,029,984,336,041

)

(1,029,984,336,041

)

Service Class

(1,594,721,085

)

(1,594,721,085

)

(3,702,142,866

)

(3,702,142,866

)

Sweep Class

(7,221,328,705

)

(7,221,328,705

)

(10,309,453,759

)

(10,309,453,759

)

Tribal Inclusion Class

(4,300,000

)

(4,300,000

)

(3,501,048

)

(3,501,048

)

(667,438,941,472

)

(1,194,105,207,112

)

Net increase (decrease) in net assets resulting

from capital share transactions

(15,550,572,044

)

16,201,825,831

Total increase (decrease) in net assets

(15,549,632,170

)

16,205,076,725

Net assets

Beginning of period

140,222,428,510

124,017,351,785

End of period

$124,672,796,340

$140,222,428,510

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 15


Financial highlights

Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Class A

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.01

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.58

%

3.75

%

4.67

%

4.68

%

1.50

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.58

%

0.58

%

0.58

%

0.59

%

0.61

%

0.60

%

Net expenses

0.56

%

0.55

%

0.58

%

0.59

%

0.48

%*

0.07

%*

Net investment income

3.16

%

3.68

%

4.56

%

4.59

%

1.55

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$873,496

$877,008

$828,115

$404,404

$356,236

$316,459

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Administrator Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.69

%

3.98

%

4.92

%

4.94

%

1.71

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.33

%

0.33

%

0.33

%

0.33

%

0.34

%

0.33

%

Net expenses

0.33

%

0.33

%

0.33

%

0.33

%

0.28

%*

0.07

%*

Net investment income

3.39

%

3.91

%

4.80

%

4.87

%

1.63

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$4,348,887

$4,273,513

$4,987,150

$4,219,599

$3,628,015

$5,027,252

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 17


Financial highlights

(For a share outstanding throughout each period) 

Capital Class

Six months ended

July 31, 20261

(unaudited)

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 asset value, end of period

$1.00

Total return4

0.89

%

Ratios to average net assets (annualized)

Gross expenses

0.19

%

Net expenses

0.17

%

Net investment income

3.50

%

Supplemental data

Net assets, end of period (000s omitted)

$6,626

1

For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

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.

The accompanying notes are an integral part of these financial statements.

18 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Institutional Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.76

%

4.12

%

5.06

%

5.08

%

1.82

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.21

%

0.21

%

0.21

%

0.21

%

0.22

%

0.21

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

0.17

%*

0.07

%*

Net investment income

3.52

%

4.04

%

4.93

%

4.97

%

1.66

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$25,749,388

$31,912,290

$34,329,916

$29,521,342

$29,533,412

$40,078,395

*

Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by

the following amounts:

Year ended January 31, 2023

0.03%

Year ended January 31, 2022

0.13%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 19


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Roberts & Ryan Class

2026

2025

20241

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

2

0.04

2

0.05

2

0.01

2

Net realized gains (losses) on investments

0.00

3

0.00

3

0.00

3

0.00

3

Total from investment operations

0.02

0.04

0.05

0.01

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net realized gains

0.00

0.00

0.00

(0.00

)3

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

Total return4

1.76

%

4.12

%

5.06

%

1.45

%

Ratios to average net assets (annualized)

Gross expenses

0.21

%

0.21

%

0.21

%

0.21

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

Net investment income

3.52

%

4.07

%

4.84

%

5.22

%

Supplemental data

Net assets, end of period (000s omitted)

$102,614

$100,096

$337,099

$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.

The accompanying notes are an integral part of these financial statements.

20 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Select Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.79

%

4.18

%

5.12

%

5.15

%

1.89

%

0.03

%

Ratios to average net assets (annualized)

Gross expenses

0.17

%

0.17

%

0.17

%

0.17

%

0.18

%

0.17

%

Net expenses

0.14

%

0.14

%

0.14

%

0.14

%

0.11

%*

0.05

%*

Net investment income

3.58

%

4.09

%

4.99

%

5.07

%

1.73

%

0.03

%

Supplemental data

Net assets, end of period (000s omitted)

$91,484,154

$101,103,829

$81,528,265

$80,838,095

$56,118,082

$85,197,344

*

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).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 21


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Service Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.61

%

3.81

%

4.75

%

4.77

%

1.58

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.50

%

0.50

%

0.50

%

0.50

%

0.51

%

0.50

%

Net expenses

0.50

%

0.50

%

0.50

%

0.50

%

0.40

%*

0.07

%*

Net investment income

3.22

%

3.74

%

4.66

%

4.65

%

1.47

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$1,052,317

$1,062,956

$895,697

$1,092,008

$1,419,439

$1,873,382

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

22 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Sweep Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

0.00

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.61

%

3.81

%

4.75

%

4.77

%

1.58

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.51

%

0.51

%

0.51

%

0.51

%

0.52

%

0.51

%

Net expenses

0.50

%

0.50

%

0.50

%

0.50

%

0.41

%*

0.06

%*

Net investment income

3.22

%

3.75

%

4.62

%

4.63

%

1.54

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$902,625

$748,306

$997,190

$813,036

$1,045,053

$1,101,824

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 23


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Tribal Inclusion Class

2026

2025

20241

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

2

0.04

2

0.05

2

0.01

2

Net realized gains (losses) on investments

0.00

3

0.00

3

0.00

3

0.00

3

Total from investment operations

0.02

0.04

0.05

0.01

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net realized gains

0.00

0.00

0.00

(0.00

)3

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

Total return4

1.78

%

4.16

%

5.10

%

1.26

%

Ratios to average net assets (annualized)

Gross expenses

0.19

%

0.19

%

0.19

%

0.19

%

Net expenses

0.16

%

0.16

%

0.16

%

0.16

%

Net investment income

3.56

%

4.07

%

4.99

%

5.26

%

Supplemental data

Net assets, end of period (000s omitted)

$152,690

$144,430

$113,920

$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.

The accompanying notes are an integral part of these financial statements.

24 | Government Money Market Funds


Notes to financial statements (unaudited)

Notes to financial statements

1.ORGANIZATION

Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Government Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2.SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.

Repurchase agreements

The Fund may invest in repurchase agreements, under the terms of a Master Repurchase Agreement with selected financial institutions, and may participate in pooled repurchase agreement transactions with other funds advised by Allspring Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party arrangement or a central counterparty, in the case of a centrally cleared repurchase agreement. In a centrally cleared repurchase agreement, immediately following execution of the repurchase agreement, the agreement is novated to the central counterparty and the Fund’s counterparty on the repurchase agreement becomes the central counterparty. Subject to the tri-party arrangement or centrally cleared repurchase agreement, the custodian will value the collateral daily and take action to obtain additional collateral as necessary to maintain a market value equal to or greater than the resale price. The repurchase agreements are collateralized by securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or certain money market instruments. Upon an event of counterparty default (including bankruptcy), under the terms of the Master Repurchase Agreement, both parties have the right to set-off. In case of centrally cleared repurchase agreements, depending on the event, the central counterparty or Fund will dispose the collateral to realize the amounts due. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are valued using amortized cost which approximates market value and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Government Money Market Funds | 25


Notes to financial statements (unaudited)

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2026, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2026, the Fund had capital loss carryforwards which consisted of $3,689,835 in short-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable distribution, shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.     

3.FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

•Level 1—quoted prices in active markets for identical securities

•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 

Quoted prices

(Level 1)

Other significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Assets

Investments in:

Government agency debt

$0

$30,268,818,296

$0

$30,268,818,296

Municipal obligations

0

64,135,000

0

64,135,000

Other instruments

0

776,515,000

0

776,515,000

Repurchase agreements

0

62,851,391,250

0

62,851,391,250

U.S. Treasury securities

0

25,113,717,049

0

25,113,717,049

Total assets

$0

$119,074,576,595

$0

$119,074,576,595

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2026, the Fund did not have any transfers into/out of Level 3.

26 | Government Money Market Funds


Notes to financial statements (unaudited)

4.TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:   

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

For the six months ended July 31, 2026, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets. 

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows: 

Class-level

administration fee

Class A

0.19

%

Administrator Class

0.10

Capital Class

0.06

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

Prior to July 1, 2026, the class-level administration fee for Class A was 0.20% of its average daily net assets.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2027 (May 31, 2028 for Class A) to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2026, the contractual caps are as follows:       

Government Money Market Funds | 27


Notes to financial statements (unaudited)

EXPENSE RATIO CAPS

Class A

0.56

%

Administrator Class

0.34

Capital Class

0.17

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

Prior to July 1, 2026, the Fund’s expenses were capped at 0.58% for Class A.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.10% of the average daily net assets of Sweep Class shares. Such fees are generally paid on a monthly basis. 

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund are charged a fee at an annual rate up to 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate up to 0.10% of its average daily net assets. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2026.

5.CREDIT RISK

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

6.INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated. 

7.OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.

28 | Government Money Market Funds


Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Portfolio Holdings Information

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP.  Shareholders may view the filed Form N-MFP by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.

Government Money Market Funds | 29


Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

30 | Government Money Market Funds


Other information (unaudited)

Item 11. Statement regarding basis for the board’s approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 18-20, 2026 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Government Money Market Fund (the “Fund”):  (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2026, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2026. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above conferred with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent, and quality of services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, recent changes in such senior management, and a summary of investments made in the Allspring Global Investments business.* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates, including the Sub-Adviser. 

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plan and Allspring Global Investments’ business resiliency and disaster recovery plans, their

*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”

Government Money Market Funds | 31


Other information (unaudited)

approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as the Fund’s valuation designee. The Board also received and considered information about Allspring Funds Management’s derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2025. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising the expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of or equal to the median net operating expense ratios of the expense Groups for each share class, except for the Sweep Class and Select Class, which were lower than the median net operating expense ratio of the expense Groups. The Board also noted management’s proposal to reduce the expense cap for Class A shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A shares, which are expected to reduce the Fund’s net operating expense ratio for such share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not the class level.

Among other information reviewed by the Board was a comparison of the Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of or equal to the sum of the average rates for the expense Groups for each share class, except for the Sweep Class, which was lower than the sum of the average rates for the expense Group. The Board also noted management’s proposal to reduce the expense cap for Class A shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A shares, which are expected to reduce the Fund’s net operating expense ratio for such share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Allspring Global Investments profitability analysis.

32 | Government Money Market Funds


Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of a fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to the Fund and shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Government Money Market Funds | 33


  

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-800-260-5969

  

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

NCSRS0450 07-26



  

Retail Money Market Funds 

Allspring Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2026



Contents

Portfolio of investments

2

Item 7. Financial statements and financial highlights

Statement of assets and liabilities

14

Statement of operations

15

Statement of changes in net assets

16

Financial highlights

17

Notes to financial statements

21

Other information

25

Item 8. Changes in and disagreements with accountants

26

Item 9. Matters submitted to fund shareholders for a vote

26

Item 10. Remuneration paid to directors, officers and others

26

Item 11. Statement regarding basis for board’s approval of investment

advisory contract

27

Retail Money Market Funds | 1


Portfolio of investments—July 31, 2026 (unaudited)

Portfolio of investments

Interest

rate

Maturity

date

Principal

Value

Certificates of deposit:  22.07%

ABN AMRO Bank NV

3.68

%

8-5-2026

$

325,000,000

$325,000,000

Banco Santander SA

3.76

11-10-2026

178,650,000

178,637,980

Banco Santander SA

3.79

3-1-2027

100,000,000

100,000,000

Banco Santander SA (U.S. SOFR+0.34%)±

3.99

3-29-2027

100,000,000

100,000,000

Banco Santander SA

4.00

1-4-2027

100,000,000

100,000,000

Bank of America NA

3.77

12-28-2026

125,000,000

125,000,000

Bank of America NA

4.04

2-19-2027

100,000,000

100,000,000

Bank of Montreal (U.S. SOFR+0.33%)±

3.98

11-12-2026

150,000,000

150,000,000

Bank of Montreal (U.S. SOFR+0.34%)±

3.99

5-5-2027

150,000,000

150,000,000

Bank of Nova Scotia (U.S. SOFR+0.31%)±

3.96

3-5-2027

100,000,000

100,000,000

Bank of Nova Scotia (U.S. SOFR+0.33%)±

3.98

8-7-2026

125,000,000

125,000,000

Barclays Bank PLC (U.S. SOFR+0.37%)±

4.02

10-2-2026

150,000,000

150,000,000

BNP Paribas SA

3.79

11-4-2026

100,000,000

100,000,000

BNP Paribas SA (U.S. SOFR+0.34%)±

3.99

3-19-2027

100,000,000

100,000,000

BNP Paribas SA

4.00

12-31-2026

150,000,000

150,000,000

Canadian Imperial Bank of Commerce (U.S. SOFR+0.30%)±

3.95

12-9-2026

100,000,000

100,000,000

Canadian Imperial Bank of Commerce (U.S. SOFR+0.30%)±

3.95

3-2-2027

150,000,000

150,000,000

Canadian Imperial Bank of Commerce (U.S. SOFR+0.32%)±

3.97

10-19-2026

150,000,000

150,000,000

Canadian Imperial Bank of Commerce (U.S. SOFR+0.33%)±

3.98

1-25-2027

100,000,000

100,000,000

Commonwealth Bank of Australia

3.85

12-10-2026

150,000,000

150,000,000

Commonwealth Bank of Australia (U.S. SOFR+0.31%)±

3.96

11-10-2026

50,000,000

50,000,000

Cooperatieve Rabobank UA (U.S. SOFR+0.30%)±

3.95

6-22-2027

150,000,000

150,000,000

Credit Agricole Corporate & Investment Bank SA

3.79

12-2-2026

100,000,000

100,000,000

Credit Agricole Corporate & Investment Bank SA

3.81

10-9-2026

125,000,000

125,000,000

Credit Agricole Corporate & Investment Bank SA

(U.S. SOFR+0.30%)±

3.95

10-2-2026

100,000,000

100,000,000

Credit Agricole Corporate & Investment Bank SA

3.99

8-6-2026

150,000,000

150,000,000

Credit Industriel et Commercial

3.77

12-18-2026

125,000,000

125,000,000

Credit Industriel et Commercial (U.S. SOFR+0.36%)±

4.01

10-9-2026

100,000,000

100,000,000

Credit Industriel et Commercial (U.S. SOFR+0.36%)±

4.01

4-30-2027

100,000,000

100,000,000

Credit Industriel et Commercial

4.26

4-8-2027

65,000,000

65,000,000

Deutsche Bank AG (U.S. SOFR+0.40%)±

4.05

5-5-2027

100,000,000

100,000,000

HSBC Bank USA NA (U.S. SOFR+0.34%)±

3.99

11-6-2026

50,000,000

50,000,000

HSBC Bank USA NA (U.S. SOFR+0.36%)±

4.01

5-3-2027

100,000,000

100,000,000

HSBC Bank USA NA (U.S. SOFR+0.36%)±

4.01

5-4-2027

100,000,000

100,000,000

HSBC Bank USA NA (U.S. SOFR+0.37%)±

4.02

6-25-2027

100,000,000

100,000,000

HSBC Bank USA NA (U.S. SOFR+0.37%)±

4.02

7-9-2027

100,000,000

100,000,000

Lloyds Bank Corporate Markets PLC

3.84

10-6-2026

120,000,000

120,000,000

Lloyds Bank Corporate Markets PLC

3.90

11-17-2026

100,000,000

100,000,000

Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.30%)±

3.95

2-4-2027

60,000,000

60,000,000

Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.33%)±

3.98

2-22-2027

50,000,000

50,000,000

Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.35%)±

4.00

7-1-2027

150,000,000

150,000,000

Mitsubishi UFJ Trust & Banking Corp. (U.S. SOFR+0.28%)±

3.93

12-3-2026

150,000,000

150,000,000

Mizuho Bank Ltd.

3.64

8-3-2026

94,975,000

94,975,000

MUFG Bank Ltd. (U.S. SOFR+0.27%)±

3.92

12-14-2026

90,000,000

90,000,000

MUFG Bank Ltd.

3.99

12-15-2026

150,000,000

150,000,000

Natixis SA

4.03

1-4-2027

150,000,000

150,000,000

Natixis SA (U.S. SOFR+0.40%)±

4.05

12-4-2026

100,000,000

100,000,000

The accompanying notes are an integral part of these financial statements.

2 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Certificates of deposit(continued)

Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.30%)±

3.95

%

3-10-2027

$

150,000,000

$150,000,000

Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.31%)±

3.96

4-29-2027

200,000,000

200,000,000

Royal Bank of Canada (U.S. SOFR+0.27%)±

3.92

8-21-2026

125,000,000

125,000,000

Royal Bank of Canada (U.S. SOFR+0.35%)±

4.00

6-11-2027

125,000,000

125,000,000

Skandinaviska Enskilda Banken AB

4.25

4-19-2027

50,000,000

50,000,000

Standard Chartered Bank (U.S. SOFR+0.42%)±

4.07

5-4-2027

90,000,000

90,000,000

Standard Chartered Bank (U.S. SOFR+0.45%)±

4.10

4-19-2027

150,000,000

150,000,000

Standard Chartered Bank (U.S. SOFR+0.47%)±

4.12

5-24-2027

150,000,000

150,000,000

State Street Bank & Trust Co. (U.S. SOFR+0.25%)±

3.90

3-3-2027

150,000,000

150,000,000

Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.32%)±

3.97

8-26-2026

100,000,000

100,000,000

Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.32%)±

3.97

2-5-2027

75,000,000

75,000,000

Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.33%)±

3.98

9-8-2026

100,000,000

100,000,000

Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.35%)±

4.00

3-31-2027

100,000,000

100,000,000

Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.35%)±

4.00

4-26-2027

100,000,000

100,000,000

Svenska Handelsbanken AB (U.S. SOFR+0.26%)±

3.91

10-6-2026

75,000,000

75,000,000

Svenska Handelsbanken AB (U.S. SOFR+0.29%)±

3.94

1-20-2027

125,000,000

125,000,000

Svenska Handelsbanken AB (U.S. SOFR+0.35%)±

4.00

4-28-2027

125,000,000

125,000,000

Swedbank AB

3.85

12-9-2026

75,000,000

75,000,000

Swedbank AB (U.S. SOFR+0.27%)±

3.92

2-5-2027

195,000,000

195,000,000

Toronto-Dominion Bank

3.75

12-1-2026

150,000,000

150,000,000

Toronto-Dominion Bank

3.90

10-1-2026

125,000,000

125,000,000

Toronto-Dominion Bank (U.S. SOFR+0.31%)±

3.96

3-4-2027

75,000,000

75,000,000

Toronto-Dominion Bank

4.07

4-21-2027

150,000,000

150,000,000

UBS AG (U.S. SOFR+0.34%)±

3.99

11-6-2026

100,000,000

100,000,000

Wells Fargo Bank NA

3.78

11-24-2026

100,000,000

100,000,000

Wells Fargo Bank NA

3.80

9-21-2026

150,000,000

150,000,000

Wells Fargo Bank NA (U.S. SOFR+0.27%)±

3.92

2-10-2027

150,000,000

150,000,000

Westpac Banking Corp.

3.90

8-3-2026

100,000,000

100,000,000

Westpac Banking Corp. (U.S. SOFR+0.31%)±

3.96

11-13-2026

150,000,000

150,000,000

Westpac Banking Corp.

4.34

7-8-2027

150,000,000

150,000,000

Total certificates of deposit (Cost $9,193,612,980)

9,193,612,980

Commercial paper:  40.80%

Asset-backed commercial paper:  36.79%

Albion Capital Corp. SA/Albion Capital LLC☼

4.00

9-15-2026

44,913,000

44,701,098

Aquitaine Funding Co. LLC§±±

3.77

12-10-2026

250,000,000

250,000,000

Aquitaine Funding Co. LLC§±±

3.77

1-15-2027

250,000,000

250,000,000

Aquitaine Funding Co. LLC144A☼

4.26

1-26-2027

30,000,000

29,384,000

Armada Funding Co. LLC144A☼

3.78

8-4-2026

300,000,000

299,968,917

Armada Funding Co. LLC144A☼

3.98

8-13-2026

192,150,000

191,940,537

Armada Funding Co. LLC144A☼

4.00

9-22-2026

52,000,000

51,714,723

Armada Funding Co. LLC144A☼

4.06

10-15-2026

97,600,000

96,808,356

Brigantine Funding Co. LLC144A☼

3.95

8-5-2026

38,000,000

37,991,767

Brigantine Funding Co. LLC144A☼

3.95

8-6-2026

59,100,000

59,080,792

Brigantine Funding Co. LLC144A☼

3.96

8-13-2026

177,100,000

176,908,142

Brigantine Funding Co. LLC144A☼

4.00

9-3-2026

228,358,000

227,581,265

Brigantine Funding Co. LLC144A☼

4.08

10-7-2026

30,350,000

30,129,710

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 3


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Asset-backed commercial paper(continued)

Britannia Funding Co. LLC144A☼

4.26

%

2-1-2027

$

46,200,000

$45,219,020

Chesham Finance Ltd./Chesham Finance LLC144A☼

3.73

8-3-2026

175,000,000

175,000,000

Chesham Finance Ltd./Chesham Finance LLC144A☼

3.73

8-3-2026

200,000,000

200,000,000

Chesham Finance Ltd./Chesham Finance LLC144A☼

3.75

8-6-2026

200,000,000

199,938,333

Clipper Funding Co. LLC144A☼

4.13

12-17-2026

100,000,000

98,462,444

Clipper Funding Co. LLC144A☼

4.20

2-4-2027

100,000,000

97,872,500

Collateralized Commercial Paper V Co. LLC

4.08

11-6-2026

100,000,000

100,000,000

Columbia Funding Co. LLC144A☼

3.93

11-5-2026

50,400,000

49,889,392

Columbia Funding Co. LLC144A☼

3.96

11-19-2026

98,400,000

97,245,768

Columbia Funding Co. LLC144A☼

4.11

1-12-2027

170,000,000

166,901,750

Compo Funding Co. LLC144A☼

4.06

12-10-2026

150,000,000

147,850,000

Concord Minutemen Capital Co. LLC144A☼

3.78

8-3-2026

74,055,000

74,055,000

Concord Minutemen Capital Co. LLC144A☼

3.78

8-4-2026

144,180,000

144,165,061

Concord Minutemen Capital Co. LLC144A☼

3.78

8-5-2026

286,227,000

286,167,687

Concord Minutemen Capital Co. LLC144A☼

3.78

8-6-2026

50,000,000

49,984,458

Concord Minutemen Capital Co. LLC144A☼

3.85

9-11-2026

100,000,000

99,588,333

Concord Minutemen Capital Co. LLC144A☼

3.98

9-18-2026

130,000,000

129,347,183

Concord Minutemen Capital Co. LLC144A±±

4.00

10-28-2026

150,000,000

150,000,000

Constellation Funding Co. LLC144A☼

3.92

9-10-2026

160,000,000

159,346,400

Constellation Funding Co. LLC144A☼

4.06

12-8-2026

152,100,000

149,953,700

Endeavour Funding Co. LLC144A☼

3.75

8-4-2026

120,200,000

120,187,646

Fastnet Funding Co. LLC144A☼

3.95

8-6-2026

50,000,000

49,983,750

Helvetica Funding Co. LLC144A§±±

3.77

12-11-2026

250,000,000

250,000,000

Helvetica Funding Co. LLC144A☼

3.87

8-5-2026

30,880,000

30,873,447

Helvetica Funding Co. LLC144A☼

3.99

12-3-2026

100,000,000

98,664,778

HQLA Funding LLC144A☼

3.75

8-3-2026

465,399,000

465,399,000

HQLA Funding LLC144A☼

3.76

8-4-2026

475,000,000

474,951,049

HQLA Funding LLC144A☼

3.95

8-5-2026

75,000,000

74,983,750

HQLA Funding LLC144A☼

4.00

12-2-2026

125,000,000

123,340,451

HQLA Funding LLC144A☼

4.04

12-15-2026

100,000,000

98,518,556

HQLA Funding LLC144A±±

4.15

1-8-2027

90,000,000

90,000,000

Intrepid Funding Co. LLC144A☼

3.80

8-6-2026

155,000,000

154,951,562

Intrepid Funding Co. LLC144A☼

3.98

10-22-2026

102,000,000

101,109,200

Intrepid Funding Co. LLC144A

4.17

4-23-2027

100,000,000

100,000,000

Intrepid Funding Co. LLC144A☼

4.18

1-7-2027

97,300,000

95,551,735

Intrepid Funding Co. LLC144A☼

4.19

1-28-2027

188,053,000

184,207,099

Intrepid Funding Co. LLC144A

4.30

5-28-2027

150,000,000

150,000,000

Ionic Funding LLC☼

3.77

8-4-2026

200,000,000

199,979,333

Ionic Funding LLC☼

3.77

8-5-2026

195,000,000

194,959,700

Ionic Funding LLC☼

3.77

8-6-2026

100,000,000

99,969,000

Ionic Funding LLC§±±

3.77

1-22-2027

250,000,000

250,000,000

Ionic Funding LLC☼

3.80

8-4-2026

351,000,000

350,963,437

Ionic Funding LLC☼

3.95

8-7-2026

200,386,000

200,299,166

Ionic Funding LLC☼

3.95

8-11-2026

95,000,000

94,917,667

Ionic Funding LLC☼

3.97

1-15-2027

216,396,000

212,508,085

Ionic Funding LLC☼

3.99

11-20-2026

100,000,000

98,807,056

Ionic Funding LLC☼

4.00

9-10-2026

100,000,000

99,583,056

Ionic Funding LLC☼

4.00

10-5-2026

144,390,000

143,391,904

The accompanying notes are an integral part of these financial statements.

4 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Asset-backed commercial paper(continued)

Ionic Funding LLC☼

4.00

%

12-7-2026

$

100,000,000

$98,617,500

Ionic Funding LLC☼

4.03

12-4-2026

200,000,000

197,287,167

Ionic Funding LLC☼

4.06

10-2-2026

50,000,000

49,666,667

Ionic Funding LLC☼

4.11

9-22-2026

100,000,000

99,437,500

Ionic Funding LLC☼

4.11

12-18-2026

50,000,000

49,229,375

Ionic Funding LLC☼

4.18

1-6-2027

100,000,000

98,214,667

Legacy Capital Co. LLC (U.S. SOFR+0.35%)144A±

4.00

10-7-2026

100,000,000

100,000,000

Lexington Parker Capital Co. LLC144A☼

3.78

8-3-2026

137,101,000

137,101,000

Lexington Parker Capital Co. LLC144A☼

3.78

8-4-2026

287,212,000

287,182,242

Lexington Parker Capital Co. LLC144A☼

3.78

8-5-2026

175,000,000

174,963,736

Lexington Parker Capital Co. LLC144A☼

3.78

8-6-2026

154,114,000

154,066,096

Lexington Parker Capital Co. LLC144A☼

3.87

8-12-2026

127,481,000

127,359,256

Lexington Parker Capital Co. LLC144A☼

3.95

9-3-2026

52,764,000

52,586,801

Lexington Parker Capital Co. LLC144A☼

4.00

8-20-2026

121,248,000

121,021,839

Lexington Parker Capital Co. LLC144A☼

4.00

8-26-2026

80,000,000

79,798,111

Lexington Parker Capital Co. LLC144A☼

4.02

11-4-2026

45,000,000

44,539,650

Lexington Parker Capital Co. LLC144A☼

4.18

1-14-2027

181,812,000

178,399,591

Liberty Street Funding LLC144A☼

3.97

9-14-2026

100,000,000

99,542,667

LMA-Americas LLC144A☼

3.93

11-16-2026

50,900,000

50,323,982

Mackinac Funding Co. LLC144A☼

3.87

9-9-2026

230,500,000

229,595,031

Mackinac Funding Co. LLC144A☼

4.18

2-11-2027

53,480,000

52,304,866

Mackinac Funding Co. LLC144A☼

4.19

2-10-2027

100,000,000

97,808,806

Mainbeach Funding LLC144A☼

3.98

12-2-2026

75,000,000

74,009,312

Mainbeach Funding LLC144A☼

4.06

10-1-2026

49,000,000

48,678,778

Mountcliff Funding LLC144A§±±

3.75

1-7-2027

100,000,000

100,000,000

Mountcliff Funding LLC144A☼

3.79

8-3-2026

100,000,000

100,000,000

Mountcliff Funding LLC144A☼

3.80

8-5-2026

100,000,000

99,979,167

Mountcliff Funding LLC144A☼

3.90

8-31-2026

100,000,000

99,700,556

Mountcliff Funding LLC144A☼

3.95

9-1-2026

150,000,000

149,528,750

Mountcliff Funding LLC144A☼

4.06

10-16-2026

150,000,000

148,766,667

Old Line Funding LLC144A☼

4.21

2-10-2027

100,000,000

97,798,194

Overwatch Alpha Funding LLC144A☼

3.78

8-5-2026

425,000,000

424,911,930

Overwatch Bravo Funding LLC144A☼

4.18

1-11-2027

100,000,000

98,157,444

Paradelle Funding LLC☼

3.72

12-31-2026

100,000,000

98,470,833

Paradelle Funding LLC (U.S. SOFR+0.32%)±

3.97

9-25-2026

100,000,000

100,000,000

Paradelle Funding LLC (U.S. SOFR+0.32%)±

3.97

1-22-2027

100,000,000

100,000,000

Paradelle Funding LLC (U.S. SOFR+0.33%)±

3.98

9-2-2026

50,000,000

50,000,000

Paradelle Funding LLC (U.S. SOFR+0.36%)±

4.01

1-7-2027

100,000,000

100,000,000

Park Avenue Collateralized Notes Co. LLC±±

4.00

2-3-2027

100,000,000

100,000,000

Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.36%)±

4.01

1-22-2027

100,000,000

100,000,000

Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.40%)±

4.05

11-25-2026

100,000,000

100,000,000

Podium Funding Trust☼

3.81

9-9-2026

100,000,000

99,613,556

Podium Funding Trust☼

3.97

9-15-2026

100,000,000

99,531,778

Podium Funding Trust☼

4.05

2-9-2027

75,000,000

73,420,625

Ranger Funding Co. LLC144A☼

3.88

10-6-2026

164,000,000

162,883,342

Ranger Funding Co. LLC144A☼

4.06

11-4-2026

197,194,000

195,154,520

Regatta Funding Co. LLC144A☼

4.29

2-1-2027

98,800,000

96,687,162

Reliance Funding Co. LLC144A☼

4.26

1-8-2027

100,000,000

98,156,667

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 5


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Asset-backed commercial paper(continued)

Thunder Bay Funding LLC144A☼

4.21

%

2-10-2027

$

100,000,000

$97,798,194

Washington Morgan Capital Co. LLC144A☼

3.85

8-21-2026

75,000,000

74,857,500

Washington Morgan Capital Co. LLC144A±±

4.10

5-19-2027

100,000,000

100,000,000

Washington Morgan Capital Co. LLC144A☼

4.13

9-16-2026

200,000,000

199,005,111

Zephyr Financiere, Inc.144A☼

3.97

10-23-2026

99,000,000

98,126,820

Zephyr Financiere, Inc.144A☼

4.04

2-11-2027

100,000,000

97,877,333

Zephyr Financiere, Inc.144A☼

4.16

12-21-2026

85,000,000

83,644,722

15,321,102,274

Financial company commercial paper:  3.76%

Australia & New Zealand Banking Group Ltd.144A±±

3.92

2-5-2027

90,000,000

90,000,000

Bank of New York Mellon☼

3.92

11-23-2026

58,200,000

57,499,272

BofA Securities, Inc. (U.S. SOFR+0.31%)±

3.96

8-18-2026

100,000,000

100,000,000

BofA Securities, Inc.±±

3.96

2-26-2027

150,000,000

150,000,000

Citigroup Global Markets Holdings, Inc.144A☼

3.99

1-4-2027

100,000,000

98,314,556

Commonwealth Bank of Australia144A%%

0.04

5-6-2027

200,000,000

200,000,000

Federation des Caisses Desjardins du Quebec144A☼

3.78

9-4-2026

100,000,000

99,668,444

ING U.S. Funding LLC144A±±

3.96

4-9-2027

125,000,000

125,000,000

JPMorgan Securities LLC144A☼

4.00

1-21-2027

125,000,000

122,654,688

National Australia Bank Ltd.144A±±

3.95

12-11-2026

150,000,000

150,000,000

National Bank of Canada144A☼

3.88

8-3-2026

100,000,000

100,000,000

OMERS Finance Trust144A☼

3.80

8-5-2026

50,000,000

49,989,583

Ontario Teachers’ Finance Trust144A☼

3.70

11-9-2026

100,000,000

99,006,389

Royal Bank of Canada (U.S. SOFR+0.30%)144A±

3.95

1-25-2027

125,000,000

125,000,000

1,567,132,932

Other commercial paper:  0.25%

Toyota Credit Canada, Inc.☼

4.00

9-15-2026

55,000,000

54,740,507

Toyota Credit de Puerto Rico Corp.☼

3.83

9-15-2026

50,000,000

49,774,250

104,514,757

Total commercial paper (Cost $16,992,749,963)

16,992,749,963

Municipal obligations:  10.42%

Alaska:  0.18%

Variable rate demand notes ø:  0.18%

Alaska Housing Finance Corp. State Capital Project Series A

(Housing revenue)

3.72

12-1-2044

73,300,000

73,300,000

California:  0.43%

Variable rate demand notes ø:  0.43%

California Enterprise Development Authority UNACEM North

America, Inc. Series A (Industrial development revenue, Bank

of Nova Scotia LOC)

3.72

12-1-2045

67,500,000

67,500,000

California Enterprise Development Authority UNACEM North

America, Inc. Series B (Industrial development revenue,

JPMorgan Chase Bank N.A. LOC)144A

3.72

12-1-2045

22,500,000

22,500,000

The accompanying notes are an integral part of these financial statements.

6 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Metropolitan Water District of Southern California Series A

(Water & sewer revenue, Bank of America N.A. SPA)

3.72

%

7-1-2042

$

70,060,000

$70,060,000

Mizuho Floater/Residual Trust Series MIZ9178TX (Housing

revenue, Mizuho Capital Markets LLC LIQ)144A

3.86

7-1-2034

11,325,000

11,325,000

Tender Option Bond Trust Receipts/Certificates Series 2016-

TXG002 (GO revenue, Bank of America N.A. LIQ)144A

3.91

8-1-2049

8,000,000

8,000,000

179,385,000

Colorado:  0.74%

Variable rate demand notes ø:  0.74%

Colorado HFA Fort Carson Family Housing LLC Series B-II

(Housing revenue, FHLB SPA)

3.75

5-1-2052

31,605,000

31,605,000

Colorado HFA Series B-2 Class I (Housing revenue, GNMA

Insured, Royal Bank of Canada LIQ)

3.72

5-1-2050

27,265,000

27,265,000

Colorado HFA Series C-2 Class II (Housing revenue, GNMA /

FNMA / FHLMC Insured, Zions Bancorp N.A. SPA)

3.72

11-1-2055

25,000,000

25,000,000

Colorado HFA Series D2 (Housing revenue, GNMA Insured, TD

Bank N.A. SPA)

3.72

11-1-2054

25,000,000

25,000,000

Colorado HFA Series G-2 Class I (Housing revenue, GNMA /

FNMA / FHLMC Insured, FHLB SPA)

3.72

5-1-2050

25,000,000

25,000,000

Colorado HFA Series G-2 Class II (Housing revenue, GNMA

Insured, Royal Bank of Canada SPA)

3.72

11-1-2052

29,215,000

29,215,000

Colorado HFA Series I Class II (Housing revenue, GNMA Insured,

Royal Bank of Canada SPA)

3.72

11-1-2051

19,150,000

19,150,000

Colorado HFA Series M2 Class II (Housing revenue, GNMA

Insured, Bank of America N.A. SPA)

3.72

5-1-2054

37,500,000

37,500,000

Colorado HFA Series N-2 Class I (Housing revenue, GNMA

Insured, Royal Bank of Canada SPA)

3.72

11-1-2046

15,000,000

15,000,000

Colorado HFA Series P-2 Class II (Housing revenue, GNMA

Insured, FHLB SPA)

3.72

5-1-2050

40,320,000

40,320,000

Colorado HFA Series Q2 Class I (Housing revenue, GNMA

Insured, FHLB LIQ)

3.72

11-1-2048

35,240,000

35,240,000

310,295,000

Georgia:  0.27%

Variable rate demand notes ø:  0.27%

Private Colleges & Universities Authority Emory University

Series C-2 (Education revenue, Royal Bank of Canada SPA)

3.72

9-1-2052

110,445,000

110,445,000

Idaho:  0.07%

Variable rate demand notes ø:  0.07%

Idaho Housing & Finance Association Series B (Housing

revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of

Canada SPA)

3.72

1-1-2057

30,000,000

30,000,000

Illinois:  1.03%

Variable rate demand notes ø:  1.03%

Illinois Finance Authority University of Chicago Series A

(Education revenue, Northern Trust Company SPA)

3.72

4-1-2055

39,500,000

39,500,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 7


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Illinois Finance Authority University of Chicago Series B

(Education revenue, Sumitomo Mitsui Banking Corp. LOC)

3.72

%

4-1-2055

$

150,000,000

$150,000,000

Illinois Housing Development Authority RMW Lake Shore LLC

Series C-2 (Housing revenue, Goldman Sachs Bank USA

LOC)

3.75

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)

3.70

10-1-2046

36,000,000

36,000,000

Illinois Housing Development Authority Series F (Housing

revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of

Canada SPA)

3.72

10-1-2051

35,000,000

35,000,000

Illinois Housing Development Authority Series F (Housing

revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)

3.70

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)

3.72

10-1-2048

14,835,000

14,835,000

Mizuho Floater/Residual Trust Series 2025-9225TX (Housing

revenue)144A

3.86

10-7-2057

9,500,000

9,500,000

427,720,000

Iowa:  0.07%

Variable rate demand notes ø:  0.07%

Iowa Student Loan Liquidity Corp. Series 2023-1 (Education

revenue, Royal Bank of Canada LOC)

3.72

3-1-2053

29,289,000

29,289,000

Kentucky:  0.08%

Variable rate demand notes ø:  0.08%

Kentucky Higher Education Student Loan Corp. Series 1A-2

(Education revenue, Bank of America N.A. LOC)

3.72

6-1-2043

33,575,000

33,575,000

Maryland:  0.05%

Variable rate demand notes ø:  0.05%

Maryland Community Development Administration Residential

Revenue Series B (Housing revenue, TD Bank N.A. SPA)

3.75

9-1-2033

21,495,000

21,495,000

Massachusetts:  0.39%

Variable rate demand notes ø:  0.39%

Massachusetts Housing Finance Agency Series 229 (Housing

revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank plc

SPA)

3.72

6-1-2052

63,390,000

63,390,000

Massachusetts Housing Finance Agency Series B (Housing

revenue, Bank of America N.A. LOC)

3.72

12-1-2065

35,715,000

35,715,000

Massachusetts Housing Finance Agency Series E (Housing

revenue, Department of Housing and Urban Development

Insured, TD Bank N.A. SPA)

3.70

12-1-2063

62,955,000

62,955,000

162,060,000

The accompanying notes are an integral part of these financial statements.

8 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Michigan:  0.47%

Variable rate demand notes ø:  0.47%

JPMorgan Chase Putters/Drivers Trust Series 2026-T0029 (Tax

revenue, JPMorgan Chase Bank N.A. LIQ)144A

3.70

%

10-1-2039

$

47,680,000

$47,680,000

JPMorgan Chase Putters/Drivers Trust Series 2026-T0030 (Tax

revenue, JPMorgan Chase Bank N.A. LIQ)144A

3.81

12-15-2026

146,755,000

146,755,000

194,435,000

Minnesota:  0.97%

Variable rate demand notes ø:  0.97%

Minnesota Housing Finance Agency Series C (Housing revenue,

GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)

3.70

1-1-2054

19,685,000

19,685,000

Minnesota Housing Finance Agency Series D (Housing revenue,

GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)

3.72

7-1-2052

41,155,000

41,155,000

Minnesota Housing Finance Agency Series E (Housing revenue,

GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)

3.70

7-1-2050

19,575,000

19,575,000

Minnesota Housing Finance Agency Series F (Housing revenue,

GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)

3.72

7-1-2052

50,000,000

50,000,000

Minnesota Housing Finance Agency Series H (Housing revenue,

GNMA / FNMA / FHLMC Insured, FHLB SPA)

3.72

7-1-2052

50,000,000

50,000,000

Minnesota Housing Finance Agency Series H (Housing revenue,

GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)

3.72

7-1-2056

10,000,000

10,000,000

Minnesota Housing Finance Agency Series I (Housing revenue,

GNMA / FNMA / FHLMC Insured, FHLB LIQ)

3.72

1-1-2050

28,810,000

28,810,000

Minnesota Housing Finance Agency Series K (Housing revenue,

GNMA / FNMA / FHLMC Insured, FHLB SPA)

3.72

7-1-2053

25,000,000

25,000,000

Minnesota Housing Finance Agency Series K (Housing revenue,

GNMA / FNMA / FHLMC Insured, State Street Bank & Trust

Co. SPA)

3.72

1-1-2051

14,595,000

14,595,000

Minnesota Housing Finance Agency Series M (Housing revenue,

GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)

3.70

1-1-2050

28,915,000

28,915,000

Minnesota Housing Finance Agency Series N (Housing revenue,

GNMA / FNMA / FHLMC Insured, FHLB SPA)

3.72

7-1-2056

35,000,000

35,000,000

Minnesota Housing Finance Agency Series Q (Housing revenue,

GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)

3.70

7-1-2053

29,190,000

29,190,000

Taxable Municipal Funding Trust Series 2019-019 (Health

revenue, Barclays Bank plc LOC)144A

3.97

12-1-2030

4,210,000

4,210,000

Taxable Municipal Funding Trust Series 2020-11 (Health

revenue, Barclays Bank plc LOC)144A

3.97

9-1-2030

48,020,000

48,020,000

404,155,000

Missouri:  0.16%

Variable rate demand notes ø:  0.16%

HEFA of the State of Missouri SSM Health Care Obligated Group

Series B-2 (Health revenue)

3.73

6-1-2053

66,535,000

66,535,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 9


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

New Hampshire:  0.78%

Variable rate demand notes ø:  0.78%

New Hampshire Business Finance Authority CJ Foods

Manufacturing Beaumont LLC Series A (Industrial

development revenue, Kookmin Bank LOC)144A

3.84

%

10-1-2028

$

80,000,000

$80,000,000

New Hampshire Business Finance Authority CJ Foods

Manufacturing Beaumont LLC Series A (Industrial

development revenue, Kookmin Bank LOC)144A

3.84

7-1-2029

24,500,000

24,500,000

New Hampshire Business Finance Authority Hanwha Q

Cells USA, Inc. (Industrial development revenue, Kookmin

Bank LOC)144A

3.97

2-1-2029

194,000,000

194,000,000

New Hampshire Business Finance Authority Joon Georgia, Inc.

(Industrial development revenue, Korea Development Bank

LOC)144A

3.84

7-1-2033

26,700,000

26,700,000

325,200,000

New York:  2.78%

Variable rate demand notes ø:  2.78%

City of New York Series H (GO revenue, Bank of America N.A.

LOC)

3.72

2-1-2056

112,500,000

112,500,000

Mizuho Floater/Residual Trust Series 2020-MIZ9043 (Housing

revenue, Mizuho Bank Limited LOC, Mizuho Bank Limited

LIQ)144A

3.75

11-1-2049

20,455,000

20,455,000

Mizuho Floater/Residual Trust Series 2022-MIZ9106 (Housing

revenue, Mizuho Capital Markets LLC LIQ)144A

3.90

7-1-2057

26,925,000

26,925,000

Mizuho Floater/Residual Trust Series 2022-MIZ9108 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

3.75

11-1-2031

47,500,000

47,500,000

Mizuho Floater/Residual Trust Series 2022-MIZ9109 (Housing

revenue, Mizuho Capital Markets LLC LIQ)144A

4.03

6-4-2027

120,640,000

120,640,000

Mizuho Floater/Residual Trust Series 2022-MIZ9112TX

(Housing revenue, Mizuho Capital Markets LLC LIQ)144A

4.15

10-1-2027

91,250,000

91,250,000

Mizuho Floater/Residual Trust Series 2022-MIZ9114TX

(Housing revenue, Mizuho Capital Markets LLC LIQ)144A

4.02

11-1-2052

19,000,000

19,000,000

Mizuho Floater/Residual Trust Series 2022-MIZ9117 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

4.03

11-1-2067

40,820,000

40,820,000

Mizuho Floater/Residual Trust Series 2023-MIZ9132 (Housing

revenue, Mizuho Capital Markets LLC LIQ)144A

3.75

2-1-2058

33,650,000

33,650,000

Mizuho Floater/Residual Trust Series 2024-MIZ9164TX

(Housing revenue, Mizuho Capital Markets LLC LIQ)144A

3.86

12-1-2062

18,633,004

18,633,004

Mizuho Floater/Residual Trust Series 2024-MIZ9183TX

(Housing revenue, Mizuho Capital Markets LLC LIQ)144A

3.86

11-1-2040

3,490,000

3,490,000

Mizuho Floater/Residual Trust Series 2024-MIZ9203TX

(Housing revenue, Mizuho Capital Markets LLC LIQ)144A

3.90

11-1-2044

29,450,000

29,450,000

Mizuho Floater/Residual Trust Series 2025-9225TX (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

3.86

5-1-2045

39,710,000

39,710,000

The accompanying notes are an integral part of these financial statements.

10 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Mizuho Floater/Residual Trust Series 2025-MIZ9223TX

(Miscellaneous revenue, Mizuho Capital Markets LLC

LIQ)144A

3.86

%

4-1-2055

$

20,465,000

$20,465,000

Taxable Municipal Funding Trust Series 2019-007 (GO revenue,

Barclays Bank plc LOC)144A

3.97

5-1-2029

61,500,000

61,500,000

Taxable Municipal Funding Trust Series 2022-002 (GO revenue,

Barclays Bank plc LOC)144A

3.97

11-1-2041

15,000,000

15,000,000

Taxable Municipal Funding Trust Series BTMFT-2024 (GO

revenue, Barclays Bank plc LOC)144A

3.97

6-24-2027

42,984,000

42,984,000

Taxable Municipal Funding Trust Series BTMFT-2026-007

(Miscellaneous revenue, Barclays Bank plc LIQ)144A

3.97

1-9-2030

340,959,000

340,959,000

Triborough Bridge & Tunnel Authority Series E (Transportation

revenue, Royal Bank of Canada LOC)

3.72

11-15-2032

73,000,000

73,000,000

1,157,931,004

North Dakota:  0.07%

Variable rate demand notes ø:  0.07%

North Dakota Housing Finance Agency Series C (Housing

revenue, Royal Bank of Canada SPA)

3.72

7-1-2052

29,900,000

29,900,000

Pennsylvania:  0.19%

Variable rate demand notes ø:  0.19%

Pennsylvania Higher Education Assistance Agency Series A

(Education revenue, Bank of America N.A. LOC)

3.72

6-1-2054

27,093,000

27,093,000

Pennsylvania Higher Education Assistance Agency Series A

(Education revenue, Bank of America N.A. LOC)

3.72

12-1-2055

52,481,000

52,481,000

79,574,000

Rhode Island:  0.08%

Variable rate demand notes ø:  0.08%

Rhode Island Housing & Mortgage Finance Corp. Series 80-T-2

(Housing revenue, GNMA Insured, TD Bank N.A. SPA)

3.73

10-1-2053

34,755,000

34,755,000

Texas:  1.61%

Variable rate demand notes ø:  1.61%

Mizuho Floater/Residual Trust Series 2025-MIZ9218 (Health

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

3.86

7-1-2035

15,005,000

15,005,000

North Texas Higher Education Authority, Inc. Series 1

(Education revenue, Royal Bank of Canada LOC)

3.72

2-1-2056

67,318,000

67,318,000

North Texas Higher Education Authority, Inc. Series 2023-1

(Education revenue, Royal Bank of Canada LOC)

3.72

12-1-2053

37,078,000

37,078,000

North Texas Higher Education Authority, Inc. Series 2

(Education revenue, Bank of America N.A. LOC)

3.72

7-1-2055

175,842,000

175,842,000

State of Texas Series A (GO revenue, FHLB SPA)

3.72

12-1-2051

41,945,000

41,945,000

State of Texas Series A (GO revenue, Texas State Comptroller

LIQ)

3.72

12-1-2056

25,000,000

25,000,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 11


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

State of Texas Series C (GO revenue, Texas Comptroller SPA)

3.73

%

12-1-2037

$

94,415,000

$94,415,000

Taxable Municipal Funding Trust Series BTMFT-2025-004

(Miscellaneous revenue, Barclays Bank plc LOC)144A

3.97

6-30-2040

213,825,000

213,825,000

670,428,000

Total municipal obligations (Cost $4,340,477,004)

4,340,477,004

Other instruments:  1.97%

Variable rate demand notes ø:  1.97%

AARP Series 2001

3.79

5-1-2031

47,500,000

47,500,000

Anton Santa Cruz LLC Series A

3.72

2-1-2061

52,705,000

52,705,000

Arizona RR Ranches LLC Series 2024

3.77

8-1-2054

40,000,000

40,000,000

Augustine Insurance Trust Series 2024

3.72

11-1-2074

24,770,000

24,770,000

Avon IL-AL Investors LLC Series 2025

3.72

10-1-2065

37,735,000

37,735,000

ECMC Group, Inc. Series 23-1

3.72

12-1-2050

44,950,000

44,950,000

Education Loan Finance, Inc. Series 26-1

3.72

12-1-2054

76,189,000

76,189,000

Heritage Holdings/BKF Inv/Mitchell G Fehr/Nate

Knobloch/Journey Investments

3.72

3-1-2055

25,000,000

25,000,000

JWV-B Turner Investments LLC Series 2024

3.77

7-1-2044

21,125,000

21,125,000

Kurt Anderson Memorial Trust Series 2024

3.72

8-1-2044

6,070,000

6,070,000

Milpitas Phase I LP Series 2025

3.72

6-1-2065

65,000,000

65,000,000

Puerto Rico Tollroads LLC Series 2025

3.90

7-1-2035

225,000,000

225,000,000

Siesta Key Issuing Trust Series 2025

3.72

3-1-2075

24,240,000

24,240,000

SRM Culver City LP

3.72

12-1-2061

27,150,000

27,150,000

Tetris Issuing Trust Series 2025

3.77

7-1-2075

88,155,000

88,155,000

Willow Partners LP

3.72

8-1-2063

17,000,000

17,000,000

Total other instruments (Cost $822,589,000)

822,589,000

Repurchase agreements^^:  16.81%

Bank of America NA, dated 7-31-2026, maturity value

$350,106,458(01)

3.65

8-3-2026

350,000,000

350,000,000

Daiwa Capital Markets America, Inc., dated 7-31-2026, maturity

value $2,450,745,208(02)

3.65

8-3-2026

2,450,000,000

2,450,000,000

JPMorgan Securities LLC, dated 7-31-2026, maturity value

$2,950,897,292(03)

3.65

8-3-2026

2,950,000,000

2,950,000,000

MUFG Securities Canada Ltd., dated 7-31-2026, maturity value

$1,250,380,208(04)

3.65

8-3-2026

1,250,000,000

1,250,000,000

Total repurchase agreements (Cost $7,000,000,000)

7,000,000,000

U.S. Treasury securities:  8.08%

U.S. Treasury Bills☼

3.67

11-12-2026

250,000,000

247,464,479

U.S. Treasury Bills☼

3.67

11-19-2026

250,000,000

247,288,750

U.S. Treasury Bills☼##

3.68

9-24-2026

500,000,000

497,377,250

U.S. Treasury Bills☼

3.70

11-27-2026

250,000,000

247,059,722

U.S. Treasury Bills☼

3.74

12-10-2026

250,000,000

246,697,958

U.S. Treasury Bills☼

3.77

8-25-2026

800,000,000

798,179,744

U.S. Treasury Bills☼

3.89

12-24-2026

250,000,000

246,186,667

U.S. Treasury Bills☼

3.89

12-31-2026

250,000,000

246,000,000

The accompanying notes are an integral part of these financial statements.

12 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

U.S. Treasury securities(continued)

U.S. Treasury Bills☼

3.89

%

1-7-2027

$

250,000,000

$245,820,965

U.S. Treasury Bills☼

3.89

1-21-2027

350,000,000

343,624,313

Total U.S. treasury securities (Cost $3,365,699,848)

3,365,699,848

Total investments in securities (Cost $41,715,128,795)

100.15

%

41,715,128,795

Other assets and liabilities, net

(0.15

)

(63,184,723

)

Total net assets

100.00

%

$41,651,944,072

±

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.

±±

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.

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 purchased on a when-issued basis.

ø

Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of

the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in

effect at period end.

^^

Collateralized by:

(01) U.S. government securities, 2.00% to 2.50%, 9-1-2050 to 9-1-2051, fair value including accrued interest is $360,500,000.

(02) U.S. government securities, 1.50% to 7.00%, 10-15-2032 to 2-20-2066, fair value including accrued interest is $2,523,500,000.

(03) U.S. government securities, 0.00% to 8.00%, 1-15-2030 to 8-1-2056, fair value including accrued interest is $3,037,344,992.

(04) U.S. government securities, 0.13% to 7.00%, 6-1-2027 to 6-1-2063, fair value including accrued interest is $1,287,103,631.

##

All or a portion of this security is segregated as collateral for when-issued securities.

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

SOFR

Secured Overnight Financing Rate

SPA

Standby purchase agreement

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 13


Statement of assets and liabilities—July 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities 

Assets

Investments in unaffiliated securities, at amortized cost

$34,715,128,795

Investments in repurchase agreements, at amortized cost

7,000,000,000

Cash

23,843

Receivable for Fund shares sold

163,351,491

Receivable for interest

114,678,603

Receivable for investments sold

1,280,000

Prepaid expenses and other assets

1,958,440

Total assets

41,996,421,172

Liabilities

Payable for investments purchased

200,000,000

Payable for Fund shares redeemed

128,956,071

Dividends payable

8,800,875

Management fee payable

3,285,721

Administration fees payable

3,045,586

Shareholder servicing fees payable

92,104

Distribution fee payable

253

Accrued expenses and other liabilities

296,490

Total liabilities

344,477,100

Total net assets

$41,651,944,072

Net assets consist of

Paid-in capital

$41,652,491,847

Total distributable loss

(547,775

)

Total net assets

$41,651,944,072

Computation of net asset value per share

Net assets–Class A

$395,683,060

Shares outstanding–Class A1

395,682,714

Net asset value per share–Class A

$1.00

Net assets–Class C

$373,826

Shares outstanding–Class C1

373,825

Net asset value per share–Class C

$1.00

Net assets–Premier Class

$41,244,140,481

Shares outstanding–Premier Class1

41,244,097,044

Net asset value per share–Premier Class

$1.00

Net assets–Service Class

$11,746,705

Shares outstanding–Service Class1

11,746,683

Net asset value per share–Service Class

$1.00

1 The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

14 | Retail Money Market Funds


Statement of operations—six months ended July 31, 2026 (unaudited)

Statement of operations 

Investment income

Interest

$806,444,783

Expenses

Management fee

37,426,670

Administration fees

Class A

394,721

Class C

365

Premier Class

16,509,545

Service Class

7,413

Shareholder servicing fees

Class A

497,870

Class C

460

Service Class

15,414

Distribution fee

Class C

1,382

Custody and accounting fees

375,191

Professional fees

103,282

Registration fees

1,325,599

Shareholder report expenses

251,638

Trustees’ fees and expenses

159,470

Other fees and expenses

152,091

Total expenses

57,221,111

Less:  Fee waivers and/or expense reimbursements

Fund-level

(12,510,906

)

Class A

(106,306

)

Premier Class

(6,382,491

)

Service Class

(3,364

)

Net expenses

38,218,044

Net investment income

768,226,739

Net realized gains on investments

20,699

Net increase in net assets resulting from operations

$768,247,438

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 15


Statement of changes in net assets

Statement of changes in net assets 

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

Operations

Net investment income

$768,226,739

$1,659,851,757

Net realized gains on investments

20,699

170,781

Net increase in net assets resulting from operations

768,247,438

1,660,022,538

Distributions to shareholders from

Net investment income and net realized gains

Class A

(6,663,851

)

(15,712,619

)

Class C

(4,685

)

(17,209

)

Premier Class

(761,345,393

)

(1,643,616,084

)

Service Class

(211,500

)

(505,081

)

Total distributions to shareholders

(768,225,429

)

(1,659,850,993

)

Capital share transactions

Shares

Shares

Proceeds from shares sold

Class A

44,270,790

44,270,790

103,763,009

103,763,009

Class C

16,097

16,097

232,499

232,499

Premier Class

19,328,174,887

19,328,174,887

41,717,294,832

41,717,294,832

Service Class

1,557,718

1,557,718

4,284,760

4,284,760

19,374,019,492

41,825,575,100

Reinvestment of distributions

Class A

6,542,044

6,542,044

15,487,645

15,487,645

Class C

4,628

4,628

16,915

16,915

Premier Class

755,677,876

755,677,876

1,636,900,711

1,636,900,711

Service Class

205,424

205,424

491,015

491,015

762,429,972

1,652,896,286

Payment for shares redeemed

Class A

(61,520,288

)

(61,520,288

)

(118,954,584

)

(118,954,584

)

Class C

(61,863

)

(61,863

)

(1,047,092

)

(1,047,092

)

Premier Class

(20,819,116,730

)

(20,819,116,730

)

(37,418,617,711

)

(37,418,617,711

)

Service Class

(2,648,102

)

(2,648,102

)

(4,548,749

)

(4,548,749

)

(20,883,346,983

)

(37,543,168,136

)

Net increase (decrease) in net assets resulting from capital

share transactions

(746,897,519

)

5,935,303,250

Total increase (decrease) in net assets

(746,875,510

)

5,935,474,795

Net assets

Beginning of period

42,398,819,582

36,463,344,787

End of period

$41,651,944,072

$42,398,819,582

The accompanying notes are an integral part of these financial statements.

16 | Retail Money Market Funds


Financial highlights

Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Class A

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return3

1.67

%

3.92

%

4.81

%

4.89

%

1.73

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.64

%

0.65

%

0.64

%

0.65

%

0.69

%

0.70

%

Net expenses

0.52

%

0.53

%

0.58

%

0.59

%

0.52

%*

0.15

%*

Net investment income

3.35

%

3.87

%

4.71

%

4.79

%

1.73

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$395,683

$406,390

$406,092

$434,396

$438,190

$434,892

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 17


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Class C

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.01

1

0.03

1

0.04

1

0.04

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

Total from investment operations

0.01

0.03

0.04

0.04

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.01

)

(0.03

)

(0.04

)

(0.04

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.27

%

3.10

%

4.03

%

4.11

%

1.19

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

1.39

%

1.41

%

1.39

%

1.40

%

1.44

%

1.45

%

Net expenses

1.33

%

1.33

%

1.33

%

1.34

%

1.09

%*

0.15

%*

Net investment income

2.54

%

3.14

%

3.98

%

3.99

%

1.27

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$374

$415

$1,213

$1,877

$3,012

$1,960

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 | Retail Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Premier Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return3

1.84

%

4.29

%

5.24

%

5.37

%

2.13

%

0.03

%

Ratios to average net assets (annualized)

Gross expenses

0.27

%

0.27

%

0.27

%

0.27

%

0.29

%

0.31

%

Net expenses

0.18

%*

0.17

%*

0.16

%*

0.13

%*

0.13

%*

0.13

%*

Net investment income

3.69

%

4.22

%

5.11

%

5.30

%

3.02

%

0.03

%

Supplemental data

Net assets, end of period (000s omitted)

$41,244,140

$41,979,383

$36,043,635

$32,847,252

$14,906,434

$2,431,267

*

Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by

the following amounts:

Six months ended July 31, 2026 (unaudited)

0.02%

Year ended January 31, 2026

0.03%

Year ended January 31, 2025

0.04%

Year ended January 31, 2024

0.07%

Year ended January 31, 2023

0.07%

Year ended January 31, 2022

0.07%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 19


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Service Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return3

1.71

%

4.00

%

4.89

%

4.98

%

1.81

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.56

%

0.57

%

0.56

%

0.56

%

0.59

%

0.59

%

Net expenses

0.45

%

0.45

%

0.50

%

0.50

%

0.44

%*

0.15

%*

Net investment income

3.42

%

3.95

%

4.78

%

4.87

%

1.80

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$11,747

$12,632

$12,405

$11,427

$11,154

$10,828

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 | Retail Money Market Funds


Notes to financial statements (unaudited)

Notes to financial statements

1.ORGANIZATION

Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2.SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.

Repurchase agreements

The Fund may invest in repurchase agreements, under the terms of a Master Repurchase Agreement with selected financial institutions, and may participate in pooled repurchase agreement transactions with other funds advised by Allspring Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party arrangement or a central counterparty, in the case of a centrally cleared repurchase agreement. In a centrally cleared repurchase agreement, immediately following execution of the repurchase agreement, the agreement is novated to the central counterparty and the Fund’s counterparty on the repurchase agreement becomes the central counterparty. Subject to the tri-party arrangement or centrally cleared repurchase agreement, the custodian will value the collateral daily and take action to obtain additional collateral as necessary to maintain a market value equal to or greater than the resale price. The repurchase agreements are collateralized by securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or certain money market instruments. Upon an event of counterparty default (including bankruptcy), under the terms of the Master Repurchase Agreement, both parties have the right to set-off. In case of centrally cleared repurchase agreements, depending on the event, the central counterparty or Fund will dispose the collateral to realize the amounts due. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are valued using amortized cost which approximates market value and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Retail Money Market Funds | 21


Notes to financial statements (unaudited)

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2026, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2026, the Fund had capital loss carryforwards which consisted of $321,195 in short-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.      

3.FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

•Level 1—quoted prices in active markets for identical securities

•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 

Quoted prices

(Level 1)

Other significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Assets

Investments in:

Certificates of deposit

$0

$9,193,612,980

$0

$9,193,612,980

Commercial paper

0

16,992,749,963

0

16,992,749,963

Municipal obligations

0

4,340,477,004

0

4,340,477,004

Other instruments

0

822,589,000

0

822,589,000

Repurchase agreements

0

7,000,000,000

0

7,000,000,000

U.S. Treasury securities

0

3,365,699,848

0

3,365,699,848

Total assets

$0

$41,715,128,795

$0

$41,715,128,795

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2026, the Fund did not have any transfers into/out of Level 3.

22 | Retail Money Market Funds


Notes to financial statements (unaudited)

4.TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:   

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

For the six months ended July 31, 2026, the management fee was equivalent to an annual rate of 0.18% of the Fund’s average daily net assets. 

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows: 

Class-level

administration fee

Class A

0.19

%

Class C

0.19

Premier Class

0.08

Service Class

0.12

Prior to July 1, 2026, the class-level administration fee for Class A and Class C was 0.20% of its average daily net assets. 

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2027 (May 31, 2028 for Class A and Class C) to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Allspring Funds Management also voluntarily waived certain class-level expenses during the six months ended July 31, 2026. These voluntary class-level waivers may be discontinued at any time. As of July 31, 2026, the contractual expense caps are as follows:   

EXPENSE RATIO CAPS

Class A

0.56

%

Class C

1.31

Premier Class

0.20

Service Class

0.50

Prior to July 1, 2026, the Fund’s expenses were capped at 0.58% for Class A and 1.33% for Class C.

Retail Money Market Funds | 23


Notes to financial statements (unaudited)

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the contingent deferred sales charges from redemptions of Class C shares.  No contingent deferred sales charges were incurred by Class C shares for the six months ended July 31, 2026.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Service Class of the Fund are charged a fee at an annual rate up to 0.25% of the respective average daily net assets of each class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2026.

5.CREDIT RISK

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

6.INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated. 

7.OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.

24 | Retail Money Market Funds


Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Shareholders may view the filed Form N-MFP by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.

Retail Money Market Funds | 25


Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

26 | Retail Money Market Funds


Other information (unaudited)

Item 11. Statement regarding basis for the board’s approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 18-20, 2026 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2026, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2026. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above conferred with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent, and quality of services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, recent changes in such senior management, and a summary of investments made in the Allspring Global Investments business.* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates, including the Sub-Adviser.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plan and Allspring Global Investments’ business resiliency and disaster recovery plans, their

*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”

Retail Money Market Funds | 27


Other information (unaudited)

approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as the Fund’s valuation designee. The Board also received and considered information about Allspring Funds Management’s derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2025. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of or equal to the average investment performance of the Universe for the five- and ten-year periods under review, and higher for the one- and three-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising the expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of or equal to the median net operating expense ratios of the expense Groups for each share class. The Board also noted management’s proposal to reduce the expense caps for Class A and Class C shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A and Class C shares, which are not expected to immediately reduce the Fund’s net operating expense ratio for Class A shares but are expected to reduce the Fund’s net operating expense ratios for Class C shares.

The Board received information concerning, and discussed factors contributing to, the higher net operating expense ratios for the Class A shares relative to the expense Groups for the share class. The Board took note of the explanations for the net operating expense ratios of that share class and the other share classes of the Fund.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not the class level.

Among other information reviewed by the Board was a comparison of the Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Group for the Premier Class, and in range of the sum of the average rates for the expense Groups for Class A and the Service Class. The Board also noted management’s proposal to reduce the expense caps for Class A and Class C shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A and Class C shares, which are not expected to immediately reduce the Fund’s net operating expense ratio for Class A shares but are expected to reduce the Fund’s net operating expense ratios for Class C shares.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of a fund.

28 | Retail Money Market Funds


Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to the Fund and shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Retail Money Market Funds | 29


  

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-800-260-5969

  

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

NCSRS0478 07-26



  

Retail Money Market Funds 

Allspring National Tax-Free Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2026



Contents

Portfolio of investments

2

Item 7. Financial statements and financial highlights

Statement of assets and liabilities

20

Statement of operations

21

Statement of changes in net assets

22

Financial highlights

23

Notes to financial statements

26

Other information

30

Item 8. Changes in and disagreements with accountants

31

Item 9. Matters submitted to fund shareholders for a vote

31

Item 10. Remuneration paid to directors, officers and others

31

Item 11. Statement regarding basis for board’s approval of investment

advisory contract

32

Retail Money Market Funds | 1


Portfolio of investments—July 31, 2026 (unaudited)

Portfolio of investments

Principal

Value

Closed-end fund obligations:  0.73%

Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares

Series D (70 shares) 2.61%144Aø

$

7,000,000

$7,000,000

Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares

(80 shares) 2.23%144Aø

8,000,000

8,000,000

Total closed-end fund obligations (Cost $15,000,000)

15,000,000

Interest

rate

Maturity

date

Municipal obligations:  97.69%

Alabama:  4.03%

Variable rate demand notes ø:  4.03%

JPMorgan Chase Putters/Drivers Trust Series 2025-5088 (Utilities

revenue, JP Morgan Securities LOC, JP Morgan Securities

LIQ)144A

2.36

%

2-1-2031

10,000,000

10,000,000

PFA Series 202 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.22

9-1-2054

3,700,000

3,700,000

Tender Option Bond Trust Receipts/Certificates Series 2022-

XG0410 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.46

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

2.41

2-1-2053

2,395,000

2,395,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XM1131 (Utilities revenue, Royal Bank of Canada LOC, Royal

Bank of Canada LIQ)144A

2.21

1-1-2028

4,000,000

4,000,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

ZF3199 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.41

4-1-2054

8,275,000

8,275,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

ZF3202 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.41

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

2.41

2-1-2053

11,930,000

11,930,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

BAML5052 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

3.04

9-1-2037

8,400,000

8,400,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XF1800 (Utilities revenue, JPMorgan Chase Bank N.A. LOC,

JPMorgan Chase Bank N.A. LIQ)144A

3.15

12-1-2032

10,330,000

10,330,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

BAML5063 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.36

11-1-2054

5,000,000

5,000,000

83,230,000

Arizona:  1.05%

Variable rate demand notes ø:  1.05%

Mizuho Floater/Residual Trust Series 2023-MIZ9155 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

3-1-2038

9,167,634

9,167,634

Mizuho Floater/Residual Trust Series 2023-MIZ9157 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

5-1-2038

2,265,000

2,265,000

The accompanying notes are an integral part of these financial statements.

2 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Mizuho Floater/Residual Trust Series 2024-MIZ9180 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

%

12-4-2026

$

4,370,000

$4,370,000

Mizuho Floater/Residual Trust Series 2025-MIZ9219 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

12-25-2027

3,395,000

3,395,000

Mizuho Floater/Residual Trust Series 2025-MIZ9220 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

12-25-2027

2,490,000

2,490,000

21,687,634

California:  7.05%

Other municipal debt :  0.93%

City of Oakland (GO revenue)§

5.00

6-30-2027

18,730,000

19,152,365

Variable rate demand notes ø:  6.12%

California Housing Finance Agency 5035 Coliseum Property LP

Series NN (Housing revenue)

2.95

2-1-2056

5,400,000

5,400,000

Mizuho Floater/Residual Trust Series 2024-MIZ9191 (Tax revenue,

Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC

LIQ)144A

2.41

3-5-2027

11,850,000

11,850,000

Mizuho Floater/Residual Trust Series 2025-MIZ9234 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.34

3-10-2028

4,200,000

4,200,000

Mizuho Floater/Residual Trust Series 2026-MIZ9247 (Health

revenue, BAM Insured, Mizuho Capital Markets LLC LOC, Mizuho

Capital Markets LLC LIQ)144A

2.23

1-28-2034

10,000,000

10,000,000

PFA Series 202 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.22

6-1-2044

8,000,000

8,000,000

Tender Option Bond Trust Receipts/Certificates Series 2022-

XF3007 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.46

5-1-2053

19,180,000

19,180,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

BAML6010 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.18

12-18-2053

1,655,000

1,655,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XG0484 (Tax revenue, BAM Insured, Royal Bank of Canada

LIQ)144A

2.22

9-1-2049

1,000,000

1,000,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

CF7005 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

9-1-2048

9,890,366

9,890,366

Tender Option Bond Trust Receipts/Certificates Series 2025-

CF7014 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

4-1-2052

9,955,587

9,955,587

Tender Option Bond Trust Receipts/Certificates Series 2025-

CF7033 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.26

7-1-2053

6,790,000

6,790,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

CF7035 (GO revenue, Citibank N.A. LIQ)144A

2.19

8-1-2047

30,505,000

30,505,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 3


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0671 (Miscellaneous revenue, BAM Insured, Royal Bank of

Canada LIQ)144A

2.31

%

7-1-2033

$

6,000,000

$6,000,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XL0727 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.41

4-1-2056

2,000,000

2,000,000

126,425,953

Colorado:  0.31%

Variable rate demand notes ø:  0.31%

Tender Option Bond Trust Receipts/Certificates Series 2022-

XF3040 (Health revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

2.19

11-1-2052

2,500,000

2,500,000

University of Colorado Hospital Authority Health Obligated Group

Series C (Health revenue, TD Bank N.A. SPA)

2.95

11-15-2039

3,905,000

3,905,000

6,405,000

Connecticut:  2.61%

Variable rate demand notes ø:  2.61%

Connecticut State HEFA Hartford HealthCare Obligated Group

Series B (Health revenue, PNC Bank N.A. LOC)

2.15

7-1-2056

13,910,000

13,910,000

Connecticut State HEFA Hartford HealthCare Obligated Group

Series C (Health revenue, PNC Bank N.A. LOC)

2.15

7-1-2056

26,000,000

26,000,000

Tender Option Bond Trust Receipts/Certificates Series XG0621

(Housing revenue, Barclays Bank plc LOC, Barclays Bank plc

LIQ)144A

3.25

6-1-2067

13,940,000

13,940,000

53,850,000

Delaware:  0.13%

Variable rate demand notes ø:  0.13%

Mizuho Floater/Residual Trust Series 2024-MIZ9182 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

12-4-2026

2,592,344

2,592,344

District of Columbia:  1.85%

Other municipal debt :  0.51%

District of Columbia (Miscellaneous revenue)

2.57

8-6-2026

10,450,000

10,450,000

Variable rate demand notes ø:  1.34%

Arizona IDA Series 2025-ESRF002 (Education revenue, PNC Bank

N.A. LOC, PNC Bank N.A. LIQ)144A

2.23

1-1-2030

13,500,000

13,500,000

District of Columbia Water & Sewer Authority Series B-2 (Water &

sewer revenue, TD Bank N.A. SPA)

3.05

10-1-2054

14,150,000

14,150,000

27,650,000

Florida:  7.68%

Other municipal debt :  2.31%

County of Hillsborough (Miscellaneous revenue)

2.46

9-3-2026

4,300,000

4,300,000

County of Hillsborough (Miscellaneous revenue)

2.55

8-13-2026

7,800,000

7,800,000

County of Hillsborough (Miscellaneous revenue)

2.62

9-24-2026

5,950,000

5,950,000

The accompanying notes are an integral part of these financial statements.

4 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Other municipal debt(continued)

Florida Local Government Finance Commission (Miscellaneous

revenue)

2.53

%

9-1-2026

$

4,104,000

$4,104,000

Palm Beach County School District Series A COP (Miscellaneous

revenue)§

5.00

8-1-2026

25,655,000

25,655,000

47,809,000

Variable rate demand notes ø:  5.37%

County of Escambia Florida Power & Light Co. Series 2ND (Utilities

revenue)

2.40

4-1-2039

2,520,000

2,520,000

County of Manatee Florida Power & Light Co. (Industrial

development revenue)

2.40

9-1-2029

3,000,000

3,000,000

County of Miami-Dade Series B (Miscellaneous revenue, Ambac

Insured, TD Bank N.A. LOC)

2.15

4-1-2043

2,465,000

2,465,000

Highlands County Health Facilities Authority AdventHealth

Obligated Group Series A-2 (Health revenue)

2.15

11-15-2037

15,550,000

15,550,000

Highlands County Health Facilities Authority AdventHealth

Obligated Group Series I-5 (Health revenue)

2.15

11-15-2035

19,555,000

19,555,000

Highlands County Health Facilities Authority Series D (Health

revenue, PNC Bank N.A. SPA)

3.00

11-15-2060

4,000,000

4,000,000

Hillsborough County IDA BayCare Obligated Group Series C (Health

revenue, TD Bank N.A. LOC)

2.10

11-1-2038

200,000

200,000

Orange County Health Facilities Authority Nemours Foundation

Series C-2 (Health revenue, TD Bank N.A. LOC)

2.16

1-1-2037

2,780,000

2,780,000

PFA Series 2025-VRS214 Class A (Health revenue, Bank of America

N.A. LOC, Bank of America N.A. LIQ)144A

2.22

12-1-2055

4,000,000

4,000,000

PFA Series 2026-VRS305 Class A (Health revenue, Bank of America

N.A. LOC, Bank of America N.A. LIQ)144A

2.22

2-1-2045

6,000,000

6,000,000

PFA Series 202 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.22

8-15-2036

11,475,000

11,475,000

PFA Series 202 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

3.05

7-1-2056

7,500,000

7,500,000

Putnam County Development Authority Florida Power & Light Co.

(Industrial development revenue)

2.40

9-1-2029

4,480,000

4,480,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XG0485 (Health revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.19

12-1-2047

2,595,000

2,595,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XM1155 (Health revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.19

1-1-2029

5,530,000

5,530,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XF3223 (Housing revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

3.25

4-1-2042

1,000,000

1,000,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0669 (Health revenue, Bank of America N.A. LIQ)144A

2.98

11-15-2054

8,150,000

8,150,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

MS0095 (Tax revenue, Morgan Stanley Municipal Funding LOC,

Morgan Stanley Municipal Funding LIQ)144A

2.46

9-1-2041

10,000,000

10,000,000

110,800,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 5


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Georgia:  2.56%

Other municipal debt :  1.51%

County of Fulton (GO revenue)§

5.00

%

12-30-2026

$

23,000,000

$23,230,142

Metropolitan Atlanta Rapid Transit Authority (Tax revenue)

2.50

9-15-2026

8,000,000

8,000,000

31,230,142

Variable rate demand notes ø:  1.05%

County of DeKalb Water & Sewerage Revenue Series 2016-XF2254

(Water & sewer revenue, AG Insured, JPMorgan Chase Bank N.A.

LIQ)144A

2.19

10-1-2032

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

2.20

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

2.19

9-1-2028

5,375,000

5,375,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XM1136 (Utilities revenue, Royal Bank of Canada LOC, Royal

Bank of Canada LIQ)144A

2.19

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

2.19

3-1-2029

4,020,000

4,020,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

ZF1659 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.19

6-1-2029

2,805,000

2,805,000

21,615,000

Idaho:  1.28%

Variable rate demand notes ø:  1.28%

Idaho Health Facilities Authority St. Luke’s Health System Ltd.

Obligated Group Series D (Health revenue, TD Bank N.A. LOC)

2.95

3-1-2060

9,075,000

9,075,000

Idaho Health Facilities Authority Trinity Health Corp. Obligated

Group Series ID (Health revenue)

2.45

12-1-2048

14,000,000

14,000,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

ZF1654 (Tax revenue, Bank of America N.A. LIQ)144A

2.19

8-15-2048

1,710,000

1,710,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XG0565 (Housing revenue, GNMA / FNMA / FHLMC Insured,

Barclays Bank plc LIQ)144A

2.19

1-1-2054

1,750,000

1,750,000

26,535,000

Illinois:  3.41%

Variable rate demand notes ø:  3.41%

County of Lake Whispering Oaks Associates LP (Housing revenue,

FHLMC LIQ)

2.21

11-1-2045

250,000

249,980

Illinois Development Finance Authority American College of

Surgeons (Education revenue, Northern Trust Company LOC)

2.20

8-1-2026

651,000

651,000

Illinois Finance Authority Endeavor Health Clinical Operations

Obligated Group Series C (Health revenue, JPMorgan Chase Bank

N.A. SPA)

3.05

8-15-2049

3,000,000

3,000,000

The accompanying notes are an integral part of these financial statements.

6 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Illinois Finance Authority Endeavor Health Clinical Operations

Obligated Group Series D (Health revenue, JPMorgan Chase Bank

N.A. SPA)

2.95

%

8-15-2057

$

10,000,000

$10,000,000

Illinois Finance Authority Marwen Foundation, Inc. (Miscellaneous

revenue, Northern Trust Company LOC)

2.26

5-1-2043

3,810,000

3,810,000

Illinois Finance Authority University of Chicago Medical Center

Obligated Group Series B (Health revenue, PNC Bank N.A. LOC)

2.15

8-1-2044

7,000,000

7,000,000

Illinois Housing Development Authority Series D (Housing revenue,

GNMA / FNMA / FHLMC Insured, Bank of Montreal SPA)

2.10

4-1-2045

11,300,000

11,300,000

PFA Series 2025-VRS206 (Miscellaneous revenue, Bank of America

N.A. LOC, Bank of America N.A. LIQ)144A

3.05

2-15-2053

21,250,000

21,250,000

Quad Cities Regional EDA Augustana College (Education revenue,

BMO Harris Bank N.A. LOC)

2.16

10-1-2035

4,300,000

4,300,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XG0434 (GO revenue, Royal Bank of Canada LOC, Royal Bank of

Canada LIQ)144A

2.19

1-1-2043

250,000

250,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XF8132 (GO revenue, BAM Insured, JPMorgan Chase Bank N.A.

LIQ)144A

3.10

12-1-2033

7,125,000

7,125,000

Village of Brookfield Chicago Zoological Society (Miscellaneous

revenue, Northern Trust Company LOC)

2.20

6-1-2038

1,545,000

1,545,000

70,480,980

Indiana:  1.38%

Variable rate demand notes ø:  1.38%

Indiana Finance Authority Ascension Health Credit Group Series D-2

(Health revenue)

2.05

11-15-2054

6,000,000

6,000,000

Indiana Finance Authority Duke Energy Indiana LLC Series A3

(Industrial development revenue, Mizuho Bank Limited LOC)

2.10

12-1-2039

250,000

249,981

Indiana Finance Authority Duke Energy Indiana LLC Series A4

(Industrial development revenue, Sumitomo Mitsui Banking Corp.

LOC)

3.05

12-1-2039

14,100,000

14,100,000

Tender Option Bond Trust Receipts/Certificates Series 2022-

XF2990 (Education revenue, Barclays Bank plc LOC, Barclays

Bank plc LIQ)144A

2.20

9-1-2057

8,105,000

8,105,000

28,454,981

Iowa:  0.19%

Variable rate demand notes ø:  0.19%

Mizuho Floater/Residual Trust Series 2026-MIZ9261 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.46

10-27-2028

4,000,000

4,000,000

Kansas:  0.15%

Variable rate demand notes ø:  0.15%

Mizuho Floater/Residual Trust Series 2024-MIZ9159 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

5-1-2037

3,165,028

3,165,028

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 7


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Kentucky:  1.37%

Variable rate demand notes ø:  1.37%

Louisville/Jefferson County Metropolitan Government Norton

Healthcare Obligated Group Series C (Health revenue, PNC Bank

N.A. LOC)

2.40

%

10-1-2056

$

20,000,000

$20,000,000

PFA Series 202 (Miscellaneous revenue, Bank of America N.A. LOC,

Bank of America N.A. LIQ)144A

3.05

2-1-2056

5,000,000

5,000,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XG0556 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.21

1-1-2029

3,205,000

3,205,000

28,205,000

Louisiana:  0.97%

Variable rate demand notes ø:  0.97%

PFA Series 2025-VRS209 (Health revenue, Bank of America N.A.

LOC, Bank of America N.A. LIQ)144A

3.05

12-1-2052

20,000,000

20,000,000

Maine:  0.10%

Variable rate demand notes ø:  0.10%

Tender Option Bond Trust Receipts/Certificates Series 2024-

XX1348 (Housing revenue, Barclays Bank plc LIQ)144A

2.19

11-15-2054

2,110,000

2,110,000

Maryland:  0.21%

Variable rate demand notes ø:  0.21%

Tender Option Bond Trust Receipts/Certificates Series 2026-

XX1460 (Health revenue, Barclays Bank plc LIQ)144A

2.19

12-1-2044

4,410,000

4,410,000

Massachusetts:  3.16%

Other municipal debt :  2.76%

Massachusetts Bay Transportation Authority (Transportation

revenue)

2.55

8-18-2026

21,850,000

21,850,000

Town of Abington BAN (GO revenue)§

4.00

4-22-2027

10,000,000

10,073,145

University of Massachusetts Building Authority (Education revenue)

2.55

8-5-2026

25,000,000

25,000,000

56,923,145

Variable rate demand notes ø:  0.40%

Tender Option Bond Trust Receipts/Certificates Series 2022-

ZL0339 (GO revenue, Royal Bank of Canada LIQ)144A

2.18

10-1-2047

4,000,000

4,000,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

BAML6005 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.31

12-1-2037

4,280,000

4,280,000

8,280,000

Michigan:  2.82%

Other municipal debt :  0.49%

Michigan Finance Authority Series A-1 (Miscellaneous revenue)%%

5.00

7-20-2027

3,500,000

3,569,440

Regents of the University of Michigan/Ann Arbor (Education

revenue)

2.55

10-15-2026

6,450,000

6,450,000

10,019,440

The accompanying notes are an integral part of these financial statements.

8 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes ø:  2.33%

Michigan State Housing Development Authority Clark Road Senior

Ltd. Dividend Housing Association LP (Housing revenue)

2.67

%

12-1-2042

$

2,415,000

$2,415,000

Michigan State Housing Development Authority Series C (Housing

revenue, FHLB SPA)

2.07

12-1-2035

1,485,000

1,485,000

RBC Municipal Products, Inc. Trust Series 2026-G-144 (GO revenue,

QSBLF Insured, Royal Bank of Canada LOC, Royal Bank of Canada

LIQ)144A

2.19

5-1-2034

2,745,000

2,745,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XF3120 (Housing revenue, Mizuho Capital Markets LLC LOC,

Mizuho Capital Markets LLC LIQ)144A

2.44

8-1-2028

31,856,000

31,856,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XF3221 (Housing revenue, Barclays Bank plc LIQ)144A

2.19

12-1-2053

1,215,000

1,215,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XF8087 (Housing revenue, Royal Bank of Canada LIQ)144A

2.19

6-1-2048

2,625,000

2,625,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XX1463 (Housing revenue, Barclays Bank plc LIQ)144A

2.19

12-1-2056

5,815,000

5,815,000

48,156,000

Minnesota:  2.05%

Other municipal debt :  0.19%

Minnesota Agricultural & Economic Development Board

(Miscellaneous revenue)

2.62

10-13-2026

4,000,000

4,000,000

Variable rate demand notes ø:  1.86%

City of Forest Lake Kilkenny Senior Housing LP (Housing revenue,

FNMA LOC, FNMA LIQ)

2.21

8-15-2038

940,000

940,000

City of Minnetonka Breck School (Education revenue, U.S. Bank N.A.

LOC)144A

2.20

6-1-2051

10,000,000

10,000,000

City of Oak Park Heights VSSA Boutwells Landing LLC (Housing

revenue, FHLMC LIQ)

2.14

11-1-2035

5,840,000

5,840,000

City of Rochester Mayo Clinic (Health revenue)

1.85

11-15-2047

1,700,000

1,700,000

Minnesota Agricultural & Economic Development Board Fairview

Health Services Obligated Group Series C (Health revenue,

U.S. Bank N.A. LOC)

2.20

11-15-2065

5,000,000

5,000,000

Minnesota Housing Finance Agency Series F AMT (Housing

revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada

SPA)

2.15

1-1-2041

6,245,000

6,245,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

BAML6027 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

3.00

12-1-2030

8,600,000

8,600,000

38,325,000

Mississippi:  1.23%

Variable rate demand notes ø:  1.23%

Mississippi Business Finance Corp. Chevron USA, Inc. Series B

(Industrial development revenue)

3.15

12-1-2030

5,000,000

5,000,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 9


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Mississippi Business Finance Corp. Chevron USA, Inc. Series G

(Industrial development revenue)

3.05

%

11-1-2035

$

8,000,000

$8,000,000

Mississippi Business Finance Corp. Chevron USA, Inc. Series L

(Industrial development revenue)

3.05

11-1-2035

12,380,000

12,380,000

25,380,000

Missouri:  0.83%

Other municipal debt :  0.45%

HEFA of the State of Missouri (Education revenue)

2.50

10-6-2026

9,416,000

9,416,000

Variable rate demand notes ø:  0.38%

HEFA of the State of Missouri BJC Healthcare Obligated Group

Series B-2 (Health revenue)

2.20

5-1-2051

4,000,000

4,000,000

Mizuho Floater/Residual Trust Series 2025-MIZ9235 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

3-10-2028

3,803,333

3,803,333

7,803,333

Nebraska:  1.46%

Other municipal debt :  0.92%

Lincoln Nebraska Electric (Utilities revenue)

2.60

9-17-2026

16,500,000

16,500,000

Omaha Public Power District (Miscellaneous revenue)

2.62

11-5-2026

2,500,000

2,500,000

19,000,000

Variable rate demand notes ø:  0.54%

Nebraska Investment Finance Authority Phoenix Realty Special

Account-U LP (Housing revenue, Northern Trust Company LOC)

3.25

9-1-2031

11,100,000

11,100,000

New Hampshire:  1.45%

Variable rate demand notes ø:  1.45%

RBC Municipal Products, Inc. Trust Series 2024-E157 (Health

revenue, Royal Bank of Canada LOC, Royal Bank of Canada

LIQ)144A

2.19

5-1-2028

10,000,000

10,000,000

RBC Municipal Products, Inc. Trust Series 2025-C24 (Health

revenue, Royal Bank of Canada LOC, Royal Bank of Canada

LIQ)144A

2.20

11-1-2041

20,000,000

20,000,000

30,000,000

New Jersey:  1.08%

Other municipal debt :  0.25%

Monmouth County Improvement Authority (Miscellaneous

revenue)§

4.00

3-12-2027

5,000,000

5,052,404

Variable rate demand notes ø:  0.83%

JPMorgan Chase Putters/Drivers Trust Series 2026-5116 (Health

revenue, JPMorgan Chase Bank N.A. LOC, JPMorgan Chase Bank

N.A. LIQ)144A

3.00

10-22-2033

5,000,000

5,000,000

The accompanying notes are an integral part of these financial statements.

10 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Tender Option Bond Trust Receipts/Certificates Series 2023-

XX1329 (Housing revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

2.19

%

6-15-2050

$

4,250,000

$4,250,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

CF7010 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

1-1-2032

7,920,000

7,920,000

17,170,000

New Mexico:  0.05%

Variable rate demand notes ø:  0.05%

New Mexico Mortgage Finance Authority Series G-2 Class I

(Housing revenue, GNMA / FNMA / FHLMC Insured)

3.00

9-1-2057

930,000

930,000

New York:  9.93%

Other municipal debt :  2.35%

New York State Dormitory Authority (Health revenue)

2.65

8-4-2026

15,000,000

15,000,000

New York State Dormitory Authority (Health revenue)

2.65

11-3-2026

23,540,000

23,540,000

New York State Dormitory Authority (Miscellaneous revenue)

2.56

10-19-2026

10,000,000

10,000,000

48,540,000

Variable rate demand notes ø:  7.58%

Arizona IDA Series 2025-ESRF001 (Miscellaneous revenue, PNC

Bank N.A. LOC, PNC Bank N.A. LIQ)144A

2.23

6-1-2029

13,500,000

13,500,000

City of New York Series D-3 (GO revenue, State Street Bank & Trust

Co. SPA)

2.95

5-1-2052

20,000,000

20,000,000

City of New York Series D-4 (GO revenue, State Street Bank & Trust

Co. SPA)

3.00

5-1-2052

8,300,000

8,300,000

City of New York Series F-5 (GO revenue, Barclays Bank plc SPA)

3.05

6-1-2044

5,000,000

5,000,000

Mizuho Floater/Residual Trust Series 2025-MIZ9239 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.46

3-17-2028

3,305,000

3,305,000

Mizuho Floater/Residual Trust Series 2026-MIZ9250 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.46

7-26-2028

6,055,000

6,055,000

Nassau County Local Economic Assistance Corp. Series B

(Education revenue, TD Bank N.A.SPA, TD Bank N.A.LIQ)

2.16

1-1-2045

3,700,000

3,700,000

New York City Municipal Water Finance Authority Water & Sewer

System Series BB1 (Water & sewer revenue, Mizuho Bank Limited

SPA)

3.05

6-15-2044

5,000,000

5,000,000

New York City Transitional Finance Authority Future Tax Secured

Revenue Series C-4 (Tax revenue, Sumitomo Mitsui Banking

Corp. LOC)

2.16

5-1-2053

2,000,000

2,000,000

New York State Housing Finance Agency (Housing revenue, FNMA

LOC, FNMA LIQ)

2.30

5-15-2039

2,500,000

2,500,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

CF7004 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

1-25-2040

5,000,000

5,000,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 11


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Tender Option Bond Trust Receipts/Certificates Series 2024-

CF7008 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

%

8-25-2039

$

8,340,000

$8,340,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

CF7009 (Housing revenue, Citibank N.A. LOC, Citibank N.A.

LIQ)144A

2.28

4-25-2040

7,450,000

7,450,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

CF7047 (Housing revenue, Citibank N.A. LIQ)144A

2.19

5-1-2048

9,930,000

9,930,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

MS0041 (Miscellaneous revenue, Morgan Stanley Municipal

Funding LOC, Morgan Stanley Municipal Funding LIQ)144A

2.56

10-1-2027

53,335,000

53,335,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0601 (Tax revenue, Bank of America N.A. LIQ)144A

2.97

3-15-2049

3,175,000

3,175,000

156,590,000

North Carolina:  0.72%

Variable rate demand notes ø:  0.72%

Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated

Group Series C (Health revenue, JPMorgan Chase Bank N.A. SPA)

3.00

1-15-2037

4,065,000

4,065,000

Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated

Group Series E (Health revenue, AG Insured, TD Bank N.A. LOC)

2.95

1-15-2044

2,200,000

2,200,000

Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated

Group Series E (Health revenue, Royal Bank of Canada LOC)

3.00

1-15-2042

1,935,000

1,935,000

North Carolina Medical Care Commission Duke University Health

System, Inc. Obligated Group Series E (Health revenue, Royal

Bank of Canada SPA)

2.15

6-1-2055

4,125,000

4,125,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XF3546 (Housing revenue, Mizuho Capital Markets LLC LOC,

Mizuho Capital Markets LLC LIQ)144A

2.26

7-1-2028

2,600,000

2,600,000

14,925,000

Ohio:  10.99%

Other municipal debt :  7.64%

American Municipal Power, Inc. Carey Village Project BAN

(Miscellaneous revenue)§

4.25

11-5-2026

1,750,000

1,755,093

American Municipal Power, Inc. City of Oberlin Project BAN (Utilities

revenue)§

4.25

8-27-2026

12,000,000

12,009,700

American Municipal Power, Inc. Village of Grafton Electric Revenue

BAN (Utilities revenue)§

4.00

4-8-2027

3,560,000

3,591,022

American Municipal Power, Inc. Village of Holiday City Electric

Revenue BAN (Miscellaneous revenue)§

4.00

4-22-2027

1,020,000

1,029,757

American Municipal Power, Inc. Village of Jackson Center BAN

(Miscellaneous revenue)§%%

4.00

8-5-2027

475,000

478,719

American Municipal Power, Inc. Village of Jackson Center BAN

(Miscellaneous revenue)§

4.50

8-6-2026

765,000

765,080

American Municipal Power, Inc. Village of Pioneer BAN

(Miscellaneous revenue)§

4.00

11-12-2026

3,900,000

3,910,616

American Municipal Power, Inc. Village of Sycamore BAN

(Miscellaneous revenue)§

4.50

10-22-2026

315,000

315,915

The accompanying notes are an integral part of these financial statements.

12 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Other municipal debt(continued)

American Municipal Power, Inc. Village of Versailles Electric

Revenue BAN (Utilities revenue)§

4.00

%

5-13-2027

$

1,000,000

$1,008,785

American Municipal Power, Inc. Wapakoneta Project BAN

(Miscellaneous revenue)§

4.00

6-16-2027

4,355,000

4,397,857

Central Ohio Solid Waste Authority BAN (GO revenue)§

4.00

10-28-2026

11,200,000

11,234,813

City of Barberton BAN (GO revenue)§

4.00

4-8-2027

2,100,000

2,119,462

City of Fairborn Series B BAN (GO revenue)§

4.63

8-19-2026

700,000

700,475

City of Fairfield BAN (GO revenue)§

4.00

4-8-2027

1,500,000

1,513,194

City of Forest Park BAN (GO revenue)§

4.00

5-13-2027

4,000,000

4,039,869

City of Groveport BAN (GO revenue)§

4.00

4-8-2027

3,650,000

3,682,602

City of Hamilton BAN (GO revenue)§

4.00

12-15-2026

1,000,000

1,005,007

City of Kirtland (GO revenue)144A§

4.00

4-14-2027

4,300,000

4,339,349

City of Lyndhurst BAN (GO revenue)144A§

4.00

3-11-2027

1,000,000

1,007,628

City of Macedonia BAN (GO revenue)§

4.00

1-26-2027

5,000,000

5,028,136

City of Martins Ferry BAN (GO revenue)§

4.00

12-14-2026

3,000,000

3,013,187

City of Miamisburg BAN (GO revenue)§

3.75

10-21-2026

2,750,000

2,757,174

City of Monroe BAN (GO revenue)§

4.00

11-17-2026

2,225,000

2,231,395

City of North Ridgeville BAN (GO revenue)§

4.00

11-18-2026

2,000,000

2,005,803

City of Vandalia BAN (GO revenue)§

4.00

12-2-2026

4,000,000

4,016,401

City of Warrensville Heights BAN (GO revenue)§

4.00

6-23-2027

5,230,000

5,286,453

City of Wyoming BAN (GO revenue)§

4.00

10-13-2026

4,000,000

4,010,611

County of Belmont BAN (GO revenue)§

4.25

8-11-2026

3,500,000

3,501,183

County of Belmont Series B BAN (GO revenue)§%%

3.88

8-5-2027

5,000,000

5,039,900

County of Lawrence BAN (GO revenue)§

4.00

5-27-2027

4,700,000

4,745,367

County of Logan BAN (GO revenue)§

4.00

7-29-2027

3,000,000

3,027,831

County of Logan BAN (GO revenue)§

4.13

8-4-2026

1,050,000

1,050,028

County of Lucas BAN (GO revenue)§

4.00

10-9-2026

8,250,000

8,273,200

County of Trumbull BAN (GO revenue)§

4.00

3-11-2027

3,300,000

3,328,105

Kings Local School District BAN (GO revenue)§

4.00

7-7-2027

5,000,000

5,050,607

Ohio Higher Educational Facility Commission (Education revenue)

2.52

9-1-2026

10,000,000

10,000,000

Ohio Water Development Authority (Water & sewer revenue)

2.46

8-3-2026

20,000,000

20,000,000

Ohio Water Development Authority (Water & sewer revenue)

2.50

8-5-2026

6,500,000

6,500,000

157,770,324

Variable rate demand notes ø:  3.35%

County of Franklin Trinity Health Corp. Obligated Group Series OH

(Health revenue)##

2.45

12-1-2046

34,000,000

34,000,000

RBC Municipal Products, Inc. Trust Series 2022 C-18 (Health

revenue, Royal Bank of Canada LOC, Royal Bank of Canada

LIQ)144A

2.20

1-15-2037

8,000,000

8,000,000

State of Ohio Department of Rehabilitation & Correction Series B

(Housing revenue)

2.00

10-1-2045

3,000,000

3,000,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

BAML5043 (Health revenue, Bank of America N.A. LIQ)144A

2.23

2-15-2047

5,800,000

5,800,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

MS0027 (Health revenue, Morgan Stanley Bank LOC, Morgan

Stanley Bank LIQ)144A

2.36

1-15-2031

3,995,000

3,995,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 13


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Tender Option Bond Trust Receipts/Certificates Series 2024-

XL0553 (Miscellaneous revenue, AG Insured, Royal Bank of

Canada LOC, Royal Bank of Canada LIQ)144A

2.19

%

6-1-2050

$

3,640,000

$3,640,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XM1184 (Health revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.19

12-1-2031

6,205,000

6,205,000

Tender Option Bond Trust Receipts/Certificates Series 2025-BAML-

6046 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.19

5-1-2065

1,265,000

1,265,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XF1824 (Housing revenue, GNMA / FNMA / FHLMC Insured,

JPMorgan Chase Bank N.A. LIQ)144A

2.19

9-1-2047

3,220,000

3,220,000

69,125,000

Pennsylvania:  1.06%

Variable rate demand notes ø:  1.06%

Dauphin County General Authority UPMC Obligated Group Series B

(Health revenue, PNC Bank N.A. LOC)

2.15

6-1-2041

6,125,000

6,125,000

Mizuho Floater/Residual Trust Series 2026-MIZ9245 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.46

6-2-2028

1,996,245

1,996,245

Pennsylvania Higher Educational Facilities Authority University of

Pennsylvania Health System Obligated Group Series A (Health

revenue, Bank of America N.A. LOC)

2.10

1-1-2038

170,000

170,000

Philadelphia IDA Children’s Hospital of Philadelphia Obligated

Group Series B-1 (Health revenue, JPMorgan Chase Bank N.A.

SPA)

3.00

7-1-2054

5,300,000

5,300,000

Philadelphia IDA Children’s Hospital of Philadelphia Obligated

Group Series B-2 (Health revenue, JPMorgan Chase Bank N.A.

SPA)

3.00

7-1-2054

4,400,000

4,400,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XG0536 (GO revenue, Royal Bank of Canada LOC, Royal Bank of

Canada LIQ)144A

2.19

9-1-2031

2,500,000

2,500,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XX1481 (Health revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

2.19

12-15-2056

1,500,000

1,500,000

21,991,245

Rhode Island:  0.34%

Other municipal debt :  0.34%

Bristol Warren Regional School District Series 2 BAN (GO revenue)§

4.00

6-2-2027

7,000,000

7,064,970

South Carolina:  2.59%

Other municipal debt :  0.62%

South Carolina Jobs-EDA (Miscellaneous revenue)

2.65

10-15-2026

5,020,000

5,020,000

South Carolina Public Service Authority (Miscellaneous revenue)

2.53

8-4-2026

7,868,000

7,868,000

12,888,000

The accompanying notes are an integral part of these financial statements.

14 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes ø:  1.97%

South Carolina Public Service Authority Series A (Utilities revenue,

Bank of America N.A. LOC)

2.22

%

1-1-2036

$

13,610,000

$13,610,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XL0418 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

2.19

12-1-2056

2,795,000

2,795,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XM1143 (Utilities revenue, Royal Bank of Canada LOC, Royal

Bank of Canada LIQ)144A

2.21

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

2.21

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

2.19

3-1-2029

6,670,000

6,670,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XF3492 (Education revenue, Morgan Stanley Bank LIQ)144A

2.21

5-1-2055

8,800,000

8,800,000

40,605,000

Tennessee:  2.44%

Other municipal debt :  0.98%

Vanderbilt University (Education revenue)

2.49

9-10-2026

20,200,000

20,200,000

Variable rate demand notes ø:  1.46%

Mizuho Floater/Residual Trust Series 2024-MIZ9181 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

12-4-2026

2,890,000

2,890,000

PFA Series 202 (Health revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.22

9-1-2036

10,000,000

10,000,000

Tender Option Bond Trust Receipts/Certificates Series 2022-

XM1024 (Utilities revenue, Morgan Stanley Bank LIQ)144A

2.30

5-1-2052

7,500,000

7,500,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

ZF1658 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank

of Canada LIQ)144A

2.21

11-1-2029

3,600,000

3,600,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XF1925 (Housing revenue, GNMA / FNMA / FHLMC Insured,

JPMorgan Chase Bank N.A. LIQ)144A

2.19

7-1-2031

3,600,000

3,600,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XF3545 (Housing revenue, Mizuho Capital Markets LLC LOC,

Mizuho Capital Markets LLC LIQ)144A

2.26

11-1-2028

2,600,000

2,600,000

30,190,000

Texas:  11.73%

Other municipal debt :  3.77%

Board of Regents of the University of Texas System (Education

revenue)

2.45

8-17-2026

4,500,000

4,500,000

Board of Regents of the University of Texas System (Education

revenue)

2.53

11-4-2026

5,000,000

5,000,000

Board of Regents of the University of Texas System (Education

revenue)

2.55

11-18-2026

5,000,000

5,000,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 15


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Other municipal debt(continued)

Board of Regents of the University of Texas System (Education

revenue)

2.65

%

1-20-2027

$

5,000,000

$5,000,000

City of Dallas Waterworks & Sewer System Revenue (Water & sewer

revenue)

2.60

8-20-2026

15,100,000

15,100,000

City of Houston (Utilities revenue)

2.60

9-10-2026

1,200,000

1,200,000

County of Harris (Miscellaneous revenue)

2.62

8-18-2026

10,000,000

10,000,000

Harris County Flood Control District (Miscellaneous revenue)

2.58

8-3-2026

2,180,000

2,180,000

Permanent University Fund - Texas A&M University System

(Education revenue)

2.40

8-6-2026

25,000,000

25,000,000

Permanent University Fund - Texas A&M University System

(Education revenue)

2.60

1-12-2027

5,000,000

5,000,000

77,980,000

Variable rate demand notes ø:  7.96%

JPMorgan Chase Putters/Drivers Trust Series 2025-5079 (GO

revenue, JP Morgan Securities LIQ)144A

2.19

12-1-2027

1,780,000

1,780,000

Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

3-1-2038

11,100,000

11,100,000

Mizuho Floater/Residual Trust Series 2024-MIZ9197 (Housing

revenue, BAM Insured, Mizuho Capital Markets LLC LOC, Mizuho

Capital Markets LLC LIQ)144A

3.15

1-14-2033

11,050,000

11,050,000

Port of Arthur Navigation District Industrial Development Corp.

TotalEnergies Petrochemicals & Refining USA, Inc. (Industrial

development revenue)

2.13

6-1-2041

20,000,000

20,000,000

RBC Municipal Products, Inc. Trust Series 2026-G-132 (GO revenue,

Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A

2.19

2-15-2034

7,125,000

7,125,000

RBC Municipal Products, Inc. Trust Series 2026-G-149 (Utilities

revenue, Royal Bank of Canada LOC, Royal Bank of Canada

LIQ)144A

2.19

2-15-2034

4,275,000

4,275,000

RBC Municipal Products, Inc. Trust Series 2026-G-154 (GO revenue,

Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A

2.19

2-15-2034

5,125,000

5,125,000

Tarrant County Cultural Education Facilities Finance Corp. Baylor

Scott & White Health Obligated Group Series B (Health revenue,

JPMorgan Chase Bank N.A. SPA)

2.85

11-15-2063

23,000,000

23,000,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

BAML6015 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.28

12-1-2055

4,500,000

4,500,000

Tender Option Bond Trust Receipts/Certificates Series 2023-

XG0513 (GO revenue, Bank of America N.A. LIQ)144A

2.19

2-1-2053

2,000,000

2,000,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

BAML6017 (Housing revenue, Bank of America N.A. LOC, Bank of

America N.A. LIQ)144A

2.28

3-1-2052

4,860,000

4,860,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XF3243 (Utilities revenue, BAM Insured, Morgan Stanley Bank

LIQ)144A

2.36

2-15-2049

8,250,000

8,250,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XF3482 (GO revenue, Morgan Stanley Bank LIQ)144A

2.19

2-15-2055

8,880,000

8,880,000

The accompanying notes are an integral part of these financial statements.

16 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Variable rate demand notes(continued)

Tender Option Bond Trust Receipts/Certificates Series 2025-

XG0596 (GO revenue, Royal Bank of Canada LIQ)144A

2.19

%

12-1-2041

$

3,410,000

$3,410,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XG0629 (Housing revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

3.25

2-1-2046

5,605,000

5,605,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0654 (GO revenue, Royal Bank of Canada LIQ)144A

2.19

8-15-2033

2,000,000

2,000,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0655 (GO revenue, Royal Bank of Canada LIQ)144A

2.19

8-15-2033

2,875,000

2,875,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XL0681 (GO revenue, JPMorgan Chase Bank N.A. LIQ)144A

3.10

2-15-2033

4,685,000

4,685,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XX1421 (Transportation revenue, Barclays Bank plc LIQ)144A

3.08

8-15-2054

3,750,000

3,750,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XF8128 (GO revenue, Royal Bank of Canada LIQ)144A

2.19

2-15-2034

5,295,000

5,295,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XF8147 (GO revenue, JPMorgan Chase Bank N.A. LIQ)144A

3.10

2-15-2033

3,000,000

3,000,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XG0641 (Housing revenue, Barclays Bank plc LOC, Barclays Bank

plc LIQ)144A

3.25

5-1-2065

9,375,000

9,375,000

Tender Option Bond Trust Receipts/Certificates Series 2026-

XL0736 (Tax revenue, Royal Bank of Canada LIQ)144A

2.19

3-1-2034

4,500,000

4,500,000

Texas Department of Transportation State Highway Fund Series B

(Tax revenue, Sumitomo Mitsui Banking Corp. LIQ)

2.21

4-1-2032

7,900,000

7,900,000

164,340,000

Utah:  0.28%

Variable rate demand notes ø:  0.28%

Tender Option Bond Trust Receipts/Certificates Series 2024-

XG0563 (Housing revenue, GNMA / FNMA / FHLMC Insured,

Barclays Bank plc LIQ)144A

2.19

1-1-2054

890,000

890,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XL0543 (Housing revenue, BAM Insured, Barclays Bank plc

LIQ)144A

2.27

5-15-2059

4,800,000

4,800,000

5,690,000

Vermont:  0.07%

Variable rate demand notes ø:  0.07%

Vermont Educational & Health Buildings Financing Agency

Landmark College, Inc. Series A (Education revenue, TD Bank

N.A. LOC)

3.16

7-1-2033

1,385,000

1,385,000

Virginia:  0.92%

Other municipal debt :  0.92%

University of Virginia (Education revenue)§

2.50

9-3-2026

9,000,000

9,000,000

University of Virginia (Education revenue)

2.53

9-2-2026

10,000,000

10,000,000

19,000,000

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 17


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

Washington:  1.86%

Variable rate demand notes ø:  1.86%

City of Seattle Municipal Light & Power Revenue Series B (Utilities

revenue, TD Bank N.A. LOC)

3.05

%

8-1-2056

$

5,500,000

$5,500,000

County of King Sewer Revenue (Water & sewer revenue, U.S. Bank

N.A. SPA)

3.00

1-1-2065

24,700,000

24,700,000

Mizuho Floater/Residual Trust Series 2023-MIZ9156 (Housing

revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital

Markets LLC LIQ)144A

2.39

6-1-2037

8,180,000

8,180,000

38,380,000

Wisconsin:  4.30%

Variable rate demand notes ø:  4.30%

PFA Series 202 (Education revenue, Bank of America N.A. LOC, Bank

of America N.A. LIQ)144A

3.05

8-15-2044

12,500,000

12,500,000

Tender Option Bond Trust Receipts/Certificates Series 2020-

XF2869 (Housing revenue, Mizuho Capital Markets LLC LOC,

Mizuho Capital Markets LLC LIQ)144A

2.44

7-1-2028

9,584,000

9,584,000

Tender Option Bond Trust Receipts/Certificates Series 2024-

XF3230 (Health revenue, BAM Insured, Barclays Bank plc

LIQ)144A

2.26

2-15-2054

9,275,000

9,275,000

Tender Option Bond Trust Receipts/Certificates Series 2025-

XG0618 (Housing revenue, Deutsche Bank LOC, Deutsche Bank

LIQ)144A

2.51

5-1-2065

20,080,000

20,080,000

University of Wisconsin Hospitals & Clinics Authority Obligated

Group Series B (Health revenue, JPMorgan Chase Bank N.A. SPA)

3.05

4-1-2048

3,060,000

3,060,000

University of Wisconsin Hospitals & Clinics Authority Obligated

Group Series C (Health revenue, U.S. Bank N.A. SPA)

3.05

4-1-2054

2,100,000

2,100,000

Wisconsin HEFA Froedtert ThedaCare Health Obligated Group

Series C (Health revenue)

2.10

4-1-2055

25,300,000

25,300,000

Wisconsin Housing & EDA Series A (Housing revenue, FHLB SPA)

2.15

5-1-2055

1,500,000

1,500,000

Wisconsin Housing & EDA Series B (Housing revenue, FHLB SPA)

2.15

5-1-2055

5,355,000

5,355,000

88,754,000

Total municipal obligations (Cost $2,017,232,288)

2,017,232,288

Repurchase agreements ^^:  0.73%

U.S. Bancorp, dated 7-31-2026, maturity value $15,204,623

3.65

8-3-2026

15,200,000

15,200,000

Total Repurchase agreements (Cost $15,200,000)

15,200,000

Total investments in securities (Cost $2,047,432,288)

99.15

%

2,047,432,288

Other assets and liabilities, net

0.85

17,555,554

Total net assets

100.00

%

$2,064,987,842

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.

%%

The security is purchased on a when-issued basis.

##

All or a portion of this security is segregated as collateral for when-issued securities.

^^

Collateralized by U.S. government securities, 0.00%, 5-15-2028, fair value is $15,504,000.

The accompanying notes are an integral part of these financial statements.

18 | Retail Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Abbreviations:

AG

Assured Guaranty Incorporation

Ambac

Ambac Financial Group Incorporated

AMT

Alternative minimum tax

BAM

Build America Mutual Assurance Company

BAN

Bond anticipation note

COP

Certificate of participation

EDA

Economic Development Authority

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

GO

General obligation

HEFA

Health & Educational Facilities Authority

IDA

Industrial Development Authority

LIQ

Liquidity agreement

LOC

Letter of credit

PFA

Public Finance Authority

QSBLF

Qualified School Board Loan Fund Insured

SPA

Standby purchase agreement

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 19


Statement of assets and liabilities—July 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities 

Assets

Investments in unaffiliated securities, at amortized cost

$2,047,432,288

Receivable for investments sold

42,330,690

Receivable for interest

11,405,053

Receivable for Fund shares sold

4,089,250

Prepaid expenses and other assets

102,005

Total assets

2,105,359,286

Liabilities

Payable for investments purchased

22,088,059

Payable for Fund shares redeemed

17,484,638

Dividends payable

269,591

Management fee payable

183,633

Administration fees payable

154,464

Shareholder servicing fees payable

34,704

Overdraft due to custodian bank

30,040

Accrued expenses and other liabilities

126,315

Total liabilities

40,371,444

Total net assets

$2,064,987,842

Net assets consist of

Paid-in capital

$2,064,914,471

Total distributable earnings

73,371

Total net assets

$2,064,987,842

Computation of net asset value per share

Net assets–Administrator Class

$103,988,032

Shares outstanding–Administrator Class1

103,976,607

Net asset value per share–Administrator Class

$1.00

Net assets–Premier Class

$1,844,030,135

Shares outstanding–Premier Class1

1,843,833,254

Net asset value per share–Premier Class

$1.00

Net assets–Service Class

$116,969,675

Shares outstanding–Service Class1

116,958,174

Net asset value per share–Service Class

$1.00

1 The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

20 | Retail Money Market Funds


Statement of operations—six months ended July 31, 2026 (unaudited)

Statement of operations 

Investment income

Interest

$25,089,506

Expenses

Management fee

1,456,073

Administration fees

Administrator Class

47,139

Premier Class

695,870

Service Class

64,487

Shareholder servicing fees

Administrator Class

46,573

Service Class

134,348

Custody and accounting fees

30,677

Professional fees

25,026

Registration fees

84,046

Shareholder report expenses

15,565

Trustees’ fees and expenses

11,866

Other fees and expenses

20,667

Total expenses

2,632,337

Less:  Fee waivers and/or expense reimbursements

Fund-level

(479,719

)

Administrator Class

(12,505

)

Service Class

(49,186

)

Net expenses

2,090,927

Net investment income

22,998,579

Net realized gains on investments

110,303

Net increase in net assets resulting from operations

$23,108,882

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 21


Statement of changes in net assets

Statement of changes in net assets 

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

Operations

Net investment income

$22,998,579

$49,811,721

Net realized gains on investments

110,303

55,318

Net increase in net assets resulting from operations

23,108,882

49,867,039

Distributions to shareholders from

Net investment income and net realized gains

Class A

N/A

(1,065,618

)1

Administrator Class

(1,084,838

)

(2,280,480

)

Premier Class

(20,740,856

)

(45,007,633

)

Service Class

(1,175,627

)

(1,491,630

)

Total distributions to shareholders

(23,001,321

)

(49,845,361

)

Capital share transactions

Shares

Shares

Proceeds from shares sold

Class A

N/A

N/A

19,895,557

1

19,895,557

1

Administrator Class

40,677,240

40,677,240

78,209,195

78,209,195

Premier Class

1,087,676,246

1,087,676,246

2,321,711,242

2,321,711,242

Service Class

36,673,610

36,673,610

42,340,027

42,340,027

1,165,027,096

2,462,156,021

Reinvestment of distributions

Class A

N/A

N/A

1,003,025

1

1,003,025

1

Administrator Class

1,065,679

1,065,679

2,257,515

2,257,515

Premier Class

20,503,801

20,503,801

44,543,631

44,543,631

Service Class

1,158,948

1,158,948

1,464,893

1,464,893

22,728,428

49,269,064

Payment for shares redeemed

Class A

N/A

N/A

(24,285,271

)1

(24,285,271

)1

Administrator Class

(28,165,208

)

(28,165,208

)

(78,179,439

)

(78,179,439

)

Premier Class

(967,649,870

)

(967,649,870

)

(2,410,852,880

)

(2,410,852,880

)

Service Class

(27,854,562

)

(27,854,562

)

(45,858,693

)

(45,858,693

)

(1,023,669,640

)

(2,559,176,283

)

Share conversions

Class A

N/A

N/A

(70,245,005

)2

(70,245,005

)2

Service Class

0

0

70,245,005

2

70,245,005

2

0

0

Net increase (decrease) in net assets resulting from capital share

transactions

164,085,884

(47,751,198

)

Total increase (decrease) in net assets

164,193,445

(47,729,520

)

Net assets

Beginning of period

1,900,794,397

1,948,523,917

End of period

$2,064,987,842

$1,900,794,397

1 For the period from February 1, 2025 to September 12, 2025

2 Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

22 | Retail Money Market Funds


Financial highlights

Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Administrator Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.01

1

0.03

1

0.03

1

0.03

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

Total from investment operations

0.01

0.03

0.03

0.03

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return3

1.14

%

2.61

%

3.21

%

3.29

%

1.23

%

0.02

%

Ratios to average net assets (annualized)

Gross expenses

0.37

%

0.37

%

0.38

%

0.37

%

0.38

%

0.38

%

Net expenses

0.29

%

0.26

%

0.30

%

0.30

%

0.28

%*

0.11

%*

Net investment income

2.30

%

2.57

%

3.11

%

3.22

%

1.21

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$103,988

$90,404

$88,116

$70,989

$96,006

$108,157

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 23


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Premier Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.01

1

0.03

1

0.03

1

0.03

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

0.00

2

Total from investment operations

0.01

0.03

0.03

0.03

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return3

1.19

%

2.67

%

3.31

%

3.39

%

1.31

%

0.02

%

Ratios to average net assets (annualized)

Gross expenses

0.25

%

0.25

%

0.26

%

0.25

%

0.26

%

0.27

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

0.20

%

0.12

%4

Net investment income

2.38

%

2.63

%

3.21

%

3.36

%

1.42

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$1,844,030

$1,703,404

$1,747,982

$1,388,952

$814,588

$559,264

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Returns for periods of less than one year are not annualized.

4

Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been

0.08% higher.

The accompanying notes are an integral part of these financial statements.

24 | Retail Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Service Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.01

1

0.02

1

0.03

1

0.03

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

0.00

2

Total from investment operations

0.01

0.02

0.03

0.03

0.01

0.00

2

Distributions to shareholders from

Net investment income

(0.01

)

(0.02

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.01

)

(0.02

)

(0.03

)

(0.03

)

(0.01

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.09

%

2.46

%

3.17

%

3.22

%

1.09

%

0.02

%

Ratios to average net assets (annualized)

Gross expenses

0.54

%

0.54

%

0.37

%

0.38

%

0.55

%

0.56

%

Net expenses

0.40

%

0.40

%

0.36

%

0.37

%

0.42

%*

0.12

%*

Net investment income

2.19

%

2.38

%

3.14

%

3.17

%

1.10

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$116,970

$106,986

$38,791

$79,678

$68,699

$65,673

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Retail Money Market Funds | 25


Notes to financial statements (unaudited)

Notes to financial statements

1.ORGANIZATION

Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring National Tax-Free Money Market Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Class A shares became Service Class shares in a tax-free conversion. Shareholders of Class A received Service Class shares at a value equal to the value of their Class A shares immediately prior to the conversion. Class A shares are no longer offered by the Fund.

2.SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.

Repurchase agreements

The Fund may invest in repurchase agreements, under the terms of a Master Repurchase Agreement with selected financial institutions, and may participate in pooled repurchase agreement transactions with other funds advised by Allspring Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party arrangement or a central counterparty, in the case of a centrally cleared repurchase agreement. In a centrally cleared repurchase agreement, immediately following execution of the repurchase agreement, the agreement is novated to the central counterparty and the Fund’s counterparty on the repurchase agreement becomes the central counterparty. Subject to the tri-party arrangement or centrally cleared repurchase agreement, the custodian will value the collateral daily and take action to obtain additional collateral as necessary to maintain a market value equal to or greater than the resale price. The repurchase agreements are collateralized by securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or certain money market instruments. Upon an event of counterparty default (including bankruptcy), under the terms of the Master Repurchase Agreement, both parties have the right to set-off. In case of centrally cleared repurchase agreements, depending on the event, the central counterparty or Fund will dispose the collateral to realize the amounts due. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are valued using amortized cost which approximates market value and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

26 | Retail Money Market Funds


Notes to financial statements (unaudited)

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2026, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.      

3.FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

•Level 1—quoted prices in active markets for identical securities

•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 

Quoted prices

(Level 1)

Other significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Assets

Investments in:

Closed-end fund obligations

$0

$15,000,000

$0

$15,000,000

Municipal obligations

0

2,017,232,288

0

2,017,232,288

Repurchase agreements

0

15,200,000

0

15,200,000

Total assets

$0

$2,047,432,288

$0

$2,047,432,288

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2026, the Fund did not have any transfers into/out of Level 3.

4.TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among

Retail Money Market Funds | 27


Notes to financial statements (unaudited)

other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:   

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

For the six months ended July 31, 2026, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets. 

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows: 

Class-level

administration fee

Administrator Class

0.10

%

Premier Class

0.08

Service Class

0.12

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses.  When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses.  Allspring Funds Management has contractually committed through May 31, 2027 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. 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. As of July 31, 2026, the contractual expense caps are as follows:   

EXPENSE RATIO CAPS

Administrator Class

0.30

%

Premier Class

0.20

Service Class

0.45

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund  is charged a fee at an annual rate up to 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate up to 0.10% of its average daily net assets. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $532,370,000, $667,065,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, for the six months ended July 31, 2026.

28 | Retail Money Market Funds


Notes to financial statements (unaudited)

5.CREDIT RISK

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

6.INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated. 

7.OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Retail Money Market Funds | 29


Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Shareholders may view the filed Form N-MFP by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.

30 | Retail Money Market Funds


Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Retail Money Market Funds | 31


Other information (unaudited)

Item 11. Statement regarding basis for the board’s approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 18-20, 2026 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring National Tax-Free Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2026, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2026. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above conferred with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent, and quality of services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, recent changes in such senior management, and a summary of investments made in the Allspring Global Investments business.* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates, including the Sub-Adviser.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plan and Allspring Global Investments’ business resiliency and disaster recovery plans, their

*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”

32 | Retail Money Market Funds


Other information (unaudited)

approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as the Fund’s valuation designee. The Board also received and considered information about Allspring Funds Management’s derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2025. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising the expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not the class level.

Among other information reviewed by the Board was a comparison of the Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of a fund.

Retail Money Market Funds | 33


Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to the Fund and shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

34 | Retail Money Market Funds


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For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-800-260-5969

  

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

NCSRS0452 07-26



  

Government Money Market Funds 

Allspring Treasury Plus Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2026



Contents

Portfolio of investments

2

Item 7. Financial statements and financial highlights

Statement of assets and liabilities

5

Statement of operations

7

Statement of changes in net assets

8

Financial highlights

10

Notes to financial statements

17

Other information

21

Item 8. Changes in and disagreements with accountants

22

Item 9. Matters submitted to fund shareholders for a vote

22

Item 10. Remuneration paid to directors, officers and others

22

Item 11. Statement regarding basis for board’s approval of investment

advisory contract

23

Government Money Market Funds | 1


Portfolio of investments—July 31, 2026 (unaudited)

Portfolio of investments

Interest

rate

Maturity

date

Principal

Value

Repurchase agreements^^:  56.07%

Australia & New Zealand Banking Group Ltd., dated 7-31-2026,

maturity value $1,850,564,250(01)

3.66

%

8-3-2026

$

1,850,000,000

$1,850,000,000

Banco Bilbao Vizcaya Argentaria, dated 7-31-2026, maturity

value $1,000,304,167(02)

3.65

8-3-2026

1,000,000,000

1,000,000,000

Citigroup Global Markets Holdings, Inc., dated 7-29-2026,

maturity value $250,177,431(03)

3.65

8-5-2026

250,000,000

250,000,000

Citigroup Global Markets Holdings, Inc., dated 5-28-2026,

maturity value $100,940,444(04)

3.68

8-28-2026

100,000,000

100,000,000

Deutsche Bank Securities, Inc., dated 7-31-2026, maturity

value $1,500,455,000(05)

3.64

8-3-2026

1,500,000,000

1,500,000,000

Fixed Income Clearing Corp. - Barclays, dated 7-31-2026,

maturity value $3,000,915,000(06)

3.66

8-3-2026

3,000,000,000

3,000,000,000

Fixed Income Clearing Corp. - Credit Agricole, dated

7-31-2026, maturity value $1,000,305,000(07)

3.66

8-3-2026

1,000,000,000

1,000,000,000

Fixed Income Clearing Corp. - Standard Chartered Bank, dated

7-31-2026, maturity value $2,000,610,000(08)

3.66

8-3-2026

2,000,000,000

2,000,000,000

MUFG Securities EMEA PLC, dated 7-31-2026, maturity value

$2,500,762,500(09)

3.66

8-3-2026

2,500,000,000

2,500,000,000

Natixis, dated 7-31-2026, maturity value $807,819,964(10)

3.64

8-3-2026

807,575,000

807,575,000

Natwest Markets Securities, Inc., dated 7-31-2026, maturity

value $500,152,083(11)

3.65

8-3-2026

500,000,000

500,000,000

Natwest Markets Securities, Inc., dated 7-30-2026, maturity

value $1,000,709,722(12)

3.65

8-6-2026

1,000,000,000

1,000,000,000

RBC Dominion, dated 7-31-2026, maturity value

$100,030,417(13)

3.65

8-3-2026

100,000,000

100,000,000

Societe Generale, dated 7-10-2026, maturity value

$501,571,528(14)

3.65

8-10-2026

500,000,000

500,000,000

U.S. Bank, dated 7-31-2026, maturity value $284,886,627(15)

3.65

8-3-2026

284,800,000

284,800,000

Total repurchase agreements (Cost $16,392,375,000)

16,392,375,000

U.S. Treasury securities:  43.98%

U.S. Treasury Bills☼

3.44

2-18-2027

110,000,000

107,938,692

U.S. Treasury Bills☼

3.55

8-20-2026

350,000,000

349,421,362

U.S. Treasury Bills☼

3.67

8-4-2026

250,000,000

249,974,896

U.S. Treasury Bills☼

3.68

9-1-2026

300,000,000

299,122,750

U.S. Treasury Bills☼

3.69

8-27-2026

350,000,000

349,150,667

U.S. Treasury Bills☼

3.70

8-18-2026

175,000,000

174,734,219

U.S. Treasury Bills☼

3.70

9-3-2026

150,000,000

149,528,671

U.S. Treasury Bills☼

3.70

9-15-2026

175,000,000

174,236,526

U.S. Treasury Bills☼

3.77

8-25-2026

200,000,000

199,544,936

U.S. Treasury Bills☼

3.78

10-22-2026

150,000,000

148,756,667

U.S. Treasury Bills☼

3.80

11-17-2026

250,000,000

247,243,264

U.S. Treasury Bills☼

3.81

10-15-2026

500,000,000

496,185,243

U.S. Treasury Bills☼

3.81

11-10-2026

250,000,000

247,418,094

U.S. Treasury Bills☼

3.83

9-22-2026

100,000,000

99,475,868

U.S. Treasury Bills☼

3.88

1-7-2027

50,000,000

49,164,629

U.S. Treasury Bills☼

3.89

12-24-2026

175,000,000

172,330,667

U.S. Treasury Bills☼

3.89

12-31-2026

175,000,000

172,200,000

The accompanying notes are an integral part of these financial statements.

2 | Government Money Market Funds


Portfolio of investments—July 31, 2026 (unaudited)

Interest

rate

Maturity

date

Principal

Value

U.S. Treasury securities(continued)

U.S. Treasury Bills☼

3.89

%

1-21-2027

$

75,000,000

$73,633,781

U.S. Treasury Bills☼

3.90

11-24-2026

250,000,000

246,980,781

U.S. Treasury Bills☼

3.91

7-8-2027

125,000,000

120,456,458

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.95

1-31-2027

990,000,000

989,991,635

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.95

1-31-2028

500,000,000

499,976,212

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.10%)±

3.96

4-30-2028

1,075,000,000

1,075,344,933

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

4-30-2027

780,000,000

780,018,370

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.16%)±

4.01

7-31-2027

400,000,000

400,009,598

U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill

Money Market Yield+0.19%)±

4.04

10-31-2027

500,000,000

500,301,563

U.S. Treasury Notes

0.50

6-30-2027

75,000,000

72,685,170

U.S. Treasury Notes

0.63

3-31-2027

225,000,000

220,756,671

U.S. Treasury Notes

0.88

9-30-2026

135,000,000

134,405,338

U.S. Treasury Notes

1.25

11-30-2026

140,000,000

138,939,416

U.S. Treasury Notes

1.25

12-31-2026

282,500,000

279,852,640

U.S. Treasury Notes

2.75

4-30-2027

255,000,000

253,182,236

U.S. Treasury Notes

3.50

9-30-2026

135,000,000

134,958,128

U.S. Treasury Notes

3.75

8-31-2026

110,000,000

109,998,935

U.S. Treasury Notes

3.75

4-30-2027

600,000,000

600,055,516

U.S. Treasury Notes

3.75

6-30-2027

150,000,000

149,760,472

U.S. Treasury Notes

3.88

3-31-2027

195,000,000

195,145,559

U.S. Treasury Notes

4.25

11-30-2026

285,000,000

285,554,043

U.S. Treasury Notes

4.25

12-31-2026

612,500,000

614,152,568

U.S. Treasury Notes

4.25

3-15-2027

780,000,000

783,337,464

U.S. Treasury Notes

4.38

12-15-2026

100,000,000

100,301,585

U.S. Treasury Notes

4.38

7-15-2027

190,000,000

190,578,951

U.S. Treasury Notes

4.63

10-15-2026

70,000,000

70,144,244

U.S. Treasury Notes

4.63

6-15-2027

149,000,000

149,928,600

Total U.S. treasury securities (Cost $12,856,878,018)

12,856,878,018

Total investments in securities (Cost $29,249,253,018)

100.05

%

29,249,253,018

Other assets and liabilities, net

(0.05

)

(14,117,046

)

Total net assets

100.00

%

$29,235,135,972

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 3


Portfolio of investments—July 31, 2026 (unaudited)

^^

Collateralized by:

(01) U.S. government securities, 1.13% to 6.25%, 3-31-2027 to 5-15-2050, fair value including accrued interest is $1,884,341,979.

(02) U.S. government securities, 0.00% to 4.63%, 11-15-2026 to 2-15-2053, fair value including accrued interest is $1,020,000,094.

(03) U.S. government securities, 3.63% to 4.75%, 11-15-2043 to 2-15-2044, fair value including accrued interest is $255,000,083.

(04) U.S. government securities, 4.00%, 11-15-2042, fair value including accrued interest is $102,000,053.

(05) U.S. government securities, 0.00% to 4.63%, 8-15-2026 to 11-15-2055, fair value including accrued interest is $1,529,181,946.

(06) U.S. government securities, 0.00% to 6.13%, 8-4-2026 to 11-15-2034, fair value including accrued interest is $3,060,000,037.

(07) U.S. government securities, 0.00% to 4.88%, 8-27-2026 to 11-15-2045, fair value including accrued interest is $1,020,000,023.

(08) U.S. government securities, 0.00% to 5.38%, 8-15-2026 to 5-15-2056, fair value including accrued interest is $2,040,000,025.

(09) U.S. government securities, 0.13% to 6.13%, 11-30-2026 to 1-15-2036, fair value including accrued interest is $2,550,000,000.

(10) U.S. government securities, 1.38% to 4.63%, 3-31-2028 to 2-15-2055, fair value including accrued interest is $823,726,515.

(11) U.S. government securities, 0.00% to 2.50%, 8-15-2026 to 2-15-2056, fair value including accrued interest is $510,000,085.

(12) U.S. government securities, 0.00% to 2.13%, 4-15-2028 to 5-15-2052, fair value including accrued interest is $1,020,000,025.

(13) U.S. government securities, 0.00% to 4.63%, 10-15-2026 to 2-15-2051, fair value including accrued interest is $102,000,000.

(14) U.S. government securities, 4.13% to 4.38%, 11-30-2029 to 7-31-2031, fair value including accrued interest is $510,000,046.

(15) U.S. government securities, 0.00% to 5.00%, 10-15-2026 to 2-15-2054, fair value including accrued interest is $290,496,007.

☼

Zero coupon security. The rate represents the current yield to maturity.

±

Variable rate investment. The rate shown is the rate in effect at period end.

The accompanying notes are an integral part of these financial statements.

4 | Government Money Market Funds


Statement of assets and liabilities—July 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities 

Assets

Investments in unaffiliated securities, at amortized cost

$12,856,878,018

Investments in repurchase agreements, at amortized cost

16,392,375,000

Cash

55,785

Receivable for interest

44,038,813

Receivable for Fund shares sold

6,384,796

Prepaid expenses and other assets

364,554

Total assets

29,300,096,966

Liabilities

Dividends payable

53,679,353

Payable for Fund shares redeemed

5,563,107

Management fee payable

2,874,988

Administration fees payable

1,928,429

Shareholder servicing fees payable

597,607

Accrued expenses and other liabilities

317,510

Total liabilities

64,960,994

Total net assets

$29,235,135,972

Net assets consist of

Paid-in capital

$29,234,816,327

Total distributable earnings

319,645

Total net assets

$29,235,135,972

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 5


Statement of assets and liabilities—July 31, 2026 (unaudited)

Statement of assets and liabilities

Computation of net asset value per share

Net assets–Class A

$1,090,959,450

Shares outstanding–Class A1

1,090,817,018

Net asset value per share–Class A

$1.00

Net assets–Administrator Class

$30,692,211

Shares outstanding–Administrator Class1

30,689,598

Net asset value per share–Administrator Class

$1.00

Net assets–Capital Class

$2,486,220

Shares outstanding–Capital Class1

2,486,022

Net asset value per share–Capital Class

$1.00

Net assets–Institutional Class

$15,164,063,756

Shares outstanding–Institutional Class1

15,162,810,625

Net asset value per share–Institutional Class

$1.00

Net assets–Roberts & Ryan Class

$112,900

Shares outstanding–Roberts & Ryan Class1

112,891

Net asset value per share–Roberts & Ryan Class

$1.00

Net assets–Select Class

$11,435,506,480

Shares outstanding–Select Class1

11,434,566,866

Net asset value per share–Select Class

$1.00

Net assets–Service Class

$1,511,314,955

Shares outstanding–Service Class1

1,511,214,709

Net asset value per share–Service Class

$1.00

1 The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

6 | Government Money Market Funds


Statement of operations—six months ended July 31, 2026 (unaudited)

Statement of operations 

Investment income

Interest

$573,167,949

Expenses

Management fee

20,350,215

Administration fees

Class A

1,288,321

Administrator Class

19,507

Capital Class1

251

Institutional Class

6,633,553

Roberts & Ryan Class

45

Select Class

2,256,167

Service Class

937,116

Shareholder servicing fees

Class A

1,623,414

Administrator Class

19,507

Service Class

1,952,326

Custody and accounting fees

307,236

Professional fees

98,161

Registration fees

207,513

Shareholder report expenses

21,672

Trustees’ fees and expenses

130,711

Other fees and expenses

169,932

Total expenses

36,015,647

Less:  Fee waivers and/or expense reimbursements

Class A

(56,223

)

Administrator Class

(20

)

Capital Class1

(120

)

Institutional Class

(1,522,409

)

Roberts & Ryan Class

(9

)

Select Class

(2,166,112

)

Service Class

(457,333

)

Net expenses

31,813,421

Net investment income

541,354,528

Net realized gains on investments

831,031

Net increase in net assets resulting from operations

$542,185,559

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

 | 7


Statement of changes in net assets

Statement of changes in net assets 

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

Operations

Net investment income

$541,354,528

$1,297,596,080

Net realized gains on investments

831,031

981,395

Net increase in net assets resulting from operations

542,185,559

1,298,577,475

Distributions to shareholders from

Net investment income and net realized gains

Class A

(20,449,622

)

(51,524,676

)

Administrator Class

(661,746

)

(1,531,810

)

Capital Class

(14,860

)1

N/A

Institutional Class

(292,547,839

)

(772,215,968

)

Roberts & Ryan Class

(1,966

)

(4,356

)

Select Class

(202,271,663

)

(396,925,776

)

Service Class

(25,626,326

)

(76,367,550

)

Total distributions to shareholders

(541,574,022

)

(1,298,570,136

)

Capital share transactions

Shares

Shares

Proceeds from shares sold

Class A

14,220,550,636

14,220,550,636

19,731,782,308

19,731,782,308

Administrator Class

108,148,884

108,148,884

186,010,827

186,010,827

Capital Class

3,443,264

1

3,443,264

1

N/A

N/A

Institutional Class

49,855,732,450

49,855,732,450

74,606,279,804

74,606,279,804

Roberts & Ryan Class

0

0

13

13

Select Class

131,852,422,151

131,852,422,151

268,576,686,515

268,576,686,515

Service Class

4,853,491,073

4,853,491,073

15,754,332,881

15,754,332,881

200,893,788,458

378,855,092,348

Reinvestment of distributions

Class A

4,380,669

4,380,669

12,655,965

12,655,965

Administrator Class

659,486

659,486

1,531,810

1,531,810

Capital Class

895

1

895

1

N/A

N/A

Institutional Class

76,275,319

76,275,319

180,824,130

180,824,130

Roberts & Ryan Class

1,955

1,955

4,356

4,356

Select Class

139,795,080

139,795,080

295,757,536

295,757,536

Service Class

7,498,773

7,498,773

30,743,015

30,743,015

228,612,177

521,516,812

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

8 | 


Statement of changes in net assets

Statement of changes in net assets

Six months ended

July 31, 2026

(unaudited)

Year ended

January 31, 2026

          Shares

          Shares

Payment for shares redeemed

Class A

(14,557,249,132

)

$(14,557,249,132

)

(19,807,745,256

)

$(19,807,745,256

)

Administrator Class

(125,043,433

)

(125,043,433

)

(180,568,567

)

(180,568,567

)

Capital Class

(958,137

)1

(958,137

)1

N/A

N/A

Institutional Class

(54,693,521,071

)

(54,693,521,071

)

(74,312,873,062

)

(74,312,873,062

)

Select Class

(129,021,096,121

)

(129,021,096,121

)

(269,346,509,924

)

(269,346,509,924

)

Service Class

(5,371,315,123

)

(5,371,315,123

)

(15,486,897,236

)

(15,486,897,236

)

(203,769,183,017

)

(379,134,594,045

)

Net increase (decrease) in net assets resulting from

capital share transactions

(2,646,782,382

)

242,015,115

Total increase (decrease) in net assets

(2,646,170,845

)

242,022,454

Net assets

Beginning of period

31,881,306,817

31,639,284,363

End of period

$29,235,135,972

$31,881,306,817

1 For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

The accompanying notes are an integral part of these financial statements.

 | 9


Financial highlights

Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Class A

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.01

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.01

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.57

%

3.71

%

4.65

%

4.68

%

1.51

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.59

%

0.59

%

0.59

%

0.60

%

0.62

%

0.61

%

Net expenses

0.58

%

0.58

%

0.58

%

0.59

%

0.50

%*

0.06

%*

Net investment income

3.15

%

3.64

%

4.54

%

4.58

%

1.33

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$1,090,959

$1,423,273

$1,486,538

$1,617,295

$1,469,727

$2,421,542

*

Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by

the following amounts:

Year ended January 31, 2023

0.10%

Year ended January 31, 2022

0.54%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

10 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Administrator Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.69

%

3.96

%

4.90

%

4.94

%

1.71

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.34

%

0.34

%

0.34

%

0.34

%

0.35

%

0.34

%

Net expenses

0.34

%

0.34

%

0.34

%

0.34

%

0.26

%*

0.06

%*

Net investment income

3.39

%

3.88

%

4.70

%

4.83

%

1.10

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$30,692

$46,928

$39,955

$24,656

$26,770

$117,556

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 11


Financial highlights

(For a share outstanding throughout each period) 

Capital Class

Six months ended

July 31, 20261

(unaudited)

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 asset value, end of period

$1.00

Total return4

0.89

%

Ratios to average net assets (annualized)

Gross expenses

0.20

%

Net expenses

0.17

%

Net investment income

3.55

%

Supplemental data

Net assets, end of period (000s omitted)

$2,486

1

For the period from April 30, 2026 (commencement of class operations) to July 31, 2026

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.

The accompanying notes are an integral part of these financial statements.

12 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Institutional Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.76

%

4.10

%

5.04

%

5.09

%

1.84

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.22

%

0.22

%

0.22

%

0.22

%

0.23

%

0.22

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

0.19

%*

0.06

%*

Net investment income

3.53

%

4.02

%

4.91

%

4.99

%

1.84

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$15,164,064

$19,925,454

$19,451,328

$16,599,118

$13,471,949

$14,984,670

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 13


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Roberts & Ryan Class

2026

2025

20241

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

2

0.04

2

0.05

2

0.01

2

Net realized gains (losses) on investments

0.00

3

0.00

3

(0.00

)4

0.00

3

Total from investment operations

0.02

0.04

0.05

0.01

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net realized gains

0.00

(0.00

)3

0.00

(0.00

)3

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.01

)

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

Total return5

1.76

%

4.10

%

5.04

%

1.45

%

Ratios to average net assets (annualized)

Gross expenses

0.22

%

0.22

%

0.22

%

0.22

%

Net expenses

0.20

%

0.20

%

0.20

%

0.20

%

Net investment income

3.52

%

4.02

%

4.92

%

5.22

%

Supplemental data

Net assets, end of period (000s omitted)

$113

$111

$107

$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

Amount is more than $(0.005).

5

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

14 | Government Money Market Funds


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Select Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.79

%

4.16

%

5.11

%

5.15

%

1.89

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.18

%

0.18

%

0.18

%

0.18

%

0.19

%

0.18

%

Net expenses

0.14

%

0.14

%

0.14

%

0.14

%

0.14

%

0.06

%5

Net investment income

3.58

%

4.08

%

4.95

%

5.06

%

1.87

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$11,435,506

$8,463,872

$8,937,893

$8,535,983

$5,565,461

$4,360,652

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more 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.

The accompanying notes are an integral part of these financial statements.

Government Money Market Funds | 15


Financial highlights

(For a share outstanding throughout each period) 

Six months ended

July 31, 2026

(unaudited)

Year ended January 31

Service Class

2026

2025

2024

2023

2022

Net asset value, beginning of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Net investment income

0.02

1

0.04

1

0.05

1

0.05

1

0.02

0.00

2

Net realized gains (losses) on investments

0.00

2

0.00

2

(0.00

)3

0.00

2

0.00

2

0.00

2

Total from investment operations

0.02

0.04

0.05

0.05

0.02

0.00

2

Distributions to shareholders from

Net investment income

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net realized gains

0.00

(0.00

)2

0.00

(0.00

)2

(0.00

)2

(0.00

)2

Total distributions to shareholders

(0.02

)

(0.04

)

(0.05

)

(0.05

)

(0.02

)

(0.00

)2

Net asset value, end of period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total return4

1.64

%

3.84

%

4.78

%

4.83

%

1.62

%

0.01

%

Ratios to average net assets (annualized)

Gross expenses

0.51

%

0.51

%

0.51

%

0.51

%

0.52

%

0.51

%

Net expenses

0.45

%

0.45

%

0.45

%

0.45

%

0.40

%*

0.06

%*

Net investment income

3.28

%

3.76

%

4.67

%

4.75

%

1.60

%

0.01

%

Supplemental data

Net assets, end of period (000s omitted)

$1,511,315

$2,021,669

$1,723,464

$2,050,427

$1,415,688

$1,406,514

*

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%

1

Calculated based upon average shares outstanding

2

Amount is less than $0.005.

3

Amount is more than $(0.005).

4

Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 | Government Money Market Funds


Notes to financial statements (unaudited)

Notes to financial statements

1.ORGANIZATION

Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Treasury Plus Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2.SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.

Repurchase agreements

The Fund may invest in repurchase agreements, under the terms of a Master Repurchase Agreement with selected financial institutions, and may participate in pooled repurchase agreement transactions with other funds advised by Allspring Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party arrangement or a central counterparty, in the case of a centrally cleared repurchase agreement. In a centrally cleared repurchase agreement, immediately following execution of the repurchase agreement, the agreement is novated to the central counterparty and the Fund’s counterparty on the repurchase agreement becomes the central counterparty. Subject to the tri-party arrangement or centrally cleared repurchase agreement, the custodian will value the collateral daily and take action to obtain additional collateral as necessary to maintain a market value equal to or greater than the resale price. The repurchase agreements are collateralized by securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or certain money market instruments. Upon an event of counterparty default (including bankruptcy), under the terms of the Master Repurchase Agreement, both parties have the right to set-off. In case of centrally cleared repurchase agreements, depending on the event, the central counterparty or Fund will dispose the collateral to realize the amounts due. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Government Money Market Funds | 17


Notes to financial statements (unaudited)

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2026, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2026, the Fund had current year deferred post-October capital losses consisting of $35,203 in short-term losses which was recognized on the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.     

3.FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

•Level 1—quoted prices in active markets for identical securities

•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 

Quoted prices

(Level 1)

Other significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Assets

Investments in:

Repurchase agreements

$0

$16,392,375,000

$0

$16,392,375,000

U.S. Treasury securities

0

12,856,878,018

0

12,856,878,018

Total assets

$0

$29,249,253,018

$0

$29,249,253,018

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2026, the Fund did not have any transfers into/out of Level 3.

4.TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds

18 | Government Money Market Funds


Notes to financial statements (unaudited)

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:   

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

For the six months ended July 31, 2026, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets. 

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows: 

Class-level

administration fee

Class A

0.19

%

Administrator Class

0.10

Capital Class

0.06

Institutional Class

0.08

Roberts & Ryan Class

0.08

Select Class

0.04

Service Class

0.12

Prior to July 1, 2026, the class-level administration fee for Class A was 0.20% of its average daily net assets.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2027 (May 31, 2028 for Class A) to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2026, the contractual caps are as follows:       

EXPENSE RATIO CAPS

Class A

0.57

%

Administrator Class

0.34

Capital Class

0.17

Institutional Class

0.20

Roberts & Ryan Class

0.20

Select Class

0.14

Service Class

0.45

Prior to July 1, 2026, the Fund’s expenses were capped at 0.58% for Class A.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Service Class of the Fund are charged a fee at an annual rate up to 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate up to 0.10% of its average daily net assets. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Government Money Market Funds | 19


Notes to financial statements (unaudited)

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2026.

5.CREDIT RISK

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

6.INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated. 

7.OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.

20 | Government Money Market Funds


Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Shareholders may view the filed Form N-MFP by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.

Government Money Market Funds | 21


Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

22 | Government Money Market Funds


Other information (unaudited)

Item 11. Statement regarding basis for the board’s approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 18-20, 2026 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Treasury Plus Money Market Fund (the “Fund”):  (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2026, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2026. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above conferred with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent, and quality of services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, recent changes in such senior management, and a summary of investments made in the Allspring Global Investments business.* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates, including the Sub-Adviser.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plan and Allspring Global Investments’ business resiliency and disaster recovery plans, their

*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”

Government Money Market Funds | 23


Other information (unaudited)

approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as the Fund’s valuation designee. The Board also received and considered information about Allspring Funds Management’s derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2025. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review. 

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising the expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of or equal to the median net operating expense ratios of the expense Groups for each share class, except for the Service Class and Select Class, which were lower than the median net operating expense ratio of the expense Groups. The Board also noted management’s proposal to reduce the expense cap for Class A shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A shares, which are expected to reduce the Fund’s net operating expense ratio for such share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not the class level.

Among other information reviewed by the Board was a comparison of the Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of or equal to the sum of the average rates for the expense Groups for each share class. The Board also noted management’s proposal to reduce the expense cap for Class A shares of the Fund and noted management’s proposal to reduce the class-level administrative services fee paid under the Fund’s Class-Level Administration Agreement applicable to Class A shares, which are expected to reduce the Fund’s net operating expense ratio for such share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

24 | Government Money Market Funds


Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of a fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to the Fund and shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Government Money Market Funds | 25


  

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-800-260-5969

  

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

NCSRS0453 07-26



ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.


ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 16. 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 17. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.


ITEM 19. EXHIBITS

(a)(1)   Not applicable.
(a)(2)   Not applicable.
(a)(3)   Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(4)   Not applicable.
(a)(5)   Not applicable.
(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)   Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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/ John Kenney
  John Kenney
  President (Principal Executive Officer)
Date: September 24, 2026

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/ John Kenney
  John Kenney
  President (Principal Executive Officer)
Date: September 24, 2026
By:   /s/ Jeremy DePalma
  Jeremy DePalma
  Treasurer (Principal Financial Officer)
Date: September 24, 2026

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