N-CSR 1 d459904dncsr.htm ALLSPRING FUNDS TRUST Allspring Funds Trust

LOGO

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

 

 

Allspring Funds Trust

(Exact name of registrant as specified in charter)

 

 

1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203

(Address of principal executive offices) (Zip code)

 

 

Matthew Prasse

Allspring Funds Management, LLC

1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: January 31

 

 

Registrant is making a filing for 7 of its series:

Allspring 100% Treasury Money Market Fund, Allspring Government Money Market Fund, Allspring Heritage Money Market Fund, Allspring Money Market Fund, Allspring Municipal Cash Management Money Market Fund, Allspring National Tax-Free Money Market Fund and Allspring Treasury Plus Money Market Fund.

Date of reporting period: January 31, 2023

 

 

 


ITEM 1.

REPORT TO STOCKHOLDERS

 


Annual Report
January 31, 2023
Government Money Market Funds
Allspring 100% Treasury Money Market Fund




Contents
The views expressed and any forward-looking statements are as of January 31, 2023, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Government Money Market Funds  |  1


Letter to shareholders (unaudited)
Andrew Owen
President
Allspring Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Allspring 100% Treasury Money Market Fund for the 12-month period that ended January 31, 2023. Globally, stocks and bonds experienced heightened volatility and historically poor performance through the challenging period. Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war and the impact of China’s strict COVID-19 lockdowns.
For the 12-month period, stocks and bonds––both domestic U.S. and global––suffered losses. For the period, U.S. stocks, based on the S&P 500 Index,1 returned -8.22%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 returned -5.72%, while the MSCI EM Index (Net) (USD)3 had weaker performance, with a decline of 12.12%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index4 returned -8.36%, the Bloomberg Global Aggregate ex-USD Index (unhedged)5 returned -14.18%, the Bloomberg Municipal Bond Index6 declined 3.25%, and the ICE BofA U.S. High Yield Index7 fell 5.08%.
The Russia-Ukraine war, high inflation, and central bank rate hikes rocked markets.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics. Major global stock indexes were down in February, along with global bonds overall, with heightened volatility in March and mixed results that favored U.S. large-cap stocks. Prices of commodities spiked, including crude oil, natural gas, wheat, and precious metals, on elevated concerns of supply shortages. All of this fueled inflation concerns and added to expectations of more aggressive central bank interest rate hikes. Sweeping sanctions against Russia and corporate pullouts contributed to market volatility. Despite the geopolitical turmoil, the U.S. economic outlook remained largely unchanged, with a healthy job market and signs of economic resilience accompanying higher prices.
In April, market volatility continued, with deepening losses across major capital markets, as both the S&P 500 and MSCI ACWI (Net)8 fell 8% or more for the month. The Chinese economy struggled through a strict lockdown as the government tried to contain a major COVID-19 outbreak. The ensuing global ripple effect compounded existing supply shortages. This was exacerbated by the impact of the Russia-Ukraine war on global commodities. Meanwhile, U.S. annual inflation raged at 8.5%, its highest level since 1981, and investors braced themselves for aggressive Federal Reserve (Fed) monetary tightening moves.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4 The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5 The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.
6 The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
8 The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.

2  |  Government Money Market Funds


Letter to shareholders (unaudited)
Market volatility continued in May, although markets recovered ground late in the month. Value stocks continued to outperform growth stocks. The concerns that had dominated markets for months continued, including high inflation and geopolitical tensions that added to high crude oil, gasoline, and food prices. In response, the Fed raised the federal funds rate by 0.50%, with widescale expectations of more rate hikes. Meanwhile, highly contagious COVID-19 variants persisted. However, labor markets in the U.S., the U.K., and Europe remained strong. U.S. retail sales for April, released in May, indicated a fourth consecutive monthly increase, reflecting continued consumer resilience.
In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Fed raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.
Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly robust: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, home sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.
August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed’s aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed’s job was clearly not complete. One longer-term bright spot was the U.S. Congress’s passage of the Inflation Reduction Act.  Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.
The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.
Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe’s energy crisis eased thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.
Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, hopes rose for an easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, we began to see signs of a possible decline in inflationary pressures as U.S. inflation moderated, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China’s economic data remained weak, reflecting its zero-COVID-19 policy.
In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.

Government Money Market Funds  |  3


Letter to shareholders (unaudited)
Financial markets cooled in December, with U.S. equities posting negative overall results in response to a weakening U.S. dollar. Fixed income securities ended one of their worst years ever with flat overall monthly returns as markets weighed the hopes for an end to the monetary tightening cycle with the reality that central banks had not completed their jobs yet. U.S. Consumer Price Index (CPI)1 data showed a strong consistent trend downward, which brought down the 12-month CPI to 6.5% in December from 9.1% in June. Other countries and regions reported still-high but declining inflation rates as the year winded down.
The year 2023 began with a broad rally across global equities and fixed income securities. Investor optimism rose in response to data indicating declining inflation rates and the reopening of China’s economy with the abrupt end to its zero-COVID-19 policy. The U.S. reported surprisingly strong job gains––employers added more than 500,000 jobs––and unemployment fell to 3.4%, the lowest level since 1969. Meanwhile, wage growth, seen as a potential contributor to ongoing high inflation, continued to moderate. All eyes remained fixed on the Fed and on how many additional rate hikes it will announce before reaching the peak (“terminal”) rate, expected to be above 5%. The 0.25% federal funds rate hike announced in January was the Fed’s smallest rate increase since March 2022.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

1 The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

4  |  Government Money Market Funds


This page is intentionally left blank.


Performance highlights (unaudited)
Investment objective The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.
Manager Allspring Funds Management, LLC
Subadviser Allspring Global Investments, LLC
Portfolio managers Michael C. Bird, CFA®, Jeffrey L. Weaver, CFA®, Laurie White
    
Average annual total returns (%) as of January 31, 2023
          Expense ratios1 (%)
  Inception date 1 year 5 year 10 year Gross Net 2
Class A (WFTXX) 11-8-1999 1.42 0.89 0.48 0.61 0.60
Administrator Class (WTRXX) 6-30-2010 1.65 1.07 0.61 0.34 0.30
Institutional Class (WOTXX)3 10-31-2014 1.74 1.14 0.66 0.22 0.20
Service Class (NWTXX) 12-3-1990 1.49 0.95 0.52 0.51 0.50
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.
Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.
For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
1 Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.
    
Yield summary (%) as of January 31, 2023
  Class A Administrator
Class
Institutional
Class
Service
Class
7-day current yield1 3.73 4.03 4.13 3.83
7-day compound yield 3.80 4.11 4.21 3.90
30-day simple yield 3.60 3.90 4.00 3.70

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6  |  Government Money Market Funds


Performance highlights (unaudited)
Yield summary (%) as of January 31, 2023
  Class A Administrator
Class
Institutional
Class
Service
Class
30-day compound yield 3.66 3.97 4.08 3.76
    
1 The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.70%, 3.97%, 4.09% and 3.80% for Class A, Administrator Class, Institutional Class and Service Class, respectively.

Government Money Market Funds  |  7


Performance highlights (unaudited)
MANAGER'S DISCUSSION
The fiscal year that ended January 31, 2023, saw a sea change in the interest rate environment as the U.S. Federal Reserve (Fed) raised rates 4.25% over the period, taking its target range for the effective federal funds rate from 0.00% to 0.25% at the beginning of the year to 4.25% to 4.50% at the end. The Fed also stopped buying Treasury and mortgage-backed securities as part of its quantitative easing program in March 2022. It also began to allow the securities in its portfolio to mature without reinvestment—which shrinks its balance sheet and thus tightens monetary conditions and is known as quantitative tightening—beginning in June. In summary, the period began with the Fed in a very accommodative monetary policy stance and ended with it having rapidly removed accommodation throughout the year.
Portfolio composition as of January 31, 20231
1 Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified.
The Fed changed its approach because the economy evolved in ways that affected its mandates. Where previously the Fed was attempting to aid the economy to improve employment, and in the belief that pandemic-era price increases would prove to be transitory, the Fed realized that it needed to abruptly change its stance when labor markets remained stubbornly strong and prices throughout the economy continued to rise at a pace not seen for decades. The unemployment rate began the fiscal year at 4.0%, down from its pandemic peak of 14.8% in April 2020, and fell to 3.4% by fiscal year-end. After beginning the fiscal year at 6.0%—a multi-decade high—the PCE Price Index,* the Fed’s preferred price measure, ended the fiscal year only marginally lower at 5%, still far above its target of 2%. By tightening monetary policy, the Fed intends to slow the economy, weaken the labor market, and weaken demand sufficiently to reduce inflation.
Effective maturity distribution as of January 31, 20231
1 Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified.
Interest rates on all categories of government money market securities increased nearly in lockstep with the Fed’s interest rate increases. For example, 3-month Treasury bills (T-bills) yielded 0.18% at the beginning of the fiscal year before rising to 4.66% at fiscal year-end. Similarly, 6-month T-bills yielded 0.45% and 4.78% at the beginning and end of the fiscal year, respectively.
Our investment strategy remained consistent. We invested in T-bills and U.S. Treasury notes—including floating-rate notes—while taking into account the Fund’s overall level of liquidity and average maturity and seeking to maintain a stable $1.00 net asset value.
Strategic outlook
The Fed’s rapid interest rate increases in 2022 are an indication of how far inflation has risen above its target. Because it had let interest rates stay near zero for too long, the Fed needed to raise rates more aggressively than it or market participants had expected. Interest rate changes are thought to affect the economy on a delayed basis, so the impact of the recent increases has likely not yet been fully seen. As a result, there is significant uncertainty about the direction of the economy and the outlook for interest rates in the upcoming fiscal year. It is possible the significant interest rate increases over the past year will materially slow the economy, perhaps spurring a recession, and bring inflation back down nearer to its target of 2%. In that event, interest rates may not rise much higher and they may fall later in the year. On the other hand, the tight labor market and rising wages may cause inflation to remain stubbornly high, leading the Fed to continue to raise rates, albeit at a
 

* The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services. You cannot invest directly in an index.

8  |  Government Money Market Funds


Performance highlights (unaudited)
slower pace, and to keep rates elevated for longer. The Fed has so far indicated in its recent actions and communications that it intends to slow the pace of its interest rate hikes to allow time to evaluate the impact of last year’s actions on the economy. Beyond that, the economy’s evolution will determine the Fed’s path.
Weighted average maturity as of January 31, 20231
41 days
1 Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.
    
Weighted average life as of January 31, 20231
83 days
1 Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.  
 

Government Money Market Funds  |  9


Fund expenses (unaudited)
As a shareholder of the Fund, you incur ongoing costs including management fees, shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2022 to January 31, 2023. 
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Beginning
account value
8-1-2022
Ending
account value
1-31-2023
Expenses
paid during
the period1
Annualized net
expense ratio
Class A        
Actual $1,000.00 $1,013.03 $2.99 0.59%
Hypothetical (5% return before expenses) $1,000.00 $1,022.23 $3.01 0.59%
Administrator Class        
Actual $1,000.00 $1,014.52 $1.52 0.30%
Hypothetical (5% return before expenses) $1,000.00 $1,023.69 $1.53 0.30%
Institutional Class        
Actual $1,000.00 $1,015.03 $1.02 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
Service Class        
Actual $1,000.00 $1,013.50 $2.54 0.50%
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period).

10  |  Government Money Market Funds


Portfolio of investments—January 31, 2023

    Interest
rate
Maturity
date
Principal Value
U.S. Treasury securities: 101.01%          
U.S. Treasury Bill    4.07% 2-7-2023 $  958,230,000 $    957,583,306
U.S. Treasury Bill    4.11 2-14-2023 1,000,000,000    998,525,186
U.S. Treasury Bill    4.14 2-9-2023 100,000,000     99,908,944
U.S. Treasury Bill    4.20 2-16-2023 100,000,000     99,827,042
U.S. Treasury Bill    4.22 2-21-2023 1,200,000,000  1,197,205,000
U.S. Treasury Bill    4.29 3-16-2023 100,000,000     99,492,958
U.S. Treasury Bill    4.31 2-28-2023 1,400,000,000  1,395,506,263
U.S. Treasury Bill    4.31 3-9-2023 100,000,000     99,573,850
U.S. Treasury Bill    4.33 3-2-2023 100,000,000     99,655,222
U.S. Treasury Bill    4.37 3-21-2023 100,000,000     99,425,333
U.S. Treasury Bill    4.39 2-23-2023 250,000,000    249,333,584
U.S. Treasury Bill    4.39 3-7-2023 400,000,000    398,355,675
U.S. Treasury Bill    4.43 4-6-2023 100,000,000     99,221,778
U.S. Treasury Bill    4.45 4-11-2023 150,000,000    148,737,875
U.S. Treasury Bill    4.46 3-14-2023 400,000,000    397,983,996
U.S. Treasury Bill    4.51 4-4-2023 150,000,000    148,851,192
U.S. Treasury Bill    4.51 4-18-2023 150,000,000    148,593,208
U.S. Treasury Bill    4.52 4-25-2023 150,000,000    148,460,696
U.S. Treasury Bill    4.54 3-28-2023 550,000,000    546,214,014
U.S. Treasury Bill    4.61 5-2-2023 150,000,000    148,296,563
U.S. Treasury Bill    4.62 4-13-2023 150,000,000    148,648,633
U.S. Treasury Bill    4.62 4-20-2023 150,000,000    148,517,025
U.S. Treasury Bill    4.64 4-27-2023 150,000,000    148,376,146
U.S. Treasury Bill    4.64 5-4-2023 100,000,000 98,841,519
U.S. Treasury Bill    4.66 5-9-2023 250,000,000 246,909,472
U.S. Treasury Bill    4.69 5-23-2023 401,000,000 395,285,265
U.S. Treasury Bill    4.69 5-30-2023 500,000,000 492,428,333
U.S. Treasury Bill    4.70 6-29-2023 125,000,000 122,642,792
U.S. Treasury Bill    4.74 5-16-2023 150,000,000 147,978,500
U.S. Treasury Note   0.13 2-28-2023 10,000,000 9,991,492
U.S. Treasury Note   0.13 4-30-2023 100,000,000 99,525,007
U.S. Treasury Note   0.13 5-15-2023 30,000,000 29,815,960
U.S. Treasury Note   0.13 6-30-2023 20,000,000 19,836,913
U.S. Treasury Note   0.25 4-15-2023 55,000,000 54,787,986
U.S. Treasury Note   1.38 2-15-2023 20,000,000 19,998,375
U.S. Treasury Note   1.75 5-15-2023 70,000,000 69,912,792
U.S. Treasury Note   2.00 2-15-2023 450,000,000 449,626,906
U.S. Treasury Note   2.50 3-31-2023 10,000,000 10,013,568
U.S. Treasury Note   2.63 2-28-2023 20,000,000 20,013,413
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.08%) ±   4.55 4-30-2024 240,000,000 239,817,009
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ±   4.61 1-31-2024 190,000,000 190,072,960
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±   4.66 4-30-2023 360,000,000 360,002,543
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±   4.66 7-31-2023 80,000,000 80,001,199
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±   4.66 10-31-2023 190,000,000 189,999,923
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±   4.67 7-31-2024 90,000,000 89,999,969
The accompanying notes are an integral part of these financial statements.

Government Money Market Funds  |  11


Portfolio of investments—January 31, 2023

    Interest
rate
Maturity
date
Principal Value
U.S. Treasury securities (continued)          
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±   4.77% 10-31-2024 $100,000,000 $     99,829,904
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.20%) ±   4.83 1-31-2025 150,000,000    150,000,000
Total U.S. Treasury securities (Cost $11,713,625,289)         11,713,625,289
Total investments in securities (Cost $11,713,625,289) 101.01%       11,713,625,289
Other assets and liabilities, net (1.01)         (116,710,198)
Total net assets 100.00%       $11,596,915,091
    
± Variable rate investment. The rate shown is the rate in effect at period end.
Zero coupon security. The rate represents the current yield to maturity.
The accompanying notes are an integral part of these financial statements.

12  |  Government Money Market Funds


Statement of assets and liabilities—January 31, 2023
   
Assets  
Investments in unaffiliated securities, at amortized cost

$ 11,713,625,289
Cash

18,496
Receivable for Fund shares sold

7,928,389
Receivable for interest

5,687,571
Prepaid expenses and other assets

416,773
Total assets

11,727,676,518
Liabilities  
Payable for investments purchased

98,841,519
Dividends payable

22,047,877
Payable for Fund shares redeemed

6,386,019
Management fee payable

1,150,950
Administration fees payable

1,009,979
Trustees’ fees and expenses payable

2,702
Accrued expenses and other liabilities

1,322,381
Total liabilities

130,761,427
Total net assets

$11,596,915,091
Net assets consist of  
Paid-in capital

$ 11,596,751,238
Total distributable earnings

163,853
Total net assets

$11,596,915,091
Computation of net asset value per share  
Net assets – Class A

$ 40,725,066
Shares outstanding – Class A1

40,723,099
Net asset value per share – Class A

$1.00
Net assets – Administrator Class

$ 417,372,028
Shares outstanding – Administrator Class1

417,276,873
Net asset value per share – Administrator Class

$1.00
Net assets – Institutional Class

$ 6,965,775,718
Shares outstanding – Institutional Class1

6,965,427,954
Net asset value per share – Institutional Class

$1.00
Net assets – Service Class

$ 4,173,042,279
Shares outstanding – Service Class1

4,172,812,860
Net asset value per share – Service Class

$1.00
1 The Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.

Government Money Market Funds  |  13


Statement of operations—year ended January 31, 2023
   
Investment income  
Interest

$ 255,842,279
Expenses  
Management fee

19,995,101
Administration fees  
Class A

96,278
Administrator Class

425,359
Institutional Class

7,167,809
Service Class

5,766,983
Shareholder servicing fees  
Class A

109,406
Administrator Class

425,359
Service Class

12,014,548
Custody and accounting fees

809,278
Professional fees

65,588
Registration fees

408,579
Shareholder report expenses

37,889
Trustees’ fees and expenses

21,352
Other fees and expenses

216,933
Total expenses

47,560,462
Less: Fee waivers and/or expense reimbursements  
Fund-level

(3,757,416)
Class A

(39,046)
Administrator Class

(190,778)
Institutional Class

(1,212,675)
Service Class

(2,610,993)
Net expenses

39,749,554
Net investment income

216,092,725
Net realized gains on investments

106,371
Net increase in net assets resulting from operations

$216,199,096
The accompanying notes are an integral part of these financial statements.

14  |  Government Money Market Funds


Statement of changes in net assets
         
  Year ended
January 31, 2023
Year ended
January 31, 2022
Operations        
Net investment income

  $ 216,092,725   $ 1,896,261
Net realized gains (losses) on investments

  106,371   (58,032)
Net increase in net assets resulting from operations

  216,199,096   1,838,229
Distributions to shareholders from        
Net investment income and net realized gains        
Class A

  (554,590)   (12,378)
Administrator Class

  (7,357,000)   (50,308)
Institutional Class

  (138,173,030)   (1,190,941)
Service Class

  (70,008,074)   (567,854)
Sweep Class

  N/A   (30,845) 1
Total distributions to shareholders

  (216,092,694)   (1,852,326)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A

24,596,262 24,596,262 118,470,894 118,470,894
Administrator Class

1,608,978,051 1,608,978,051 1,836,092,008 1,836,092,008
Institutional Class

32,845,394,582 32,845,394,582 35,621,095,104 35,621,095,104
Service Class

22,739,481,718 22,739,481,718 25,165,686,665 25,165,686,665
Sweep Class

N/A N/A 1,687,760,994 1 1,687,760,994 1
    57,218,450,613   64,429,105,665
Reinvestment of distributions        
Class A

547,021 547,021 12,172 12,172
Administrator Class

5,382,871 5,382,871 34,027 34,027
Institutional Class

70,653,369 70,653,369 648,015 648,015
Service Class

21,667,659 21,667,659 190,790 190,790
Sweep Class

N/A N/A 24,216 1 24,216 1
    98,250,920   909,220
Payment for shares redeemed        
Class A

(31,827,366) (31,827,366) (274,067,705) (274,067,705)
Administrator Class

(1,632,886,943) (1,632,886,943) (1,893,982,528) (1,893,982,528)
Institutional Class

(36,747,937,814) (36,747,937,814) (37,145,224,574) (37,145,224,574)
Service Class

(23,924,417,944) (23,924,417,944) (25,055,393,988) (25,055,393,988)
Sweep Class

N/A N/A (2,509,539,856) 1 (2,509,539,856) 1
    (62,337,070,067)   (66,878,208,651)
Net decrease in net assets resulting from capital share transactions

  (5,020,368,534)   (2,448,193,766)
Total decrease in net assets

  (5,020,262,132)   (2,448,207,863)
Net assets        
Beginning of period

  16,617,177,223   19,065,385,086
End of period

  $ 11,596,915,091   $ 16,617,177,223
1 For the period from February 1, 2021 to April 26, 2021. Effective at the close of business on April 26, 2021, Sweep Class shares were liquidated and the class was subsequently closed.
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)
  Year ended January 31
Class A 2023 2022 2021 2020 2019
Net asset value, beginning of period

$1.00 $1.00 $1.00 $1.00 $1.00
Net investment income

0.01 0.00 1,2 0.00 1 0.02 0.01
Net realized gains (losses) on investments

0.00 1 (0.00) 3 0.00 1 0.00 1 (0.00) 3
Total from investment operations

0.01 0.00 1 0.00 1 0.02 0.01
Distributions to shareholders from          
Net investment income

(0.01) (0.00) 1 (0.00) 1 (0.02) (0.01)
Net realized gains

0.00 (0.00) 1 (0.00) 1 (0.00) 1 (0.00) 1
Total distributions to shareholders

(0.01) (0.00) 1 (0.00) 1 (0.02) (0.01)
Net asset value, end of period

$1.00 $1.00 $1.00 $1.00 $1.00
Total return

1.42% 0.02% 0.14% 1.54% 1.35%
Ratios to average net assets (annualized)          
Gross expenses

0.62% 0.61% 0.61% 0.63% 0.71%
Net expenses

0.50% * 0.06% * 0.31% * 0.60% 0.62%
Net investment income

1.27% 0.02% 0.15% 1.49% 1.35%
Supplemental data          
Net assets, end of period (000s omitted)

$40,725 $47,409 $202,999 $468,360 $384,013
    
* Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts:
    
Year ended January 31, 2023 0.10%
Year ended January 31, 2022 0.54%
Year ended January 31, 2021 0.29%
    
1 Amount is less than $0.005.
2 Calculated based upon average shares outstanding
3 Amount is more than $(0.005)
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)
  Year ended January 31
Administrator Class 2023 2022 2021 2020 2019
Net asset value, beginning of period

$1.00 $1.00 $1.00 $1.00 $1.00
Net investment income

0.02 0.00 1 0.00 1 0.02 0.02
Net realized gains (losses) on investments

0.00 1 (0.00) 2 0.00 1 0.00 1 (0.00) 2
Total from investment operations

0.02 0.00 1 0.00 1 0.02 0.02
Distributions to shareholders from          
Net investment income

(0.02) (0.00) 1 (0.00) 1 (0.02) (0.02)
Net realized gains

0.00 (0.00) 1 (0.00) 1 (0.00) 1 (0.00) 1
Total distributions to shareholders

(0.02) (0.00) 1 (0.00) 1 (0.02) (0.02)
Net asset value, end of period

$1.00 $1.00 $1.00 $1.00 $1.00
Total return

1.65% 0.01% 0.20% 1.84% 1.67%
Ratios to average net assets (annualized)          
Gross expenses

0.35% 0.34% 0.34% 0.36% 0.44%
Net expenses

0.28% * 0.06% * 0.22% * 0.30% 0.30%
Net investment income

1.73% 0.01% 0.19% 1.85% 1.63%
Supplemental data          
Net assets, end of period (000s omitted)

$417,372 $435,818 $493,677 $554,447 $692,247
    
* Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts:
    
Year ended January 31, 2023 0.02%
Year ended January 31, 2022 0.24%
Year ended January 31, 2021 0.08%
    
1 Amount is less than $0.005.
2 Amount is more than $(0.005)
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)
  Year ended January 31
Institutional Class 2023 2022 2021 2020 2019
Net asset value, beginning of period

$1.00 $1.00 $1.00 $1.00 $1.00
Net investment income

0.02 0.00 1 0.00 1 0.02 0.02
Net realized gains (losses) on investments

0.00 1 (0.00) 2 0.00 1 0.00 1 (0.00) 2
Total from investment operations

0.02 0.00 1 0.00 1 0.02 0.02
Distributions to shareholders from          
Net investment income

(0.02) (0.00) 1 (0.00) 1 (0.02) (0.02)
Net realized gains

0.00 (0.00) 1 (0.00) 1 (0.00) 1 (0.00) 1
Total distributions to shareholders

(0.02) (0.00) 1 (0.00) 1 (0.02) (0.02)
Net asset value, end of period

$1.00 $1.00 $1.00 $1.00 $1.00
Total return

1.74% 0.01% 0.24% 1.95% 1.77%
Ratios to average net assets (annualized)          
Gross expenses

0.23% 0.23% 0.22% 0.24% 0.31%
Net expenses

0.19% * 0.06% * 0.18% * 0.20% 0.20%
Net investment income

1.54% 0.01% 0.17% 1.92% 1.79%
Supplemental data          
Net assets, end of period (000s omitted)

$6,965,776 $10,797,673 $12,321,170 $7,564,485 $7,296,690
    
* Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts:
    
Year ended January 31, 2023 0.01%
Year ended January 31, 2022 0.14%
Year ended January 31, 2021 0.02%
    
1 Amount is less than $0.005.
2 Amount is more than $(0.005)
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)
  Year ended January 31
Service Class 2023 2022 2021 2020 2019
Net asset value, beginning of period

$1.00 $1.00 $1.00 $1.00 $1.00
Net investment income

0.01 0.00 1 0.00 1 0.02 0.01
Net realized gains (losses) on investments

0.00 1 (0.00) 2 0.00 1 0.00 1 (0.00) 2
Total from investment operations

0.01 0.00 1 0.00 1 0.02 0.01
Distributions to shareholders from          
Net investment income

(0.01) (0.00) 1 (0.00) 1 (0.02) (0.01)
Net realized gains

0.00 (0.00) 1 (0.00) 1 (0.00) 1 (0.00) 1
Total distributions to shareholders

(0.01) (0.00) 1 (0.00) 1 (0.02) (0.01)
Net asset value, end of period

$1.00 $1.00 $1.00 $1.00 $1.00
Total return

1.49% 0.01% 0.15% 1.64% 1.46%
Ratios to average net assets (annualized)          
Gross expenses

0.52% 0.52% 0.51% 0.53% 0.61%
Net expenses

0.44% * 0.06% * 0.25% * 0.50% 0.50%
Net investment income

1.46% 0.01% 0.12% 1.58% 1.45%
Supplemental data          
Net assets, end of period (000s omitted)

$4,173,042 $5,336,278 $5,225,755 $4,230,537 $2,796,397
    
* Ratio includes fund-level and/or class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts:
    
Year ended January 31, 2023 0.06%
Year ended January 31, 2022 0.44%
Year ended January 31, 2021 0.25%
    
1 Amount is less than $0.005.
2 Amount is more than $(0.005)
The accompanying notes are an integral part of these financial statements.

Government Money Market Funds  |  19


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.
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 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.
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. generally accepted accounting principles. 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

20  |  Government Money Market Funds


Notes to financial statements
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 January 31, 2023, 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 January 31, 2023:
  Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets        
Investments in:        
U.S. Treasury securities $0 $11,713,625,289 $0 $11,713,625,289
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended January 31, 2023, 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 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

Government Money Market Funds  |  21


Notes to financial statements
For the year ended January 31, 2023, 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 and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.
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 as follows:
  Class-level
administration fee
Class A 0.22%
Administrator Class 0.10
Institutional 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, 2023 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. In addition to the contractual waivers and/or reimbursements, Allspring Funds Management also voluntarily waived certain fund-level and/or class-level expenses during the year ended January 31, 2023 in order to maintain a positive yield.  These voluntary fund-level and/or class-level waivers may be discontinued at any time.  As of January 31, 2023, the contractual expense caps are as follows:
  Expense ratio caps
Class A 0.60%
Administrator Class 0.30
Institutional Class 0.20
Service Class 0.50
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Service Class 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. A portion of these total shareholder servicing fees were paid to affiliates.
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.

22  |  Government Money Market Funds


Notes to financial statements
5. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid was $216,092,694 and $1,852,326 of ordinary income for the years ended January 31, 2023 and January 31, 2022, respectively.
As of January 31, 2023, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income
Undistributed
long-term
gain
$22,185,560 $28,997
6. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
7. 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.

Government Money Market Funds  |  23


Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring 100% Treasury Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2023, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
March 30, 2023

24  |  Government Money Market Funds


Other information (unaudited)
TAX INFORMATION
For the fiscal year ended January 31, 2023, $194,114,057 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
For the fiscal year ended January 31, 2023, 100% of the ordinary income distributed was derived from interest on U.S. government securities.
For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 100% of ordinary income dividends qualify as interest dividends for the fiscal year ended January 31, 2023.
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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  |  25


Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth
Position held and
length of service*
Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
William R. Ebsworth
(Born 1957)
Trustee,
since 2015
Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. N/A
Jane A. Freeman
(Born 1953)
Trustee,
since 2015;
Chair Liaison,
since 2018
Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. N/A
Isaiah Harris, Jr.
(Born 1952)
Trustee,
since 2009; Audit
Committee
Chair,
since 2019
Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). N/A
David F. Larcker
(Born 1950)
Trustee,
since 2009
Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. N/A

26  |  Government Money Market Funds


Other information (unaudited)
Name and
year of birth
Position held and
length of service*
Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
Olivia S. Mitchell
(Born 1953)
Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018
International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. N/A
Timothy J. Penny
(Born 1951)
Trustee,
since 1996;
Chair,
since 2018
President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. N/A
James G. Polisson
(Born 1959)
Trustee,
since 2018
Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. N/A
Pamela Wheelock
(Born 1959)
Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019
Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. N/A
*  Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Government Money Market Funds  |  27


Other information (unaudited)
Officers2
Name and
year of birth
Position held and
length of service
Principal occupations during past five years or longer
Andrew Owen
(Born 1960)
President,
since 2017
President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma
(Born 1974)
Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex)
Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker
(Born 1976)
Chief Compliance Officer, since 2022 Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse
(Born 1983)
Chief Legal Officer, since 2022; Secretary, since 2021 Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.
1  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at allspringglobal.com.
2  For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

28  |  Government Money Market Funds




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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
ALL-02142023-mw5bxv8f 03-23
AR0252 01-23


Annual Report
January 31, 2023
Government Money Market Funds
Allspring Government Money Market Fund




Contents
The views expressed and any forward-looking statements are as of January 31, 2023, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Government Money Market Funds  |  1


Letter to shareholders (unaudited)
Andrew Owen
President
Allspring Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Allspring Government Money Market Fund for the 12-month period that ended January 31, 2023. Globally, stocks and bonds experienced heightened volatility and historically poor performance through the challenging period. Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war and the impact of China’s strict COVID-19 lockdowns.
For the 12-month period, stocks and bonds––both domestic U.S. and global––suffered losses. For the period, U.S. stocks, based on the S&P 500 Index,1 returned -8.22%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 returned -5.72%, while the MSCI EM Index (Net) (USD)3 had weaker performance, with a decline of 12.12%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index4 returned -8.36%, the Bloomberg Global Aggregate ex-USD Index (unhedged)5 returned -14.18%, the Bloomberg Municipal Bond Index6 declined 3.25%, and the ICE BofA U.S. High Yield Index7 fell 5.08%.
The Russia-Ukraine war, high inflation, and central bank rate hikes rocked markets.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics. Major global stock indexes were down in February, along with global bonds overall, with heightened volatility in March and mixed results that favored U.S. large-cap stocks. Prices of commodities spiked, including crude oil, natural gas, wheat, and precious metals, on elevated concerns of supply shortages. All of this fueled inflation concerns and added to expectations of more aggressive central bank interest rate hikes. Sweeping sanctions against Russia and corporate pullouts contributed to market volatility. Despite the geopolitical turmoil, the U.S. economic outlook remained largely unchanged, with a healthy job market and signs of economic resilience accompanying higher prices.
In April, market volatility continued, with deepening losses across major capital markets, as both the S&P 500 and MSCI ACWI (Net)8 fell 8% or more for the month. The Chinese economy struggled through a strict lockdown as the government tried to contain a major COVID-19 outbreak. The ensuing global ripple effect compounded existing supply shortages. This was exacerbated by the impact of the Russia-Ukraine war on global commodities. Meanwhile, U.S. annual inflation raged at 8.5%, its highest level since 1981, and investors braced themselves for aggressive Federal Reserve (Fed) monetary tightening moves.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4 The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5 The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.
6 The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
8 The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.

2  |  Government Money Market Funds


Letter to shareholders (unaudited)
Market volatility continued in May, although markets recovered ground late in the month. Value stocks continued to outperform growth stocks. The concerns that had dominated markets for months continued, including high inflation and geopolitical tensions that added to high crude oil, gasoline, and food prices. In response, the Fed raised the federal funds rate by 0.50%, with widescale expectations of more rate hikes. Meanwhile, highly contagious COVID-19 variants persisted. However, labor markets in the U.S., the U.K., and Europe remained strong. U.S. retail sales for April, released in May, indicated a fourth consecutive monthly increase, reflecting continued consumer resilience.
In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Fed raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.
Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly robust: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, home sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.
August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed’s aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed’s job was clearly not complete. One longer-term bright spot was the U.S. Congress’s passage of the Inflation Reduction Act.  Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.
The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.
Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe’s energy crisis eased thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.
Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, hopes rose for an easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, we began to see signs of a possible decline in inflationary pressures as U.S. inflation moderated, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China’s economic data remained weak, reflecting its zero-COVID-19 policy.
In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.

Government Money Market Funds  |  3


Letter to shareholders (unaudited)
Financial markets cooled in December, with U.S. equities posting negative overall results in response to a weakening U.S. dollar. Fixed income securities ended one of their worst years ever with flat overall monthly returns as markets weighed the hopes for an end to the monetary tightening cycle with the reality that central banks had not completed their jobs yet. U.S. Consumer Price Index (CPI)1 data showed a strong consistent trend downward, which brought down the 12-month CPI to 6.5% in December from 9.1% in June. Other countries and regions reported still-high but declining inflation rates as the year winded down.
The year 2023 began with a broad rally across global equities and fixed income securities. Investor optimism rose in response to data indicating declining inflation rates and the reopening of China’s economy with the abrupt end to its zero-COVID-19 policy. The U.S. reported surprisingly strong job gains––employers added more than 500,000 jobs––and unemployment fell to 3.4%, the lowest level since 1969. Meanwhile, wage growth, seen as a potential contributor to ongoing high inflation, continued to moderate. All eyes remained fixed on the Fed and on how many additional rate hikes it will announce before reaching the peak (“terminal”) rate, expected to be above 5%. The 0.25% federal funds rate hike announced in January was the Fed’s smallest rate increase since March 2022.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

1 The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

4  |  Government Money Market Funds


This page is intentionally left blank.


Performance highlights (unaudited)
Investment objective The Fund seeks current income, while preserving capital and liquidity.
Manager Allspring Funds Management, LLC
Subadviser Allspring Global Investments, LLC
Portfolio managers Michael C. Bird, CFA®, Jeffrey L. Weaver, CFA®, Laurie White
    
Average annual total returns (%) as of January 31, 2023
          Expense ratios1 (%)
  Inception date 1 year 5 year 10 year Gross Net 2
Class A (WFGXX) 11-8-1999 1.50 0.92 0.50 0.60 0.60
Administrator Class (WGAXX) 7-31-2003 1.71 1.08 0.62 0.33 0.33
Institutional Class (GVIXX) 7-28-2003 1.82 1.16 0.69 0.21 0.20
Select Class (WFFXX)3 6-30-2015 1.89 1.21 0.73 0.17 0.14
Service Class (NWGXX) 11-16-1987 1.58 0.98 0.54 0.50 0.50
Sweep Class 4 7-31-2020 1.58 0.84 0.18 0.51 0.50
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.
Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectus.
For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
1 Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Select Class shares would be higher.
4 Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Sweep Class shares. If these expenses had not been included, returns for the Sweep Class would be higher.
    
Yield summary (%) as of January 31, 2023
  Class A Administrator
Class
Institutional
Class
Select
Class
Service
Class
Sweep
Class
7-day current yield1 3.70 3.96 4.10 4.16 3.80 3.80
7-day compound yield 3.77 4.04 4.18 4.25 3.87 3.87
30-day simple yield 3.68 3.94 4.08 4.14 3.78 3.78

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6  |  Government Money Market Funds


Performance highlights (unaudited)
Yield summary (%) as of January 31, 2023
  Class A Administrator
Class
Institutional
Class
Select
Class
Service
Class
Sweep
Class
30-day compound yield 3.75 4.02 4.16 4.22 3.85 3.85
    
1 The manager has contractually committed through May 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been 3.69%, 3.96%, 4.08%, 4.12%, 3.79% and 3.78% for Class A, Administrator Class, Institutional Class, Select Class, Service Class and Sweep Class, respectively.

Government Money Market Funds  |  7


Performance highlights (unaudited)
MANAGER'S DISCUSSION
The fiscal year that ended January 31, 2023, saw a sea change in the interest rate environment as the U.S. Federal Reserve (Fed) raised rates 4.25% over the period, taking its target range for the effective federal funds rate from 0.00% to 0.25% at the beginning of the year to 4.25% to 4.50% at the end. The Fed also stopped buying Treasury and mortgage-backed securities as part of its quantitative easing program in March 2022. It also began to allow the securities in its portfolio to mature without reinvestment—which shrinks its balance sheet and thus tightens monetary conditions and is known as quantitative tightening— beginning in June. In summary, the period began with the Fed in a very accommodative monetary policy stance and ended with it having rapidly removed accommodation throughout the year.
Portfolio composition as of January 31, 20231
1 Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified.
The Fed changed its approach because the economy evolved in ways that affected its mandates. Where previously the Fed was attempting to aid the economy to improve employment, and in the belief that pandemic-era price increases would prove to be transitory, the Fed realized that it needed to abruptly change its stance when labor markets remained stubbornly strong and prices throughout the economy continued to rise at a pace not seen for decades. The unemployment rate began the fiscal year at 4.0%, down from its pandemic peak of 14.8% in April 2020, and fell to 3.4% by fiscal year-end. After beginning the fiscal year at 6.0%, a multi-decade high, the PCE Price Index,* the Fed’s preferred price measure, ended the fiscal year only marginally lower at 5.0%, still far above its target of 2%. By tightening monetary policy, the Fed intends to slow the economy, weaken the labor market, and weaken demand sufficiently to reduce inflation.
Interest rates on all categories of government money market securities increased nearly in lockstep with the Fed’s interest rate increases. For example, 3-month Treasury bills (T-bills) yielded 0.18% at the beginning of the fiscal year before rising to 4.66% at fiscal year-end. Similarly, 6-month T-bills yielded 0.45% and 4.78% at the beginning and end, respectively, of the fiscal year. The yields on repurchase agreements (repos)
were also very low at the beginning of the fiscal year and rose as the Fed increased rates. Overnight Treasury repo rates, as measured by the Fed’s Secured Overnight Financing Rate, began the period at 0.05% and ended it at 4.30%. In addition, yields on government-sponsored enterprise (GSE) securities were similar to those on T-bills throughout the year.
Effective maturity distribution as of January 31, 20231
1 Figures represent the percentage of the Fund's total investments. Allocations are subject to change and may have changed since the date specified.
Our investment strategy continued to emphasize maintaining both a stable $1.00 net asset value and adequate liquidity to meet shareholder redemptions. Accordingly, we invested in T-bills; U.S. Treasury notes; GSE discount notes; and other securities, including floating-rate notes and repos collateralized by Treasury securities and GSE obligations.
Strategic outlook
The Fed’s rapid interest rate increases in 2022 are an indication of how far inflation has risen above its target. Because it had let interest rates stay near zero for too long, the Fed needed to raise rates more aggressively than it or market participants had expected. Interest rate changes are thought to affect the economy on a delayed basis, so the impact of the recent increases has likely not yet been fully seen. As a result, there is significant uncertainty about the direction of the economy and the outlook for interest rates in the upcoming fiscal year. It is possible the significant interest rate increases over the past year will materially slow the economy, perhaps spurring a recession, and bring inflation back down nearer to its target of 2%. In that event, interest rates may not rise much higher, and in fact they may fall later in the year. On the other hand, the tight labor market and rising wages may cause inflation to remain stubbornly high, leading the Fed to continue to raise rates, albeit at a slower pace, and to keep rates elevated for longer. The Fed has so far indicated in its recent actions and communications that it intends to slow the pace of its interest rate hikes to allow time to evaluate the impact of last year’s actions on the economy. Beyond that, the economy’s evolution will determine the Fed’s path.
 

* The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services. You cannot invest directly in an index.

8  |  Government Money Market Funds


Performance highlights (unaudited)
Weighted average maturity as of January 31, 20231
8 days
1 Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.
    
Weighted average life as of January 31, 20231
53 days
1 Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.  
 

Government Money Market Funds  |  9


Fund expenses (unaudited)
As a shareholder of the Fund, you incur ongoing costs including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2022 to January 31, 2023. 
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Beginning
account value
8-1-2022
Ending
account value
1-31-2023
Expenses
paid during
the period1
Annualized net
expense ratio
Class A        
Actual $1,000.00 $1,013.58 $2.84 0.56%
Hypothetical (5% return before expenses) $1,000.00 $1,022.38 $2.85 0.56%
Administrator Class        
Actual $1,000.00 $1,014.93 $1.47 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.74 $1.48 0.29%
Institutional Class        
Actual $1,000.00 $1,015.59 $0.81 0.16%
Hypothetical (5% return before expenses) $1,000.00 $1,024.40 $0.82 0.16%
Select Class        
Actual $1,000.00 $1,015.95 $0.46 0.09%
Hypothetical (5% return before expenses) $1,000.00 $1,024.75 $0.46 0.09%
Service Class        
Actual $1,000.00 $1,014.08 $2.34 0.46%
Hypothetical (5% return before expenses) $1,000.00 $1,022.89 $2.35 0.46%
Sweep Class        
Actual $1,000.00 $1,014.06 $2.34 0.46%
Hypothetical (5% return before expenses) $1,000.00 $1,022.89 $2.35 0.46%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period).

10  |  Government Money Market Funds


Portfolio of investments—January 31, 2023

    Interest
rate
Maturity
date
Principal Value
Corporate bonds and notes: 0.04%          
Mitchell 2019 Irrevocable Life Insurance Trust §   4.39% 9-1-2059 $    18,495,000 $     18,495,000
Renaissance 88 Company LP §   4.40 3-1-2062 19,000,000     19,000,000
Total Corporate bonds and notes (Cost $37,495,000)             37,495,000
Government agency debt: 10.82%          
FFCB    0.00 2-21-2023 35,000,000     34,977,595
FFCB (U.S. SOFR +0.02%) ±   4.32 6-23-2023 235,000,000    234,976,620
FFCB (U.S. SOFR +0.04%) ±   4.34 5-19-2023 35,000,000     34,999,480
FFCB (U.S. SOFR +0.04%) ±   4.34 9-20-2023 75,000,000     75,000,000
FFCB (U.S. SOFR +0.04%) ±   4.34 11-2-2023 25,000,000     24,998,102
FFCB (U.S. SOFR +0.04%) ±   4.34 12-15-2023 250,000,000    249,978,062
FFCB (U.S. SOFR +0.04%) ±   4.34 2-2-2024 130,000,000    130,000,000
FFCB (U.S. SOFR +0.04%) ±   4.34 2-5-2024 120,000,000    120,000,000
FFCB (U.S. SOFR +0.04%) ±   4.34 2-9-2024 125,000,000    125,000,000
FFCB (U.S. SOFR +0.04%) ±   4.34 3-4-2024 90,000,000     90,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 8-22-2023 110,000,000    110,010,758
FFCB (U.S. SOFR +0.05%) ±   4.35 9-29-2023 65,000,000     65,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 10-16-2023 90,000,000     90,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 11-9-2023 50,000,000     50,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 1-18-2024 115,000,000    115,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 2-15-2024 190,000,000    190,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 2-20-2024 90,000,000     90,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 3-1-2024 115,000,000    115,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 3-11-2024 95,000,000     95,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 4-4-2024 245,000,000 245,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 4-12-2024 170,000,000 170,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 4-26-2024 110,000,000 110,000,000
FFCB (U.S. SOFR +0.05%) ±   4.35 5-9-2024 130,000,000 130,000,000
FFCB (U.S. SOFR +0.06%) ±   4.36 2-9-2023 120,000,000 120,000,000
FFCB (U.S. SOFR +0.06%) ±   4.36 5-13-2024 98,250,000 98,256,336
FFCB (U.S. SOFR +0.11%) ±   4.41 4-15-2024 220,000,000 219,985,149
FFCB (U.S. SOFR +0.11%) ±   4.41 1-17-2025 30,700,000 30,665,054
FFCB (U.S. SOFR +0.12%) ±   4.42 12-8-2023 100,000,000 100,025,855
FFCB (U.S. SOFR +0.13%) ±   4.43 7-9-2024 160,000,000 159,997,960
FFCB (U.S. SOFR +0.17%) ±   4.47 1-23-2025 70,000,000 70,000,000
FFCB (U.S. SOFR +0.21%) ±   4.51 12-12-2024 100,000,000 100,000,000
FFCB (U.S. Treasury 3 Month Bill Money Market Yield -0.04%) ±   4.61 3-28-2024 100,000,000 100,000,000
FFCB (U.S. Treasury 3 Month Bill Money Market Yield -0.02%) ±   4.63 1-29-2024 50,000,000 50,014,990
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.02%) ±   4.67 7-17-2023 185,000,000 184,989,325
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±   4.67 7-27-2023 150,000,000 149,996,330
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±   4.68 5-17-2023 185,000,000 185,000,000
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ±   4.84 1-27-2025 250,000,000 249,976,184
FHLB    1.38 2-17-2023 37,650,000 37,653,482
FHLB    1.98 2-10-2023 250,000,000 250,000,000
FHLB    2.01 3-30-2023 250,000,000 250,000,000
FHLB    2.13 3-10-2023 81,620,000 81,649,888
FHLB    2.13 3-30-2023 52,750,000 52,750,000
FHLB    2.13 3-30-2023 200,000,000 200,000,000
The accompanying notes are an integral part of these financial statements.

Government Money Market Funds  |  11


Portfolio of investments—January 31, 2023

    Interest
rate
Maturity
date
Principal Value
Government agency debt (continued)          
FHLB    2.28% 6-30-2023 $250,000,000 $   250,000,000
FHLB    2.34 7-3-2023 300,000,000    300,000,000
FHLB    2.35 4-5-2023 250,000,000    250,000,000
FHLB    2.35 4-12-2023 150,000,000    150,000,000
FHLB    2.40 7-7-2023 200,000,000    200,000,000
FHLB    2.42 7-7-2023 250,000,000    250,000,000
FHLB    2.55 5-4-2023 250,000,000    250,000,000
FHLB (U.S. SOFR +0.05%) ±   4.35 7-18-2023 330,000,000    329,981,503
FHLB (U.S. SOFR +0.06%) ±   4.36 8-1-2023 500,000,000    500,000,000
FHLB (U.S. SOFR +0.07%) ±   4.37 10-30-2023 500,000,000    500,000,000
FHLB (U.S. SOFR +0.07%) ±   4.37 11-27-2023 500,000,000    500,000,000
FHLMC    2.60 5-26-2023 200,000,000    200,000,000
FHLMC    2.65 5-23-2023 350,000,000    350,000,000
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 11-15-2025 4,168,421      4,168,421
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 7-9-2026 32,877,250     32,877,250
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 1-15-2030 10,566,038     10,566,038
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 10-15-2032 16,100,001     16,100,000
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 6-15-2034 13,641,453     13,641,453
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 11-15-2023 5,000,000      5,000,000
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2027 45,333,333     45,333,333
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 6-20-2027 6,000,001      6,000,001
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-20-2027 16,964,285     16,964,285
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 15,944,000     15,944,000
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 9,371,086 9,371,086
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 14,214,076 14,214,076
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031 9,282,430 9,282,430
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 12-20-2031 54,418,604 54,418,604
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2035 3,590,800 3,590,800
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2035 10,772,400 10,772,400
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2035 9,336,080 9,336,080
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 4-20-2035 4,534,500 4,534,500
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 4-20-2035 15,870,750 15,870,750
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 11-20-2037 14,779,800 14,779,800
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 7-7-2040 9,698,612 9,698,612
The accompanying notes are an integral part of these financial statements.

12  |  Government Money Market Funds


Portfolio of investments—January 31, 2023

    Interest
rate
Maturity
date
Principal Value
Government agency debt (continued)          
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60% 7-7-2040 $7,582,551 $     7,582,551
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 7-7-2040 12,784,535     12,784,535
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §±   4.58 7-5-2038 8,150,520      8,150,520
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 3-15-2030 18,000,000     18,000,000
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031 3,654,500      3,654,500
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031 8,551,530      8,551,530
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 11-20-2037 10,898,327     10,898,327
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-20-2038 3,373,068      3,373,068
U.S. International Development Finance Corporation Series 271 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 7-7-2040 17,633,840     17,633,840
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 12-15-2026 2,400,000      2,400,000
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 10,706,396     10,706,396
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §±   4.55 11-15-2033 17,777,779     17,777,779
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 2,790,200      2,790,200
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031 4,970,120      4,970,120
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2035 8,079,300      8,079,300
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 4-20-2035 4,534,500      4,534,500
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-2-2031 9,367,100      9,367,100
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031 5,116,300      5,116,300
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 1-20-2035 8,887,230      8,887,230
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §±   4.60 9-30-2031