# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-222752
**Filing Date:** 2025-9
**Character Count:** 604397
**Document Hash:** 3bc38a2a30cdfb1eed496fec7f44b44f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-222752.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-222752

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251354668

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO FUNDS TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring Government Money Market Fund (Series ID: S000007421)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000020369 | Class A                | WFGXX           |
| C000020370 | Administrator Class    | WGAXX           |
| C000020371 | Institutional Class    | GVIXX           |
| C000020372 | Service Class          | NWGXX           |
| C000159700 | Select Class           | WFFXX           |
| C000221203 | Sweep Class            |  |
| C000240629 | Tribal Inclusion Class | AGTXX           |
| C000246242 | Roberts & Ryan Class   | RNRXX           |

### Allspring Money Market Fund (Series ID: S000007425)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000020379 | Class A       | STGXX           |
| C000086826 | Service Class | WMOXX           |
| C000086827 | Class C       |  |
| C000168181 | Premier Class | WMPXX           |

### Allspring 100% Treasury Money Market Fund (Series ID: S000007432)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020398 | Class A              | WFTXX           |
| C000020399 | Service Class        | NWTXX           |
| C000086828 | Administrator Class  | WTRXX           |
| C000150668 | Institutional Class  | WOTXX           |
| C000246243 | Roberts & Ryan Class | RRAXX           |

### Allspring National Tax-Free Money Market Fund (Series ID: S000007436)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000020404 | Administator Class | WNTXX           |
| C000020405 | Class A            | NWMXX           |
| C000020406 | Premier Class      | WFNXX           |
| C000020407 | Service Class      | MMIXX           |

### Allspring Treasury Plus Money Market Fund (Series ID: S000007440)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020412 | Class A              | PIVXX           |
| C000020413 | Institutional Class  | PISXX           |
| C000020414 | Service Class        | PRVXX           |
| C000064992 | Administrator Class  | WTPXX           |
| C000210934 | Select Class         | WTLXX           |
| C000246244 | Roberts & Ryan Class | RRTXX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

![LOGO](g13015g0926092148040.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-09253

## Allspring Funds Trust

#### (Exact name of registrant as specified in charter)

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Address of principal executive offices) (Zip code)

#### Matthew Prasse

#### Allspring Funds Management, LLC

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Name and address of agent for service)

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

#### Date of fiscal year end: January 31
**Registrant is making a filing for 5 of its series:** Allspring Government Money Market Fund, Allspring Money Market Fund, Allspring National Tax-Free Money Market Fund, Allspring 100% Treasury Money Market Fund, and Allspring Treasury Plus Money Market Fund.

#### Date of reporting period: July 31, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Administrator Class

# WGAXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0947 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Class A

# WFGXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0450 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Institutional Class

# GVIXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR1751 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Roberts & Ryan Class

# RNRXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Roberts & Ryan Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR5123 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Select Class

# WFFXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Select Class | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3802 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Service Class

# NWGXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Service Class | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0743 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Sweep Class
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Sweep Class | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3931 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Government Money Market Fund

# July 31, 2025

# Tribal Inclusion Class

# AGTXX
This semi-annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Tribal Inclusion Class | $8 | 0.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $125855686964 |
| # of portfolio holdings | 338 |
| Total advisory fees paid | $75444959 |
| Weighted average maturity | 46 days |
| Weighted average life | 111 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 52.6 |
| U.S. Treasury securities | 25.0 |
| Government agency debt | 22.0 |
| Other instruments | 0.4 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 52.8 |
| 8-14 days | 0.4 |
| 15-29 days | 2.4 |
| 30-59 days | 3.7 |
| 60-89 days | 5.1 |
| 90-179 days | 11.1 |
| 180-269 days | 7.3 |
| 270+ days | 17.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR5120 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# 100% Treasury Money Market Fund

# July 31, 2025

# Administrator Class

# WTRXX
This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $17717618684 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $11073387 |
| Weighted average maturity | 54 days |
| Weighted average life | 106 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 82.9 |
| U.S. Treasury Floating Rate Notes | 12.9 |
| U.S. Treasury Notes | 4.2 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 3.7 |
| 8-14 days | 3.4 |
| 15-29 days | 18.2 |
| 30-59 days | 23.4 |
| 60-89 days | 21.0 |
| 90-179 days | 16.9 |
| 180-269 days | 2.6 |
| 270+ days | 10.8 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since February 1, 2025.

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Service Class shares effective on or about the close of business on September 12, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3722 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# 100% Treasury Money Market Fund

# July 31, 2025

# Class A

# WFTXX
This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $17717618684 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $11073387 |
| Weighted average maturity | 54 days |
| Weighted average life | 106 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 82.9 |
| U.S. Treasury Floating Rate Notes | 12.9 |
| U.S. Treasury Notes | 4.2 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 3.7 |
| 8-14 days | 3.4 |
| 15-29 days | 18.2 |
| 30-59 days | 23.4 |
| 60-89 days | 21.0 |
| 90-179 days | 16.9 |
| 180-269 days | 2.6 |
| 270+ days | 10.8 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0252 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# 100% Treasury Money Market Fund

# July 31, 2025

# Roberts & Ryan Class

# RRAXX
This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Roberts & Ryan Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $17717618684 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $11073387 |
| Weighted average maturity | 54 days |
| Weighted average life | 106 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 82.9 |
| U.S. Treasury Floating Rate Notes | 12.9 |
| U.S. Treasury Notes | 4.2 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 3.7 |
| 8-14 days | 3.4 |
| 15-29 days | 18.2 |
| 30-59 days | 23.4 |
| 60-89 days | 21.0 |
| 90-179 days | 16.9 |
| 180-269 days | 2.6 |
| 270+ days | 10.8 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR5122 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# 100% Treasury Money Market Fund

# July 31, 2025

# Institutional Class

# WOTXX
This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $17717618684 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $11073387 |
| Weighted average maturity | 54 days |
| Weighted average life | 106 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 82.9 |
| U.S. Treasury Floating Rate Notes | 12.9 |
| U.S. Treasury Notes | 4.2 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 3.7 |
| 8-14 days | 3.4 |
| 15-29 days | 18.2 |
| 30-59 days | 23.4 |
| 60-89 days | 21.0 |
| 90-179 days | 16.9 |
| 180-269 days | 2.6 |
| 270+ days | 10.8 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3177 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# 100% Treasury Money Market Fund

# July 31, 2025

# Service Class

# NWTXX
This semi-annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Service Class | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $17717618684 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $11073387 |
| Weighted average maturity | 54 days |
| Weighted average life | 106 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 82.9 |
| U.S. Treasury Floating Rate Notes | 12.9 |
| U.S. Treasury Notes | 4.2 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 3.7 |
| 8-14 days | 3.4 |
| 15-29 days | 18.2 |
| 30-59 days | 23.4 |
| 60-89 days | 21.0 |
| 90-179 days | 16.9 |
| 180-269 days | 2.6 |
| 270+ days | 10.8 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0008 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Money Market Fund

# July 31, 2025

# Class A

# STGXX
This semi-annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $27 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $39407520886 |
| # of portfolio holdings | 322 |
| Total advisory fees paid | $22531066 |
| Weighted average maturity | 34 days |
| Weighted average life | 70 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial paper | 40.6 |
| Certificates of deposit | 24.9 |
| Repurchase agreements | 23.1 |
| Municipal obligations | 9.8 |
| Other instruments | 1.6 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 50.6 |
| 8-14 days | 2.5 |
| 15-29 days | 2.1 |
| 30-59 days | 7.8 |
| 60-89 days | 6.9 |
| 90-179 days | 13.4 |
| 180-269 days | 11.8 |
| 270+ days | 4.9 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0478 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Money Market Fund

# July 31, 2025

# Class C
This semi-annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class C is closed to new investors and additional investments from existing shareholders.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $66 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $39407520886 |
| # of portfolio holdings | 322 |
| Total advisory fees paid | $22531066 |
| Weighted average maturity | 34 days |
| Weighted average life | 70 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial paper | 40.6 |
| Certificates of deposit | 24.9 |
| Repurchase agreements | 23.1 |
| Municipal obligations | 9.8 |
| Other instruments | 1.6 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 50.6 |
| 8-14 days | 2.5 |
| 15-29 days | 2.1 |
| 30-59 days | 7.8 |
| 60-89 days | 6.9 |
| 90-179 days | 13.4 |
| 180-269 days | 11.8 |
| 270+ days | 4.9 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3502 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Money Market Fund

# July 31, 2025

# Premier Class

# WMPXX
This semi-annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Premier Class | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $39407520886 |
| # of portfolio holdings | 322 |
| Total advisory fees paid | $22531066 |
| Weighted average maturity | 34 days |
| Weighted average life | 70 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial paper | 40.6 |
| Certificates of deposit | 24.9 |
| Repurchase agreements | 23.1 |
| Municipal obligations | 9.8 |
| Other instruments | 1.6 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 50.6 |
| 8-14 days | 2.5 |
| 15-29 days | 2.1 |
| 30-59 days | 7.8 |
| 60-89 days | 6.9 |
| 90-179 days | 13.4 |
| 180-269 days | 11.8 |
| 270+ days | 4.9 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3183 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Money Market Fund

# July 31, 2025

# Service Class

# WMOXX
This semi-annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Service Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $39407520886 |
| # of portfolio holdings | 322 |
| Total advisory fees paid | $22531066 |
| Weighted average maturity | 34 days |
| Weighted average life | 70 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial paper | 40.6 |
| Certificates of deposit | 24.9 |
| Repurchase agreements | 23.1 |
| Municipal obligations | 9.8 |
| Other instruments | 1.6 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 50.6 |
| 8-14 days | 2.5 |
| 15-29 days | 2.1 |
| 30-59 days | 7.8 |
| 60-89 days | 6.9 |
| 90-179 days | 13.4 |
| 180-269 days | 11.8 |
| 270+ days | 4.9 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3656 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# National Tax-Free Money Market Fund

# July 31, 2025

# Administator Class

# WNTXX
This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administator Class | $12 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1909410704 |
| # of portfolio holdings | 251 |
| Total advisory fees paid | $1031038 |
| Weighted average maturity | 37 days |
| Weighted average life | 37 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bonds | 45.5 |
| Variable rate demand notes | 28.9 |
| Other municipal debt | 24.7 |
| Treasury repurchase agreement | 0.9 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 73.8 |
| 15-29 days | 1.7 |
| 30-59 days | 5.9 |
| 60-89 days | 5.1 |
| 90-179 days | 6.2 |
| 180-269 days | 2.8 |
| 270+ days | 4.5 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since February 1, 2025.

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Service Class shares effective on or about the close of business on September 12, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3710 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# National Tax-Free Money Market Fund

# July 31, 2025

# Class A

# NWMXX
This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $26 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1909410704 |
| # of portfolio holdings | 251 |
| Total advisory fees paid | $1031038 |
| Weighted average maturity | 37 days |
| Weighted average life | 37 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bonds | 45.5 |
| Variable rate demand notes | 28.9 |
| Other municipal debt | 24.7 |
| Treasury repurchase agreement | 0.9 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 73.8 |
| 15-29 days | 1.7 |
| 30-59 days | 5.9 |
| 60-89 days | 5.1 |
| 90-179 days | 6.2 |
| 180-269 days | 2.8 |
| 270+ days | 4.5 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0452 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# National Tax-Free Money Market Fund

# July 31, 2025

# Premier Class

# WFNXX
This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Premier Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1909410704 |
| # of portfolio holdings | 251 |
| Total advisory fees paid | $1031038 |
| Weighted average maturity | 37 days |
| Weighted average life | 37 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bonds | 45.5 |
| Variable rate demand notes | 28.9 |
| Other municipal debt | 24.7 |
| Treasury repurchase agreement | 0.9 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 73.8 |
| 15-29 days | 1.7 |
| 30-59 days | 5.9 |
| 60-89 days | 5.1 |
| 90-179 days | 6.2 |
| 180-269 days | 2.8 |
| 270+ days | 4.5 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0477 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# National Tax-Free Money Market Fund

# July 31, 2025

# Service Class

# MMIXX
This semi-annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Service Class | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1909410704 |
| # of portfolio holdings | 251 |
| Total advisory fees paid | $1031038 |
| Weighted average maturity | 37 days |
| Weighted average life | 37 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bonds | 45.5 |
| Variable rate demand notes | 28.9 |
| Other municipal debt | 24.7 |
| Treasury repurchase agreement | 0.9 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 73.8 |
| 15-29 days | 1.7 |
| 30-59 days | 5.9 |
| 60-89 days | 5.1 |
| 90-179 days | 6.2 |
| 180-269 days | 2.8 |
| 270+ days | 4.5 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0792 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Administrator Class

# WTPXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $17 | 0.34%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3720 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Class A

# PIVXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $29 | 0.58%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0453 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Institutional Class

# PISXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0793 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Select Class

# WTLXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Select Class | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR3803 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Service Class

# PRVXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Service Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR0454 07-25
![Image](g13015ic5227ab769464fb924b6.jpg)

Semi-Annual Shareholder Report

# Treasury Plus Money Market Fund

# July 31, 2025

# Roberts & Ryan Class

# RRTXX
This semi-annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Roberts & Ryan Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $31300925500 |
| # of portfolio holdings | 81 |
| Total advisory fees paid | $20798988 |
| Weighted average maturity | 46 days |
| Weighted average life | 109 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.5 |
| U.S. Treasury securities | 43.5 |

---

### EFFECTIVE MATURITY-DAYS (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| 1-7 day(s) | 55.4 |
| 8-14 days | 0.2 |
| 15-29 days | 1.5 |
| 30-59 days | 1.8 |
| 60-89 days | 6.4 |
| 90-179 days | 12.8 |
| 180-269 days | 4.2 |
| 270+ days | 17.7 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR5124 07-25

------

<u>ITEM 2. CODE OF ETHICS</u> 

Not applicable.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

Not applicable.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

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

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

------

![](g13015img4df21ccd1.jpg)

Government Money Market Funds

Allspring 100% Treasury Money Market Fund<br>

Long Form Financial Statements

Semi-Annual Report

July 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_POI-PageBlank-2_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_FS-PageBlank-2_1)** |  |
| [Statement of assets and liabilities](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_FS-PageBlank-2_1) | 5 |
| [Statement of operations](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_FS-PageBlank-2_2) | 6 |
| [Statement of changes in net assets](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_FS-PageBlank-2_3) | 7 |
| [Financial highlights](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_FIHI-PageBlank-2_1) | 8 |
| **[Notes to financial statements](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_NTF-PageBlank-2_1)** | 13 |
| **[Other information](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_3)['](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_3)[s approval of investment](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_3)<br> [advisory contract](#xx_3372f1fa-0eaf-4457-9a56-06f435850e65_OI-PageBlank-2_3)<br>| 19 |

---

Government Money Market Funds \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **U.S. Treasury securities: 102.40%** |  |  |  |  |
| U.S. Treasury Bills%%☼ | 0.00<br> %<br>| &nbsp;&nbsp; 12-2-2025 | $300000000 | &nbsp;&nbsp; $295822108 |
| U.S. Treasury Bills☼ | 3.97 | &nbsp;&nbsp; 7-9-2026 | 50000000 | &nbsp;&nbsp; 48139068 |
| U.S. Treasury Bills☼ | 3.98 | &nbsp;&nbsp; 5-14-2026 | 50000000 | &nbsp;&nbsp; 48440506 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 3-19-2026 | 40000000 | &nbsp;&nbsp; 38994229 |
| U.S. Treasury Bills☼ | 4.11 | &nbsp;&nbsp; 2-19-2026 | 80000000 | &nbsp;&nbsp; 78180317 |
| U.S. Treasury Bills☼ | 4.15 | &nbsp;&nbsp; 9-18-2025 | 30000000 | &nbsp;&nbsp; 29836080 |
| U.S. Treasury Bills☼ | 4.15 | &nbsp;&nbsp; 1-2-2026 | 83000000 | &nbsp;&nbsp; 81544982 |
| U.S. Treasury Bills☼ | 4.15 | &nbsp;&nbsp; 1-2-2026 | 67000000 | &nbsp;&nbsp; 65826184 |
| U.S. Treasury Bills☼ | 4.16 | &nbsp;&nbsp; 11-6-2025 | 50000000 | &nbsp;&nbsp; 49446628 |
| U.S. Treasury Bills☼ | 4.16 | &nbsp;&nbsp; 12-26-2025 | 50000000 | &nbsp;&nbsp; 49161692 |
| U.S. Treasury Bills☼ | 4.17 | &nbsp;&nbsp; 11-20-2025 | 50000000 | &nbsp;&nbsp; 49366298 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 11-13-2025 | 50000000 | &nbsp;&nbsp; 49404889 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 1-15-2026 | 50000000 | &nbsp;&nbsp; 49042649 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 1-22-2026 | 50000000 | &nbsp;&nbsp; 49004333 |
| U.S. Treasury Bills☼ | 4.19 | &nbsp;&nbsp; 1-29-2026 | 50000000 | &nbsp;&nbsp; 48961135 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 12-11-2025 | 150000000 | &nbsp;&nbsp; 147721625 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 12-18-2025 | 50000000 | &nbsp;&nbsp; 49200171 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 11-28-2025 | 5000000 | &nbsp;&nbsp; 4930790 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 11-28-2025 | 105000000 | &nbsp;&nbsp; 103558547 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 12-4-2025 | 100000000 | &nbsp;&nbsp; 98557986 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 1-8-2026 | 82000000 | &nbsp;&nbsp; 80487858 |
| U.S. Treasury Bills☼ | 4.23 | &nbsp;&nbsp; 10-2-2025 | 70000000 | &nbsp;&nbsp; 69520482 |
| U.S. Treasury Bills☼ | 4.23 | &nbsp;&nbsp; 10-2-2025 | 480000000 | &nbsp;&nbsp; 476523349 |
| U.S. Treasury Bills☼ | 4.24 | &nbsp;&nbsp; 11-4-2025 | 150000000 | &nbsp;&nbsp; 148345021 |
| U.S. Treasury Bills☼ | 4.26 | &nbsp;&nbsp; 10-30-2025 | 320000000 | &nbsp;&nbsp; 316609000 |
| U.S. Treasury Bills☼ | 4.26 | &nbsp;&nbsp; 10-30-2025 | 80000000 | &nbsp;&nbsp; 79187150 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 8-5-2025 | 382770000 | &nbsp;&nbsp; 382590879 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 10-7-2025 | 400000000 | &nbsp;&nbsp; 396864028 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 10-28-2025 | 400000000 | &nbsp;&nbsp; 395886000 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 8-7-2025 | 239450000 | &nbsp;&nbsp; 239281473 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 8-7-2025 | 49090000 | &nbsp;&nbsp; 49055616 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 9-25-2025 | 300000000 | &nbsp;&nbsp; 298065833 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 10-14-2025 | 700000000 | &nbsp;&nbsp; 693930561 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 10-16-2025 | 325000000 | &nbsp;&nbsp; 322095481 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 10-16-2025 | 25000000 | &nbsp;&nbsp; 24785617 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 11-12-2025 | 350000000 | &nbsp;&nbsp; 345771635 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-2-2025 | 450000000 | &nbsp;&nbsp; 448309022 |
| U.S. Treasury Bills%%☼ | 4.29 | &nbsp;&nbsp; 9-2-2025 | 100000000 | &nbsp;&nbsp; 99667656 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-30-2025 | 315000000 | &nbsp;&nbsp; 312780492 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-30-2025 | 85000000 | &nbsp;&nbsp; 84400750 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 10-9-2025 | 350000000 | &nbsp;&nbsp; 347163333 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 10-21-2025 | 300000000 | &nbsp;&nbsp; 297146437 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 11-18-2025 | 75000000 | &nbsp;&nbsp; 74038756 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 11-25-2025 | 150000000 | &nbsp;&nbsp; 147956225 |
| U.S. Treasury Bills☼ | 4.30 | &nbsp;&nbsp; 8-14-2025 | 192620000 | &nbsp;&nbsp; 192324158 |
| U.S. Treasury Bills☼ | 4.30 | &nbsp;&nbsp; 8-14-2025 | 30000000 | &nbsp;&nbsp; 29954792 |
| U.S. Treasury Bills☼ | 4.30 | &nbsp;&nbsp; 8-19-2025 | 600000000 | &nbsp;&nbsp; 598728690 |
| U.S. Treasury Bills☼ | 4.30 | &nbsp;&nbsp; 8-26-2025 | 1313850000 | &nbsp;&nbsp; 1309982459 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bills☼ | 4.30<br> %<br>| &nbsp;&nbsp; 10-23-2025 | $200000000 | &nbsp;&nbsp; $198044889 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-4-2025 | 670000000 | &nbsp;&nbsp; 667310567 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-11-2025 | 600000000 | &nbsp;&nbsp; 597093954 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-11-2025 | 20000000 | &nbsp;&nbsp; 19907112 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-16-2025 | 605040000 | &nbsp;&nbsp; 601754191 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-16-2025 | 90000000 | &nbsp;&nbsp; 89511652 |
| U.S. Treasury Bills☼ | 4.32 | &nbsp;&nbsp; 8-12-2025 | 400000000 | &nbsp;&nbsp; 399479792 |
| U.S. Treasury Bills☼ | 4.32 | &nbsp;&nbsp; 8-28-2025 | 450000000 | &nbsp;&nbsp; 448561219 |
| U.S. Treasury Bills☼ | 4.32 | &nbsp;&nbsp; 8-28-2025 | 20000000 | &nbsp;&nbsp; 19937180 |
| U.S. Treasury Bills☼ | 4.32 | &nbsp;&nbsp; 9-9-2025 | 903910000 | &nbsp;&nbsp; 899741322 |
| U.S. Treasury Bills☼ | 4.33 | &nbsp;&nbsp; 8-21-2025 | 920000000 | &nbsp;&nbsp; 917817542 |
| U.S. Treasury Bills☼ | 4.34 | &nbsp;&nbsp; 9-23-2025 | 400000000 | &nbsp;&nbsp; 397475728 |
| U.S. Treasury Bills☼ | 4.34 | &nbsp;&nbsp; 9-23-2025 | 85000000 | &nbsp;&nbsp; 84470975 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>| 4.38 | &nbsp;&nbsp; 1-31-2027 | 390000000 | &nbsp;&nbsp; 389992383 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>| 4.44 | &nbsp;&nbsp; 4-30-2026 | 250000000 | &nbsp;&nbsp; 249998090 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 4.44 | &nbsp;&nbsp; 7-31-2027 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 4.45 | &nbsp;&nbsp; 4-30-2027 | 275000000 | &nbsp;&nbsp; 275034267 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.17%)±<br>| 4.46 | &nbsp;&nbsp; 10-31-2025 | 420000000 | &nbsp;&nbsp; 419971138 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.18%)±<br>| 4.47 | &nbsp;&nbsp; 7-31-2026 | 280000000 | &nbsp;&nbsp; 279869292 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.21%)±##<br>| 4.49 | &nbsp;&nbsp; 10-31-2026 | 430000000 | &nbsp;&nbsp; 430197908 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.25%)±<br>| 4.53 | &nbsp;&nbsp; 1-31-2026 | 140000000 | &nbsp;&nbsp; 140017694 |
| U.S. Treasury Notes | 0.25 | &nbsp;&nbsp; 9-30-2025 | 140000000 | &nbsp;&nbsp; 139095102 |
| U.S. Treasury Notes | 0.25 | &nbsp;&nbsp; 10-31-2025 | 60000000 | &nbsp;&nbsp; 59410925 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 12-31-2025 | 15000000 | &nbsp;&nbsp; 14759326 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 3-31-2026 | 130000000 | &nbsp;&nbsp; 127195095 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 4-30-2026 | 40000000 | &nbsp;&nbsp; 39055677 |
| U.S. Treasury Notes | 2.00 | &nbsp;&nbsp; 8-15-2025 | 20000000 | &nbsp;&nbsp; 19982792 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 9-15-2025 | 20000000 | &nbsp;&nbsp; 19981114 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-15-2026 | 30000000 | &nbsp;&nbsp; 29918139 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 1-15-2026 | 10000000 | &nbsp;&nbsp; 9982528 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 12-15-2025 | 50000000 | &nbsp;&nbsp; 49944319 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 6-15-2026 | 50000000 | &nbsp;&nbsp; 49988832 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 12-31-2025 | 15000000 | &nbsp;&nbsp; 14993114 |
| U.S. Treasury Notes | 4.88 | &nbsp;&nbsp; 11-30-2025 | 20000000 | &nbsp;&nbsp; 20036173 |

---

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

Government Money Market Funds \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Notes |  | 5.00<br> %<br>| &nbsp;&nbsp; 9-30-2025 | $55000000 | &nbsp;&nbsp; $55063405 |
| U.S. Treasury Notes |  | 5.00 | &nbsp;&nbsp; 10-31-2025 | 120000000 | &nbsp;&nbsp; 120200202 |
| **Total U.S. treasury securities (Cost $18,142,386,608)** |  |  |  |  | &nbsp;&nbsp; **18142386608** |
| **Total investments in securities (Cost $18,142,386,608)** | 102.40<br> %<br>|  |  |  | &nbsp;&nbsp; 18142386608 |
| Other assets and liabilities, net | (2.40)<br>|  |  |  | &nbsp;&nbsp; (424767924)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$17717618684** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| Zero coupon security. The rate represents the current yield to maturity. |
| Variable rate investment. The rate shown is the rate in effect at period end. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

4 \| Government Money Market Funds

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $18142386608 |
| Cash | 4926682 |
| Receivable for Fund shares sold | 12814693 |
| Receivable for interest | 4834251 |
| Prepaid expenses and other assets | 274511 |
| **Total assets** | **18165236745** |
| Liabilities |  |
| Payable for when-issued transactions | 395489764 |
| Payable for Fund shares redeemed | 25630671 |
| Dividends payable | 21829194 |
| Management fee payable | 1728325 |
| Administration fees payable | 1425622 |
| Shareholder servicing fees payable | 1353524 |
| Accrued expenses and other liabilities | 160961 |
| **Total liabilities** | **447618061** |
| **Total net assets**  | **$17717618684** |
| Net assets consist of |  |
| Paid-in capital | $17712274640 |
| Total distributable earnings | 5344044 |
| **Total net assets** | **$17717618684** |
| Computation of net asset value per share |  |
| Net assets–Class A | $101193470 |
| Shares outstanding–Class A<sup>1</sup> <br>| 101159731 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $502877686 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 502706648 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $10899225464 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 10895620357 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $108818 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 108782 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Service Class | $6214213246 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 6212168670 |
| Net asset value per share–Service Class | $1.00 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

Government Money Market Funds \| 5

------

Statement of operations—six months ended July 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $381051077 |
| Expenses |  |
| Management fee | 12078427 |
| Administration fees |  |
| Class A | 96276 |
| Administrator Class | 263220 |
| Institutional Class | 4369957 |
| Roberts & Ryan Class | 42 |
| Service Class | 3607374 |
| Shareholder servicing fees |  |
| Class A | 120345 |
| Administrator Class | 263220 |
| Service Class | 7515362 |
| Custody and accounting fees | 172667 |
| Professional fees | 54880 |
| Registration fees | 130591 |
| Shareholder report expenses | 34817 |
| Trustees' fees and expenses | 72148 |
| Other fees and expenses | 114890 |
| **Total expenses** | **28894216** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1005040)<br>|
| Class A | (21442)<br>|
| Administrator Class | (91235)<br>|
| Institutional Class | (774033)<br>|
| Roberts & Ryan Class | (7)<br>|
| Service Class | (3174)<br>|
| **Net expenses** | **26999285** |
| **Net investment income** | **354051792** |
| **Net realized gains on investments** | **4944694** |
| **Net increase in net assets resulting from operations** | **$358996486** |

---

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

6 \| Government Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $354051792 | &nbsp;&nbsp; $824986021 |
| Net realized gains on investments |  | &nbsp;&nbsp; 4944694 | &nbsp;&nbsp; 473789 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **358996486** | &nbsp;&nbsp; **825459810** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (1831311)<br>| &nbsp;&nbsp; (3501588)<br>|
| Administrator Class |  | &nbsp;&nbsp; (10631422)<br>| &nbsp;&nbsp; (22048251)<br>|
| Institutional Class |  | &nbsp;&nbsp; (226148618)<br>| &nbsp;&nbsp; (549486834)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (2182)<br>| &nbsp;&nbsp; (29705)<br>|
| Service Class |  | &nbsp;&nbsp; (115434113)<br>| &nbsp;&nbsp; (250151250)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(354047646)**<br>| &nbsp;&nbsp; **(825217628)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 73341414 | &nbsp;&nbsp; 73341414 | &nbsp;&nbsp; 81066149 |
| Administrator Class | 776984801 | &nbsp;&nbsp; 776984801 | &nbsp;&nbsp; 1423045962 |
| Institutional Class | 13551303081 | &nbsp;&nbsp; 13551303081 | &nbsp;&nbsp; 37109447560 |
| Roberts & Ryan Class | 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 9400000 |
| Service Class | 8850047228 | &nbsp;&nbsp; 8850047228 | &nbsp;&nbsp; 22015707776 |
|  |  | &nbsp;&nbsp; 23251676548 | &nbsp;&nbsp; 60638667447 |
| Reinvestment of distributions |  |  |  |
| Class A | 1831311 | &nbsp;&nbsp; 1831311 | &nbsp;&nbsp; 3456662 |
| Administrator Class | 6621603 | &nbsp;&nbsp; 6621603 | &nbsp;&nbsp; 12682792 |
| Institutional Class | 182959127 | &nbsp;&nbsp; 182959127 | &nbsp;&nbsp; 424687489 |
| Roberts & Ryan Class | 2182 | &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 5120 |
| Service Class | 36332184 | &nbsp;&nbsp; 36332184 | &nbsp;&nbsp; 76059602 |
|  |  | &nbsp;&nbsp; 227746407 | &nbsp;&nbsp; 516891665 |
| Payment for shares redeemed |  |  |  |
| Class A | (62995078)<br>| &nbsp;&nbsp; (62995078)<br>| &nbsp;&nbsp; (66958827)<br>|
| Administrator Class | (878109826)<br>| &nbsp;&nbsp; (878109826)<br>| &nbsp;&nbsp; (1182574659)<br>|
| Institutional Class | (14051193005)<br>| &nbsp;&nbsp; (14051193005)<br>| &nbsp;&nbsp; (37986477911)<br>|
| Roberts & Ryan Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (9400000)<br>|
| Service Class | (9310624778)<br>| &nbsp;&nbsp; (9310624778)<br>| &nbsp;&nbsp; (20716320547)<br>|
|  |  | &nbsp;&nbsp; (24302922687)<br>| &nbsp;&nbsp; (59961731944)<br>|
| **Net increase (decrease) in net assets resulting from capital** <br> **share transactions**<br>|  | &nbsp;&nbsp; **(823499732)**<br>| &nbsp;&nbsp; **1193827168** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(818550892)**<br>| &nbsp;&nbsp; **1194069350** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **18536169576** | &nbsp;&nbsp; **17342100226** |
| **End of period** |  | &nbsp;&nbsp; **$17717618684** | &nbsp;&nbsp; **$18536169576** |

---

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

Government Money Market Funds \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>12</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.90%**<br>| **4.65%**<br>| **4.65%**<br>| **1.42%**<br>| **0.02%**<br>| **0.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>|
| Net expenses | 0.54<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.50 %\*<br>| 0.06 %\*<br>| 0.31 %\*<br>|
| Net investment income | 3.80<br> %<br>| 4.53<br> %<br>| 4.60<br> %<br>| 1.27<br> %<br>| 0.02<br> %<br>| 0.15<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $101193 | &nbsp;&nbsp; $88986 | &nbsp;&nbsp; $71421 | &nbsp;&nbsp; $40725 | &nbsp;&nbsp; $47409 | &nbsp;&nbsp; $202999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.10% |
| Year ended January 31, 2022 | 0.54% |
| Year ended January 31, 2021 | 0.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

8 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.02%**<br>| **4.94%**<br>| **4.95%**<br>| **1.65%**<br>| **0.01%**<br>| **0.20%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.34<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|
| Net expenses | 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.28 %\*<br>| 0.06 %\*<br>| 0.22 %\*<br>|
| Net investment income | 4.04<br> %<br>| 4.76<br> %<br>| 4.86<br> %<br>| 1.73<br> %<br>| 0.01<br> %<br>| 0.19<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $502878 | &nbsp;&nbsp; $597240 | &nbsp;&nbsp; $344069 | &nbsp;&nbsp; $417372 | &nbsp;&nbsp; $435818 | &nbsp;&nbsp; $493677 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.02% |
| Year ended January 31, 2022 | 0.24% |
| Year ended January 31, 2021 | 0.08% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.07%**<br>| **5.05%**<br>| **5.06%**<br>| **1.74%**<br>| **0.01%**<br>| **0.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.22<br> %<br>| 0.23<br> %<br>| 0.23<br> %<br>| 0.23<br> %<br>| 0.23<br> %<br>| 0.22<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.19 %\*<br>| 0.06 %\*<br>| 0.18 %\*<br>|
| Net investment income | 4.14<br> %<br>| 4.93<br> %<br>| 4.99<br> %<br>| 1.54<br> %<br>| 0.01<br> %<br>| 0.17<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $10899225 | &nbsp;&nbsp; $11213105 | &nbsp;&nbsp; $11665347 | &nbsp;&nbsp; $6965776 | &nbsp;&nbsp; $10797673 | &nbsp;&nbsp; $12321170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.01% |
| Year ended January 31, 2022 | 0.14% |
| Year ended January 31, 2021 | 0.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

10 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.01 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.07%**<br>| **5.05%**<br>| **1.46%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 0.22<br> %<br>| 0.23<br> %<br>| 0.22<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>|
| Net investment income | 4.14<br> %<br>| 4.67<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $109 | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from October 20, 2023 (commencement of class operations) to January 31, 2024

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.92%**<br>| **4.73%**<br>| **4.74%**<br>| **1.49%**<br>| **0.01%**<br>| **0.15%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.51<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.44 %\*<br>| 0.06 %\*<br>| 0.25 %\*<br>|
| Net investment income | 3.84<br> %<br>| 4.59<br> %<br>| 4.69<br> %<br>| 1.46<br> %<br>| 0.01<br> %<br>| 0.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $6214213 | &nbsp;&nbsp; $6636732 | &nbsp;&nbsp; $5261162 | &nbsp;&nbsp; $4173042 | &nbsp;&nbsp; $5336278 | &nbsp;&nbsp; $5225755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.06% |
| Year ended January 31, 2022 | 0.44% |
| Year ended January 31, 2021 | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

12 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2025, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Government Money Market Funds \| 13

------

Notes to financial statements (unaudited)

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.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| U.S. Treasury securities | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18142386608 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18142386608 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$18142386608** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$18142386608** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.150<br> %<br>|
| Next $5 billion | 0.140 |
| Next $5 billion | 0.130 |
| Next $85 billion | 0.125 |
| Over $100 billion | 0.120 |

---

For the six months ended July 31, 2025, 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.

14 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |
| Roberts & Ryan Class | 0.08 |
| Service Class | 0.12 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed 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, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.58<br> %<br>|
| Administrator Class | 0.30 |
| Institutional Class | 0.20 |
| Roberts & Ryan Class | 0.20 |
| Service Class | 0.50 |

---

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2025.

5. CREDIT RISK

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

6. INDEMNIFICATION

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

Government Money Market Funds \| 15

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

8. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Service Class shares effective on or about the close of business on September 12, 2025.

9. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

16 \| Government Money Market Funds

------

Other information (unaudited)

Other information

Proxy voting information

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

Portfolio holdings information

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

Government Money Market Funds \| 17

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

18 \| Government Money Market Funds

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring 100% Treasury Money Market Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Government Money Market Funds \| 19

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Service Class) was in range of the average investment performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for Class A, Institutional Class and Roberts & Ryan Class, equal to the median net operating expense ratio of the expense Group for Administrator Class, and lower than the median net operating expense ratio of the expense Group for Service Class.

It was noted that the Board had approved a proposal to convert Class A shares into Service Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

20 \| Government Money Market Funds

------

Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

*Other benefits to Allspring Funds Management and the Sub-Adviser*

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

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

*Conclusion*

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

Government Money Market Funds \| 21

------

![](g13015img4df21ccd1.jpg)

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**

![](g13015imgfeade0292.gif)

*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 Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0252 07-25**

------

![](g13015img7a3ddc7f1.jpg)

Government Money Market Funds

<br> Allspring Government Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_POI-PageBlank-3_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_FS-PageBlank-3_1)** |  |
| [Statement of assets and liabilities](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_FS-PageBlank-3_1) | 12 |
| [Statement of operations](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_FS-PageBlank-3_3) | 14 |
| [Statement of changes in net assets](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_FS-PageBlank-3_4) | 15 |
| [Financial highlights](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_FIHI-PageBlank-3_1) | 17 |
| **[Notes to financial statements](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_NTF-PageBlank-3_1)** | 25 |
| **[Other information](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_3)['](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_3)[s approval of investment](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_3)<br> [advisory contract](#xx_d5acd3c3-b2f0-425f-a5cf-bd283164c57d_OI-PageBlank-3_3)<br>| 32 |

---

Allspring Government Money Market Fund \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Government agency debt: 21.07%** |  |  |  |  |
| FFCB (U.S. SOFR+0.06%)±%% | 0.00<br> %<br>| &nbsp;&nbsp; 9-4-2026 | $65000000 | &nbsp;&nbsp; $65000000 |
| FFCB (U.S. SOFR+0.09%)±%% | 0.00 | &nbsp;&nbsp; 2-4-2027 | 130000000 | &nbsp;&nbsp; 130000000 |
| FFCB | 0.61 | &nbsp;&nbsp; 8-25-2025 | 41900000 | &nbsp;&nbsp; 41786269 |
| FFCB☼ | 3.95 | &nbsp;&nbsp; 3-25-2026 | 35000000 | &nbsp;&nbsp; 34105167 |
| FFCB☼ | 3.95 | &nbsp;&nbsp; 3-27-2026 | 65000000 | &nbsp;&nbsp; 63324083 |
| FFCB | 4.00 | &nbsp;&nbsp; 1-13-2026 | 30000000 | &nbsp;&nbsp; 29965042 |
| FFCB☼ | 4.00 | &nbsp;&nbsp; 7-27-2026 | 20000000 | &nbsp;&nbsp; 19210000 |
| FFCB☼ | 4.03 | &nbsp;&nbsp; 5-12-2026 | 15000000 | &nbsp;&nbsp; 14530217 |
| FFCB☼ | 4.04 | &nbsp;&nbsp; 12-17-2025 | 25000000 | &nbsp;&nbsp; 24618583 |
| FFCB☼ | 4.12 | &nbsp;&nbsp; 10-30-2025 | 25000000 | &nbsp;&nbsp; 24746250 |
| FFCB☼ | 4.12 | &nbsp;&nbsp; 11-5-2025 | 25000000 | &nbsp;&nbsp; 24729333 |
| FFCB | 4.13 | &nbsp;&nbsp; 1-9-2026 | 174084000 | &nbsp;&nbsp; 174017700 |
| FFCB | 4.13 | &nbsp;&nbsp; 1-27-2026 | 39000000 | &nbsp;&nbsp; 38975338 |
| FFCB | 4.13 | &nbsp;&nbsp; 2-3-2026 | 24000000 | &nbsp;&nbsp; 23987761 |
| FFCB | 4.13 | &nbsp;&nbsp; 5-29-2026 | 107960000 | &nbsp;&nbsp; 107942162 |
| FFCB☼ | 4.15 | &nbsp;&nbsp; 10-28-2025 | 70000000 | &nbsp;&nbsp; 69300156 |
| FFCB☼ | 4.16 | &nbsp;&nbsp; 9-17-2025 | 10000000 | &nbsp;&nbsp; 9946472 |
| FFCB☼ | 4.18 | &nbsp;&nbsp; 9-9-2025 | 25000000 | &nbsp;&nbsp; 24888417 |
| FFCB☼ | 4.20 | &nbsp;&nbsp; 12-10-2025 | 20000000 | &nbsp;&nbsp; 19698700 |
| FFCB☼ | 4.21 | &nbsp;&nbsp; 8-19-2025 | 25000000 | &nbsp;&nbsp; 24948125 |
| FFCB☼ | 4.21 | &nbsp;&nbsp; 8-21-2025 | 50000000 | &nbsp;&nbsp; 49884722 |
| FFCB☼ | 4.21 | &nbsp;&nbsp; 8-29-2025 | 25000000 | &nbsp;&nbsp; 24919306 |
| FFCB☼ | 4.21 | &nbsp;&nbsp; 9-5-2025 | 25000000 | &nbsp;&nbsp; 24899132 |
| FFCB☼ | 4.22 | &nbsp;&nbsp; 8-25-2025 | 60000000 | &nbsp;&nbsp; 59833533 |
| FFCB☼ | 4.22 | &nbsp;&nbsp; 9-2-2025 | 55000000 | &nbsp;&nbsp; 54796666 |
| FFCB☼ | 4.22 | &nbsp;&nbsp; 10-10-2025 | 25000000 | &nbsp;&nbsp; 24797778 |
| FFCB☼ | 4.22 | &nbsp;&nbsp; 10-14-2025 | 25000000 | &nbsp;&nbsp; 24786222 |
| FFCB☼ | 4.25 | &nbsp;&nbsp; 9-23-2025 | 40000000 | &nbsp;&nbsp; 39753256 |
| FFCB☼ | 4.25 | &nbsp;&nbsp; 9-29-2025 | 40000000 | &nbsp;&nbsp; 39725322 |
| FFCB | 4.25 | &nbsp;&nbsp; 9-30-2025 | 30000000 | &nbsp;&nbsp; 29998305 |
| FFCB | 4.25 | &nbsp;&nbsp; 12-19-2025 | 50461000 | &nbsp;&nbsp; 50464481 |
| FFCB | 4.25 | &nbsp;&nbsp; 1-16-2026 | 39980000 | &nbsp;&nbsp; 39972271 |
| FFCB | 4.32 | &nbsp;&nbsp; 2-27-2026 | 62500000 | &nbsp;&nbsp; 62500000 |
| &nbsp;&nbsp; FFCB (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 4.34 | &nbsp;&nbsp; 7-23-2027 | 200000000 | &nbsp;&nbsp; 197954178 |
| FFCB Series 1 (U.S. SOFR+0.06%)± | 4.38 | &nbsp;&nbsp; 7-30-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB Series 1 (U.S. SOFR+0.07%)± | 4.39 | &nbsp;&nbsp; 10-21-2026 | 85000000 | &nbsp;&nbsp; 85000000 |
| FFCB (U.S. SOFR+0.07%)± | 4.39 | &nbsp;&nbsp; 12-7-2026 | 130000000 | &nbsp;&nbsp; 130000000 |
| FFCB (U.S. SOFR+0.07%)± | 4.39 | &nbsp;&nbsp; 3-24-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.07%)± | 4.39 | &nbsp;&nbsp; 4-1-2027 | 400000000 | &nbsp;&nbsp; 400000000 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 12-12-2025 | 66369000 | &nbsp;&nbsp; 66366151 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 1-28-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 2-10-2026 | 90000000 | &nbsp;&nbsp; 90000000 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 2-17-2026 | 200000000 | &nbsp;&nbsp; 199994746 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 3-11-2027 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 3-18-2027 | 280000000 | &nbsp;&nbsp; 280000000 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 11-13-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 1-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FFCB (U.S. SOFR+0.09%)± | 4.41<br> %<br>| &nbsp;&nbsp; 1-28-2026 | $165000000 | &nbsp;&nbsp; $165000000 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 2-2-2026 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 8-17-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 2-26-2027 | 100000000 | &nbsp;&nbsp; 100020791 |
| FFCB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 3-11-2027 | 145000000 | &nbsp;&nbsp; 145000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 12-26-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.09%)± | 4.42 | &nbsp;&nbsp; 3-27-2026 | 150000000 | &nbsp;&nbsp; 149995290 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 4-1-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 4-15-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 5-20-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-5-2026 | 450000000 | &nbsp;&nbsp; 450000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-18-2026 | 90000000 | &nbsp;&nbsp; 89999066 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-24-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-26-2026 | 155000000 | &nbsp;&nbsp; 155000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 2-12-2027 | 140000000 | &nbsp;&nbsp; 140000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 2-25-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-17-2027 | 140000000 | &nbsp;&nbsp; 140000000 |
| FFCB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-23-2027 | 65000000 | &nbsp;&nbsp; 65000000 |
| FFCB Series 1 (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 7-9-2027 | 320000000 | &nbsp;&nbsp; 320000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 1-8-2026 | 30000000 | &nbsp;&nbsp; 30001877 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 3-11-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 4-9-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 5-6-2026 | 210000000 | &nbsp;&nbsp; 209996331 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 5-19-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 6-12-2026 | 65000000 | &nbsp;&nbsp; 65000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 7-2-2026 | 375000000 | &nbsp;&nbsp; 375000000 |
| FFCB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 5-14-2027 | 115000000 | &nbsp;&nbsp; 115000000 |
| FFCB Series 2 (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 5-27-2027 | 230000000 | &nbsp;&nbsp; 230000000 |
| FFCB (U.S. SOFR+0.12%)± | 4.44 | &nbsp;&nbsp; 10-29-2025 | 160000000 | &nbsp;&nbsp; 160000000 |
| FFCB Series 1 (U.S. SOFR+0.12%)± | 4.44 | &nbsp;&nbsp; 7-15-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 7-16-2026 | 185000000 | &nbsp;&nbsp; 185004619 |
| FFCB Series 1 (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 7-23-2026 | 110000000 | &nbsp;&nbsp; 110000000 |
| FFCB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 7-29-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 8-6-2026 | 175000000 | &nbsp;&nbsp; 175000000 |
| FFCB Series 1 (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 11-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 4-16-2027 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 5-5-2027 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.12%)± | 4.45 | &nbsp;&nbsp; 6-9-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.12%)± | 4.45 | &nbsp;&nbsp; 6-23-2027 | 210000000 | &nbsp;&nbsp; 210000000 |
| &nbsp;&nbsp; FFCB Series 1 (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 4.45 | &nbsp;&nbsp; 7-30-2027 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 2-12-2026 | 420000000 | &nbsp;&nbsp; 420000404 |
| &nbsp;&nbsp; FFCB (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 4.46 | &nbsp;&nbsp; 4-24-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 8-19-2026 | 62000000 | &nbsp;&nbsp; 62000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 8-26-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 9-3-2026 | 70000000 | &nbsp;&nbsp; 70000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 9-4-2026 | 70000000 | &nbsp;&nbsp; 70000000 |

---

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

Government Money Market Funds \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FFCB (U.S. SOFR+0.14%)± | 4.46<br> %<br>| &nbsp;&nbsp; 9-9-2026 | $25000000 | &nbsp;&nbsp; $25000000 |
| FFCB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 1-8-2027 | 45000000 | &nbsp;&nbsp; 45000000 |
| &nbsp;&nbsp; FFCB (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.18%)±<br>| 4.46 | &nbsp;&nbsp; 4-30-2027 | 95000000 | &nbsp;&nbsp; 95000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.13%)± | 4.46 | &nbsp;&nbsp; 7-9-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB (U.S. SOFR+0.15%)± | 4.47 | &nbsp;&nbsp; 9-17-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.15%)± | 4.47 | &nbsp;&nbsp; 12-16-2026 | 280000000 | &nbsp;&nbsp; 280000856 |
| FFCB (U.S. SOFR+0.15%)± | 4.47 | &nbsp;&nbsp; 1-8-2027 | 225000000 | &nbsp;&nbsp; 225000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.14%)± | 4.47 | &nbsp;&nbsp; 2-3-2027 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.16%)± | 4.48 | &nbsp;&nbsp; 8-4-2025 | 105000000 | &nbsp;&nbsp; 105000000 |
| FFCB (U.S. SOFR+0.16%)± | 4.48 | &nbsp;&nbsp; 8-28-2025 | 93000000 | &nbsp;&nbsp; 93000000 |
| FFCB | 4.50 | &nbsp;&nbsp; 3-13-2026 | 10000000 | &nbsp;&nbsp; 10014129 |
| FFCB (U.S. Federal Funds Effective Rate+0.18%)± | 4.51 | &nbsp;&nbsp; 11-6-2026 | 175000000 | &nbsp;&nbsp; 175000000 |
| FFCB (U.S. SOFR+0.33%)± | 4.65 | &nbsp;&nbsp; 12-29-2025 | 102000000 | &nbsp;&nbsp; 102097201 |
| FFCB | 4.75 | &nbsp;&nbsp; 5-8-2026 | 24873000 | &nbsp;&nbsp; 24981230 |
| FFCB | 4.88 | &nbsp;&nbsp; 4-20-2026 | 10000000 | &nbsp;&nbsp; 10046599 |
| FHLB | 4.00 | &nbsp;&nbsp; 10-15-2025 | 500000000 | &nbsp;&nbsp; 499751866 |
| FHLB | 4.13 | &nbsp;&nbsp; 1-21-2026 | 106475000 | &nbsp;&nbsp; 106410990 |
| FHLB | 4.13 | &nbsp;&nbsp; 1-23-2026 | 69000000 | &nbsp;&nbsp; 68956850 |
| FHLB | 4.13 | &nbsp;&nbsp; 8-19-2026 | 250000000 | &nbsp;&nbsp; 249773991 |
| FHLB☼ | 4.14 | &nbsp;&nbsp; 1-6-2026 | 200000000 | &nbsp;&nbsp; 196414278 |
| FHLB☼ | 4.15 | &nbsp;&nbsp; 2-19-2026 | 351000000 | &nbsp;&nbsp; 342944745 |
| FHLB☼ | 4.16 | &nbsp;&nbsp; 11-28-2025 | 180000000 | &nbsp;&nbsp; 177560500 |
| FHLB☼ | 4.19 | &nbsp;&nbsp; 11-6-2025 | 350000000 | &nbsp;&nbsp; 346105181 |
| FHLB | 4.19 | &nbsp;&nbsp; 7-30-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLB☼ | 4.24 | &nbsp;&nbsp; 8-6-2025 | 250350000 | &nbsp;&nbsp; 250204696 |
| FHLB☼ | 4.24 | &nbsp;&nbsp; 8-11-2025 | 250000000 | &nbsp;&nbsp; 249709722 |
| FHLB☼ | 4.24 | &nbsp;&nbsp; 8-27-2025 | 25000000 | &nbsp;&nbsp; 24924528 |
| FHLB☼ | 4.25 | &nbsp;&nbsp; 10-29-2025 | 250000000 | &nbsp;&nbsp; 247410347 |
| FHLB | 4.25 | &nbsp;&nbsp; 11-21-2025 | 20000000 | &nbsp;&nbsp; 19992759 |
| FHLB | 4.25 | &nbsp;&nbsp; 5-22-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| FHLB☼ | 4.27 | &nbsp;&nbsp; 8-15-2025 | 185000000 | &nbsp;&nbsp; 184697258 |
| FHLB | 4.28 | &nbsp;&nbsp; 11-14-2025 | 300000000 | &nbsp;&nbsp; 299950905 |
| FHLB | 4.35 | &nbsp;&nbsp; 4-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.04%)± | 4.36 | &nbsp;&nbsp; 4-24-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.04%)± | 4.36 | &nbsp;&nbsp; 7-1-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB | 4.37 | &nbsp;&nbsp; 2-13-2026 | 173000000 | &nbsp;&nbsp; 173000000 |
| FHLB | 4.38 | &nbsp;&nbsp; 3-23-2026 | 145000000 | &nbsp;&nbsp; 145000000 |
| FHLB | 4.38 | &nbsp;&nbsp; 6-12-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 2-2-2026 | 145000000 | &nbsp;&nbsp; 144999799 |
| FHLB (U.S. SOFR+0.09%)± | 4.41 | &nbsp;&nbsp; 2-19-2026 | 248000000 | &nbsp;&nbsp; 248000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 4-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 4-22-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 5-28-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| FHLB Series 2 (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-26-2026 | 170000000 | &nbsp;&nbsp; 169981937 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 10-16-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 3-18-2027 | 200000000 | &nbsp;&nbsp; 200000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-11-2027 | 300000000 | &nbsp;&nbsp; 300000000 |

---

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

4 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FHLB (U.S. SOFR+0.10%)± | 4.42<br> %<br>| &nbsp;&nbsp; 6-14-2027 | $100000000 | &nbsp;&nbsp; $100000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-16-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 7-2-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 2-20-2026 | 350000000 | &nbsp;&nbsp; 350000000 |
| FHLB (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 4-10-2026 | 50000000 | &nbsp;&nbsp; 49995646 |
| FHLB (U.S. SOFR+0.12%)± | 4.44 | &nbsp;&nbsp; 3-20-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 2-9-2026 | 396000000 | &nbsp;&nbsp; 396045009 |
| FHLB (U.S. SOFR+0.13%)± | 4.45 | &nbsp;&nbsp; 5-27-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 1-26-2026 | 225000000 | &nbsp;&nbsp; 225000000 |
| FHLB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 8-21-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FHLB (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 9-4-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.15%)± | 4.47 | &nbsp;&nbsp; 1-2-2026 | 244000000 | &nbsp;&nbsp; 244007716 |
| FHLB (U.S. SOFR+0.15%)± | 4.47 | &nbsp;&nbsp; 1-5-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.16%)± | 4.48 | &nbsp;&nbsp; 8-22-2025 | 450000000 | &nbsp;&nbsp; 450000000 |
| FHLB (U.S. SOFR+0.16%)± | 4.48 | &nbsp;&nbsp; 10-16-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.17%)± | 4.49 | &nbsp;&nbsp; 4-28-2027 | 370000000 | &nbsp;&nbsp; 370000000 |
| FHLB (U.S. SOFR+0.18%)± | 4.50 | &nbsp;&nbsp; 12-9-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.19%)± | 4.51 | &nbsp;&nbsp; 9-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.19%)± | 4.51 | &nbsp;&nbsp; 10-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLMC☼ | 4.17 | &nbsp;&nbsp; 12-11-2025 | 20000000 | &nbsp;&nbsp; 19698616 |
| FHLMC (U.S. SOFR+0.08%)± | 4.40 | &nbsp;&nbsp; 1-8-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLMC (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 2-9-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLMC (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 3-5-2026 | 255000000 | &nbsp;&nbsp; 255000000 |
| FHLMC (U.S. SOFR+0.11%)± | 4.43 | &nbsp;&nbsp; 5-7-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLMC (U.S. SOFR+0.12%)± | 4.44 | &nbsp;&nbsp; 4-2-2026 | 1128000000 | &nbsp;&nbsp; 1128105545 |
| FHLMC (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 10-16-2026 | 141000000 | &nbsp;&nbsp; 141000000 |
| FNMA | 0.38 | &nbsp;&nbsp; 8-25-2025 | 25000000 | &nbsp;&nbsp; 24937331 |
| FNMA | 0.50 | &nbsp;&nbsp; 11-7-2025 | 25000000 | &nbsp;&nbsp; 24747434 |
| FNMA | 2.13 | &nbsp;&nbsp; 4-24-2026 | 230367000 | &nbsp;&nbsp; 227278885 |
| FNMA (U.S. SOFR+0.10%)± | 4.42 | &nbsp;&nbsp; 6-18-2026 | 50000000 | &nbsp;&nbsp; 49996487 |
| FNMA (U.S. SOFR+0.12%)± | 4.44 | &nbsp;&nbsp; 7-29-2026 | 149000000 | &nbsp;&nbsp; 149003204 |
| FNMA (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 8-21-2026 | 329000000 | &nbsp;&nbsp; 329000000 |
| FNMA (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 11-20-2026 | 182900000 | &nbsp;&nbsp; 182900075 |
| FNMA (U.S. SOFR+0.14%)± | 4.46 | &nbsp;&nbsp; 12-11-2026 | 478000000 | &nbsp;&nbsp; 478000000 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.50 | &nbsp;&nbsp; 6-20-2027 | 2666667 | &nbsp;&nbsp; 2666667 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.50 | &nbsp;&nbsp; 9-20-2027 | 8035713 | &nbsp;&nbsp; 8035713 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 2 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.50 | &nbsp;&nbsp; 9-20-2038 | 2965352 | &nbsp;&nbsp; 2965352 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.50 | &nbsp;&nbsp; 7-7-2040 | 47543852 | &nbsp;&nbsp; 47543852 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 699-<br> 2014-878-IG (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.53 | &nbsp;&nbsp; 11-15-2025 | 694737 | &nbsp;&nbsp; 694737 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 9 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.53 | &nbsp;&nbsp; 5-15-2030 | 12716000 | &nbsp;&nbsp; 12716000 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.53 | &nbsp;&nbsp; 10-15-2032 | 11971796 | &nbsp;&nbsp; 11971796 |

---

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

Government Money Market Funds \| 5

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series IV <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.53<br> %<br>| &nbsp;&nbsp; 11-15-2033 | $13675215 | &nbsp;&nbsp; $13675215 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.53 | &nbsp;&nbsp; 6-15-2034 | 10654356 | &nbsp;&nbsp; 10654356 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.59 | &nbsp;&nbsp; 9-2-2031 | 35512518 | &nbsp;&nbsp; 35512517 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.59 | &nbsp;&nbsp; 9-30-2031 | 46065520 | &nbsp;&nbsp; 46065520 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 4 <br> (U.S. Treasury 3 Month Bill+8.15%)§±<br>| 4.59 | &nbsp;&nbsp; 9-30-2031 | 3711440 | &nbsp;&nbsp; 3711440 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.59 | &nbsp;&nbsp; 12-20-2031 | 39302326 | &nbsp;&nbsp; 39302326 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 277-<br> 2012-197-IG (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 7-9-2026 | 9393500 | &nbsp;&nbsp; 9393500 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 3 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 12-15-2026 | 900001 | &nbsp;&nbsp; 900001 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 1-20-2027 | 16999999 | &nbsp;&nbsp; 16999999 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 1-15-2030 | 6792453 | &nbsp;&nbsp; 6792453 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 1-20-2035 | 29045520 | &nbsp;&nbsp; 29045520 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 4-20-2035 | 28384720 | &nbsp;&nbsp; 28384720 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 4.60 | &nbsp;&nbsp; 11-20-2037 | 22725378 | &nbsp;&nbsp; 22725378 |
| **Total government agency debt (Cost $26,513,787,599)** |  |  |  | &nbsp;&nbsp; **26513787599** |
| **Municipal obligations: 0.04%** |  |  |  |  |
| **Colorado: 0.04%** |  |  |  |  |
| **Variable rate demand notes ø: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Colorado HFA Series C2 Class II (Housing revenue, GNMA <br> Insured, FHLB SPA)<br>| 4.35 | &nbsp;&nbsp; 5-1-2052 | 29370000 | &nbsp;&nbsp; 29370000 |
| &nbsp;&nbsp; Colorado HFA Series D2 Class I (Housing revenue, GNMA <br> Insured, FHLB SPA)<br>| 4.35 | &nbsp;&nbsp; 5-1-2042 | 24765000 | &nbsp;&nbsp; 24765000 |
| **Total municipal obligations (Cost $54,135,000)** |  |  |  | &nbsp;&nbsp; **54135000** |
| **Other instruments: 0.34%** |  |  |  |  |
| **Variable rate demand notes ø: 0.34%** |  |  |  |  |
| 17th Street Rentals LLC | 4.45 | &nbsp;&nbsp; 2-1-2061 | 18200000 | &nbsp;&nbsp; 18200000 |
| 2020 Sheu Family Exempt Trust | 4.45 | &nbsp;&nbsp; 7-1-2041 | 9175000 | &nbsp;&nbsp; 9175000 |
| Columbus Hotel Investment One LLC Series 2018 | 4.45 | &nbsp;&nbsp; 10-1-2048 | 6535000 | &nbsp;&nbsp; 6535000 |
| DMA Lancaster LLC Series A%% | 4.45 | &nbsp;&nbsp; 7-1-2064 | 9280000 | &nbsp;&nbsp; 9280000 |
| Fortis Family Insurance LLC Series A | 4.45 | &nbsp;&nbsp; 8-1-2070 | 10345000 | &nbsp;&nbsp; 10345000 |
| Gillean Family Trust Series 2019 | 4.45 | &nbsp;&nbsp; 12-1-2039 | 6140000 | &nbsp;&nbsp; 6140000 |
| Hacienda Senior Villas LP A California LP Series C | 4.45 | &nbsp;&nbsp; 12-1-2058 | 20575000 | &nbsp;&nbsp; 20575000 |
| Ken-Vin Life Co. LLC Series 2025 | 4.45 | &nbsp;&nbsp; 2-1-2075 | 45930000 | &nbsp;&nbsp; 45930000 |

---

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

6 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; L Ward Huntley Irrevocable Life Insurance Trust u/a <br> Series 2021<br>| 4.45<br> %<br>| &nbsp;&nbsp; 4-1-2071 | $21350000 | &nbsp;&nbsp; $21350000 |
| La Mesa Senior Living LP | 4.45 | &nbsp;&nbsp; 8-1-2057 | 48125000 | &nbsp;&nbsp; 48125000 |
| Legado Encino LLC Series A | 4.45 | &nbsp;&nbsp; 12-1-2059 | 19500000 | &nbsp;&nbsp; 19500000 |
| MBW Legacy Investments LLC Series 2024 | 4.45 | &nbsp;&nbsp; 7-1-2044 | 10920000 | &nbsp;&nbsp; 10920000 |
| Mitchell Irrevocable Life Insurance Trust | 4.45 | &nbsp;&nbsp; 9-1-2059 | 25905000 | &nbsp;&nbsp; 25905000 |
| Morris Family Insurance Trust | 4.45 | &nbsp;&nbsp; 10-1-2069 | 8170000 | &nbsp;&nbsp; 8170000 |
| Our Family IV LLC | 4.45 | &nbsp;&nbsp; 1-1-2044 | 13785000 | &nbsp;&nbsp; 13785000 |
| Plaza Patria Court Ltd. a California LP Series B | 4.45 | &nbsp;&nbsp; 12-1-2058 | 17325000 | &nbsp;&nbsp; 17325000 |
| Renaissance 88 Co. LP | 4.45 | &nbsp;&nbsp; 4-1-2062 | 27000000 | &nbsp;&nbsp; 27000000 |
| Rock Hill SI LLC Series 2021 | 4.45 | &nbsp;&nbsp; 6-1-2061 | 35700000 | &nbsp;&nbsp; 35700000 |
| Rohnert Park 668 LP Series A | 4.45 | &nbsp;&nbsp; 6-1-2058 | 20920000 | &nbsp;&nbsp; 20920000 |
| Southside Brookshore Associates LP Series A | 4.45 | &nbsp;&nbsp; 9-1-2059 | 7640000 | &nbsp;&nbsp; 7640000 |
| &nbsp;&nbsp; Thomas Bently Durant Irrevocable Life Insurance Trust <br> Series 2024<br>| 4.45 | &nbsp;&nbsp; 3-1-2044 | 10000000 | &nbsp;&nbsp; 10000000 |
| Vickie Bice Life Insurance Trust Series 2021 | 4.45 | &nbsp;&nbsp; 8-1-2046 | 6550000 | &nbsp;&nbsp; 6550000 |
| VPM Linden Manor LP Series A | 4.45 | &nbsp;&nbsp; 9-1-2060 | 15200000 | &nbsp;&nbsp; 15200000 |
| VSL Property Holdings AB LLC | 4.45 | &nbsp;&nbsp; 5-1-2054 | 17400000 | &nbsp;&nbsp; 17400000 |
| **Total other instruments (Cost $431,670,000)** |  |  |  | &nbsp;&nbsp; **431670000** |
| **Repurchase agreements^^: 50.53%** |  |  |  |  |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., dated <br> 7-31-2025, maturity value $2,000,242,778(01)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Bank of America NA, dated 7-31-2025, maturity value <br> $50,006,069(02)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Bank of Montreal, dated 7-31-2025, maturity value <br> $225,026,625(03)<br>| 4.26 | &nbsp;&nbsp; 8-1-2025 | 225000000 | &nbsp;&nbsp; 225000000 |
| &nbsp;&nbsp; Bank of Montreal, dated 7-31-2025, maturity value <br> $250,030,347(04)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce, dated 7-31-2025, <br> maturity value $800,096,889(05)<br>| 4.36 | &nbsp;&nbsp; 8-1-2025 | 800000000 | &nbsp;&nbsp; 800000000 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce, dated 7-31-2025, <br> maturity value $400,048,556(06)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; Citibank NA, dated 7-31-2025, maturity value <br> $250,211,944(07)<br>| 4.36 | &nbsp;&nbsp; 8-7-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citibank NA, dated 7-31-2025, maturity value <br> $250,030,347(08)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 7-2-2025, <br> maturity value $304,464,000(09)<br>| 4.32 | &nbsp;&nbsp; 11-3-2025 | 300000000 | &nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 7-31-2025, <br> maturity value $400,048,556(10)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 5-30-2025, <br> maturity value $254,644,444(11)<br>| 4.40 | &nbsp;&nbsp; 10-29-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Daiwa Capital Markets America, Inc., dated 7-31-2025, <br> maturity value $2,000,242,778(12)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Bank of America Securities, <br> dated 7-31-2025, maturity value $1,000,121,389(13)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 7-31-2025, <br> maturity value $500,060,000(14)<br>| 4.32 | &nbsp;&nbsp; 8-1-2025 | 500000000 | &nbsp;&nbsp; 500000000 |

---

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

Government Money Market Funds \| 7

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Repurchase agreements**(continued) |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 7-31-2025, <br> maturity value $24,002,926,667(15)<br>| 4.39<br> %<br>| &nbsp;&nbsp; 8-1-2025 | $24000000000 | &nbsp;&nbsp; $24000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - BNP Paribas, dated 7-31-2025, <br> maturity value $1,000,121,389(16)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Credit Agricole, dated <br> 7-31-2025, maturity value $2,000,242,778(17)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - ING, dated 7-31-2025, <br> maturity value $1,000,121,389(18)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Mizuho Bank, dated <br> 7-31-2025, maturity value $2,950,358,097(19)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2950000000 | &nbsp;&nbsp; 2950000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Standard Chartered Bank, <br> dated 7-31-2025, maturity value $3,456,476,080(20)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 3456056553 | &nbsp;&nbsp; 3456056553 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - State Street Bank & Trust Co., <br> dated 7-31-2025, maturity value $2,000,242,778(21)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Wells Fargo Bank, dated <br> 7-31-2025, maturity value $2,500,303,472(22)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2500000000 | &nbsp;&nbsp; 2500000000 |
| &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 7-31-2025, maturity value <br> $250,030,347(23)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, dated 7-31-2025, maturity value <br> $182,021,992(24)<br>| 4.35 | &nbsp;&nbsp; 8-1-2025 | 182000000 | &nbsp;&nbsp; 182000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, dated 7-31-2025, maturity value <br> $502,980,833(25)<br>| 4.38 | &nbsp;&nbsp; 9-18-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 8-20-2024, maturity value <br> $3,126,945,000(26)<br>| 4.34 | &nbsp;&nbsp; 1-1-2050 | 3000000000 | &nbsp;&nbsp; 3000000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 8-20-2024, maturity value <br> $2,084,825,000(27)<br>| 4.35 | &nbsp;&nbsp; 1-1-2050 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 7-31-2025, maturity value <br> $50,006,069(28)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; MUFG Securities Americas, dated 7-31-2025, maturity value <br> $750,541,250(29)<br>| 4.33 | &nbsp;&nbsp; 8-6-2025 | 750000000 | &nbsp;&nbsp; 750000000 |
| &nbsp;&nbsp; MUFG Securities Americas, dated 7-31-2025, maturity value <br> $100,012,111(30)<br>| 4.36 | &nbsp;&nbsp; 8-1-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 7-31-2025, maturity <br> value $50,006,069(31)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 7-31-2025, maturity <br> value $1,508,942,500(32)<br>| 4.38 | &nbsp;&nbsp; 9-18-2025 | 1500000000 | &nbsp;&nbsp; 1500000000 |
| &nbsp;&nbsp; MUFG Securities EMEA PLC, dated 7-31-2025, maturity value <br> $500,060,694(33)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| Natixis, dated 7-31-2025, maturity value $886,057,298(34) | 4.36 | &nbsp;&nbsp; 8-1-2025 | 885950000 | &nbsp;&nbsp; 885950000 |
| &nbsp;&nbsp; Nomura Securities International, dated 7-31-2025, maturity <br> value $2,500,303,472(35)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2500000000 | &nbsp;&nbsp; 2500000000 |
| &nbsp;&nbsp; RBC Dominion, dated 7-31-2025, maturity value <br> $175,021,243(36)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 175000000 | &nbsp;&nbsp; 175000000 |
| &nbsp;&nbsp; Societe Generale, dated 7-16-2025, maturity value <br> $250,999,167(37)<br>| 4.36 | &nbsp;&nbsp; 8-18-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Sumitomo Mitsui Banking Corp., dated 7-23-2025, maturity <br> value $122,194,185(38)<br>| 4.37 | &nbsp;&nbsp; 8-6-2025 | 121986875 | &nbsp;&nbsp; 121986875 |
| &nbsp;&nbsp; Sumitomo Mitsui Banking Corp., dated 7-25-2025, maturity <br> value $472,307,370(39)<br>| 4.40 | &nbsp;&nbsp; 10-22-2025 | 467225000 | &nbsp;&nbsp; 467225000 |

---

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

8 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Repurchase agreements**(continued) |  |  |  |  |
| &nbsp;&nbsp; TD Securities USA LLC, dated 7-31-2025, maturity value <br> $175,021,243(40)<br>| 4.37<br> %<br>| &nbsp;&nbsp; 8-1-2025 | $175000000 | &nbsp;&nbsp; $175000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-7-2025, maturity value <br> $1,003,633,333(41)<br>| 4.36 | &nbsp;&nbsp; 8-6-2025 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-8-2025, maturity value <br> $501,816,667(42)<br>| 4.36 | &nbsp;&nbsp; 8-7-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-31-2025, maturity value <br> $50,006,069(43)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-22-2025, maturity value <br> $501,820,833(44)<br>| 4.37 | &nbsp;&nbsp; 8-21-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-24-2025, maturity value <br> $501,942,222(45)<br>| 4.37 | &nbsp;&nbsp; 8-25-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| **Total repurchase agreements (Cost $63,588,218,428)** |  |  |  | &nbsp;&nbsp; **63588218428** |
| **U.S. Treasury securities: 24.04%** |  |  |  |  |
| U.S. Treasury Bills☼ | 3.98 | &nbsp;&nbsp; 5-14-2026 | 350000000 | &nbsp;&nbsp; 339083539 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 3-19-2026 | 280000000 | &nbsp;&nbsp; 272959604 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 7-9-2026 | 415000000 | &nbsp;&nbsp; 399459188 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 7-9-2026 | 225000000 | &nbsp;&nbsp; 216641306 |
| U.S. Treasury Bills☼ | 4.04 | &nbsp;&nbsp; 10-2-2025 | 540000000 | &nbsp;&nbsp; 536216932 |
| U.S. Treasury Bills☼ | 4.04 | &nbsp;&nbsp; 10-2-2025 | 660000000 | &nbsp;&nbsp; 655538242 |
| U.S. Treasury Bills☼ | 4.10 | &nbsp;&nbsp; 10-23-2025 | 350000000 | &nbsp;&nbsp; 346733489 |
| U.S. Treasury Bills☼ | 4.11 | &nbsp;&nbsp; 2-19-2026 | 19000000 | &nbsp;&nbsp; 18567692 |
| U.S. Treasury Bills☼ | 4.12 | &nbsp;&nbsp; 10-16-2025 | 300000000 | &nbsp;&nbsp; 297427400 |
| U.S. Treasury Bills☼ | 4.12 | &nbsp;&nbsp; 10-16-2025 | 300000000 | &nbsp;&nbsp; 297426767 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 9-11-2025 | 240000000 | &nbsp;&nbsp; 238885347 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 10-9-2025 | 150000000 | &nbsp;&nbsp; 148829875 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 10-30-2025 | 500000000 | &nbsp;&nbsp; 494933750 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 10-30-2025 | 410000000 | &nbsp;&nbsp; 405807675 |
| U.S. Treasury Bills☼ | 4.15 | &nbsp;&nbsp; 9-18-2025 | 370000000 | &nbsp;&nbsp; 367978320 |
| U.S. Treasury Bills☼ | 4.16 | &nbsp;&nbsp; 1-2-2026 | 734000000 | &nbsp;&nbsp; 721059158 |
| U.S. Treasury Bills☼ | 4.16 | &nbsp;&nbsp; 1-2-2026 | 916000000 | &nbsp;&nbsp; 899962919 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 11-13-2025 | 350000000 | &nbsp;&nbsp; 345834222 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 9-4-2025 | 240000000 | &nbsp;&nbsp; 239062053 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 12-4-2025 | 600000000 | &nbsp;&nbsp; 591347917 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 1-8-2026 | 185000000 | &nbsp;&nbsp; 181587778 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 1-8-2026 | 450000000 | &nbsp;&nbsp; 441704000 |
| U.S. Treasury Bills☼ | 4.22 | &nbsp;&nbsp; 8-7-2025 | 240000000 | &nbsp;&nbsp; 239833480 |
| U.S. Treasury Bills☼ | 4.22 | &nbsp;&nbsp; 11-28-2025 | 550000000 | &nbsp;&nbsp; 542453251 |
| U.S. Treasury Bills☼ | 4.22 | &nbsp;&nbsp; 11-28-2025 | 135000000 | &nbsp;&nbsp; 133129394 |
| U.S. Treasury Bills☼ | 4.23 | &nbsp;&nbsp; 8-14-2025 | 240000000 | &nbsp;&nbsp; 239638340 |
| U.S. Treasury Bills☼ | 4.24 | &nbsp;&nbsp; 11-4-2025 | 600000000 | &nbsp;&nbsp; 593380083 |
| U.S. Treasury Bills☼ | 4.25 | &nbsp;&nbsp; 8-28-2025 | 250000000 | &nbsp;&nbsp; 249214750 |
| U.S. Treasury Bills☼ | 4.26 | &nbsp;&nbsp; 8-21-2025 | 240000000 | &nbsp;&nbsp; 239439333 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 10-28-2025 | 1136000000 | &nbsp;&nbsp; 1124316240 |
| U.S. Treasury Bills☼ | 4.28 | &nbsp;&nbsp; 9-23-2025 | 1105000000 | &nbsp;&nbsp; 1098128807 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-30-2025 | 595000000 | &nbsp;&nbsp; 590807079 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-16-2025 | 550000000 | &nbsp;&nbsp; 547015654 |

---

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

Government Money Market Funds \| 9

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>|  | 4.38<br> %<br>| &nbsp;&nbsp; 1-31-2027 | $520000000 | &nbsp;&nbsp; $519935713 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>|  | 4.44 | &nbsp;&nbsp; 4-30-2026 | 300000000 | &nbsp;&nbsp; 299983864 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>|  | 4.45 | &nbsp;&nbsp; 4-30-2027 | 100000000 | &nbsp;&nbsp; 100002256 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.17%)±<br>|  | 4.46 | &nbsp;&nbsp; 10-31-2025 | 950000000 | &nbsp;&nbsp; 949881776 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.25%)±<br>|  | 4.53 | &nbsp;&nbsp; 1-31-2026 | 730000000 | &nbsp;&nbsp; 730121328 |
| U.S. Treasury Notes## |  | 0.25 | &nbsp;&nbsp; 9-30-2025 | 1330000000 | &nbsp;&nbsp; 1321384604 |
| U.S. Treasury Notes |  | 0.25 | &nbsp;&nbsp; 10-31-2025 | 560000000 | &nbsp;&nbsp; 554498236 |
| U.S. Treasury Notes |  | 0.38 | &nbsp;&nbsp; 12-31-2025 | 745000000 | &nbsp;&nbsp; 733261789 |
| U.S. Treasury Notes |  | 0.63 | &nbsp;&nbsp; 7-31-2026 | 555000000 | &nbsp;&nbsp; 536087360 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 3-31-2026 | 940000000 | &nbsp;&nbsp; 919742438 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 4-30-2026 | 920000000 | &nbsp;&nbsp; 897964685 |
| U.S. Treasury Notes |  | 0.88 | &nbsp;&nbsp; 6-30-2026 | 1560000000 | &nbsp;&nbsp; 1514822587 |
| U.S. Treasury Notes |  | 1.88 | &nbsp;&nbsp; 6-30-2026 | 200000000 | &nbsp;&nbsp; 196062128 |
| U.S. Treasury Notes |  | 2.00 | &nbsp;&nbsp; 8-15-2025 | 140000000 | &nbsp;&nbsp; 139879546 |
| U.S. Treasury Notes |  | 2.63 | &nbsp;&nbsp; 12-31-2025 | 160000000 | &nbsp;&nbsp; 158963636 |
| U.S. Treasury Notes |  | 3.00 | &nbsp;&nbsp; 10-31-2025 | 205000000 | &nbsp;&nbsp; 204358272 |
| U.S. Treasury Notes |  | 3.13 | &nbsp;&nbsp; 8-15-2025 | 200000000 | &nbsp;&nbsp; 199914293 |
| U.S. Treasury Notes |  | 3.63 | &nbsp;&nbsp; 5-15-2026 | 410000000 | &nbsp;&nbsp; 408312618 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 4-15-2026 | 340000000 | &nbsp;&nbsp; 339165069 |
| U.S. Treasury Notes |  | 3.88 | &nbsp;&nbsp; 1-15-2026 | 140000000 | &nbsp;&nbsp; 139755396 |
| U.S. Treasury Notes |  | 4.00 | &nbsp;&nbsp; 12-15-2025 | 300000000 | &nbsp;&nbsp; 299666141 |
| U.S. Treasury Notes |  | 4.13 | &nbsp;&nbsp; 6-15-2026 | 740000000 | &nbsp;&nbsp; 739928058 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 12-31-2025 | 870000000 | &nbsp;&nbsp; 869851788 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 7-31-2026 | 360000000 | &nbsp;&nbsp; 360891924 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 3-31-2026 | 400000000 | &nbsp;&nbsp; 400927782 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 7-15-2026 | 450000000 | &nbsp;&nbsp; 451624547 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 6-30-2026 | 685000000 | &nbsp;&nbsp; 687995652 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 11-30-2025 | 100000000 | &nbsp;&nbsp; 100180867 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 4-30-2026 | 400000000 | &nbsp;&nbsp; 402013672 |
| U.S. Treasury Notes |  | 5.00 | &nbsp;&nbsp; 9-30-2025 | 260000000 | &nbsp;&nbsp; 260297157 |
| U.S. Treasury Notes |  | 5.00 | &nbsp;&nbsp; 10-31-2025 | 765000000 | &nbsp;&nbsp; 766206586 |
| **Total U.S. treasury securities (Cost $30,258,085,352)** |  |  |  |  | &nbsp;&nbsp; **30258085352** |
| **Total investments in securities (Cost $120,845,896,379)** | 96.02<br> %<br>|  |  |  | &nbsp;&nbsp; 120845896379 |
| Other assets and liabilities, net | 3.98 |  |  |  | &nbsp;&nbsp; 5009790585 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$125855686964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

10 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| |
|:---|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| The security is purchased on a when-issued basis. |
| Zero coupon security. The rate represents the current yield to maturity. |
| The security is subject to a demand feature which reduces the effective maturity. |
| Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the <br> security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| Collateralized by: |
| (01) U.S. government securities, 0.38% to 4.75%, 1-31-2026 to 5-15-2055, fair value including accrued interest is $2,037,925,335. |
| (02) U.S. government securities, 1.50% to 3.00%, 4-1-2045 to 9-1-2051, fair value including accrued interest is $51,500,000. |
| (03) U.S. government securities, 1.63% to 4.63%, 11-15-2039 to 5-15-2054, fair value including accrued interest is $229,500,017. |
| (04) U.S. government securities, 2.50% to 8.00%, 2-15-2055 to 5-20-2075, fair value including accrued interest is $257,500,000. |
| (05) U.S. government securities, 0.13% to 4.13%, 8-15-2025 to 2-15-2053, fair value including accrued interest is $816,000,052. |
| (06) U.S. government securities, 0.00% to 7.50%, 7-9-2026 to 8-20-2074, fair value including accrued interest is $411,613,313. |
| (07) U.S. government securities, 1.13% to 9.00%, 8-20-2025 to 7-20-2065, fair value including accrued interest is $257,499,996. |
| (08) U.S. government securities, 0.00% to 8.50%, 8-20-2025 to 2-15-2065, fair value including accrued interest is $257,497,444. |
| (09) U.S. government securities, 5.00% to 6.50%, 5-1-2054, fair value including accrued interest is $309,000,000. |
| (10) U.S. government securities, 2.50% to 8.00%, 1-20-2046 to 7-20-2055, fair value including accrued interest is $412,000,000. |
| (11) U.S. government securities, 4.25% to 7.50%, 8-1-2033 to 6-1-2054, fair value including accrued interest is $257,500,000. |
| (12) U.S. government securities, 0.00% to 8.00%, 8-21-2025 to 8-1-2055, fair value including accrued interest is $2,059,955,969. |
| (13) U.S. government securities, 0.00% to 5.25%, 10-23-2025 to 5-15-2055, fair value including accrued interest is $1,020,000,006. |
| (14) U.S. government securities, 2.75% to 4.38%, 7-31-2027 to 5-15-2034, fair value including accrued interest is $510,000,087. |
| (15) U.S. government securities, 0.00% to 6.75%, 8-5-2025 to 5-15-2035, fair value including accrued interest is $24,480,000,035. |
| (16) U.S. government securities, 0.63% to 4.75%, 12-15-2025 to 5-15-2055, fair value including accrued interest is $1,020,000,002. |
| (17) U.S. government securities, 0.00%, 8-15-2027 to 2-15-2051, fair value $2,040,007,031. |
| (18) U.S. government securities, 0.00% to 4.38%, 10-2-2025 to 6-30-2030, fair value including accrued interest is $1,020,000,014. |
| (19) U.S. government securities, 0.00% to 8.00%, 10-30-2025 to 6-1-2063, fair value including accrued interest is $3,038,107,284. |
| (20) U.S. government securities, 4.50%, 4-15-2027 to 2-15-2043, fair value including accrued interest is $3,526,613,000. |
| (21) U.S. government securities, 1.50% to 8.00%, 2-15-2026 to 7-1-2055, fair value including accrued interest is $2,065,933,170. |
| (22) U.S. government securities, 0.00% to 5.00%, 8-15-2025 to 8-15-2054, fair value including accrued interest is $2,550,000,077. |
| (23) U.S. government securities, 0.75% to 6.50%, 1-27-2026 to 6-15-2066, fair value including accrued interest is $257,153,415. |
| (24) U.S. government securities, 5.00% to 6.00%, 10-1-2052 to 12-1-2053, fair value including accrued interest is $187,460,000. |
| (25) U.S. government securities, 3.00% to 8.00%, 3-1-2028 to 7-1-2055, fair value including accrued interest is $515,000,000. |
| (26) U.S. government securities, 0.00% to 4.63%, 8-15-2026 to 2-15-2035, fair value including accrued interest is $3,060,000,021. |
| (27) U.S. government securities, 1.50% to 7.50%, 9-15-2027 to 11-15-2065, fair value including accrued interest is $2,060,000,000. |
| (28) U.S. government securities, 0.00% to 8.50%, 11-1-2026 to 6-15-2065, fair value including accrued interest is $51,494,889. |
| (29) U.S. government securities, 0.00% to 6.50%, 11-4-2025 to 5-20-2055, fair value including accrued interest is $770,665,841. |
| (30) U.S. government securities, 2.50% to 7.00%, 8-1-2026 to 4-20-2055, fair value including accrued interest is $102,961,992. |
| (31) U.S. government securities, 0.00% to 7.12%, 10-20-2025 to 6-1-2055, fair value including accrued interest is $51,409,526. |
| (32) U.S. government securities, 0.00% to 7.12%, 8-15-2025 to 6-1-2056, fair value including accrued interest is $1,541,519,008. |
| (33) U.S. government securities, 0.00% to 6.63%, 8-31-2025 to 5-15-2033, fair value including accrued interest is $510,000,000. |
| (34) U.S. government securities, 0.00% to 4.88%, 10-31-2025 to 11-15-2052, fair value including accrued interest is $903,669,033. |
| (35) U.S. government securities, 0.00% to 7.50%, 8-12-2025 to 7-20-2062, fair value including accrued interest is $2,561,084,789. |
| (36) U.S. government securities, 0.00% to 8.00%, 8-31-2025 to 5-15-2055, fair value including accrued interest is $179,103,965. |
| (37) U.S. government securities, 4.00%, 11-15-2052, fair value including accrued interest is $255,000,029. |
| (38) U.S. government securities, 1.13% to 3.88%, 2-15-2031 to 8-15-2041, fair value including accrued interest is $124,456,266. |
| (39) U.S. government securities, 3.00% to 4.50%, 8-31-2028 to 5-20-2053, fair value including accrued interest is $481,293,379. |
| (40) U.S. government securities, 2.00% to 7.00%, 4-1-2036 to 8-1-2055, fair value including accrued interest is $180,250,000. |
| (41) U.S. government securities, 1.50% to 8.00%, 7-1-2026 to 6-1-2057, fair value including accrued interest is $1,030,000,000. |
| (42) U.S. government securities, 1.50% to 8.00%, 8-1-2028 to 5-1-2058, fair value including accrued interest is $515,000,000. |
| (43) U.S. government securities, 1.50% to 11.70%, 11-20-2025 to 11-15-2067, fair value including accrued interest is $51,500,000. |
| (44) U.S. government securities, 2.00% to 7.50%, 4-1-2026 to 7-1-2055, fair value including accrued interest is $515,000,000. |
| (45) U.S. government securities, 1.50% to 7.50%, 4-1-2029 to 7-1-2055, fair value including accrued interest is $515,000,000. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FFCB | Federal Farm Credit Banks |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| HFA | Housing Finance Authority |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |

---

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

Government Money Market Funds \| 11

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $57257677951 |
| Investments in repurchase agreements, at amortized cost | 63588218428 |
| Cash | 5981281359 |
| Receivable for interest | 216429695 |
| Receivable for Fund shares sold | 4271305 |
| Prepaid expenses and other assets | 18279 |
| **Total assets** | **127047897017** |
| Liabilities |  |
| Payable for investments purchased | 750737501 |
| Dividends payable | 212510389 |
| Payable for when-issued transactions | 204280000 |
| Management fee payable | 10914115 |
| Administration fees payable | 5758747 |
| Payable for Fund shares redeemed | 5054817 |
| Shareholder servicing fees payable | 1010442 |
| Distribution fee payable | 79477 |
| Accrued expenses and other liabilities | 1864565 |
| **Total liabilities** | **1192210053** |
| **Total net assets**  | **$125855686964** |
| Net assets consist of |  |
| Paid-in capital | $125861524571 |
| Total distributable loss | (5837607)<br>|
| **Total net assets** | **$125855686964** |

---

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

12 \| Government Money Market Funds

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value per share |  |
| Net assets–Class A | $840737689 |
| Shares outstanding–Class A<sup>1</sup> <br>| 840757787 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $4658362609 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4658477471 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $32188100734 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 32188860615 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $100106417 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 100108820 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Select Class | $85790839908 |
| Shares outstanding–Select Class<sup>1</sup> <br>| 85792849425 |
| Net asset value per share–Select Class | $1.00 |
| Net assets–Service Class | $1304818970 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 1304851168 |
| Net asset value per share–Service Class | $1.00 |
| Net assets–Sweep Class | $831126978 |
| Shares outstanding–Sweep Class<sup>1</sup> <br>| 831146839 |
| Net asset value per share–Sweep Class | $1.00 |
| Net assets–Tribal Inclusion Class | $141593659 |
| Shares outstanding–Tribal Inclusion Class<sup>1</sup> <br>| 141597045 |
| Net asset value per share–Tribal Inclusion Class | $1.00 |

---

<sup>1</sup> 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—six months ended July 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $2629980899 |
| Expenses |  |
| Management fee | 75444959 |
| Administration fees |  |
| Class A | 811353 |
| Administrator Class | 1968868 |
| Institutional Class | 12525398 |
| Roberts & Ryan Class | 51895 |
| Select Class | 16306698 |
| Service Class | 625777 |
| Sweep Class | 138261 |
| Tribal Inclusion Class | 37586 |
| Shareholder servicing fees |  |
| Class A | 1014191 |
| Administrator Class | 1968868 |
| Service Class | 1303701 |
| Sweep Class | 1152176 |
| Distribution fee |  |
| Sweep Class | 460870 |
| Custody and accounting fees | 1412319 |
| Professional fees | 214758 |
| Registration fees | 4032 |
| Shareholder report expenses | 95009 |
| Trustees' fees and expenses | 452349 |
| Other fees and expenses | 270584 |
| **Total expenses** | **116259652** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (147897)<br>|
| Administrator Class | (33717)<br>|
| Institutional Class | (1578221)<br>|
| Roberts & Ryan Class | (6439)<br>|
| Select Class | (12239440)<br>|
| Service Class | (7969)<br>|
| Sweep Class | (46224)<br>|
| Tribal Inclusion Class | (18829)<br>|
| **Net expenses** | **102180916** |
| **Net investment income** | **2527799983** |
| **Net realized gains on investments** | **738467** |
| **Net increase in net assets resulting from operations** | **$2528538450** |

---

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

14 \| Government Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2527799983 | &nbsp;&nbsp; $5869405326 |
| Net realized gains on investments |  | &nbsp;&nbsp; 738467 | &nbsp;&nbsp; 3118270 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2528538450** | &nbsp;&nbsp; **5872523596** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (15603792)<br>| &nbsp;&nbsp; (36194484)<br>|
| Administrator Class |  | &nbsp;&nbsp; (79973940)<br>| &nbsp;&nbsp; (183316589)<br>|
| Institutional Class |  | &nbsp;&nbsp; (656068379)<br>| &nbsp;&nbsp; (1491068340)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (2725348)<br>| &nbsp;&nbsp; (11967229)<br>|
| Select Class |  | &nbsp;&nbsp; (1732592825)<br>| &nbsp;&nbsp; (4049865306)<br>|
| Service Class |  | &nbsp;&nbsp; (20285658)<br>| &nbsp;&nbsp; (47399935)<br>|
| Sweep Class |  | &nbsp;&nbsp; (17932508)<br>| &nbsp;&nbsp; (43526728)<br>|
| Tribal Inclusion Class |  | &nbsp;&nbsp; (2648347)<br>| &nbsp;&nbsp; (6073608)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2527830797)**<br>| &nbsp;&nbsp; **(5869412219)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 68071769 | &nbsp;&nbsp; 68071769 | &nbsp;&nbsp; 549909180 |
| Administrator Class | 9426974231 | &nbsp;&nbsp; 9426974231 | &nbsp;&nbsp; 19661118625 |
| Institutional Class | 58720104146 | &nbsp;&nbsp; 58720104146 | &nbsp;&nbsp; 102826422213 |
| Roberts & Ryan Class | 638614388 | &nbsp;&nbsp; 638614388 | &nbsp;&nbsp; 2999265063 |
| Select Class | 459329940371 | &nbsp;&nbsp; 459329940371 | &nbsp;&nbsp; 888472015650 |
| Service Class | 2326774106 | &nbsp;&nbsp; 2326774106 | &nbsp;&nbsp; 3198514413 |
| Sweep Class | 4890929986 | &nbsp;&nbsp; 4890929986 | &nbsp;&nbsp; 7587319823 |
| Tribal Inclusion Class | 28526349 | &nbsp;&nbsp; 28526349 | &nbsp;&nbsp; 230 |
|  |  | &nbsp;&nbsp; 535429935346 | &nbsp;&nbsp; 1025294565197 |
| Reinvestment of distributions |  |  |  |
| Class A | 15603792 | &nbsp;&nbsp; 15603792 | &nbsp;&nbsp; 35750185 |
| Administrator Class | 23776265 | &nbsp;&nbsp; 23776265 | &nbsp;&nbsp; 51219860 |
| Institutional Class | 247503251 | &nbsp;&nbsp; 247503251 | &nbsp;&nbsp; 535043442 |
| Roberts & Ryan Class | 2234 | &nbsp;&nbsp; 2234 | &nbsp;&nbsp; 5135 |
| Select Class | 969045435 | &nbsp;&nbsp; 969045435 | &nbsp;&nbsp; 2330503078 |
| Service Class | 2332842 | &nbsp;&nbsp; 2332842 | &nbsp;&nbsp; 5632983 |
| Sweep Class | 17932508 | &nbsp;&nbsp; 17932508 | &nbsp;&nbsp; 43311303 |
| Tribal Inclusion Class | 2648347 | &nbsp;&nbsp; 2648347 | &nbsp;&nbsp; 6046887 |
|  |  | &nbsp;&nbsp; 1278844674 | &nbsp;&nbsp; 3007512873 |
| Payment for shares redeemed |  |  |  |
| Class A | (71055492)<br>| &nbsp;&nbsp; (71055492)<br>| &nbsp;&nbsp; (161947847)<br>|
| Administrator Class | (9779546409)<br>| &nbsp;&nbsp; (9779546409)<br>| &nbsp;&nbsp; (18944825908)<br>|
| Institutional Class | (61109517647)<br>| &nbsp;&nbsp; (61109517647)<br>| &nbsp;&nbsp; (98853363006)<br>|
| Roberts & Ryan Class | (875612498)<br>| &nbsp;&nbsp; (875612498)<br>| &nbsp;&nbsp; (2662266954)<br>|
| Select Class | (456037005179)<br>| &nbsp;&nbsp; (456037005179)<br>| &nbsp;&nbsp; (890430961389)<br>|
| Service Class | (1919982217)<br>| &nbsp;&nbsp; (1919982217)<br>| &nbsp;&nbsp; (3481550190)<br>|
| Sweep Class | (5074932005)<br>| &nbsp;&nbsp; (5074932005)<br>| &nbsp;&nbsp; (7446489470)<br>|
| Tribal Inclusion Class | (3501047)<br>| &nbsp;&nbsp; (3501047)<br>| &nbsp;&nbsp; (11800000)<br>|
|  |  | &nbsp;&nbsp; (534871152494)<br>| &nbsp;&nbsp; (1021993204764)<br>|

---

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

Government Money Market Funds \| 15

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 | Year ended<br> January 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Net asset value of shares issued in acquisition |  |  |  |  |
| Institutional Class | 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 299770035 | &nbsp;&nbsp; $299760308 |
| Select Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 316287366 | &nbsp;&nbsp; 316295828 |
| Service Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 81056477 | &nbsp;&nbsp; 81055064 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 697111200 |
| **Net increase in net assets resulting from capital** <br> **share transactions**<br>|  | &nbsp;&nbsp; **1837627526** |  | &nbsp;&nbsp; **7005984506** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **1838335179** |  | &nbsp;&nbsp; **7009095883** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **124017351785** |  | &nbsp;&nbsp; **117008255902** |
| **End of period** |  | &nbsp;&nbsp; **$125855686964** |  | &nbsp;&nbsp; **$124017351785** |

---

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

16 \| Government Money Market Funds

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.92%**<br>| **4.67%**<br>| **4.68%**<br>| **1.50%**<br>| **0.01%**<br>| **0.13%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.58<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net expenses | 0.54<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.48 %\*<br>| 0.07 %\*<br>| 0.28 %\*<br>|
| Net investment income | 3.85<br> %<br>| 4.56<br> %<br>| 4.59<br> %<br>| 1.55<br> %<br>| 0.01<br> %<br>| 0.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $840738 | &nbsp;&nbsp; $828115 | &nbsp;&nbsp; $404404 | &nbsp;&nbsp; $356236 | &nbsp;&nbsp; $316459 | &nbsp;&nbsp; $306864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.12% |
| Year ended January 31, 2022 | 0.53% |
| Year ended January 31, 2021 | 0.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 17

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.03%**<br>| **4.92%**<br>| **4.94%**<br>| **1.71%**<br>| **0.01%**<br>| **0.17%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>|
| Net expenses | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.28 %\*<br>| 0.07 %\*<br>| 0.22 %\*<br>|
| Net investment income | 4.06<br> %<br>| 4.80<br> %<br>| 4.87<br> %<br>| 1.63<br> %<br>| 0.01<br> %<br>| 0.14<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $4658363 | &nbsp;&nbsp; $4987150 | &nbsp;&nbsp; $4219599 | &nbsp;&nbsp; $3628015 | &nbsp;&nbsp; $5027252 | &nbsp;&nbsp; $4540262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.06% |
| Year ended January 31, 2022 | 0.27% |
| Year ended January 31, 2021 | 0.11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

18 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.10%**<br>| **5.06%**<br>| **5.08%**<br>| **1.82%**<br>| **0.01%**<br>| **0.22%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.22<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.17 %\*<br>| 0.07 %\*<br>| 0.18 %\*<br>|
| Net investment income | 4.19<br> %<br>| 4.93<br> %<br>| 4.97<br> %<br>| 1.66<br> %<br>| 0.01<br> %<br>| 0.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $32188101 | &nbsp;&nbsp; $34329916 | &nbsp;&nbsp; $29521342 | &nbsp;&nbsp; $29533412 | &nbsp;&nbsp; $40078395 | &nbsp;&nbsp; $42883663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.03% |
| Year ended January 31, 2022 | 0.13% |
| Year ended January 31, 2021 | 0.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 19

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.01 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.10%**<br>| **5.06%**<br>| **1.45%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>|
| Net investment income | 4.20<br> %<br>| 4.84<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $100106 | &nbsp;&nbsp; $337099 | &nbsp;&nbsp; $101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from October 20, 2023 (commencement of class operations) to January 31, 2024

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

20 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Select Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.13%**<br>| **5.12%**<br>| **5.15%**<br>| **1.89%**<br>| **0.03%**<br>| **0.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.17<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.18<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>|
| Net expenses | 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.11 %\*<br>| 0.05 %\*<br>| 0.14<br> %<br>|
| Net investment income | 4.25<br> %<br>| 4.99<br> %<br>| 5.07<br> %<br>| 1.73<br> %<br>| 0.03<br> %<br>| 0.19<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $85790840 | &nbsp;&nbsp; $81528265 | &nbsp;&nbsp; $80838095 | &nbsp;&nbsp; $56118082 | &nbsp;&nbsp; $85197344 | &nbsp;&nbsp; $95165936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.03% |
| Year ended January 31, 2022 | 0.09% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 21

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.95%**<br>| **4.75%**<br>| **4.77%**<br>| **1.58%**<br>| **0.01%**<br>| **0.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.40 %\*<br>| 0.07 %\*<br>| 0.25 %\*<br>|
| Net investment income | 3.89<br> %<br>| 4.66<br> %<br>| 4.65<br> %<br>| 1.47<br> %<br>| 0.01<br> %<br>| 0.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1304819 | &nbsp;&nbsp; $895697 | &nbsp;&nbsp; $1092008 | &nbsp;&nbsp; $1419439 | &nbsp;&nbsp; $1873382 | &nbsp;&nbsp; $1862889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.10% |
| Year ended January 31, 2022 | 0.43% |
| Year ended January 31, 2021 | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

22 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Sweep Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.02 | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>4</sup><br>| 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>5</sup> <br>| **1.94%**<br>| **4.75%**<br>| **4.77%**<br>| **1.58%**<br>| **0.01%**<br>| **0.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.56<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.41 %\*<br>| 0.06 %\*<br>| 0.13 %\*<br>|
| Net investment income | 3.89<br> %<br>| 4.62<br> %<br>| 4.63<br> %<br>| 1.54<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $831127 | &nbsp;&nbsp; $997190 | &nbsp;&nbsp; $813036 | &nbsp;&nbsp; $1045053 | &nbsp;&nbsp; $1101824 | &nbsp;&nbsp; $1465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.09% |
| Year ended January 31, 2022 | 0.44% |
| Year ended January 31, 2021 | 0.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from July 31, 2020 (commencement of class operations) to January 31, 2021

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Amount is more than $(0.005).

<sup>5</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 23

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 |
| Tribal Inclusion Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.01 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>| 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.12%**<br>| **5.10%**<br>| **1.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| Net expenses | 0.16<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>|
| Net investment income | 4.23<br> %<br>| 4.99<br> %<br>| 5.26<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $141594 | &nbsp;&nbsp; $113920 | &nbsp;&nbsp; $119670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from November 3, 2023 (commencement of class operations) to January 31, 2024

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

24 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Government Money Market Funds \| 25

------

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2025, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2025, the Fund had capital loss carryforwards which consisted of $6,343,485 in short-term capital losses and $124,423 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| Government agency debt | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $26513787599 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $26513787599 |
| Municipal obligations | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 54135000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 54135000 |
| Other instruments | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 431670000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 431670000 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63588218428 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63588218428 |
| U.S. Treasury securities | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30258085352 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30258085352 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$120845896379** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$120845896379** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

26 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.150<br> %<br>|
| Next $5 billion | 0.140 |
| Next $5 billion | 0.130 |
| Next $85 billion | 0.125 |
| Over $100 billion | 0.120 |

---

For the six months ended July 31, 2025, the management fee was equivalent to an annual rate of 0.13% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |
| Roberts & Ryan Class | 0.08 |
| Select Class | 0.04 |
| Service Class | 0.12 |
| Sweep Class | 0.03 |
| Tribal Inclusion Class | 0.06 |

---

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 reimbursed 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, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

Government Money Market Funds \| 27

------

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.58<br> %<br>|
| Administrator Class | 0.34 |
| Institutional Class | 0.20 |
| Roberts & Ryan Class | 0.20 |
| Select Class | 0.14 |
| Service Class | 0.50 |
| Sweep Class | 0.50 |
| Tribal Inclusion Class | 0.16 |

---

Distribution fee

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

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2025.

5. ACQUISITION

After the close of business on August 16, 2024, the Fund acquired the net assets of Allspring Heritage Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Institutional Class, Administrator Class, Service Class and Select Class shares of Allspring Heritage Money Market Fund received Institutional Class, Administrator Class, Service Class and Select Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Heritage Money Market Fund for 697,113,878 shares of the Fund valued at $697,111,200 at an exchange ratio of 1.00, 1.00, 1.00 and 1.00 for Institutional Class, Administrator Class, Service Class and Select Class shares, respectively. The investment portfolio of Allspring Heritage Money Market Fund with a fair value of $698,800,000, identified cost of $698,800,000 and unrealized gains (losses) of $0 at August 16, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring Heritage Money Market Fund and the Fund immediately prior to the acquisition were $697,111,200 and $116,905,716,247, respectively. The aggregate net assets of the Fund immediately after the acquisition were $117,602,827,447. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Heritage Money Market Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed February 1, 2024, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended January 31, 2025 would have been as follows:

---

| | |
|:---|:---|
| **Net investment income** | &nbsp;&nbsp; $5950828690 |
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 3103213 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $5953931903 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Heritage Money Market Fund that have been included in the Fund's Statement of operations since August 17, 2024.

6. CREDIT RISK

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

28 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

9. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Government Money Market Funds \| 29

------

Other information (unaudited)

Other information

Proxy voting information

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

Portfolio Holdings Information

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

30 \| Government Money Market Funds

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Government Money Market Funds \| 31

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Government Money Market Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

It was noted that the merger of the Allspring Heritage Money Market Fund, another series of the Trust, into the Fund was completed in 2024.

The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

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

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

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

\*

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

32 \| Government Money Market Funds

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review.

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

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

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

*Investment management and sub-advisory fee rates*

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

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class, except for Sweep Class and Service Class, which were lower than the sum of the average rates for the expense Groups, and Select Class, which was equal to the sum of the average rates for the expense Group.

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

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

*Profitability*

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

Government Money Market Funds \| 33

------

Other information (unaudited)

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

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

*Economies of scale*

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

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

*Other benefits to Allspring Funds Management and the Sub-Adviser*

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

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

*Conclusion*

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

34 \| Government Money Market Funds

------

*This page is intentionally left blank.*

------

*This page is intentionally left blank.*

------

![](g13015img7a3ddc7f1.jpg)

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**

![](g13015img2392e1a02.gif)

*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 Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0450 07-25**

------

![](g13015imgb860d2fe1.jpg)

Retail Money Market Funds

<br> Allspring Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_POI-PageBlank-5_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_FS-PageBlank-5_1)** |  |
| [Statement of assets and liabilities](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_FS-PageBlank-5_1) | 14 |
| [Statement of operations](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_FS-PageBlank-5_2) | 15 |
| [Statement of changes in net assets](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_FS-PageBlank-5_3) | 16 |
| [Financial highlights](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_FIHI-PageBlank-5_1) | 17 |
| **[Notes to financial statements](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_NTF-PageBlank-5_1)** | 21 |
| **[Other information](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_3)['](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_3)[s approval of investment](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_3)<br> [advisory contract](#xx_98340485-068a-4fb5-84a6-8eaacd039e27_OI-PageBlank-5_3)<br>| 27 |

---

Retail Money Market Funds \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Certificates of deposit: 25.13%** |  |  |  |  |
| ABN AMRO Bank NV | 4.33<br> %<br>| &nbsp;&nbsp; 8-1-2025 | $190000000 | &nbsp;&nbsp; $190000000 |
| ABN AMRO Bank NV | 4.33 | &nbsp;&nbsp; 8-7-2025 | 325000000 | &nbsp;&nbsp; 325000000 |
| Banco Santander SA | 4.33 | &nbsp;&nbsp; 12-29-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Banco Santander SA | 4.45 | &nbsp;&nbsp; 2-10-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Banco Santander SA (U.S. SOFR+0.39%)± | 4.75 | &nbsp;&nbsp; 6-26-2026 | 90000000 | &nbsp;&nbsp; 90000000 |
| Bank of America NA | 4.40 | &nbsp;&nbsp; 12-9-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of America NA±± | 4.72 | &nbsp;&nbsp; 2-27-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Bank of Montreal | 4.54 | &nbsp;&nbsp; 12-17-2025 | 80000000 | &nbsp;&nbsp; 80000000 |
| Bank of Montreal (U.S. SOFR+0.35%)± | 4.67 | &nbsp;&nbsp; 8-29-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Bank of Montreal (U.S. SOFR+0.37%)± | 4.69 | &nbsp;&nbsp; 5-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of Nova Scotia (U.S. SOFR+0.27%)± | 4.59 | &nbsp;&nbsp; 3-17-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of Nova Scotia (U.S. SOFR+0.30%)± | 4.62 | &nbsp;&nbsp; 2-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Bank of Nova Scotia (U.S. SOFR+0.33%)± | 4.65 | &nbsp;&nbsp; 7-22-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Barclays Bank PLC (U.S. SOFR+0.20%)± | 4.56 | &nbsp;&nbsp; 10-2-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| BNP Paribas SA | 4.40 | &nbsp;&nbsp; 5-27-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| BNP Paribas SA | 4.56 | &nbsp;&nbsp; 2-11-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| BNP Paribas SA (U.S. SOFR+0.27%)± | 4.59 | &nbsp;&nbsp; 8-8-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Canadian Imperial Bank of Commerce | 4.32 | &nbsp;&nbsp; 2-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Canadian Imperial Bank of Commerce | 4.33 | &nbsp;&nbsp; 8-1-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.30%)± | 4.62 | &nbsp;&nbsp; 2-9-2026 | 80000000 | &nbsp;&nbsp; 80000000 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.34%)± | 4.66 | &nbsp;&nbsp; 9-26-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Citibank NA | 4.37 | &nbsp;&nbsp; 11-21-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Citibank NA (U.S. SOFR+0.26%)± | 4.62 | &nbsp;&nbsp; 12-18-2025 | 75000000 | &nbsp;&nbsp; 75000000 |
| Citibank NA (U.S. SOFR+0.29%)± | 4.65 | &nbsp;&nbsp; 2-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Citibank NA (U.S. SOFR+0.35%)± | 4.71 | &nbsp;&nbsp; 10-29-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Cooperatieve Rabobank UA (U.S. SOFR+0.24%)± | 4.56 | &nbsp;&nbsp; 9-8-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Cooperatieve Rabobank UA (U.S. SOFR+0.40%)± | 4.72 | &nbsp;&nbsp; 5-22-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Credit Agricole Corporate & Investment Bank SA | 4.37 | &nbsp;&nbsp; 2-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Agricole Corporate & Investment Bank SA | 4.50 | &nbsp;&nbsp; 11-4-2025 | 125000000 | &nbsp;&nbsp; 125000000 |
| Credit Agricole Corporate & Investment Bank SA | 4.59 | &nbsp;&nbsp; 8-8-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank SA <br> (U.S. SOFR+0.27%)±<br>| 4.59 | &nbsp;&nbsp; 1-7-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Industriel et Commercial | 4.44 | &nbsp;&nbsp; 5-12-2026 | 65000000 | &nbsp;&nbsp; 65000000 |
| Credit Industriel et Commercial | 4.53 | &nbsp;&nbsp; 10-7-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Industriel et Commercial | 4.55 | &nbsp;&nbsp; 2-6-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Credit Industriel et Commercial (U.S. SOFR+0.42%)± | 4.74 | &nbsp;&nbsp; 4-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank <br> (U.S. SOFR+0.24%)±<br>| 4.56 | &nbsp;&nbsp; 3-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Erste Group Bank AG | 4.34 | &nbsp;&nbsp; 8-6-2025 | 325000000 | &nbsp;&nbsp; 325000000 |
| HSBC Bank USA NA (U.S. SOFR+0.35%)± | 4.67 | &nbsp;&nbsp; 6-11-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| HSBC Bank USA NA (U.S. SOFR+0.39%)± | 4.71 | &nbsp;&nbsp; 10-20-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.26%)± | 4.58 | &nbsp;&nbsp; 3-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.33%)± | 4.65 | &nbsp;&nbsp; 1-16-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.35%)± | 4.67 | &nbsp;&nbsp; 11-12-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Mitsubishi UFJ Trust & Banking Corp. | 4.46 | &nbsp;&nbsp; 1-20-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Mitsubishi UFJ Trust & Banking Corp.± | 4.57 | &nbsp;&nbsp; 2-11-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Mizuho Bank Ltd.## | 4.33 | &nbsp;&nbsp; 8-1-2025 | 656775000 | &nbsp;&nbsp; 656775000 |
| Mizuho Bank Ltd. (U.S. SOFR+0.25%)± | 4.61 | &nbsp;&nbsp; 12-5-2025 | 100000000 | &nbsp;&nbsp; 100000000 |

---

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

2 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Certificates of deposit**(continued) |  |  |  |  |
| MUFG Bank Ltd. | 4.42<br> %<br>| &nbsp;&nbsp; 10-27-2025 | $80000000 | &nbsp;&nbsp; $80000000 |
| National Australia Bank Ltd. (U.S. SOFR+0.25%)± | 4.57 | &nbsp;&nbsp; 3-25-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Natixis SA | 4.37 | &nbsp;&nbsp; 3-11-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Natixis SA | 4.44 | &nbsp;&nbsp; 3-18-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Natixis SA | 4.50 | &nbsp;&nbsp; 11-5-2025 | 125000000 | &nbsp;&nbsp; 125000000 |
| Nordea Bank Abp | 4.36 | &nbsp;&nbsp; 3-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Nordea Bank Abp (U.S. SOFR+0.19%)± | 4.51 | &nbsp;&nbsp; 11-26-2025 | 125000000 | &nbsp;&nbsp; 125000000 |
| Nordea Bank Abp (U.S. SOFR+0.32%)± | 4.64 | &nbsp;&nbsp; 6-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.18%)± | 4.54 | &nbsp;&nbsp; 9-24-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.20%)± | 4.56 | &nbsp;&nbsp; 10-21-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.22%)± | 4.58 | &nbsp;&nbsp; 12-15-2025 | 56750000 | &nbsp;&nbsp; 56745415 |
| Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.40%)± | 4.76 | &nbsp;&nbsp; 4-22-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Royal Bank of Canada (U.S. SOFR+0.31%)± | 4.63 | &nbsp;&nbsp; 2-2-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Standard Chartered Bank PLC | 4.37 | &nbsp;&nbsp; 1-16-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| Standard Chartered Bank PLC | 4.51 | &nbsp;&nbsp; 11-3-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Standard Chartered Bank PLC | 4.64 | &nbsp;&nbsp; 8-20-2025 | 155000000 | &nbsp;&nbsp; 155000000 |
| State Street Bank & Trust Co. (U.S. SOFR+0.27%)± | 4.63 | &nbsp;&nbsp; 10-10-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| State Street Bank & Trust Co. (U.S. SOFR+0.32%)± | 4.68 | &nbsp;&nbsp; 11-12-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Sumitomo Mitsui Banking Corp. | 4.48 | &nbsp;&nbsp; 10-24-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.25%)± | 4.57 | &nbsp;&nbsp; 12-5-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Trust (U.S. SOFR+0.18%)± | 4.50 | &nbsp;&nbsp; 9-3-2025 | 95000000 | &nbsp;&nbsp; 95000000 |
| Svenska Handelsbanken AB | 4.51 | &nbsp;&nbsp; 12-16-2025 | 80000000 | &nbsp;&nbsp; 80001456 |
| Svenska Handelsbanken AB (U.S. SOFR+0.19%)± | 4.55 | &nbsp;&nbsp; 12-4-2025 | 125000000 | &nbsp;&nbsp; 125000000 |
| Swedbank AB (U.S. SOFR+0.19%)± | 4.55 | &nbsp;&nbsp; 11-28-2025 | 120000000 | &nbsp;&nbsp; 120000000 |
| Toronto-Dominion Bank | 4.42 | &nbsp;&nbsp; 2-13-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Toronto-Dominion Bank (U.S. SOFR+0.24%)± | 4.60 | &nbsp;&nbsp; 3-4-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Toronto-Dominion Bank (U.S. SOFR+0.35%)± | 4.71 | &nbsp;&nbsp; 10-3-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Toronto-Dominion Bank (U.S. SOFR+0.40%)± | 4.76 | &nbsp;&nbsp; 4-17-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Wells Fargo Bank NA (U.S. SOFR+0.31%)± | 4.63 | &nbsp;&nbsp; 6-3-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Westpac Banking Corp. (U.S. SOFR+0.22%)± | 4.54 | &nbsp;&nbsp; 3-11-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Westpac Banking Corp. (U.S. SOFR+0.33%)± | 4.65 | &nbsp;&nbsp; 9-5-2025 | 80000000 | &nbsp;&nbsp; 80000000 |
| **Total certificates of deposit (Cost $9,903,521,871)** |  |  |  | &nbsp;&nbsp; **9903521871** |
| **Commercial paper: 41.05%** |  |  |  |  |
| **Asset-backed commercial paper: 35.33%** |  |  |  |  |
| Albion Capital Corp. SA/Albion Capital LLC☼ | 4.46 | &nbsp;&nbsp; 12-15-2025 | 50000000 | &nbsp;&nbsp; 49168889 |
| Alinghi Funding Co. LLC144A☼ | 4.48 | &nbsp;&nbsp; 10-16-2025 | 201000000 | &nbsp;&nbsp; 199124447 |
| Anglesea Funding LLC144A§±±%% | 0.00 | &nbsp;&nbsp; 1-28-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Anglesea Funding LLC (U.S. OBFR+0.05%)144A§± | 4.38 | &nbsp;&nbsp; 8-20-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| Anglesea Funding LLC144A§±± | 4.38 | &nbsp;&nbsp; 10-23-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| Anglesea Funding LLC (U.S. SOFR+0.15%)144A± | 4.47 | &nbsp;&nbsp; 9-5-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Anglesea Funding LLC (U.S. OBFR+0.17%)144A§± | 4.50 | &nbsp;&nbsp; 10-24-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Antalis SA144A☼ | 4.46 | &nbsp;&nbsp; 9-30-2025 | 90070000 | &nbsp;&nbsp; 89409487 |
| Aquitaine Funding Co. LLC (U.S. SOFR+0.09%)§± | 4.41 | &nbsp;&nbsp; 12-10-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| Aquitaine Funding Co. LLC§±± | 4.41 | &nbsp;&nbsp; 1-16-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Aquitaine Funding Co. LLC144A☼ | 4.43 | &nbsp;&nbsp; 8-1-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Aquitaine Funding Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-6-2025 | 50000000 | &nbsp;&nbsp; 49969583 |

---

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

Retail Money Market Funds \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| Armada Funding Co. LLC144A☼ | 4.46<br> %<br>| &nbsp;&nbsp; 9-17-2025 | $101000000 | &nbsp;&nbsp; $100419811 |
| Atlantic Asset Securitization LLC144A☼ | 4.39 | &nbsp;&nbsp; 1-9-2026 | 43600000 | &nbsp;&nbsp; 42755698 |
| Atlantic Asset Securitization LLC144A☼ | 4.46 | &nbsp;&nbsp; 10-7-2025 | 50000000 | &nbsp;&nbsp; 49590555 |
| Atlantic Asset Securitization LLC144A☼ | 4.48 | &nbsp;&nbsp; 10-20-2025 | 30000000 | &nbsp;&nbsp; 29705333 |
| Atlantic Asset Securitization LLC144A☼ | 4.48 | &nbsp;&nbsp; 10-21-2025 | 85858000 | &nbsp;&nbsp; 85004142 |
| Bedford Row Funding Corp. (U.S. SOFR+0.20%)144A± | 4.52 | &nbsp;&nbsp; 10-1-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| Brigantine Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 1-15-2026 | 100000000 | &nbsp;&nbsp; 97958889 |
| Brigantine Funding Co. LLC144A☼ | 4.51 | &nbsp;&nbsp; 9-3-2025 | 122500000 | &nbsp;&nbsp; 122000302 |
| Brigantine Funding Co. LLC144A☼ | 4.55 | &nbsp;&nbsp; 10-3-2025 | 144439000 | &nbsp;&nbsp; 143304071 |
| Britannia Funding Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 11-17-2025 | 61700000 | &nbsp;&nbsp; 60889262 |
| Britannia Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-13-2025 | 100000000 | &nbsp;&nbsp; 98728889 |
| Britannia Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-19-2025 | 137000000 | &nbsp;&nbsp; 135158111 |
| Britannia Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-20-2025 | 31000000 | &nbsp;&nbsp; 30579433 |
| Britannia Funding Co. LLC144A☼ | 4.48 | &nbsp;&nbsp; 11-24-2025 | 62414000 | &nbsp;&nbsp; 61532749 |
| Cabot Trail Funding LLC144A☼ | 4.43 | &nbsp;&nbsp; 8-26-2025 | 85000000 | &nbsp;&nbsp; 84742049 |
| Chesham Finance Ltd./Chesham Finance LLC144A%%☼ | 0.00 | &nbsp;&nbsp; 8-4-2025 | 200000000 | &nbsp;&nbsp; 199927167 |
| Chesham Finance Ltd./Chesham Finance LLC144A☼ | 4.43 | &nbsp;&nbsp; 8-1-2025 | 200000000 | &nbsp;&nbsp; 200000000 |
| Chesham Finance Ltd./Chesham Finance LLC144A☼ | 4.46 | &nbsp;&nbsp; 8-6-2025 | 100000000 | &nbsp;&nbsp; 99938889 |
| Collateralized Commercial Paper FLEX Co. LLC144A | 4.54 | &nbsp;&nbsp; 1-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Collateralized Commercial Paper V Co. LLC | 4.40 | &nbsp;&nbsp; 4-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Collateralized Commercial Paper V Co. LLC <br> (U.S. SOFR+0.30%)±<br>| 4.62 | &nbsp;&nbsp; 11-14-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Columbia Funding Co. LLC144A☼ | 4.38 | &nbsp;&nbsp; 1-14-2026 | 82500000 | &nbsp;&nbsp; 80856600 |
| Columbia Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 8-8-2025 | 163000000 | &nbsp;&nbsp; 162860544 |
| Columbia Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 10-23-2025 | 120900000 | &nbsp;&nbsp; 119673537 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-5-2025 | 284026000 | &nbsp;&nbsp; 283887774 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-6-2025 | 200000000 | &nbsp;&nbsp; 199878333 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-7-2025 | 125504000 | &nbsp;&nbsp; 125412382 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.45 | &nbsp;&nbsp; 10-24-2025 | 200000000 | &nbsp;&nbsp; 197951333 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 8-8-2025 | 122778000 | &nbsp;&nbsp; 122672957 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 9-18-2025 | 125000000 | &nbsp;&nbsp; 124266667 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.47 | &nbsp;&nbsp; 1-13-2026 | 100000000 | &nbsp;&nbsp; 97978750 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.53 | &nbsp;&nbsp; 9-10-2025 | 73038000 | &nbsp;&nbsp; 72675245 |
| &nbsp;&nbsp; Concord Minutemen Capital Co. LLC <br> (U.S. SOFR+0.30%)144A±<br>| 4.62 | &nbsp;&nbsp; 11-25-2025 | 130000000 | &nbsp;&nbsp; 130000000 |
| Constellation Funding Co. LLC144A☼ | 4.41 | &nbsp;&nbsp; 5-20-2026 | 79700000 | &nbsp;&nbsp; 76891188 |
| Constellation Funding Co. LLC144A☼ | 4.43 | &nbsp;&nbsp; 12-10-2025 | 153000000 | &nbsp;&nbsp; 150567221 |
| Constellation Funding Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 9-16-2025 | 100000000 | &nbsp;&nbsp; 99440333 |
| Constellation Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-6-2025 | 100000000 | &nbsp;&nbsp; 98814444 |
| Endeavour Funding Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 1-6-2026 | 97700000 | &nbsp;&nbsp; 95821881 |
| Endeavour Funding Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 1-7-2026 | 60000000 | &nbsp;&nbsp; 58839300 |
| Falcon Asset Funding LLC144A☼ | 4.40 | &nbsp;&nbsp; 8-1-2025 | 38200000 | &nbsp;&nbsp; 38200000 |
| Falcon Asset Funding LLC (U.S. SOFR+0.40%)144A± | 4.76 | &nbsp;&nbsp; 1-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Glencove Funding LLC144A§±± | 4.47 | &nbsp;&nbsp; 1-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Great Bear Funding LLC144A☼ | 4.40 | &nbsp;&nbsp; 8-7-2025 | 100000000 | &nbsp;&nbsp; 99927667 |
| Helvetica Funding Co. LLC144A☼ | 4.52 | &nbsp;&nbsp; 10-6-2025 | 165000000 | &nbsp;&nbsp; 163651492 |
| HQLA Funding LLC144A☼ | 4.36 | &nbsp;&nbsp; 3-13-2026 | 50000000 | &nbsp;&nbsp; 48662222 |
| HQLA Funding LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-1-2025 | 175000000 | &nbsp;&nbsp; 175000000 |

---

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

4 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| HQLA Funding LLC144A☼ | 4.47<br> %<br>| &nbsp;&nbsp; 8-5-2025 | $270000000 | &nbsp;&nbsp; $269867700 |
| HQLA Funding LLC144A☼ | 4.47 | &nbsp;&nbsp; 8-6-2025 | 195000000 | &nbsp;&nbsp; 194880562 |
| HQLA Funding LLC144A±± | 4.77 | &nbsp;&nbsp; 4-17-2026 | 70000000 | &nbsp;&nbsp; 70000000 |
| Intrepid Funding Co. LLC144A%%☼ | 0.00 | &nbsp;&nbsp; 4-23-2026 | 103885000 | &nbsp;&nbsp; 100581457 |
| Intrepid Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 1-13-2026 | 100000000 | &nbsp;&nbsp; 97983333 |
| Intrepid Funding Co. LLC144A☼ | 4.49 | &nbsp;&nbsp; 11-13-2025 | 100000000 | &nbsp;&nbsp; 98721667 |
| Intrepid Funding Co. LLC144A☼ | 4.51 | &nbsp;&nbsp; 11-14-2025 | 50000000 | &nbsp;&nbsp; 49351042 |
| Ionic Funding LLC☼ | 4.43 | &nbsp;&nbsp; 1-6-2026 | 99782000 | &nbsp;&nbsp; 97868237 |
| Ionic Funding LLC☼ | 4.44 | &nbsp;&nbsp; 8-7-2025 | 200000000 | &nbsp;&nbsp; 199854000 |
| Ionic Funding LLC☼ | 4.46 | &nbsp;&nbsp; 2-26-2026 | 107799000 | &nbsp;&nbsp; 105045334 |
| Ionic Funding LLC☼ | 4.47 | &nbsp;&nbsp; 8-6-2025 | 250000000 | &nbsp;&nbsp; 249846944 |
| Ionic Funding LLC☼ | 4.49 | &nbsp;&nbsp; 8-13-2025 | 80000000 | &nbsp;&nbsp; 79881867 |
| Ionic Funding LLC☼ | 4.50 | &nbsp;&nbsp; 8-20-2025 | 50000000 | &nbsp;&nbsp; 49882833 |
| Ionic Funding LLC☼ | 4.51 | &nbsp;&nbsp; 8-8-2025 | 135000000 | &nbsp;&nbsp; 134883187 |
| Ionic Funding LLC☼ | 4.51 | &nbsp;&nbsp; 9-4-2025 | 200000000 | &nbsp;&nbsp; 199159444 |
| Legacy Capital Co. LLC (U.S. SOFR+0.39%)144A± | 4.71 | &nbsp;&nbsp; 6-18-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Legacy Capital Co. LLC (U.S. SOFR+0.47%)144A± | 4.79 | &nbsp;&nbsp; 12-16-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lexington Parker Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-1-2025 | 75065000 | &nbsp;&nbsp; 75065000 |
| Lexington Parker Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-5-2025 | 295821000 | &nbsp;&nbsp; 295677034 |
| Lexington Parker Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-6-2025 | 98330000 | &nbsp;&nbsp; 98270183 |
| Lexington Parker Capital Co. LLC144A☼ | 4.44 | &nbsp;&nbsp; 8-7-2025 | 150259000 | &nbsp;&nbsp; 150149311 |
| Lexington Parker Capital Co. LLC144A☼ | 4.48 | &nbsp;&nbsp; 12-3-2025 | 125000000 | &nbsp;&nbsp; 123096944 |
| Liberty Street Funding LLC144A☼ | 4.38 | &nbsp;&nbsp; 1-5-2026 | 50000000 | &nbsp;&nbsp; 49058000 |
| Liberty Street Funding LLC144A☼ | 4.38 | &nbsp;&nbsp; 1-7-2026 | 50000000 | &nbsp;&nbsp; 49046000 |
| Lion Bay Funding LLC144A§±± | 4.34 | &nbsp;&nbsp; 10-14-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Lion Bay Funding LLC144A§±± | 4.35 | &nbsp;&nbsp; 12-11-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| LMA-Americas LLC144A☼ | 4.46 | &nbsp;&nbsp; 10-2-2025 | 40000000 | &nbsp;&nbsp; 39696889 |
| LMA-Americas LLC144A☼ | 4.46 | &nbsp;&nbsp; 10-3-2025 | 25000000 | &nbsp;&nbsp; 24807500 |
| LMA-Americas LLC144A☼ | 4.48 | &nbsp;&nbsp; 10-24-2025 | 51100000 | &nbsp;&nbsp; 50572989 |
| Mackinac Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 10-3-2025 | 50000000 | &nbsp;&nbsp; 49615000 |
| Mainbeach Funding LLC144A☼ | 4.47 | &nbsp;&nbsp; 8-14-2025 | 25350000 | &nbsp;&nbsp; 25309630 |
| Mainbeach Funding LLC144A☼ | 4.48 | &nbsp;&nbsp; 9-4-2025 | 21899000 | &nbsp;&nbsp; 21807584 |
| Mountcliff Funding LLC144A☼ | 4.42 | &nbsp;&nbsp; 8-5-2025 | 225000000 | &nbsp;&nbsp; 224891000 |
| Mountcliff Funding LLC144A☼ | 4.42 | &nbsp;&nbsp; 8-6-2025 | 100000000 | &nbsp;&nbsp; 99939444 |
| Mountcliff Funding LLC144A☼ | 4.42 | &nbsp;&nbsp; 10-31-2025 | 50000000 | &nbsp;&nbsp; 49448944 |
| Mountcliff Funding LLC144A§±± | 4.43 | &nbsp;&nbsp; 1-16-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Mountcliff Funding LLC (U.S. SOFR+0.18%)144A§± | 4.54 | &nbsp;&nbsp; 10-2-2025 | 50000000 | &nbsp;&nbsp; 50000000 |
| Overwatch Alpha Funding LLC144A☼ | 4.42 | &nbsp;&nbsp; 8-5-2025 | 350000000 | &nbsp;&nbsp; 349830444 |
| Overwatch Bravo Funding LLC144A☼ | 4.42 | &nbsp;&nbsp; 8-1-2025 | 150000000 | &nbsp;&nbsp; 150000000 |
| Paradelle Funding LLC☼ | 4.41 | &nbsp;&nbsp; 10-27-2025 | 100000000 | &nbsp;&nbsp; 98948750 |
| Paradelle Funding LLC☼ | 4.50 | &nbsp;&nbsp; 9-15-2025 | 100000000 | &nbsp;&nbsp; 99445000 |
| Paradelle Funding LLC (U.S. SOFR+0.30%)± | 4.62 | &nbsp;&nbsp; 3-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Paradelle Funding LLC±± | 4.68 | &nbsp;&nbsp; 7-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.35%)± | 4.67 | &nbsp;&nbsp; 5-28-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Park Avenue Collateralized Notes Co. LLC <br> (U.S. SOFR+0.36%)144A±<br>| 4.68 | &nbsp;&nbsp; 1-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Podium Funding Trust☼ | 4.33 | &nbsp;&nbsp; 4-14-2026 | 100000000 | &nbsp;&nbsp; 96963556 |
| Podium Funding Trust☼ | 4.34 | &nbsp;&nbsp; 3-10-2026 | 100000000 | &nbsp;&nbsp; 97372555 |

---

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

Retail Money Market Funds \| 5

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| Podium Funding Trust☼ | 4.40<br> %<br>| &nbsp;&nbsp; 1-12-2026 | $100000000 | &nbsp;&nbsp; $98022889 |
| Podium Funding Trust☼ | 4.43 | &nbsp;&nbsp; 8-26-2025 | 50000000 | &nbsp;&nbsp; 49848264 |
| Podium Funding Trust☼ | 4.52 | &nbsp;&nbsp; 8-19-2025 | 100000000 | &nbsp;&nbsp; 99777000 |
| Ranger Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 9-16-2025 | 128000000 | &nbsp;&nbsp; 127280355 |
| Regatta Funding Co. LLC144A☼ | 4.51 | &nbsp;&nbsp; 8-27-2025 | 125600000 | &nbsp;&nbsp; 125196336 |
| Ridgefield Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-12-2025 | 100000000 | &nbsp;&nbsp; 98741111 |
| Ridgefield Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-14-2025 | 37558000 | &nbsp;&nbsp; 37076006 |
| Ridgefield Funding Co. LLC144A☼ | 4.46 | &nbsp;&nbsp; 11-19-2025 | 30000000 | &nbsp;&nbsp; 29596667 |
| Starbird Funding Corp. (U.S. SOFR+0.25%)144A± | 4.57 | &nbsp;&nbsp; 12-31-2025 | 75000000 | &nbsp;&nbsp; 75000000 |
| Washington Morgan Capital Co. LLC144A | 4.48 | &nbsp;&nbsp; 4-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Washington Morgan Capital Co. LLC144A☼ | 4.49 | &nbsp;&nbsp; 8-8-2025 | 211587000 | &nbsp;&nbsp; 211404741 |
| Washington Morgan Capital Co. LLC144A±± | 4.74 | &nbsp;&nbsp; 6-30-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Washington Morgan Capital Co. LLC144A±± | 4.77 | &nbsp;&nbsp; 7-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
|  |  |  |  | &nbsp;&nbsp; **13922600359** |
| **Financial company commercial paper: 3.87%** |  |  |  |  |
| ASB Bank Ltd. (U.S. SOFR+0.35%)144A± | 4.71 | &nbsp;&nbsp; 2-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Australia & New Zealand Banking Group Ltd.144A☼ | 4.20 | &nbsp;&nbsp; 7-16-2026 | 30000000 | &nbsp;&nbsp; 28795950 |
| Bank of New York Mellon±± | 4.62 | &nbsp;&nbsp; 4-7-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| BofA Securities, Inc.±± | 4.76 | &nbsp;&nbsp; 1-16-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Citigroup Global Markets, Inc. (U.S. SOFR+0.25%)144A± | 4.61 | &nbsp;&nbsp; 1-5-2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| Commonwealth Bank of Australia (U.S. SOFR+0.40%)144A± | 4.72 | &nbsp;&nbsp; 4-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt <br> Am Main144A%%☼<br>| 0.00 | &nbsp;&nbsp; 3-2-2026 | 91465000 | &nbsp;&nbsp; 89137978 |
| &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec <br> (U.S. SOFR+0.25%)144A±<br>| 4.57 | &nbsp;&nbsp; 10-10-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec <br> (U.S. SOFR+0.43%)144A±<br>| 4.75 | &nbsp;&nbsp; 4-13-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| ING U.S. Funding LLC144A±± | 4.66 | &nbsp;&nbsp; 4-2-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| National Bank of Canada (U.S. SOFR+0.36%)144A± | 4.68 | &nbsp;&nbsp; 8-25-2025 | 125000000 | &nbsp;&nbsp; 125000000 |
| Ontario Teachers' Finance Trust144A☼ | 4.32 | &nbsp;&nbsp; 2-12-2026 | 100000000 | &nbsp;&nbsp; 97692500 |
| Ontario Teachers' Finance Trust144A☼ | 4.32 | &nbsp;&nbsp; 2-17-2026 | 46000000 | &nbsp;&nbsp; 44911333 |
| Royal Bank of Canada144A☼ | 4.27 | &nbsp;&nbsp; 5-27-2026 | 100000000 | &nbsp;&nbsp; 96499209 |
| United Overseas Bank Ltd. (U.S. SOFR+0.20%)144A± | 4.56 | &nbsp;&nbsp; 9-25-2025 | 57000000 | &nbsp;&nbsp; 57000000 |
| United Overseas Bank Ltd. (U.S. SOFR+0.20%)144A± | 4.56 | &nbsp;&nbsp; 9-30-2025 | 65000000 | &nbsp;&nbsp; 65000000 |
| Westpac Banking Corp. (U.S. SOFR+0.40%)144A± | 4.72 | &nbsp;&nbsp; 4-13-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
|  |  |  |  | &nbsp;&nbsp; **1524036970** |
| **Other commercial paper: 1.85%** |  |  |  |  |
| Deaconess Hospital Obligated Group☼ | 4.49 | &nbsp;&nbsp; 10-7-2025 | 50000000 | &nbsp;&nbsp; 49587764 |
| Duke University Health System, Inc.☼ | 4.49 | &nbsp;&nbsp; 8-29-2025 | 50000000 | &nbsp;&nbsp; 49827722 |
| Memorial Hermann Health System☼ | 4.44 | &nbsp;&nbsp; 10-21-2025 | 50000000 | &nbsp;&nbsp; 49507250 |
| Mitsubishi Corp. Americas144A☼ | 4.40 | &nbsp;&nbsp; 8-1-2025 | 42000000 | &nbsp;&nbsp; 42000000 |
| ST Engineering North America, Inc.144A☼ | 4.42 | &nbsp;&nbsp; 8-4-2025 | 92000000 | &nbsp;&nbsp; 91966573 |
| STE TransCore Holdings, Inc.144A☼ | 4.42 | &nbsp;&nbsp; 8-4-2025 | 75000000 | &nbsp;&nbsp; 74972750 |
| TotalEnergies Capital SA144A☼ | 4.40 | &nbsp;&nbsp; 8-5-2025 | 100000000 | &nbsp;&nbsp; 99951778 |
| TotalEnergies Capital SA144A☼ | 4.40 | &nbsp;&nbsp; 8-7-2025 | 100000000 | &nbsp;&nbsp; 99927667 |
| Toyota Credit de Puerto Rico Corp.☼ | 4.49 | &nbsp;&nbsp; 1-5-2026 | 50000000 | &nbsp;&nbsp; 49034014 |

---

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

6 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Other commercial paper**(continued) |  |  |  |  |
| Toyota Credit de Puerto Rico Corp.☼ | 4.51<br> %<br>| &nbsp;&nbsp; 10-14-2025 | $50000000 | &nbsp;&nbsp; $49542639 |
| Toyota Motor Credit Corp.☼ | 4.30 | &nbsp;&nbsp; 3-30-2026 | 75000000 | &nbsp;&nbsp; 72871166 |
|  |  |  |  | &nbsp;&nbsp; **729189323** |
| **Total commercial paper (Cost $16,175,826,652)** |  |  |  | &nbsp;&nbsp; **16175826652** |
| **Municipal obligations: 9.85%** |  |  |  |  |
| **Alaska: 0.19%** |  |  |  |  |
| **Variable rate demand notes ø: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Housing Finance Corp. State Capital Series A (Housing <br> revenue)<br>| 4.34 | &nbsp;&nbsp; 12-1-2044 | 73300000 | &nbsp;&nbsp; **73300000** |
| **California: 0.40%** |  |  |  |  |
| **Other municipal debt : 0.21%** |  |  |  |  |
| State of California (Miscellaneous revenue) | 4.50 | &nbsp;&nbsp; 10-1-2025 | 82855000 | &nbsp;&nbsp; **82855000** |
| **Variable rate demand notes ø: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Water District of Southern California Series A <br> (Water & sewer revenue, Bank of America N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2042 | 49260000 | &nbsp;&nbsp; 49260000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series MIZ9178TX (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.56 | &nbsp;&nbsp; 7-1-2034 | 11325000 | &nbsp;&nbsp; 11325000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2016-<br> TXG002 (GO revenue, Bank of America N.A. LIQ)144A<br>| 4.52 | &nbsp;&nbsp; 8-1-2049 | 16000000 | &nbsp;&nbsp; 16000000 |
|  |  |  |  | &nbsp;&nbsp; **76585000** |
| **Colorado: 0.87%** |  |  |  |  |
| **Variable rate demand notes ø: 0.87%** |  |  |  |  |
| &nbsp;&nbsp; Colorado HFA Fort Carson Family Housing LLC Series B <br> (Housing revenue, FHLB SPA)<br>| 4.38 | &nbsp;&nbsp; 5-1-2052 | 108275000 | &nbsp;&nbsp; 108275000 |
| &nbsp;&nbsp; Colorado HFA Series B-2 Class I (Housing revenue, GNMA <br> Insured, Royal Bank of Canada LIQ)<br>| 4.35 | &nbsp;&nbsp; 5-1-2050 | 27265000 | &nbsp;&nbsp; 27265000 |
| &nbsp;&nbsp; Colorado HFA Series C-2 Class I (Housing revenue, GNMA <br> Insured, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2050 | 1990000 | &nbsp;&nbsp; 1990000 |
| &nbsp;&nbsp; Colorado HFA Series C-2 Class II (Housing revenue, GNMA / <br> FNMA / FHLMC Insured, Zions Bancorp N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2055 | 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; Colorado HFA Series D2 (Housing revenue, GNMA Insured, TD <br> Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2054 | 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; Colorado HFA Series G-2 Class II (Housing revenue, GNMA <br> Insured, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2052 | 29035000 | &nbsp;&nbsp; 29035000 |
| &nbsp;&nbsp; Colorado HFA Series I Class II (Housing revenue, GNMA Insured, <br> Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2051 | 19300000 | &nbsp;&nbsp; 19300000 |
| &nbsp;&nbsp; Colorado HFA Series M2 Class II (Housing revenue, GNMA <br> Insured, Bank of America N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 5-1-2054 | 17000000 | &nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp; Colorado HFA Series N-2 Class I (Housing revenue, GNMA <br> Insured, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2046 | 15000000 | &nbsp;&nbsp; 15000000 |

---

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

Retail Money Market Funds \| 7

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Colorado HFA Series P-2 Class II (Housing revenue, GNMA <br> Insured, FHLB SPA)<br>| 4.35<br> %<br>| &nbsp;&nbsp; 5-1-2050 | $40320000 | &nbsp;&nbsp; $40320000 |
| &nbsp;&nbsp; Colorado HFA Series Q2 Class I (Housing revenue, GNMA <br> Insured, FHLB LIQ)<br>| 4.35 | &nbsp;&nbsp; 11-1-2048 | 35240000 | &nbsp;&nbsp; 35240000 |
|  |  |  |  | &nbsp;&nbsp; **343425000** |
| **Georgia: 0.28%** |  |  |  |  |
| **Variable rate demand notes ø: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Private Colleges & Universities Authority Emory University <br> Series C-2 (Education revenue, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 9-1-2052 | 110445000 | &nbsp;&nbsp; **110445000** |
| **Illinois: 1.26%** |  |  |  |  |
| **Variable rate demand notes ø: 1.26%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Series B (Education revenue, <br> Sumitomo Mitsui Banking Corp. LOC)<br>| 4.35 | &nbsp;&nbsp; 4-1-2055 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Series A <br> (Education revenue, Northern Trust Company SPA)<br>| 4.35 | &nbsp;&nbsp; 4-1-2055 | 39500000 | &nbsp;&nbsp; 39500000 |
| &nbsp;&nbsp; Illinois Housing Development Authority RMW Lake Shore LLC <br> Series C-2 (Housing revenue, Goldman Sachs Bank USA <br> LOC)<br>| 4.35 | &nbsp;&nbsp; 12-1-2058 | 99595000 | &nbsp;&nbsp; 99595000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series C (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 10-1-2046 | 36000000 | &nbsp;&nbsp; 36000000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series F (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)<br>| 4.35 | &nbsp;&nbsp; 10-1-2046 | 43290000 | &nbsp;&nbsp; 43290000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series J (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of <br> Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 10-1-2048 | 14835000 | &nbsp;&nbsp; 14835000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2025-004 <br> (Miscellaneous revenue, Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 6-30-2040 | 115000000 | &nbsp;&nbsp; 115000000 |
|  |  |  |  | &nbsp;&nbsp; **498220000** |
| **Iowa: 0.09%** |  |  |  |  |
| **Variable rate demand notes ø: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Student Loan Liquidity Corp. Series 2023-1 (Education <br> revenue, Royal Bank of Canada LOC)<br>| 4.37 | &nbsp;&nbsp; 3-1-2053 | 33409000 | &nbsp;&nbsp; **33409000** |
| **Kentucky: 0.10%** |  |  |  |  |
| **Variable rate demand notes ø: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Higher Education Student Loan Corp. Series 1A-2 <br> (Education revenue, Bank of America N.A. LOC)<br>| 4.34 | &nbsp;&nbsp; 6-1-2043 | 38760000 | &nbsp;&nbsp; **38760000** |
| **Maine: 0.05%** |  |  |  |  |
| **Variable rate demand notes ø: 0.05%** |  |  |  |  |
| City of Portland (GO revenue, TD Bank N.A. LOC) | 4.35 | &nbsp;&nbsp; 6-1-2026 | 20475000 | &nbsp;&nbsp; **20475000** |
| **Maryland: 0.06%** |  |  |  |  |
| **Variable rate demand notes ø: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Community Development Administration Residential <br> Revenue Series B (Housing revenue, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 9-1-2033 | 24005000 | &nbsp;&nbsp; **24005000** |

---

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

8 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Massachusetts: 0.35%** |  |  |  |  |
| **Variable rate demand notes ø: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Housing Finance Agency Series 229 (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, UBS AG SPA)<br>| 4.40<br> %<br>| &nbsp;&nbsp; 6-1-2052 | $62595000 | &nbsp;&nbsp; $62595000 |
| &nbsp;&nbsp; Massachusetts Housing Finance Agency Series E (Housing <br> revenue, Department of Housing and Urban Development <br> Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 12-1-2063 | 75595000 | &nbsp;&nbsp; 75595000 |
|  |  |  |  | &nbsp;&nbsp; **138190000** |
| **Michigan: 0.38%** |  |  |  |  |
| **Variable rate demand notes ø: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series T0028 (Tax <br> revenue, JPMorgan Chase Bank N.A. LIQ)144A<br>| 4.38 | &nbsp;&nbsp; 1-26-2026 | 149870000 | &nbsp;&nbsp; **149870000** |
| **Minnesota: 0.95%** |  |  |  |  |
| **Variable rate demand notes ø: 0.95%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series C (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 1-1-2054 | 19920000 | &nbsp;&nbsp; 19920000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series D (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2052 | 29365000 | &nbsp;&nbsp; 29365000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2050 | 19840000 | &nbsp;&nbsp; 19840000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2052 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series H (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, FHLB SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2052 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series I (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, FHLB LIQ)<br>| 4.35 | &nbsp;&nbsp; 1-1-2050 | 28810000 | &nbsp;&nbsp; 28810000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series K (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, FHLB SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2053 | 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series K (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, State Street Bank & Trust <br> Co. SPA)<br>| 4.35 | &nbsp;&nbsp; 1-1-2051 | 14970000 | &nbsp;&nbsp; 14970000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series M (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 1-1-2050 | 29380000 | &nbsp;&nbsp; 29380000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series Q (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)<br>| 4.35 | &nbsp;&nbsp; 7-1-2053 | 29765000 | &nbsp;&nbsp; 29765000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2019-019 (Health <br> revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A<br>| 4.65 | &nbsp;&nbsp; 12-1-2030 | 6275000 | &nbsp;&nbsp; 6275000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2020-11 (Health <br> revenue, Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 9-1-2030 | 72060000 | &nbsp;&nbsp; 72060000 |
|  |  |  |  | &nbsp;&nbsp; **375385000** |
| **Missouri: 0.17%** |  |  |  |  |
| **Variable rate demand notes ø: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri SSM Health Care Obligated Group <br> Series B-2 (Health revenue)<br>| 4.34 | &nbsp;&nbsp; 6-1-2053 | 66535000 | &nbsp;&nbsp; **66535000** |

---

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

Retail Money Market Funds \| 9

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New Hampshire: 0.83%** |  |  |  |  |
| **Variable rate demand notes ø: 0.83%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority CJ Foods <br> Manufacturing Beaumont LLC Series A (Industrial <br> development revenue, Kookmin Bank LOC)144A<br>| 4.52<br> %<br>| &nbsp;&nbsp; 10-1-2028 | $80000000 | &nbsp;&nbsp; $80000000 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority CJ Foods <br> Manufacturing Beaumont LLC Series A (Industrial <br> development revenue, Kookmin Bank LOC)144A<br>| 4.52 | &nbsp;&nbsp; 7-1-2029 | 24400000 | &nbsp;&nbsp; 24400000 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Hanwha Q <br> Cells USA, Inc. (Industrial development revenue, Kookmin <br> Bank LOC)144A<br>| 4.65 | &nbsp;&nbsp; 2-1-2029 | 194000000 | &nbsp;&nbsp; 194000000 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Joon Georgia, Inc. <br> (Industrial development revenue, Korea Development Bank <br> LOC)144A<br>| 4.52 | &nbsp;&nbsp; 7-1-2033 | 26700000 | &nbsp;&nbsp; 26700000 |
|  |  |  |  | &nbsp;&nbsp; **325100000** |
| **New York: 3.31%** |  |  |  |  |
| **Variable rate demand notes ø: 3.31%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2020-MIZ9043 (Housing <br> revenue, Mizuho Bank Limited LOC, Mizuho Bank Limited <br> LIQ)144A<br>| 4.45 | &nbsp;&nbsp; 11-1-2049 | 18030000 | &nbsp;&nbsp; 18030000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9106 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.60 | &nbsp;&nbsp; 7-1-2057 | 26925000 | &nbsp;&nbsp; 26925000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9108 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 4.45 | &nbsp;&nbsp; 11-1-2031 | 47500000 | &nbsp;&nbsp; 47500000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9109 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.73 | &nbsp;&nbsp; 6-4-2027 | 120640000 | &nbsp;&nbsp; 120640000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9112 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.76 | &nbsp;&nbsp; 10-1-2027 | 91250000 | &nbsp;&nbsp; 91250000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9114 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.63 | &nbsp;&nbsp; 11-1-2052 | 19000000 | &nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9117 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 4.73 | &nbsp;&nbsp; 11-1-2052 | 66400000 | &nbsp;&nbsp; 66400000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2023-MIZ9132 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.45 | &nbsp;&nbsp; 2-1-2058 | 33650000 | &nbsp;&nbsp; 33650000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9164TX <br> (Housing revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.56 | &nbsp;&nbsp; 12-1-2062 | 37740000 | &nbsp;&nbsp; 37740000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9183TX <br> (Housing revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.56 | &nbsp;&nbsp; 11-1-2040 | 13845000 | &nbsp;&nbsp; 13845000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9203TX <br> (Housing revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 4.60 | &nbsp;&nbsp; 11-1-2044 | 29450000 | &nbsp;&nbsp; 29450000 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series B (Housing <br> revenue, Landesbank Hessen-Thüringen LOC)<br>| 4.45 | &nbsp;&nbsp; 11-1-2050 | 45250000 | &nbsp;&nbsp; 45250000 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series I (Housing <br> revenue, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 11-1-2055 | 39515000 | &nbsp;&nbsp; 39515000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2019-007 (GO revenue, <br> Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 5-1-2029 | 50235000 | &nbsp;&nbsp; 50235000 |

---

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

10 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2021-BTMFT (GO <br> revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A<br>| 4.65<br> %<br>| &nbsp;&nbsp; 12-15-2025 | $133136000 | &nbsp;&nbsp; $133136000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2022-002 (GO revenue, <br> Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 11-1-2041 | 15000000 | &nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2024-TMFT-006 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 4.45 | &nbsp;&nbsp; 9-21-2026 | 30740000 | &nbsp;&nbsp; 30740000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-002 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 5-15-2056 | 166585000 | &nbsp;&nbsp; 166585000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2024 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 9-21-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2024 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 4.65 | &nbsp;&nbsp; 6-24-2027 | 42985000 | &nbsp;&nbsp; 42985000 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Series E (Transportation <br> revenue, UBS AG LOC)<br>| 4.34 | &nbsp;&nbsp; 11-15-2032 | 77500000 | &nbsp;&nbsp; 77500000 |
|  |  |  |  | &nbsp;&nbsp; **1305376000** |
| **North Dakota: 0.08%** |  |  |  |  |
| **Variable rate demand notes ø: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; North Dakota Housing Finance Agency Series C (Housing <br> revenue, Royal Bank of Canada SPA)<br>| 4.35 | &nbsp;&nbsp; 7-1-2052 | 29900000 | &nbsp;&nbsp; **29900000** |
| **Pennsylvania: 0.08%** |  |  |  |  |
| **Variable rate demand notes ø: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency Series A <br> (Education revenue, Bank of America N.A. LOC)<br>| 4.35 | &nbsp;&nbsp; 6-1-2054 | 32260000 | &nbsp;&nbsp; **32260000** |
| **Rhode Island: 0.08%** |  |  |  |  |
| **Variable rate demand notes ø: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp. Series 80 <br> (Housing revenue, GNMA Insured, TD Bank N.A. SPA)<br>| 4.35 | &nbsp;&nbsp; 10-1-2053 | 32355000 | &nbsp;&nbsp; **32355000** |
| **Texas: 0.32%** |  |  |  |  |
| **Variable rate demand notes ø: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9218 (Health <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 4.56 | &nbsp;&nbsp; 7-1-2035 | 15005000 | &nbsp;&nbsp; 15005000 |
| &nbsp;&nbsp; North Texas Higher Education Authority, Inc. Series 2023-1 <br> (Education revenue, Royal Bank of Canada LOC)<br>| 4.37 | &nbsp;&nbsp; 12-1-2053 | 40418000 | &nbsp;&nbsp; 40418000 |
| State of Texas Series A (GO revenue, FHLB SPA) | 4.35 | &nbsp;&nbsp; 12-1-2051 | 44445000 | &nbsp;&nbsp; 44445000 |
| &nbsp;&nbsp; State of Texas Series A (GO revenue, Texas State Comptroller <br> LIQ)<br>| 4.35 | &nbsp;&nbsp; 12-1-2056 | 25000000 | &nbsp;&nbsp; 25000000 |
|  |  |  |  | &nbsp;&nbsp; **124868000** |
| **Total municipal obligations (Cost $3,881,318,000)** |  |  |  | &nbsp;&nbsp; **3881318000** |
| **Other instruments: 1.62%** |  |  |  |  |
| **Variable rate demand notes ø: 1.62%** |  |  |  |  |
| Anton Santa Cruz LLC Series A | 4.45 | &nbsp;&nbsp; 2-1-2061 | 42000000 | &nbsp;&nbsp; 42000000 |
| Arizona RR Ranches LLC Series 2024 | 4.50 | &nbsp;&nbsp; 8-1-2054 | 40000000 | &nbsp;&nbsp; 40000000 |
| Augustine Insurance Trust Series 2024 | 4.45 | &nbsp;&nbsp; 11-1-2074 | 24770000 | &nbsp;&nbsp; 24770000 |

---

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

Retail Money Market Funds \| 11

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |  |
| Ecmc Group, Inc. Series 23-1 |  | 4.37<br> %<br>| &nbsp;&nbsp; 12-1-2050 | $54350000 | &nbsp;&nbsp; $54350000 |
| Ecmc Group, Inc. |  | 4.37 | &nbsp;&nbsp; 12-1-2054 | 108000000 | &nbsp;&nbsp; 108000000 |
| Eligijus P. Lelis Family Trust Series 2025 |  | 4.45 | &nbsp;&nbsp; 1-1-2075 | 12575000 | &nbsp;&nbsp; 12575000 |
| &nbsp;&nbsp; Heritage Holdings/BKF Inv/Mitchell G Fehr/Nate <br> Knobloch/Journey Investments<br>|  | 4.45 | &nbsp;&nbsp; 3-1-2055 | 25000000 | &nbsp;&nbsp; 25000000 |
| Jets Stadium Development LLC Series A-4B144A |  | 4.80 | &nbsp;&nbsp; 4-1-2047 | 61080000 | &nbsp;&nbsp; 61080000 |
| Jets Stadium Finance Issuer 2015 LLC144A |  | 4.80 | &nbsp;&nbsp; 4-1-2047 | 21220000 | &nbsp;&nbsp; 21220000 |
| JWV-B Turner Investments LLC Series 2024 |  | 4.50 | &nbsp;&nbsp; 7-1-2044 | 21125000 | &nbsp;&nbsp; 21125000 |
| Kurt Anderson Memorial Trust Series 2024 |  | 4.45 | &nbsp;&nbsp; 8-1-2044 | 6070000 | &nbsp;&nbsp; 6070000 |
| Milpitas Phase I LP Series 2025 |  | 4.45 | &nbsp;&nbsp; 6-1-2065 | 65000000 | &nbsp;&nbsp; 65000000 |
| Siesta Key Issuing Trust Series 2025 |  | 4.45 | &nbsp;&nbsp; 3-1-2075 | 24240000 | &nbsp;&nbsp; 24240000 |
| SRM Culver City LP |  | 4.45 | &nbsp;&nbsp; 12-1-2061 | 27150000 | &nbsp;&nbsp; 27150000 |
| Tetris Issuing Trust Series 2025 |  | 4.50 | &nbsp;&nbsp; 7-1-2075 | 88155000 | &nbsp;&nbsp; 88155000 |
| Willow Partners LP |  | 4.45 | &nbsp;&nbsp; 8-1-2063 | 17000000 | &nbsp;&nbsp; 17000000 |
| **Total other instruments (Cost $637,735,000)** |  |  |  |  | &nbsp;&nbsp; **637735000** |
| **Repurchase agreements^^: 23.34%** |  |  |  |  |  |
| &nbsp;&nbsp; Bank of America NA, dated 7-31-2025, maturity value <br> $1,450,176,014(01)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 1450000000 | &nbsp;&nbsp; 1450000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 7-31-2025, maturity value <br> $2,950,358,097(02)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 2950000000 | &nbsp;&nbsp; 2950000000 |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 7-31-2025, maturity value <br> $2,700,327,750(03)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 2700000000 | &nbsp;&nbsp; 2700000000 |
| &nbsp;&nbsp; RBC Dominion, dated 7-31-2025, maturity value <br> $325,039,451(04)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 325000000 | &nbsp;&nbsp; 325000000 |
| &nbsp;&nbsp; TD Securities USA LLC, dated 7-31-2025, maturity value <br> $325,039,451(05)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 325000000 | &nbsp;&nbsp; 325000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 7-31-2025, maturity value <br> $1,450,176,014(06)<br>|  | 4.37 | &nbsp;&nbsp; 8-1-2025 | 1450000000 | &nbsp;&nbsp; 1450000000 |
| **Total repurchase agreements (Cost $9,200,000,000)** |  |  |  |  | &nbsp;&nbsp; **9200000000** |
| **Total investments in securities (Cost $39,798,401,523)** | 100.99<br> %<br>|  |  |  | &nbsp;&nbsp; 39798401523 |
| Other assets and liabilities, net | (0.99)<br>|  |  |  | &nbsp;&nbsp; (390880637)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$39407520886** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

12 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| § | The security is subject to a demand feature which reduces the effective maturity. |
| %% | The security is purchased on a when-issued basis. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ^^ | Collateralized by: |
|  | (01) U.S. government securities, 1.50% to 3.00%, 4-1-2045 to 9-1-2051, fair value including accrued interest is $1,493,500,001. |
|  | (02) U.S. government securities, 0.00% to 8.50%, 11-1-2026 to 6-15-2065, fair value including accrued interest is $3,038,198,454. |
|  | (03) U.S. government securities, 0.00% to 7.12%, 10-20-2025 to 6-1-2055, fair value including accrued interest is $2,776,114,378. |
|  | (04) U.S. government securities, 0.00% to 8.00%, 8-31-2025 to 5-15-2055, fair value including accrued interest is $332,621,649. |
|  | (05) U.S. government securities, 2.00% to 7.00%, 4-1-2036 to 8-1-2055, fair value including accrued interest is $334,750,000. |
|  | (06) U.S. government securities, 1.50% to 11.70%, 11-20-2025 to 11-15-2067, fair value including accrued interest is $1,493,500,000. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| OBFR | Overnight Bank Funding Rate |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |

---

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

Retail Money Market Funds \| 13

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $30598401523 |
| Investments in repurchase agreements, at amortized cost | 9200000000 |
| Cash | 92994 |
| Receivable for Fund shares sold | 142567853 |
| Receivable for interest | 106034097 |
| Receivable for investments sold | 785000 |
| Prepaid expenses and other assets | 2144287 |
| **Total assets** | **40050025754** |
| Liabilities |  |
| Payable for when-issued transactions | 489646602 |
| Payable for Fund shares redeemed | 146763464 |
| Administration fees payable | 2698216 |
| Management fee payable | 2612691 |
| Dividends payable | 238167 |
| Shareholder servicing fees payable | 89755 |
| Distribution fee payable | 341 |
| Accrued expenses and other liabilities | 455632 |
| **Total liabilities** | **642504868** |
| **Total net assets**  | **$39407520886** |
| Net assets consist of |  |
| Paid-in capital | $39408070896 |
| Total distributable loss | (550010)<br>|
| **Total net assets** | **$39407520886** |
| Computation of net asset value per share |  |
| Net assets–Class A | $409424389 |
| Shares outstanding–Class A<sup>1</sup> <br>| 409424173 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Class C | $535899 |
| Shares outstanding–Class C<sup>1</sup> <br>| 535899 |
| Net asset value per share–Class C | $1.00 |
| Net assets–Premier Class | $38984404337 |
| Shares outstanding–Premier Class<sup>1</sup> <br>| 38984362994 |
| Net asset value per share–Premier Class | $1.00 |
| Net assets–Service Class | $13156261 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 13156249 |
| Net asset value per share–Service Class | $1.00 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

14 \| Retail Money Market Funds

------

Statement of operations—six months ended July 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $850557641 |
| Expenses |  |
| Management fee | 33897611 |
| Administration fees |  |
| Class A | 403803 |
| Class C | 635 |
| Premier Class | 14851524 |
| Service Class | 7676 |
| Shareholder servicing fees |  |
| Class A | 504753 |
| Class C | 794 |
| Service Class | 15992 |
| Distribution fee |  |
| Class C | 2381 |
| Custody and accounting fees | 315878 |
| Professional fees | 82736 |
| Registration fees | 1414762 |
| Shareholder report expenses | 251835 |
| Trustees' fees and expenses | 162110 |
| Other fees and expenses | 156676 |
| **Total expenses** | **52069166** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (11366545)<br>|
| Class A | (99548)<br>|
| Premier Class | (7937038)<br>|
| Service Class | (3170)<br>|
| **Net expenses** | **32662865** |
| **Net investment income** | **817894776** |
| **Net realized gains on investments** | **165898** |
| **Net increase in net assets resulting from operations** | **$818060674** |

---

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

Retail Money Market Funds \| 15

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $817894776 | &nbsp;&nbsp; $1785483019 |
| Net realized gains on investments |  | &nbsp;&nbsp; 165898 | &nbsp;&nbsp; 40359 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **818060674** | &nbsp;&nbsp; **1785523378** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (8091273)<br>| &nbsp;&nbsp; (19427210)<br>|
| Class C |  | &nbsp;&nbsp; (10361)<br>| &nbsp;&nbsp; (63839)<br>|
| Premier Class |  | &nbsp;&nbsp; (809506568)<br>| &nbsp;&nbsp; (1765429720)<br>|
| Service Class |  | &nbsp;&nbsp; (261153)<br>| &nbsp;&nbsp; (558625)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(817869355)**<br>| &nbsp;&nbsp; **(1785479394)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 55200491 | &nbsp;&nbsp; 55200491 | &nbsp;&nbsp; 87497234 |
| Class C | 197037 | &nbsp;&nbsp; 197037 | &nbsp;&nbsp; 449912 |
| Premier Class | 20026297177 | &nbsp;&nbsp; 20026297177 | &nbsp;&nbsp; 36701701454 |
| Service Class | 2063792 | &nbsp;&nbsp; 2063792 | &nbsp;&nbsp; 4145552 |
|  |  | &nbsp;&nbsp; 20083758497 | &nbsp;&nbsp; 36793794152 |
| Reinvestment of distributions |  |  |  |
| Class A | 7989951 | &nbsp;&nbsp; 7989951 | &nbsp;&nbsp; 19193744 |
| Class C | 10114 | &nbsp;&nbsp; 10114 | &nbsp;&nbsp; 63839 |
| Premier Class | 808465686 | &nbsp;&nbsp; 808465686 | &nbsp;&nbsp; 1763219661 |
| Service Class | 253717 | &nbsp;&nbsp; 253717 | &nbsp;&nbsp; 540242 |
|  |  | &nbsp;&nbsp; 816719468 | &nbsp;&nbsp; 1783017486 |
| Payment for shares redeemed |  |  |  |
| Class A | (59860367)<br>| &nbsp;&nbsp; (59860367)<br>| &nbsp;&nbsp; (134995854)<br>|
| Class C | (883893)<br>| &nbsp;&nbsp; (883893)<br>| &nbsp;&nbsp; (1178254)<br>|
| Premier Class | (17894183048)<br>| &nbsp;&nbsp; (17894183048)<br>| &nbsp;&nbsp; (35268581125)<br>|
| Service Class | (1565877)<br>| &nbsp;&nbsp; (1565877)<br>| &nbsp;&nbsp; (3708533)<br>|
|  |  | &nbsp;&nbsp; (17956493185)<br>| &nbsp;&nbsp; (35408463766)<br>|
| **Net increase in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **2943984780** | &nbsp;&nbsp; **3168347872** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **2944176099** | &nbsp;&nbsp; **3168391856** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **36463344787** | &nbsp;&nbsp; **33294952931** |
| **End of period** |  | &nbsp;&nbsp; **$39407520886** | &nbsp;&nbsp; **$36463344787** |

---

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

16 \| Retail Money Market Funds

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.00%**<br>| **4.81%**<br>| **4.89%**<br>| **1.73%**<br>| **0.01%**<br>| **0.27%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.64<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>|
| Net expenses | 0.53<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.52 %\*<br>| 0.15 %\*<br>| 0.40 %\*<br>|
| Net investment income | 4.00<br> %<br>| 4.71<br> %<br>| 4.79<br> %<br>| 1.73<br> %<br>| 0.01<br> %<br>| 0.27<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $409424 | &nbsp;&nbsp; $406092 | &nbsp;&nbsp; $434396 | &nbsp;&nbsp; $438190 | &nbsp;&nbsp; $434892 | &nbsp;&nbsp; $466559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.08% |
| Year ended January 31, 2022 | 0.45% |
| Year ended January 31, 2021 | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Retail Money Market Funds \| 17

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class C | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.60%**<br>| **4.03%**<br>| **4.11%**<br>| **1.19%**<br>| **0.01%**<br>| **0.08%** <br><sup>5</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.39<br> %<br>| 1.39<br> %<br>| 1.40<br> %<br>| 1.44<br> %<br>| 1.45<br> %<br>| 1.43<br> %<br>|
| Net expenses | 1.33<br> %<br>| 1.33<br> %<br>| 1.34<br> %<br>| 1.09 %\*<br>| 0.15 %\*<br>| 0.59 %\*<br>|
| Net investment income | 3.27<br> %<br>| 3.98<br> %<br>| 3.99<br> %<br>| 1.27<br> %<br>| 0.01<br> %<br>| 0.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $536 | &nbsp;&nbsp; $1213 | &nbsp;&nbsp; $1877 | &nbsp;&nbsp; $3012 | &nbsp;&nbsp; $1960 | &nbsp;&nbsp; $2855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.26% |
| Year ended January 31, 2022 | 1.20% |
| Year ended January 31, 2021 | 0.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

<sup>5</sup> During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on total return.

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

18 \| Retail Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Premier Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.01 |
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.01 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.18%**<br>| **5.24%**<br>| **5.37%**<br>| **2.13%**<br>| **0.03%**<br>| **0.54%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.27<br> %<br>| 0.27<br> %<br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.31<br> %<br>| 0.29<br> %<br>|
| Net expenses | 0.17<br> %<br>| 0.16 %\*<br>| 0.13 %\*<br>| 0.13 %\*<br>| 0.13 %\*<br>| 0.13 %\*<br>|
| Net investment income | 4.36<br> %<br>| 5.11<br> %<br>| 5.30<br> %<br>| 3.02<br> %<br>| 0.03<br> %<br>| 0.41<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $38984404 | &nbsp;&nbsp; $36043635 | &nbsp;&nbsp; $32847252 | &nbsp;&nbsp; $14906434 | &nbsp;&nbsp; $2431267 | &nbsp;&nbsp; $4452436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2025 | 0.04% |
| Year ended January 31, 2024 | 0.07% |
| Year ended January 31, 2023 | 0.07% |
| Year ended January 31, 2022 | 0.07% |
| Year ended January 31, 2021 | 0.07% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Retail Money Market Funds \| 19

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.04%**<br>| **4.89%**<br>| **4.98%**<br>| **1.81%**<br>| **0.01%**<br>| **0.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.56<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>|
| Net expenses | 0.45<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.44 %\*<br>| 0.15 %\*<br>| 0.36 %\*<br>|
| Net investment income | 4.08<br> %<br>| 4.78<br> %<br>| 4.87<br> %<br>| 1.80<br> %<br>| 0.01<br> %<br>| 0.31<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $13156 | &nbsp;&nbsp; $12405 | &nbsp;&nbsp; $11427 | &nbsp;&nbsp; $11154 | &nbsp;&nbsp; $10828 | &nbsp;&nbsp; $11963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.06% |
| Year ended January 31, 2022 | 0.35% |
| Year ended January 31, 2021 | 0.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

20 \| Retail Money Market Funds

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Retail Money Market Funds \| 21

------

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2025, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2025, the Fund had capital loss carryforwards which consisted of $491,976 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| Certificates of deposit | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9903521871 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9903521871 |
| Commercial paper | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16175826652 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16175826652 |
| Municipal obligations | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3881318000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3881318000 |
| Other instruments | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 637735000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 637735000 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9200000000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9200000000 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$39798401523** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$39798401523** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

22 \| Retail Money Market Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.200<br> %<br>|
| Next $5 billion | 0.190 |
| Next $15 billion | 0.180 |
| Over $25 billion | 0.170 |

---

For the six months ended July 31, 2025, the management fee was equivalent to an annual rate of 0.18% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Premier Class | 0.08 |
| Service Class | 0.12 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Allspring Funds Management also voluntarily waived certain class-level expenses during the six months ended July 31, 2025. These voluntary class-level waivers may be discontinued at any time. As of July 31, 2025, the contractual expense caps are as follows:

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.58<br> %<br>|
| Class C | 1.33 |
| Premier Class | 0.20 |
| Service Class | 0.50 |

---

Distribution fee

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

Retail Money Market Funds \| 23

------

Notes to financial statements (unaudited)

In addition, Allspring Funds Distributor is entitled to receive the contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2025.

5. CREDIT RISK

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

6. INDEMNIFICATION

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

7. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

8. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

24 \| Retail Money Market Funds

------

Other information (unaudited)

Other information

Proxy voting information

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

Portfolio holdings information

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

Retail Money Market Funds \| 25

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

26 \| Retail Money Market Funds

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Money Market Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Retail Money Market Funds \| 27

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of the average investment performance of the Universe for all periods under review.

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

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

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

*Investment management and sub-advisory fee rates*

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

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

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

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

*Profitability*

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

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

28 \| Retail Money Market Funds

------

Other information (unaudited)

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

*Economies of scale*

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

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

*Other benefits to Allspring Funds Management and the Sub-Adviser*

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

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

*Conclusion*

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

Retail Money Market Funds \| 29

------

![](g13015imgb860d2fe1.jpg)

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**

![](g13015img99257e6c2.gif)

*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 Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0478 07-25**

------

![](g13015imgbf389e841.jpg)

Retail Money Market Funds

<br> Allspring National Tax-Free Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_POI-PageBlank-6_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_FS-PageBlank-6_1)** |  |
| [Statement of assets and liabilities](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_FS-PageBlank-6_1) | 19 |
| [Statement of operations](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_FS-PageBlank-6_2) | 20 |
| [Statement of changes in net assets](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_FS-PageBlank-6_3) | 21 |
| [Financial highlights](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_FIHI-PageBlank-6_1) | 22 |
| **[Notes to financial statements](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_NTF-PageBlank-6_1)** | 26 |
| **[Other information](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_3)['](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_3)[s approval of investment](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_3)<br> [advisory contract](#xx_cf1dba58-18eb-4bc0-a823-fb3e0f5d3b8c_OI-PageBlank-6_3)<br>| 32 |

---

Retail Money Market Funds \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal | Value |
| **Closed-end fund obligations: 1.05%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series D (70 shares) 2.74%144Aø<br>| $7000000 | &nbsp;&nbsp; $7000000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> (80 shares) 2.36%144Aø<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (50 shares) 2.37%144Aø<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| **Total closed-end fund obligations (Cost $20,000,000)** |  | &nbsp;&nbsp; **20000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>|  |  |
| **Municipal obligations: 97.80%** |  |  |  |  |
| **Alabama: 4.52%** |  |  |  |  |
| **Variable rate demand notes ø: 4.52%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XG0410 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59<br> %<br>| &nbsp;&nbsp; 1-1-2053 | 14200000 | &nbsp;&nbsp; 14200000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> ZL0396 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 2-1-2053 | 2395000 | &nbsp;&nbsp; 2395000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> ZL0397 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 2-1-2053 | 2700000 | &nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XM1131 (Utilities revenue, Royal Bank of Canada LOC, Royal <br> Bank of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 1-1-2028 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1677 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 4-1-2030 | 3160000 | &nbsp;&nbsp; 3160000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF3199 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 4-1-2054 | 8275000 | &nbsp;&nbsp; 8275000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF3202 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 4-1-2054 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF3208 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 2-1-2053 | 11930000 | &nbsp;&nbsp; 11930000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZL0487 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 12-1-2028 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1800 (Utilities revenue, JPMorgan Chase Bank N.A. LOC, <br> JPMorgan Chase Bank N.A. LIQ)144A<br>| 2.95 | &nbsp;&nbsp; 12-1-2032 | 10330000 | &nbsp;&nbsp; 10330000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> BAML5061 (Health revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.89 | &nbsp;&nbsp; 9-1-2054 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> BAML5063 (Health revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.49 | &nbsp;&nbsp; 11-1-2054 | 9000000 | &nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XM1202 (Utilities revenue, JPMorgan Chase Bank N.A. LOC, <br> JPMorgan Chase Bank N.A. LIQ)144A<br>| 2.95 | &nbsp;&nbsp; 12-1-2032 | 8330000 | &nbsp;&nbsp; 8330000 |
|  |  |  |  | &nbsp;&nbsp; **86320000** |

---

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

2 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Arizona: 1.21%** |  |  |  |  |
| **Variable rate demand notes ø: 1.21%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Board of Regents Arizona State University Series C <br> (Education revenue)<br>| 2.20<br> %<br>| &nbsp;&nbsp; 7-1-2055 | $3600000 | &nbsp;&nbsp; $3600000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2023-MIZ9155 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 3-1-2038 | 9685000 | &nbsp;&nbsp; 9685000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2023-MIZ9157 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 5-1-2038 | 2265000 | &nbsp;&nbsp; 2265000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9180 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 12-4-2026 | 4370000 | &nbsp;&nbsp; 4370000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2018-<br> XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 12-1-2037 | 3215000 | &nbsp;&nbsp; 3215000 |
|  |  |  |  | &nbsp;&nbsp; **23135000** |
| **California: 5.71%** |  |  |  |  |
| **Variable rate demand notes ø: 5.71%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2021-MIZ9063 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 5-1-2049 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9191 (Tax revenue, <br> Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC <br> LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 3-5-2027 | 11850000 | &nbsp;&nbsp; 11850000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3007 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.59 | &nbsp;&nbsp; 5-1-2053 | 19180000 | &nbsp;&nbsp; 19180000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6010 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 12-18-2053 | 1655000 | &nbsp;&nbsp; 1655000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0484 (Tax revenue, BAM Insured, Royal Bank of Canada <br> LIQ)144A<br>| 2.35 | &nbsp;&nbsp; 9-1-2049 | 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XM1153 (Water & sewer revenue, Barclays Bank plc LOC, <br> Barclays Bank plc LIQ)144A<br>| 2.44 | &nbsp;&nbsp; 7-1-2048 | 7000000 | &nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025- <br> CF7005 (Housing revenue, Citibank N.A. LOC, Citibank N.A. <br> LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 9-1-2048 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML5065 <br> (Health revenue, Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144A<br>| 2.35 | &nbsp;&nbsp; 11-15-2051 | 11355000 | &nbsp;&nbsp; 11355000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7013 <br> (Housing revenue, Citibank N.A. LOC, Citibank N.A. LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 7-1-2052 | 8884253 | &nbsp;&nbsp; 8884253 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7014 <br> (Housing revenue, Citibank N.A. LOC, Citibank N.A. LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 4-1-2052 | 10063850 | &nbsp;&nbsp; 10063850 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7033 <br> (Housing revenue, Citibank N.A. LOC, Citibank N.A. LIQ)144A<br>| 2.39 | &nbsp;&nbsp; 7-1-2053 | 6790000 | &nbsp;&nbsp; 6790000 |

---

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

Retail Money Market Funds \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7035 (GO <br> revenue, Citibank N.A. LIQ)144A<br>| 2.32<br> %<br>| &nbsp;&nbsp; 8-1-2047 | $15505000 | &nbsp;&nbsp; $15505000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series YX1399 <br> (Utilities revenue, BAM Insured, Barclays Bank plc LOC, Barclays <br> Bank plc LIQ)144A<br>| 2.44 | &nbsp;&nbsp; 7-1-2046 | 3315000 | &nbsp;&nbsp; 3315000 |
|  |  |  |  | &nbsp;&nbsp; **109098103** |
| **Colorado: 0.97%** |  |  |  |  |
| **Variable rate demand notes ø: 0.97%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3040 (Health revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 11-1-2052 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; University of Colorado Hospital Authority Health Obligated Group <br> Series C (Health revenue, TD Bank N.A. SPA)<br>| 2.75 | &nbsp;&nbsp; 11-15-2039 | 16000000 | &nbsp;&nbsp; 16000000 |
|  |  |  |  | &nbsp;&nbsp; **18500000** |
| **Delaware: 0.14%** |  |  |  |  |
| **Variable rate demand notes ø: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9182 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 12-4-2026 | 2625000 | &nbsp;&nbsp; 2625000 |
| University of Delaware (Education revenue, TD Bank N.A. SPA) | 2.75 | &nbsp;&nbsp; 11-1-2035 | 100000 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; **2725000** |
| **District of Columbia: 0.86%** |  |  |  |  |
| **Variable rate demand notes ø: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority Series B (Water & <br> sewer revenue, TD Bank N.A. SPA)<br>| 2.75 | &nbsp;&nbsp; 10-1-2054 | 7170000 | &nbsp;&nbsp; 7170000 |
| &nbsp;&nbsp; District of Columbia MedStar Health Obligated Group Series A <br> (Health revenue, TD Bank N.A. LOC)<br>| 2.45 | &nbsp;&nbsp; 8-15-2038 | 4340000 | &nbsp;&nbsp; 4340000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2019-<br> ZF2784 (Housing revenue, FHA Insured, Morgan Stanley Bank <br> LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 9-1-2039 | 2800000 | &nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2019-<br> ZF2785 (Housing revenue, FHA Insured, Morgan Stanley Bank <br> LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 9-1-2039 | 2070000 | &nbsp;&nbsp; 2070000 |
|  |  |  |  | &nbsp;&nbsp; **16380000** |
| **Florida: 2.98%** |  |  |  |  |
| **Other municipal debt : 0.32%** |  |  |  |  |
| County of Hillsborough (Miscellaneous revenue) | 2.93 | &nbsp;&nbsp; 9-18-2025 | 6045000 | &nbsp;&nbsp; **6045000** |
| **Variable rate demand notes ø: 2.66%** |  |  |  |  |
| County of Escambia Florida Power & Light Co. (Utilities revenue) | 2.45 | &nbsp;&nbsp; 4-1-2039 | 2520000 | &nbsp;&nbsp; 2520000 |
| &nbsp;&nbsp; County of Manatee Florida Power & Light Co. (Industrial <br> development revenue)<br>| 2.45 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth <br> Obligated Group Series A (Health revenue)<br>| 2.30 | &nbsp;&nbsp; 11-15-2037 | 15550000 | &nbsp;&nbsp; 15550000 |

---

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

4 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series C (Health <br> revenue, TD Bank N.A. LOC)<br>| 2.45<br> %<br>| &nbsp;&nbsp; 11-1-2038 | $1500000 | &nbsp;&nbsp; $1500000 |
| &nbsp;&nbsp; Orange County Health Facilities Authority Nemours Foundation <br> Series C-2 (Health revenue, TD Bank N.A. LOC)<br>| 2.36 | &nbsp;&nbsp; 1-1-2037 | 2915000 | &nbsp;&nbsp; 2915000 |
| &nbsp;&nbsp; Putnam County Development Authority Florida Power & Light Co. <br> (Industrial development revenue)<br>| 2.45 | &nbsp;&nbsp; 9-1-2029 | 4480000 | &nbsp;&nbsp; 4480000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0485 (Health revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 12-1-2047 | 2595000 | &nbsp;&nbsp; 2595000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6031 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.90 | &nbsp;&nbsp; 4-1-2026 | 4060000 | &nbsp;&nbsp; 4060000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6032 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.90 | &nbsp;&nbsp; 4-1-2026 | 4170000 | &nbsp;&nbsp; 4170000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1713 (Education revenue, BAM Insured, JPMorgan Chase Bank <br> N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 10-1-2046 | 6665000 | &nbsp;&nbsp; 6665000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3223 (Housing revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 3.00 | &nbsp;&nbsp; 4-1-2042 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> YX1351 (Education revenue, Barclays Bank plc LOC, Barclays <br> Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 4-1-2047 | 1380000 | &nbsp;&nbsp; 1380000 |
|  |  |  |  | &nbsp;&nbsp; **50835000** |
| **Georgia: 1.17%** |  |  |  |  |
| **Other municipal debt : 0.04%** |  |  |  |  |
| &nbsp;&nbsp; DeKalb County Housing Authority Tranquility at Decatur LP Series B <br> (Housing revenue)§<br>| 3.40 | &nbsp;&nbsp; 9-1-2025 | 755000 | &nbsp;&nbsp; **755000** |
| **Variable rate demand notes ø: 1.13%** |  |  |  |  |
| &nbsp;&nbsp; County of DeKalb Water & Sewerage Revenue Series 2016-XF2254 <br> (Water & sewer revenue, AG Insured, JPMorgan Chase Bank N.A. <br> LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 10-1-2025 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3183 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 1-1-2059 | 4315000 | &nbsp;&nbsp; 4315000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0489 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 9-1-2028 | 5375000 | &nbsp;&nbsp; 5375000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XM1136 (Utilities revenue, Royal Bank of Canada LOC, Royal <br> Bank of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 6-1-2029 | 2600000 | &nbsp;&nbsp; 2600000 |

---

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

Retail Money Market Funds \| 5

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1655 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32<br> %<br>| &nbsp;&nbsp; 3-1-2029 | $4020000 | &nbsp;&nbsp; $4020000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1659 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 6-1-2029 | 2805000 | &nbsp;&nbsp; 2805000 |
|  |  |  |  | &nbsp;&nbsp; **21615000** |
| **Idaho: 0.79%** |  |  |  |  |
| **Variable rate demand notes ø: 0.79%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Health Facilities Authority Trinity Health Corp. Obligated <br> Group Series ID (Health revenue)<br>| 3.65 | &nbsp;&nbsp; 12-1-2048 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1654 (Tax revenue, Bank of America N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 8-15-2048 | 3425000 | &nbsp;&nbsp; 3425000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0565 <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank <br> plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 1-1-2054 | 3610000 | &nbsp;&nbsp; 3610000 |
|  |  |  |  | &nbsp;&nbsp; **15035000** |
| **Illinois: 5.99%** |  |  |  |  |
| **Variable rate demand notes ø: 5.99%** |  |  |  |  |
| &nbsp;&nbsp; County of Lake Whispering Oaks Associates LP (Housing revenue, <br> FHLMC LIQ)<br>| 2.32 | &nbsp;&nbsp; 11-1-2045 | 250000 | &nbsp;&nbsp; 249979 |
| &nbsp;&nbsp; Illinois Development Finance Authority American College of <br> Surgeons (Education revenue, Northern Trust Company LOC)<br>| 2.35 | &nbsp;&nbsp; 8-1-2026 | 651000 | &nbsp;&nbsp; 651000 |
| &nbsp;&nbsp; Illinois Educational Facilities Authority Aurora University (Education <br> revenue, BMO Harris Bank N.A. LOC)<br>| 2.29 | &nbsp;&nbsp; 3-1-2032 | 1100000 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series C (Health revenue, JPMorgan Chase Bank <br> N.A. SPA)<br>| 2.65 | &nbsp;&nbsp; 8-15-2049 | 14200000 | &nbsp;&nbsp; 14200000 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series D (Health revenue, JPMorgan Chase Bank <br> N.A. SPA)<br>| 2.55 | &nbsp;&nbsp; 8-15-2057 | 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series F (Health revenue, JPMorgan Chase Bank <br> N.A. SPA)<br>| 2.55 | &nbsp;&nbsp; 8-15-2057 | 12105000 | &nbsp;&nbsp; 12105000 |
| &nbsp;&nbsp; Illinois Finance Authority Marwen Foundation, Inc. (Miscellaneous <br> revenue, Northern Trust Company LOC)<br>| 2.39 | &nbsp;&nbsp; 5-1-2043 | 3810000 | &nbsp;&nbsp; 3810000 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series B (Education revenue, TD Bank N.A. LOC)<br>| 2.60 | &nbsp;&nbsp; 8-1-2044 | 10900000 | &nbsp;&nbsp; 10900000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series D (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Bank of Montreal SPA)<br>| 2.30 | &nbsp;&nbsp; 4-1-2045 | 5300000 | &nbsp;&nbsp; 5300000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series P (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 2.45 | &nbsp;&nbsp; 4-1-2049 | 6265000 | &nbsp;&nbsp; 6265000 |
| &nbsp;&nbsp; PFA Series VRS206 (Miscellaneous revenue, Bank of America N.A. <br> LOC, Bank of America N.A. LIQ)144A<br>| 2.85 | &nbsp;&nbsp; 2-15-2053 | 21250000 | &nbsp;&nbsp; 21250000 |
| &nbsp;&nbsp; Quad Cities Regional EDA Augustana College (Education revenue, <br> BMO Harris Bank N.A. LOC)<br>| 2.25 | &nbsp;&nbsp; 10-1-2035 | 4400000 | &nbsp;&nbsp; 4400000 |

---

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

6 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0434 (GO revenue, Royal Bank of Canada LOC, Royal Bank of <br> Canada LIQ)144A<br>| 2.32<br> %<br>| &nbsp;&nbsp; 1-1-2043 | $2750000 | &nbsp;&nbsp; $2750000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> YX1326 (Health revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 11-15-2038 | 4575000 | &nbsp;&nbsp; 4575000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> YX1338 (GO revenue, Barclays Bank plc LOC, Barclays Bank plc <br> LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 5-1-2049 | 3955000 | &nbsp;&nbsp; 3955000 |
| &nbsp;&nbsp; Village of Brookfield Chicago Zoological Society (Miscellaneous <br> revenue, Northern Trust Company LOC)<br>| 2.40 | &nbsp;&nbsp; 6-1-2038 | 2845000 | &nbsp;&nbsp; 2845000 |
|  |  |  |  | &nbsp;&nbsp; **114355979** |
| **Indiana: 1.07%** |  |  |  |  |
| **Variable rate demand notes ø: 1.07%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC (Industrial <br> development revenue, Mizuho Bank Limited LOC)<br>| 2.35 | &nbsp;&nbsp; 12-1-2039 | 250000 | &nbsp;&nbsp; 249980 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Industrial development revenue, Sumitomo Mitsui Banking Corp. <br> LOC)<br>| 2.75 | &nbsp;&nbsp; 12-1-2039 | 12100000 | &nbsp;&nbsp; 12100000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF2990 (Education revenue, Barclays Bank plc LOC, Barclays <br> Bank plc LIQ)144A<br>| 2.37 | &nbsp;&nbsp; 9-1-2057 | 8105000 | &nbsp;&nbsp; 8105000 |
|  |  |  |  | &nbsp;&nbsp; **20454980** |
| **Iowa: 1.03%** |  |  |  |  |
| **Variable rate demand notes ø: 1.03%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority Iowa Health System Obligated Group <br> Series B-2 (Health revenue, TD Bank N.A. LOC)<br>| 2.65 | &nbsp;&nbsp; 2-15-2039 | 12400000 | &nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp; Iowa Finance Authority Series E (Housing revenue, GNMA / FNMA / <br> FHLMC Insured, TD Bank N.A. SPA)<br>| 2.34 | &nbsp;&nbsp; 7-1-2049 | 7280000 | &nbsp;&nbsp; 7280000 |
|  |  |  |  | &nbsp;&nbsp; **19680000** |
| **Kansas: 0.17%** |  |  |  |  |
| **Variable rate demand notes ø: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9159 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 5-1-2037 | 3185012 | &nbsp;&nbsp; **3185012** |
| **Kentucky: 0.17%** |  |  |  |  |
| **Variable rate demand notes ø: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XG0556 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 1-1-2029 | 3205000 | &nbsp;&nbsp; **3205000** |

---

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

Retail Money Market Funds \| 7

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 1.99%** |  |  |  |  |
| **Variable rate demand notes ø: 1.99%** |  |  |  |  |
| &nbsp;&nbsp; PFA Series VRS209 (Health revenue, Bank of America N.A. LOC, <br> Bank of America N.A. LIQ)144A<br>| 2.85<br> %<br>| &nbsp;&nbsp; 12-1-2052 | $30000000 | &nbsp;&nbsp; $30000000 |
| &nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue Series A-1 (Tax <br> revenue, Toronto-Dominion Bank LOC)<br>| 2.75 | &nbsp;&nbsp; 5-1-2043 | 8000000 | &nbsp;&nbsp; 8000000 |
|  |  |  |  | &nbsp;&nbsp; **38000000** |
| **Maine: 0.13%** |  |  |  |  |
| **Variable rate demand notes ø: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1348 (Housing revenue, Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 11-15-2054 | 2550000 | &nbsp;&nbsp; **2550000** |
| **Maryland: 0.29%** |  |  |  |  |
| **Variable rate demand notes ø: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3152 (Health revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 7-1-2047 | 5615000 | &nbsp;&nbsp; **5615000** |
| **Massachusetts: 4.08%** |  |  |  |  |
| **Other municipal debt : 3.36%** |  |  |  |  |
| City of Holyoke BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 10-24-2025 | 25700000 | &nbsp;&nbsp; 25757397 |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority (Transportation <br> revenue)<br>| 2.90 | &nbsp;&nbsp; 10-10-2025 | 38335000 | &nbsp;&nbsp; 38335000 |
|  |  |  |  | &nbsp;&nbsp; **64092397** |
| **Variable rate demand notes ø: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6005 (Housing revenue, Bank of America N.A. LOC)144A<br>| 2.44 | &nbsp;&nbsp; 12-1-2037 | 4280000 | &nbsp;&nbsp; 4280000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0014 <br> (Education revenue, Bank of America N.A. LIQ)144A<br>| 2.36 | &nbsp;&nbsp; 7-1-2032 | 5550000 | &nbsp;&nbsp; 5550000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series ZL0339 (GO <br> revenue, Morgan Stanley Bank LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 10-1-2047 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **13830000** |
| **Michigan: 3.53%** |  |  |  |  |
| **Other municipal debt : 1.69%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Series A-2 (Miscellaneous revenue, <br> JPMorgan Chase Bank N.A. LOC)§<br>| 5.00 | &nbsp;&nbsp; 8-20-2025 | 3900000 | &nbsp;&nbsp; 3903340 |
| &nbsp;&nbsp; Regents of the University of Michigan/Ann Arbor (Education <br> revenue)<br>| 2.82 | &nbsp;&nbsp; 9-16-2025 | 21890000 | &nbsp;&nbsp; 21890000 |
| &nbsp;&nbsp; Regents of the University of Michigan/Ann Arbor (Education <br> revenue)<br>| 2.97 | &nbsp;&nbsp; 9-4-2025 | 6450000 | &nbsp;&nbsp; 6450000 |
|  |  |  |  | &nbsp;&nbsp; **32243340** |
| **Variable rate demand notes ø: 1.84%** |  |  |  |  |
| &nbsp;&nbsp; Michigan State Housing Development Authority Series C (Housing <br> revenue, FHLB SPA)<br>| 2.22 | &nbsp;&nbsp; 12-1-2035 | 1580000 | &nbsp;&nbsp; 1580000 |

---

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

8 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3120 (Housing revenue, Mizuho Capital Markets LLC LOC, <br> Mizuho Capital Markets LLC LIQ)144A<br>| 2.57<br> %<br>| &nbsp;&nbsp; 8-1-2028 | $31856000 | &nbsp;&nbsp; $31856000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3221 (Housing revenue, Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 12-1-2053 | 1760000 | &nbsp;&nbsp; 1760000 |
|  |  |  |  | &nbsp;&nbsp; **35196000** |
| **Minnesota: 3.27%** |  |  |  |  |
| **Other municipal debt : 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> (Miscellaneous revenue)<br>| 3.35 | &nbsp;&nbsp; 8-5-2025 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> (Miscellaneous revenue)<br>| 3.35 | &nbsp;&nbsp; 8-21-2025 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **9000000** |
| **Variable rate demand notes ø: 2.80%** |  |  |  |  |
| &nbsp;&nbsp; City of Burnsville Bridgeway Apartments LP LLP (Housing revenue, <br> FNMA LOC, FNMA LIQ)<br>| 2.37 | &nbsp;&nbsp; 10-15-2033 | 2375000 | &nbsp;&nbsp; 2375000 |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (Housing revenue, <br> FNMA LOC, FNMA LIQ)<br>| 2.38 | &nbsp;&nbsp; 8-15-2038 | 2650000 | &nbsp;&nbsp; 2650000 |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series C (Health revenue, Bank of America N.A. LOC)<br>| 2.80 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; City of Minneapolis University Gateway Corp. (Education revenue, <br> Wells Fargo Bank SPA)<br>| 2.25 | &nbsp;&nbsp; 12-1-2040 | 1300000 | &nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp; City of Oak Park Heights VSSA Boutwells Landing LLC (Housing <br> revenue, FHLMC LIQ)<br>| 2.26 | &nbsp;&nbsp; 11-1-2035 | 6650000 | &nbsp;&nbsp; 6650000 |
| &nbsp;&nbsp; City of Plymouth Lancaster Village Apartments LP LLP (Housing <br> revenue, FNMA LOC, FNMA LIQ)<br>| 2.37 | &nbsp;&nbsp; 9-15-2031 | 1020000 | &nbsp;&nbsp; 1020000 |
| County of Hennepin Series B (GO revenue, TD Bank N.A. SPA) | 2.20 | &nbsp;&nbsp; 12-1-2038 | 6635000 | &nbsp;&nbsp; 6635000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series D (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)<br>| 2.25 | &nbsp;&nbsp; 1-1-2045 | 6540000 | &nbsp;&nbsp; 6540000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F AMT (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada <br> SPA)<br>| 2.25 | &nbsp;&nbsp; 1-1-2041 | 8850000 | &nbsp;&nbsp; 8850000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024 <br> (Housing revenue, Bank of America N.A. LOC, Bank of America <br> N.A. LIQ)144A<br>| 2.90 | &nbsp;&nbsp; 12-1-2025 | 8600000 | &nbsp;&nbsp; 8600000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML6016 <br> (Housing revenue, Bank of America N.A. LOC, Bank of America <br> N.A. LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 11-15-2032 | 3900000 | &nbsp;&nbsp; 3900000 |
|  |  |  |  | &nbsp;&nbsp; **53520000** |
| **Missouri: 0.52%** |  |  |  |  |
| **Other municipal debt : 0.52%** |  |  |  |  |
| HEFA of the State of Missouri (Education revenue) | 2.96 | &nbsp;&nbsp; 8-20-2025 | 10000000 | &nbsp;&nbsp; **10000000** |

---

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

Retail Money Market Funds \| 9

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Nebraska: 2.91%** |  |  |  |  |
| **Other municipal debt : 2.33%** |  |  |  |  |
| Lincoln Nebraska Electric (Utilities revenue) | 3.00<br> %<br>| &nbsp;&nbsp; 8-7-2025 | $28000000 | &nbsp;&nbsp; $28000000 |
| Lincoln Nebraska Electric (Utilities revenue) | 3.00 | &nbsp;&nbsp; 8-4-2025 | 16445000 | &nbsp;&nbsp; 16445000 |
|  |  |  |  | &nbsp;&nbsp; **44445000** |
| **Variable rate demand notes ø: 0.58%** |  |  |  |  |
| &nbsp;&nbsp; Nebraska Investment Finance Authority Phoenix Realty Special <br> Account-U LP (Housing revenue, Northern Trust Company LOC)<br>| 3.40 | &nbsp;&nbsp; 9-1-2031 | 11100000 | &nbsp;&nbsp; **11100000** |
| **New Hampshire: 0.52%** |  |  |  |  |
| **Variable rate demand notes ø: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; RBC Municipal Products, Inc. Trust Series 2024-E157 (Health <br> revenue, Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 5-1-2028 | 10000000 | &nbsp;&nbsp; **10000000** |
| **New Jersey: 5.40%** |  |  |  |  |
| **Other municipal debt : 3.15%** |  |  |  |  |
| City of Jersey City Series D BAN (GO revenue)§ | 4.50 | &nbsp;&nbsp; 10-22-2025 | 10000000 | &nbsp;&nbsp; 10031606 |
| Township of Edison Series B BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 11-6-2025 | 10000000 | &nbsp;&nbsp; 10023174 |
| Township of North Bergen BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 4-20-2026 | 22953155 | &nbsp;&nbsp; 23232364 |
| Township of Parsippany-Troy Hills BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 10-29-2025 | 16795000 | &nbsp;&nbsp; 16834704 |
|  |  |  |  | &nbsp;&nbsp; **60121848** |
| **Variable rate demand notes ø: 2.25%** |  |  |  |  |
| &nbsp;&nbsp; Residual Interest Bond Floater Trust Various States Series 2024-012 <br> (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc <br> LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 11-1-2064 | 15500000 | &nbsp;&nbsp; 15500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF1675 (Housing revenue, Toronto-Dominion Bank LOC, Toronto-<br> Dominion Bank LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 6-15-2050 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XX1329 (Housing revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 6-15-2050 | 4250000 | &nbsp;&nbsp; 4250000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> CF7010 (Housing revenue, Citibank N.A. LOC, Citibank N.A. <br> LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 1-1-2032 | 7920000 | &nbsp;&nbsp; 7920000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XM0226 <br> (Miscellaneous revenue, NPFGC Insured, Bank of America N.A. <br> LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 9-11-2025 | 10220000 | &nbsp;&nbsp; 10220000 |
|  |  |  |  | &nbsp;&nbsp; **42890000** |
| **New Mexico: 0.16%** |  |  |  |  |
| **Variable rate demand notes ø: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; New Mexico Mortgage Finance Authority JLG SAF 2023 LLLP <br> (Housing revenue, Department of Housing and Urban <br> Development Insured)<br>| 3.73 | &nbsp;&nbsp; 2-1-2042 | 3100000 | &nbsp;&nbsp; **3100000** |

---

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

10 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New York: 7.63%** |  |  |  |  |
| **Variable rate demand notes ø: 7.63%** |  |  |  |  |
| &nbsp;&nbsp; City of New York Series D-3 (GO revenue, State Street Bank & Trust <br> Co. SPA)<br>| 2.75<br> %<br>| &nbsp;&nbsp; 5-1-2052 | $10000000 | &nbsp;&nbsp; $10000000 |
| &nbsp;&nbsp; City of New York Series D-4 (GO revenue, State Street Bank & Trust <br> Co. SPA)<br>| 2.75 | &nbsp;&nbsp; 5-1-2052 | 8300000 | &nbsp;&nbsp; 8300000 |
| &nbsp;&nbsp; Nassau County Local Economic Assistance Corp. Series B <br> (Education revenue, TD Bank N.A. LIQ)<br>| 2.30 | &nbsp;&nbsp; 1-1-2045 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-2 (Water & sewer revenue, Mizuho Bank <br> Limited SPA)<br>| 2.80 | &nbsp;&nbsp; 6-15-2049 | 20395000 | &nbsp;&nbsp; 20395000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series EE-2 (Water & sewer revenue, State Street Bank & <br> Trust Co. LIQ)<br>| 2.80 | &nbsp;&nbsp; 6-15-2045 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System (Water & sewer revenue, JPMorgan Chase Bank N.A. SPA)<br>| 2.75 | &nbsp;&nbsp; 6-15-2044 | 15000000 | &nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Series C-4 (Tax <br> revenue, Sumitomo Mitsui Banking Corp. LOC)<br>| 2.29 | &nbsp;&nbsp; 5-1-2053 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 247 (Housing revenue, TD Bank N.A. SPA)<br>| 2.45 | &nbsp;&nbsp; 10-1-2052 | 3600000 | &nbsp;&nbsp; 3600000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> CF7004 (Housing revenue, Citibank N.A. LOC, Citibank N.A. <br> LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 1-25-2040 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> CF7008 (Housing revenue, Citibank N.A. LOC, Citibank N.A. <br> LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 8-25-2039 | 8340000 | &nbsp;&nbsp; 8340000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> CF7009 (Housing revenue, Citibank N.A. LOC, Citibank N.A. <br> LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 4-25-2040 | 7450000 | &nbsp;&nbsp; 7450000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XG0561 (Housing revenue, Bank of America N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 10-1-2054 | 2360000 | &nbsp;&nbsp; 2360000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1358 (Housing revenue, Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 10-1-2054 | 1105000 | &nbsp;&nbsp; 1105000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series MS0041 <br> (Miscellaneous revenue, Morgan Stanley Municipal Funding LOC, <br> Morgan Stanley Municipal Funding LIQ)144A<br>| 2.69 | &nbsp;&nbsp; 5-1-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0601 (Tax <br> revenue, Bank of America N.A. LIQ)144A<br>| 2.83 | &nbsp;&nbsp; 3-15-2049 | 3175000 | &nbsp;&nbsp; 3175000 |
|  |  |  |  | &nbsp;&nbsp; **145725000** |
| **North Carolina: 0.89%** |  |  |  |  |
| **Variable rate demand notes ø: 0.89%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series E (Health revenue, Royal Bank of Canada LOC)<br>| 2.80 | &nbsp;&nbsp; 1-15-2042 | 17000000 | &nbsp;&nbsp; **17000000** |
| **North Dakota: 0.40%** |  |  |  |  |
| **Variable rate demand notes ø: 0.40%** |  |  |  |  |
| &nbsp;&nbsp; North Dakota Housing Finance Agency Series C (Housing revenue, <br> TD Bank N.A. SPA)<br>| 2.31 | &nbsp;&nbsp; 1-1-2046 | 7595000 | &nbsp;&nbsp; **7595000** |

---

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

Retail Money Market Funds \| 11

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Ohio: 8.33%** |  |  |  |  |
| **Other municipal debt : 5.54%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. City of Wapakoneta BAN <br> (Miscellaneous revenue)§<br>| 4.00<br> %<br>| &nbsp;&nbsp; 6-17-2026 | $7000000 | &nbsp;&nbsp; $7042092 |
| &nbsp;&nbsp; American Municipal Power, Inc. FTSEurofirst Medical Equipment <br> BAN (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 11-6-2025 | 1275000 | &nbsp;&nbsp; 1277487 |
| American Municipal Power, Inc. (Miscellaneous revenue)§%% | 4.50 | &nbsp;&nbsp; 8-6-2026 | 765000 | &nbsp;&nbsp; 774738 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Grafton BAN <br> (Miscellaneous revenue)§<br>| 4.00 | &nbsp;&nbsp; 4-9-2026 | 2160000 | &nbsp;&nbsp; 2170188 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Holiday City BAN <br> (Miscellaneous revenue)§<br>| 4.50 | &nbsp;&nbsp; 4-23-2026 | 780000 | &nbsp;&nbsp; 784145 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Jackson Center BAN <br> (Miscellaneous revenue)§<br>| 4.50 | &nbsp;&nbsp; 8-7-2025 | 1380000 | &nbsp;&nbsp; 1380177 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Monroeville BAN <br> (Miscellaneous revenue)§<br>| 4.00 | &nbsp;&nbsp; 4-16-2026 | 390000 | &nbsp;&nbsp; 391891 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Pemberville BAN <br> (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 6-25-2026 | 750000 | &nbsp;&nbsp; 755609 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Pioneer BAN <br> (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 11-13-2025 | 2375000 | &nbsp;&nbsp; 2379635 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Sycamore BAN <br> (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 10-23-2025 | 275000 | &nbsp;&nbsp; 275613 |
| City of Barberton BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 4-9-2026 | 1850000 | &nbsp;&nbsp; 1861094 |
| City of Forest Park BAN (GO revenue)§ | 4.25 | &nbsp;&nbsp; 5-19-2026 | 2000000 | &nbsp;&nbsp; 2012008 |
| City of Groveport BAN (GO revenue)§ | 3.88 | &nbsp;&nbsp; 4-14-2026 | 4500000 | &nbsp;&nbsp; 4519717 |
| City of Hamilton BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 12-17-2025 | 4320000 | &nbsp;&nbsp; 4334576 |
| City of Huber Heights BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 6-25-2026 | 3000000 | &nbsp;&nbsp; 3046470 |
| City of Lakewood BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 4-9-2026 | 9350000 | &nbsp;&nbsp; 9406092 |
| City of Lebanon BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 2-3-2026 | 2650000 | &nbsp;&nbsp; 2658220 |
| City of Miamisburg BAN (GO revenue)§ | 3.75 | &nbsp;&nbsp; 2-10-2026 | 3000000 | &nbsp;&nbsp; 3011071 |
| City of Richmond Heights BAN (GO revenue)§ | 4.50 | &nbsp;&nbsp; 7-30-2026 | 700000 | &nbsp;&nbsp; 708789 |
| City of Springboro BAN (GO revenue)§ | 3.75 | &nbsp;&nbsp; 2-25-2026 | 5000000 | &nbsp;&nbsp; 5020743 |
| County of Cuyahoga BAN (GO revenue)§ | 4.25 | &nbsp;&nbsp; 6-4-2026 | 8000000 | &nbsp;&nbsp; 8065111 |
| County of Logan BAN (GO revenue)§%% | 4.13 | &nbsp;&nbsp; 8-4-2026 | 1050000 | &nbsp;&nbsp; 1060195 |
| Kings Local School District BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 7-9-2026 | 5000000 | &nbsp;&nbsp; 5086299 |
| Monroe Local School District BAN (GO revenue)§ | 3.88 | &nbsp;&nbsp; 12-4-2025 | 4200000 | &nbsp;&nbsp; 4209447 |
| Ohio Water Development Authority (Water & sewer revenue) | 2.80 | &nbsp;&nbsp; 11-4-2025 | 18500000 | &nbsp;&nbsp; 18500000 |
| Ohio Water Development Authority (Water & sewer revenue) | 2.94 | &nbsp;&nbsp; 8-28-2025 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  | &nbsp;&nbsp; **105731407** |
| **Variable rate demand notes ø: 2.79%** |  |  |  |  |
| &nbsp;&nbsp; County of Franklin Trinity Health Corp. Obligated Group Series OH <br> (Health revenue)<br>| 3.65 | &nbsp;&nbsp; 12-1-2046 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; RBC Municipal Products, Inc. Trust Series 2022 C-18 (Health <br> revenue, Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 1-15-2037 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; RBC Municipal Products, Inc. Trust Series E-164 (Health revenue, <br> Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 8-1-2028 | 8500000 | &nbsp;&nbsp; 8500000 |
| State of Ohio Series C (Housing revenue) | 2.30 | &nbsp;&nbsp; 10-1-2036 | 6065000 | &nbsp;&nbsp; 6065000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML5043 (Health revenue, Bank of America N.A. LIQ)144A<br>| 2.36 | &nbsp;&nbsp; 2-15-2047 | 5800000 | &nbsp;&nbsp; 5800000 |

---

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

12 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0553 (Miscellaneous revenue, AG Insured, Royal Bank of <br> Canada LOC, Royal Bank of Canada LIQ)144A<br>| 2.32<br> %<br>| &nbsp;&nbsp; 6-1-2050 | $3640000 | &nbsp;&nbsp; $3640000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XM1184 (Health revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 12-1-2031 | 6205000 | &nbsp;&nbsp; 6205000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1824 <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, JPMorgan <br> Chase Bank N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 9-1-2047 | 7010000 | &nbsp;&nbsp; 7010000 |
|  |  |  |  | &nbsp;&nbsp; **53220000** |
| **Oregon: 0.49%** |  |  |  |  |
| **Other municipal debt : 0.49%** |  |  |  |  |
| &nbsp;&nbsp; State of Oregon Department of Transportation (Transportation <br> revenue)<br>| 2.92 | &nbsp;&nbsp; 10-2-2025 | 9350000 | &nbsp;&nbsp; **9350000** |
| **Pennsylvania: 2.46%** |  |  |  |  |
| **Other municipal debt : 0.23%** |  |  |  |  |
| &nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue (Water & sewer <br> revenue)<br>| 3.03 | &nbsp;&nbsp; 8-7-2025 | 4280000 | &nbsp;&nbsp; **4280000** |
| **Variable rate demand notes ø: 2.23%** |  |  |  |  |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania WellSpan Health <br> Obligated Group Series E (Health revenue, U.S. Bank N.A. SPA)<br>| 2.90 | &nbsp;&nbsp; 6-1-2035 | 2800000 | &nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority University of <br> Pennsylvania Health System Obligated Group Series A (Health <br> revenue, Bank of America N.A. LOC)<br>| 2.18 | &nbsp;&nbsp; 1-1-2038 | 2170000 | &nbsp;&nbsp; 2170000 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission (Transportation revenue, TD <br> Bank N.A. LOC)<br>| 2.30 | &nbsp;&nbsp; 12-1-2039 | 3500000 | &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-1 (Health revenue, JPMorgan Chase Bank N.A. <br> SPA)<br>| 2.75 | &nbsp;&nbsp; 7-1-2054 | 13765000 | &nbsp;&nbsp; 13765000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0536 (GO revenue, Royal Bank of Canada LOC, Royal Bank of <br> Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 9-1-2031 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML5049 (Health revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.83 | &nbsp;&nbsp; 2-1-2054 | 7655000 | &nbsp;&nbsp; 7655000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1700 (Housing revenue, Royal Bank of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 4-1-2045 | 10260000 | &nbsp;&nbsp; 10260000 |
|  |  |  |  | &nbsp;&nbsp; **42650000** |
| **Rhode Island: 2.13%** |  |  |  |  |
| **Other municipal debt : 2.13%** |  |  |  |  |
| Bristol Warren Regional School District Series 1 BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 6-4-2026 | 40000000 | &nbsp;&nbsp; **40586674** |

---

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

Retail Money Market Funds \| 13

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **South Carolina: 4.23%** |  |  |  |  |
| **Other municipal debt : 1.21%** |  |  |  |  |
| &nbsp;&nbsp; Charleston County School District Sales Tax Series B BAN (GO <br> revenue)§<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-7-2026 | $15000000 | &nbsp;&nbsp; $15211204 |
| South Carolina Public Service Authority (Miscellaneous revenue) | 3.00 | &nbsp;&nbsp; 10-2-2025 | 7868000 | &nbsp;&nbsp; 7868000 |
|  |  |  |  | &nbsp;&nbsp; **23079204** |
| **Variable rate demand notes ø: 3.02%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Public Service Authority Series A (Utilities revenue, <br> Bank of America N.A. LOC)<br>| 2.45 | &nbsp;&nbsp; 1-1-2036 | 14550000 | &nbsp;&nbsp; 14550000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3075 (Housing revenue, Mizuho Capital Markets LLC LOC, <br> Mizuho Capital Markets LLC LIQ)144A<br>| 2.57 | &nbsp;&nbsp; 6-1-2028 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3079 (Housing revenue, Mizuho Capital Markets LLC LOC, <br> Mizuho Capital Markets LLC LIQ)144A<br>| 2.57 | &nbsp;&nbsp; 7-1-2028 | 17000000 | &nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XL0418 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank <br> plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 12-1-2056 | 2795000 | &nbsp;&nbsp; 2795000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XM1143 (Utilities revenue, Royal Bank of Canada LOC, Royal <br> Bank of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 10-1-2029 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1653 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 10-1-2029 | 2730000 | &nbsp;&nbsp; 2730000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZL0525 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 3-1-2029 | 6670000 | &nbsp;&nbsp; 6670000 |
|  |  |  |  | &nbsp;&nbsp; **57745000** |
| **Tennessee: 2.19%** |  |  |  |  |
| **Other municipal debt : 1.31%** |  |  |  |  |
| Vanderbilt University (Miscellaneous revenue) | 2.90 | &nbsp;&nbsp; 12-2-2025 | 25000000 | &nbsp;&nbsp; **25000000** |
| **Variable rate demand notes ø: 0.88%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9181 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 12-4-2026 | 2890000 | &nbsp;&nbsp; 2890000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF1421 (Miscellaneous revenue, Bank of America N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 11-1-2052 | 6700000 | &nbsp;&nbsp; 6700000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1658 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank <br> of Canada LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 11-1-2029 | 3600000 | &nbsp;&nbsp; 3600000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1925 <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, JPMorgan <br> Chase Bank N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 7-1-2031 | 3600000 | &nbsp;&nbsp; 3600000 |
|  |  |  |  | &nbsp;&nbsp; **16790000** |

---

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

14 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Texas: 12.38%** |  |  |  |  |
| **Other municipal debt : 1.83%** |  |  |  |  |
| City of Austin (Utilities revenue) | 3.00<br> %<br>| &nbsp;&nbsp; 9-3-2025 | $5000000 | &nbsp;&nbsp; $5000000 |
| &nbsp;&nbsp; Permanent University Fund - Texas A&M University System <br> (Education revenue)<br>| 2.99 | &nbsp;&nbsp; 10-8-2025 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Permanent University Fund - Texas A&M University System <br> (Education revenue)<br>| 3.00 | &nbsp;&nbsp; 11-3-2025 | 25000000 | &nbsp;&nbsp; 25000000 |
|  |  |  |  | &nbsp;&nbsp; **35000000** |
| **Variable rate demand notes ø: 10.55%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Houston <br> Methodist Hospital Obligated Group Series B (Health revenue)<br>| 2.30 | &nbsp;&nbsp; 12-1-2059 | 12000000 | &nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Houston <br> Methodist Hospital Obligated Group Series C-1 (Health revenue)<br>| 2.30 | &nbsp;&nbsp; 12-1-2039 | 12000000 | &nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2025-5079 (GO <br> revenue, JPMorgan Chase Bank N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 2-15-2046 | 1780000 | &nbsp;&nbsp; 1780000 |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2025-5081 (GO <br> revenue, JPMorgan Chase Bank N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 2-15-2045 | 2930000 | &nbsp;&nbsp; 2930000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 3-1-2038 | 9250000 | &nbsp;&nbsp; 9250000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9197 (Housing <br> revenue, BAM Insured, Mizuho Capital Markets LLC LOC, Mizuho <br> Capital Markets LLC LIQ)144A<br>| 2.97 | &nbsp;&nbsp; 1-14-2033 | 11050000 | &nbsp;&nbsp; 11050000 |
| &nbsp;&nbsp; Port of Arthur Navigation District Industrial Development Corp. <br> TotalEnergies Petrochemicals & Refining USA, Inc. (Industrial <br> development revenue)<br>| 2.33 | &nbsp;&nbsp; 6-1-2041 | 20000000 | &nbsp;&nbsp; 20000000 |
| State of Texas Series C (GO revenue, FHLB SPA) | 2.62 | &nbsp;&nbsp; 6-1-2042 | 3900000 | &nbsp;&nbsp; 3900000 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (Health <br> revenue, TD Bank N.A. LOC)<br>| 2.70 | &nbsp;&nbsp; 10-1-2041 | 11410000 | &nbsp;&nbsp; 11410000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2021-<br> MS0002 (Education revenue, Morgan Stanley Municipal Funding <br> LOC, Morgan Stanley Municipal Funding LIQ)144A##<br>| 2.69 | &nbsp;&nbsp; 6-15-2056 | 56000000 | &nbsp;&nbsp; 56000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3037 (GO revenue, Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 8-15-2052 | 1540000 | &nbsp;&nbsp; 1540000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6015 (Housing revenue, Bank of America N.A. LOC)144A<br>| 2.41 | &nbsp;&nbsp; 12-1-2055 | 4500000 | &nbsp;&nbsp; 4500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3128 (GO revenue, UBS AG LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 8-15-2053 | 1675000 | &nbsp;&nbsp; 1675000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0513 (GO revenue, Bank of America N.A. LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 2-1-2053 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6017 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.41 | &nbsp;&nbsp; 3-1-2052 | 4860000 | &nbsp;&nbsp; 4860000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3243 (Utilities revenue, BAM Insured, Morgan Stanley Bank <br> LIQ)144A<br>| 2.49 | &nbsp;&nbsp; 2-15-2049 | 8250000 | &nbsp;&nbsp; 8250000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3259 (Water & sewer revenue, UBS AG LIQ)144A<br>| 2.90 | &nbsp;&nbsp; 10-15-2051 | 7175000 | &nbsp;&nbsp; 7175000 |

---

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

Retail Money Market Funds \| 15

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XG0596 (GO revenue, Royal Bank of Canada LIQ)144A<br>| 2.32<br> %<br>| &nbsp;&nbsp; 12-1-2041 | $3410000 | &nbsp;&nbsp; $3410000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0614 <br> (Miscellaneous revenue, Morgan Stanley Bank LIQ)144A<br>| 2.39 | &nbsp;&nbsp; 5-15-2053 | 7500000 | &nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0654 (GO <br> revenue, Royal Bank of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 8-15-2033 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0655 (GO <br> revenue, Royal Bank of Canada LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 8-15-2033 | 2875000 | &nbsp;&nbsp; 2875000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series YX1401 (GO <br> revenue, Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 2-15-2047 | 7410000 | &nbsp;&nbsp; 7410000 |
| &nbsp;&nbsp; Texas Department of Transportation State Highway Fund Series B <br> (Tax revenue, Sumitomo Mitsui Banking Corp. LIQ)<br>| 2.31 | &nbsp;&nbsp; 4-1-2032 | 7900000 | &nbsp;&nbsp; 7900000 |
|  |  |  |  | &nbsp;&nbsp; **201415000** |
| **Utah: 0.46%** |  |  |  |  |
| **Variable rate demand notes ø: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XG0563 (Housing revenue, GNMA / FNMA / FHLMC Insured, <br> Barclays Bank plc LIQ)144A<br>| 2.32 | &nbsp;&nbsp; 1-1-2054 | 4065000 | &nbsp;&nbsp; 4065000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0543 (Housing revenue, BAM Insured, Barclays Bank plc <br> LIQ)144A<br>| 2.40 | &nbsp;&nbsp; 5-15-2059 | 4800000 | &nbsp;&nbsp; 4800000 |
|  |  |  |  | &nbsp;&nbsp; **8865000** |
| **Vermont: 0.08%** |  |  |  |  |
| **Variable rate demand notes ø: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Vermont Educational & Health Buildings Financing Agency <br> Landmark College, Inc. Series A (Education revenue, TD Bank <br> N.A. LOC)<br>| 2.76 | &nbsp;&nbsp; 7-1-2033 | 1560000 | &nbsp;&nbsp; **1560000** |
| **Virginia: 0.13%** |  |  |  |  |
| **Other municipal debt : 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Hampton Roads Sanitation District Series A (Water & sewer <br> revenue)§<br>| 5.00 | &nbsp;&nbsp; 7-15-2026 | 2500000 | &nbsp;&nbsp; **2551320** |
| **Washington: 0.75%** |  |  |  |  |
| **Variable rate demand notes ø: 0.75%** |  |  |  |  |
| County of King Sewer Revenue (Water & sewer revenue) | 2.65 | &nbsp;&nbsp; 1-1-2065 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2023-MIZ9156 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.54 | &nbsp;&nbsp; 6-1-2037 | 8220000 | &nbsp;&nbsp; 8220000 |
|  |  |  |  | &nbsp;&nbsp; **14220000** |
| **Wisconsin: 5.33%** |  |  |  |  |
| **Variable rate demand notes ø: 5.33%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2020-<br> XF2869 (Housing revenue, Mizuho Capital Markets LLC LOC, <br> Mizuho Capital Markets LLC LIQ)144A<br>| 2.57 | &nbsp;&nbsp; 11-1-2025 | 9750000 | &nbsp;&nbsp; 9750000 |

---

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

16 \| Retail Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (Health revenue, BAM Insured, Barclays Bank plc <br> LIQ)144A<br>|  | 2.41<br> %<br>| &nbsp;&nbsp; 2-15-2054 | $8000000 | &nbsp;&nbsp; $8000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0618 <br> (Housing revenue, Deutsche Bank LOC, Deutsche Bank LIQ)144A<br>|  | 2.64 | &nbsp;&nbsp; 5-1-2065 | 20080000 | &nbsp;&nbsp; 20080000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series B (Health revenue, JPMorgan Chase Bank N.A. SPA)<br>|  | 2.70 | &nbsp;&nbsp; 4-1-2048 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series C (Health revenue, BMO Harris Bank N.A. SPA)<br>|  | 2.70 | &nbsp;&nbsp; 4-1-2048 | 38885000 | &nbsp;&nbsp; 38885000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series C (Health revenue, U.S. Bank N.A. SPA)<br>|  | 2.70 | &nbsp;&nbsp; 4-1-2054 | 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series C <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA)<br>|  | 2.25 | &nbsp;&nbsp; 9-1-2050 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series D <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of <br> Canada SPA)<br>|  | 2.25 | &nbsp;&nbsp; 3-1-2042 | 8600000 | &nbsp;&nbsp; 8600000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series A AMT (Housing <br> revenue, FHLB SPA)<br>|  | 2.25 | &nbsp;&nbsp; 5-1-2055 | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series B (Housing <br> revenue, FHLB SPA)<br>|  | 2.25 | &nbsp;&nbsp; 5-1-2055 | 5355000 | &nbsp;&nbsp; 5355000 |
|  |  |  |  |  | &nbsp;&nbsp; **101670000** |
| **Wyoming: 0.34%** |  |  |  |  |  |
| **Variable rate demand notes ø: 0.34%** |  |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0544 (Housing revenue, GNMA / FNMA / FHLMC Insured, Bank <br> of America N.A. LIQ)144A<br>|  | 2.32 | &nbsp;&nbsp; 12-1-2053 | 6400000 | &nbsp;&nbsp; **6400000** |
| **Total municipal obligations (Cost $1,867,461,264)** |  |  |  |  | &nbsp;&nbsp; **1867461264** |
| **Repurchase agreements ^^: 0.90%** |  |  |  |  |  |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 7-31-2025, maturity <br> value $17,202,083<br>|  | 4.36 | &nbsp;&nbsp; 8-1-2025 | 17200000 | &nbsp;&nbsp; 17200000 |
| **Total Repurchase agreements (Cost $17,200,000)** |  |  |  |  | &nbsp;&nbsp; **17200000** |
| **Total investments in securities (Cost $1,904,661,264)** | 99.75<br> %<br>|  |  |  | &nbsp;&nbsp; 1904661264 |
| Other assets and liabilities, net | 0.25 |  |  |  | &nbsp;&nbsp; 4749440 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$1909410704** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| § | The security is subject to a demand feature which reduces the effective maturity. |
| %% | The security is purchased on a when-issued basis. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ^^ | Collateralized by U.S. government securities, 2.50% to 4.63%, 3-31-2027 to 9-30-2028, fair value including accrued interest is $17,544,002. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Retail Money Market Funds \| 17

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| EDA | Economic Development Authority |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| SPA | Standby purchase agreement |

---

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

18 \| Retail Money Market Funds

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $1904661264 |
| Cash | 178438 |
| Receivable for interest | 9577770 |
| Receivable for Fund shares sold | 5896058 |
| Receivable for investments sold | 857000 |
| Prepaid expenses and other assets | 147682 |
| **Total assets** | **1921318212** |
| Liabilities |  |
| Payable for investments purchased | 6000000 |
| Payable for Fund shares redeemed | 3552756 |
| Payable for when-issued transactions | 1834934 |
| Management fee payable | 152156 |
| Administration fees payable | 138051 |
| Shareholder servicing fees payable | 29795 |
| Dividends payable | 24228 |
| Accrued expenses and other liabilities | 175588 |
| **Total liabilities** | **11907508** |
| **Total net assets**  | **$1909410704** |
| Net assets consist of |  |
| Paid-in capital | $1909444807 |
| Total distributable loss | (34103)<br>|
| **Total net assets** | **$1909410704** |
| Computation of net asset value per share |  |
| Net assets–Class A | $71784810 |
| Shares outstanding–Class A<sup>1</sup> <br>| 71780471 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $86998871 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 86993739 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Premier Class | $1715531497 |
| Shares outstanding–Premier Class<sup>1</sup> <br>| 1715430744 |
| Net asset value per share–Premier Class | $1.00 |
| Net assets–Service Class | $35095526 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 35093417 |
| Net asset value per share–Service Class | $1.00 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

Retail Money Market Funds \| 19

------

Statement of operations—six months ended July 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $27495273 |
| Expenses |  |
| Management fee | 1406797 |
| Administration fees |  |
| Class A | 71843 |
| Administrator Class | 42069 |
| Premier Class | 673913 |
| Service Class | 20979 |
| Shareholder servicing fees |  |
| Class A | 89804 |
| Administrator Class | 41471 |
| Service Class | 43672 |
| Custody and accounting fees | 31103 |
| Professional fees | 27869 |
| Registration fees | 97224 |
| Shareholder report expenses | 15368 |
| Trustees' fees and expenses | 11487 |
| Other fees and expenses | 20607 |
| **Total expenses** | **2594206** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (375759)<br>|
| Class A | (17629)<br>|
| Administrator Class | (35249)<br>|
| Premier Class | (98697)<br>|
| Service Class | (18055)<br>|
| **Net expenses** | **2048817** |
| **Net investment income** | **25446456** |
| **Net realized gains on investments** | **21566** |
| **Net increase in net assets resulting from operations** | **$25468022** |

---

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

20 \| Retail Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $25446456 | &nbsp;&nbsp; $57180835 |
| Net realized gains on investments |  | &nbsp;&nbsp; 21566 | &nbsp;&nbsp; 318201 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **25468022** | &nbsp;&nbsp; **57499036** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (864323)<br>| &nbsp;&nbsp; (1938662)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1129948)<br>| &nbsp;&nbsp; (2521727)<br>|
| Premier Class |  | &nbsp;&nbsp; (23008221)<br>| &nbsp;&nbsp; (51159703)<br>|
| Service Class |  | &nbsp;&nbsp; (443765)<br>| &nbsp;&nbsp; (1986583)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(25446257)**<br>| &nbsp;&nbsp; **(57606675)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 18776892 | &nbsp;&nbsp; 18776892 | &nbsp;&nbsp; 27033201 |
| Administrator Class | 34792465 | &nbsp;&nbsp; 34792465 | &nbsp;&nbsp; 72166455 |
| Premier Class | 1244716116 | &nbsp;&nbsp; 1244716116 | &nbsp;&nbsp; 2176490933 |
| Service Class | 13665515 | &nbsp;&nbsp; 13665515 | &nbsp;&nbsp; 36489954 |
|  |  | &nbsp;&nbsp; 1311950988 | &nbsp;&nbsp; 2312180543 |
| Reinvestment of distributions |  |  |  |
| Class A | 864323 | &nbsp;&nbsp; 864323 | &nbsp;&nbsp; 1908135 |
| Administrator Class | 1125543 | &nbsp;&nbsp; 1125543 | &nbsp;&nbsp; 2472506 |
| Premier Class | 22884242 | &nbsp;&nbsp; 22884242 | &nbsp;&nbsp; 50463534 |
| Service Class | 437868 | &nbsp;&nbsp; 437868 | &nbsp;&nbsp; 1028001 |
|  |  | &nbsp;&nbsp; 25311976 | &nbsp;&nbsp; 55872176 |
| Payment for shares redeemed |  |  |  |
| Class A | (21492438)<br>| &nbsp;&nbsp; (21492438)<br>| &nbsp;&nbsp; (24495070)<br>|
| Administrator Class | (37035894)<br>| &nbsp;&nbsp; (37035894)<br>| &nbsp;&nbsp; (57506806)<br>|
| Premier Class | (1300070698)<br>| &nbsp;&nbsp; (1300070698)<br>| &nbsp;&nbsp; (1867835055)<br>|
| Service Class | (17798912)<br>| &nbsp;&nbsp; (17798912)<br>| &nbsp;&nbsp; (78396873)<br>|
|  |  | &nbsp;&nbsp; (1376397942)<br>| &nbsp;&nbsp; (2028233804)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(39134978)**<br>| &nbsp;&nbsp; **339818915** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(39113213)**<br>| &nbsp;&nbsp; **339711276** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1948523917** | &nbsp;&nbsp; **1608812641** |
| **End of period** |  | &nbsp;&nbsp; **$1909410704** | &nbsp;&nbsp; **$1948523917** |

---

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

Retail Money Market Funds \| 21

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.01 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.01 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>3</sup> <br>| **1.20%**<br>| **2.92%**<br>| **2.99%**<br>| **0.99%**<br>| **0.02%**<br>| **0.27%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.62<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>|
| Net expenses | 0.53<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.52 %\*<br>| 0.12 %\*<br>| 0.33 %\*<br>|
| Net investment income | 2.41<br> %<br>| 2.85<br> %<br>| 2.94<br> %<br>| 0.97<br> %<br>| 0.01<br> %<br>| 0.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $71785 | &nbsp;&nbsp; $73635 | &nbsp;&nbsp; $69194 | &nbsp;&nbsp; $81106 | &nbsp;&nbsp; $84532 | &nbsp;&nbsp; $100920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.08% |
| Year ended January 31, 2022 | 0.48% |
| Year ended January 31, 2021 | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns for periods of less than one year are not annualized.

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

22 \| Retail Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.01 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.01 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>3</sup> <br>| **1.34%**<br>| **3.21%**<br>| **3.29%**<br>| **1.23%**<br>| **0.02%**<br>| **0.35%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.37<br> %<br>| 0.38<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.37<br> %<br>|
| Net expenses | 0.25<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.28 %\*<br>| 0.11 %\*<br>| 0.25 %\*<br>|
| Net investment income | 2.69<br> %<br>| 3.11<br> %<br>| 3.22<br> %<br>| 1.21<br> %<br>| 0.01<br> %<br>| 0.34<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $86999 | &nbsp;&nbsp; $88116 | &nbsp;&nbsp; $70989 | &nbsp;&nbsp; $96006 | &nbsp;&nbsp; $108157 | &nbsp;&nbsp; $85489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.02% |
| Year ended January 31, 2022 | 0.19% |
| Year ended January 31, 2021 | 0.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns for periods of less than one year are not annualized.

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

Retail Money Market Funds \| 23

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Premier Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.01 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.01 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>3</sup> <br>| **1.36%**<br>| **3.31%**<br>| **3.39%**<br>| **1.31%**<br>| **0.02%**<br>| **0.40%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.25<br> %<br>| 0.26<br> %<br>| 0.25<br> %<br>| 0.26<br> %<br>| 0.27<br> %<br>| 0.25<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.12 %<sup>4</sup><br>| 0.20<br> %<br>|
| Net investment income | 2.73<br> %<br>| 3.21<br> %<br>| 3.36<br> %<br>| 1.42<br> %<br>| 0.01<br> %<br>| 0.38<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1715531 | &nbsp;&nbsp; $1747982 | &nbsp;&nbsp; $1388952 | &nbsp;&nbsp; $814588 | &nbsp;&nbsp; $559264 | &nbsp;&nbsp; $632040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns for periods of less than one year are not annualized.

<sup>4</sup> Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. 

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

24 \| Retail Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.01 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.01 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Total distributions to shareholders | (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.26%**<br>| **3.17%**<br>| **3.22%**<br>| **1.09%**<br>| **0.02%**<br>| **0.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.54<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.54<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.36<br> %<br>| 0.37<br> %<br>| 0.42 %\*<br>| 0.12 %\*<br>| 0.29 %\*<br>|
| Net investment income | 2.54<br> %<br>| 3.14<br> %<br>| 3.17<br> %<br>| 1.10<br> %<br>| 0.01<br> %<br>| 0.28<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $35096 | &nbsp;&nbsp; $38791 | &nbsp;&nbsp; $79678 | &nbsp;&nbsp; $68699 | &nbsp;&nbsp; $65673 | &nbsp;&nbsp; $64183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.03% |
| Year ended January 31, 2022 | 0.33% |
| Year ended January 31, 2021 | 0.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Retail Money Market Funds \| 25

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

26 \| Retail Money Market Funds

------

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2025, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| Closed-end fund obligations | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $20000000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $20000000 |
| Municipal obligations | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1867461264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1867461264 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17200000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17200000 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1904661264** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1904661264** |

---

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

At July 31, 2025, 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

Retail Money Market Funds \| 27

------

Notes to financial statements (unaudited)

services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.150<br> %<br>|
| Next $5 billion | 0.140 |
| Next $5 billion | 0.130 |
| Next $85 billion | 0.125 |
| Over $100 billion | 0.120 |

---

For the six months ended July 31, 2025, the management fee was equivalent to an annual rate of 0.15% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Administrator Class | 0.10 |
| Premier Class | 0.08 |
| Service Class | 0.12 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through May 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual expense caps are as follows:

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.58<br> %<br>|
| Administrator Class | 0.30 |
| Premier Class | 0.20 |
| Service Class | 0.45 |

---

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $435,975,000, $511,215,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended July 31, 2025.

28 \| Retail Money Market Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. CREDIT RISK

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

6. INDEMNIFICATION

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

7. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

8. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Service Class shares effective on or about the close of business on September 12, 2025.

9. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Retail Money Market Funds \| 29

------

Other information (unaudited)

Other information

Proxy voting information

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

Portfolio holdings information

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

30 \| Retail Money Market Funds

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Retail Money Market Funds \| 31

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring National Tax-Free Money Market Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

*Nature, extent, and quality of services*

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

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

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

\*

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

32 \| Retail Money Market Funds

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review.

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

It was noted that the Board had approved a proposal to convert Class A shares into Service Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

Retail Money Market Funds \| 33

------

Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

*Other benefits to Allspring Funds Management and the Sub-Adviser*

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

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

*Conclusion*

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

34 \| Retail Money Market Funds

------

*This page is intentionally left blank.*

------

*This page is intentionally left blank.*

------

![](g13015imgbf389e841.jpg)

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**

![](g13015imge1905ea12.gif)

*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 Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0452 07-25**

------

![](g13015img8f1cfdd91.jpg)

Government Money Market Funds

<br> Allspring Treasury Plus Money Market Fund

Long Form Financial Statements

Semi-Annual Report

July 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f099678c-30e9-426f-97ac-2edfa7424006_POI-PageBlank-7_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f099678c-30e9-426f-97ac-2edfa7424006_FS-PageBlank-7_1)** |  |
| [Statement of assets and liabilities](#xx_f099678c-30e9-426f-97ac-2edfa7424006_FS-PageBlank-7_1) | 5 |
| [Statement of operations](#xx_f099678c-30e9-426f-97ac-2edfa7424006_FS-PageBlank-7_2) | 6 |
| [Statement of changes in net assets](#xx_f099678c-30e9-426f-97ac-2edfa7424006_FS-PageBlank-7_3) | 7 |
| [Financial highlights](#xx_f099678c-30e9-426f-97ac-2edfa7424006_FIHI-PageBlank-7_1) | 8 |
| **[Notes to financial statements](#xx_f099678c-30e9-426f-97ac-2edfa7424006_NTF-PageBlank-7_1)** | 14 |
| **[Other information](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_3)['](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_3)[s approval of investment](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_3)<br> [advisory contract](#xx_f099678c-30e9-426f-97ac-2edfa7424006_OI-PageBlank-7_3)<br>| 20 |

---

Government Money Market Funds \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Repurchase agreements^^: 56.91%** |  |  |  |  |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., dated 7-31-2025, <br> maturity value $2,000,242,778(01)<br>| 4.37<br> %<br>| &nbsp;&nbsp; 8-1-2025 | $2000000000 | &nbsp;&nbsp; $2000000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 7-31-2025, <br> maturity value $250,211,458(02)<br>| 4.35 | &nbsp;&nbsp; 8-7-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 7-31-2025, <br> maturity value $647,878,456(03)<br>| 4.36 | &nbsp;&nbsp; 8-1-2025 | 647800000 | &nbsp;&nbsp; 647800000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 5-30-2025, <br> maturity value $101,849,333(04)<br>| 4.38 | &nbsp;&nbsp; 10-29-2025 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; Deutsche Bank Securities, Inc., dated 7-31-2025, maturity <br> value $700,084,778(05)<br>| 4.36 | &nbsp;&nbsp; 8-1-2025 | 700000000 | &nbsp;&nbsp; 700000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 7-31-2025, <br> maturity value $3,000,365,833(06)<br>| 4.39 | &nbsp;&nbsp; 8-1-2025 | 3000000000 | &nbsp;&nbsp; 3000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - CIBC, dated 7-31-2025, maturity <br> value $500,060,694(07)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Natixis, dated 7-31-2025, <br> maturity value $2,000,242,778(08)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Standard Chartered Bank, dated <br> 7-31-2025, maturity value $2,100,254,359(09)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2099999442 | &nbsp;&nbsp; 2099999442 |
| &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 7-31-2025, maturity value <br> $250,029,583(10)<br>| 4.26 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; MUFG Securities EMEA PLC, dated 7-31-2025, maturity value <br> $2,500,303,472(11)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 2500000000 | &nbsp;&nbsp; 2500000000 |
| Natixis, dated 7-31-2025, maturity value $1,114,184,924(12) | 4.36 | &nbsp;&nbsp; 8-1-2025 | 1114050000 | &nbsp;&nbsp; 1114050000 |
| &nbsp;&nbsp; Natwest Markets Securities, Inc., dated 7-29-2025, maturity <br> value $1,251,059,722(13)<br>| 4.36 | &nbsp;&nbsp; 8-5-2025 | 1250000000 | &nbsp;&nbsp; 1250000000 |
| &nbsp;&nbsp; Natwest Markets Securities, Inc., dated 7-31-2025, maturity <br> value $400,048,556(14)<br>| 4.37 | &nbsp;&nbsp; 8-1-2025 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; RBC Dominion, dated 7-31-2025, maturity value <br> $250,030,278(15)<br>| 4.36 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Societe Generale, dated 7-7-2025, maturity value <br> $250,936,458(16)<br>| 4.35 | &nbsp;&nbsp; 8-7-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Societe Generale, dated 7-16-2025, maturity value <br> $250,999,167(17)<br>| 4.36 | &nbsp;&nbsp; 8-18-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Standard Chartered Bank PLC, dated 7-31-2025, maturity value <br> $250,029,653(18)<br>| 4.27 | &nbsp;&nbsp; 8-1-2025 | 250000000 | &nbsp;&nbsp; 250000000 |
| **Total repurchase agreements (Cost $17,811,849,442)** |  |  |  | &nbsp;&nbsp; **17811849442** |
| **U.S. Treasury securities: 43.81%** |  |  |  |  |
| U.S. Treasury Bills☼ | 3.98 | &nbsp;&nbsp; 5-14-2026 | 100000000 | &nbsp;&nbsp; 96881011 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 3-19-2026 | 80000000 | &nbsp;&nbsp; 77988459 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 7-9-2026 | 50000000 | &nbsp;&nbsp; 48142513 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 7-9-2026 | 100000000 | &nbsp;&nbsp; 96254625 |
| U.S. Treasury Bills☼ | 4.04 | &nbsp;&nbsp; 10-2-2025 | 143000000 | &nbsp;&nbsp; 142014562 |
| U.S. Treasury Bills☼ | 4.04 | &nbsp;&nbsp; 10-2-2025 | 177000000 | &nbsp;&nbsp; 175787604 |
| U.S. Treasury Bills☼ | 4.10 | &nbsp;&nbsp; 10-23-2025 | 100000000 | &nbsp;&nbsp; 99066711 |
| U.S. Treasury Bills☼ | 4.11 | &nbsp;&nbsp; 2-19-2026 | 150000000 | &nbsp;&nbsp; 146588094 |
| U.S. Treasury Bills☼ | 4.12 | &nbsp;&nbsp; 10-16-2025 | 75000000 | &nbsp;&nbsp; 74356850 |
| U.S. Treasury Bills☼ | 4.12 | &nbsp;&nbsp; 10-16-2025 | 75000000 | &nbsp;&nbsp; 74356692 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bills☼ | 4.12<br> %<br>| &nbsp;&nbsp; 10-30-2025 | $60000000 | &nbsp;&nbsp; $59387175 |
| U.S. Treasury Bills☼ | 4.12 | &nbsp;&nbsp; 10-30-2025 | 180000000 | &nbsp;&nbsp; 178172625 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 9-11-2025 | 60000000 | &nbsp;&nbsp; 59721337 |
| U.S. Treasury Bills☼ | 4.13 | &nbsp;&nbsp; 10-9-2025 | 200000000 | &nbsp;&nbsp; 198439833 |
| U.S. Treasury Bills☼ | 4.15 | &nbsp;&nbsp; 9-18-2025 | 100000000 | &nbsp;&nbsp; 99453600 |
| U.S. Treasury Bills☼ | 4.16 | &nbsp;&nbsp; 11-6-2025 | 100000000 | &nbsp;&nbsp; 98893257 |
| U.S. Treasury Bills☼ | 4.17 | &nbsp;&nbsp; 1-2-2026 | 167000000 | &nbsp;&nbsp; 164054756 |
| U.S. Treasury Bills☼ | 4.17 | &nbsp;&nbsp; 1-2-2026 | 83000000 | &nbsp;&nbsp; 81544982 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 11-13-2025 | 100000000 | &nbsp;&nbsp; 98809778 |
| U.S. Treasury Bills☼ | 4.18 | &nbsp;&nbsp; 1-15-2026 | 200000000 | &nbsp;&nbsp; 196170597 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 9-4-2025 | 60000000 | &nbsp;&nbsp; 59765513 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 11-20-2025 | 250000000 | &nbsp;&nbsp; 246803354 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 11-28-2025 | 395000000 | &nbsp;&nbsp; 389595582 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 11-28-2025 | 10000000 | &nbsp;&nbsp; 9861580 |
| U.S. Treasury Bills☼ | 4.20 | &nbsp;&nbsp; 12-11-2025 | 100000000 | &nbsp;&nbsp; 98481083 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 12-4-2025 | 200000000 | &nbsp;&nbsp; 197115972 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 1-8-2026 | 116000000 | &nbsp;&nbsp; 113861476 |
| U.S. Treasury Bills☼ | 4.21 | &nbsp;&nbsp; 1-8-2026 | 17000000 | &nbsp;&nbsp; 16686444 |
| U.S. Treasury Bills☼ | 4.22 | &nbsp;&nbsp; 8-7-2025 | 60000000 | &nbsp;&nbsp; 59958370 |
| U.S. Treasury Bills☼ | 4.23 | &nbsp;&nbsp; 8-14-2025 | 60000000 | &nbsp;&nbsp; 59909585 |
| U.S. Treasury Bills☼ | 4.24 | &nbsp;&nbsp; 11-4-2025 | 150000000 | &nbsp;&nbsp; 148345021 |
| U.S. Treasury Bills☼ | 4.25 | &nbsp;&nbsp; 8-28-2025 | 60000000 | &nbsp;&nbsp; 59811540 |
| U.S. Treasury Bills☼ | 4.26 | &nbsp;&nbsp; 8-21-2025 | 60000000 | &nbsp;&nbsp; 59859833 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 10-7-2025 | 150000000 | &nbsp;&nbsp; 148824010 |
| U.S. Treasury Bills☼ | 4.27 | &nbsp;&nbsp; 10-28-2025 | 300000000 | &nbsp;&nbsp; 296914500 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-23-2025 | 190000000 | &nbsp;&nbsp; 188817474 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-30-2025 | 35000000 | &nbsp;&nbsp; 34753250 |
| U.S. Treasury Bills☼ | 4.29 | &nbsp;&nbsp; 9-30-2025 | 120000000 | &nbsp;&nbsp; 119154471 |
| U.S. Treasury Bills☼ | 4.31 | &nbsp;&nbsp; 9-16-2025 | 160000000 | &nbsp;&nbsp; 159131827 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>| 4.38 | &nbsp;&nbsp; 1-31-2027 | 990000000 | &nbsp;&nbsp; 989974675 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>| 4.44 | &nbsp;&nbsp; 4-30-2026 | 450000000 | &nbsp;&nbsp; 449993101 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 4.44 | &nbsp;&nbsp; 7-31-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 4.45 | &nbsp;&nbsp; 4-30-2027 | 780000000 | &nbsp;&nbsp; 780043341 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.17%)±<br>| 4.46 | &nbsp;&nbsp; 10-31-2025 | 600000000 | &nbsp;&nbsp; 599945329 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.18%)±<br>| 4.47 | &nbsp;&nbsp; 7-31-2026 | 500000000 | &nbsp;&nbsp; 499894606 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.21%)±<br>| 4.49 | &nbsp;&nbsp; 10-31-2026 | 760000000 | &nbsp;&nbsp; 760491867 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.25%)±<br>| 4.53 | &nbsp;&nbsp; 1-31-2026 | 380000000 | &nbsp;&nbsp; 380050553 |
| U.S. Treasury Notes | 0.25 | &nbsp;&nbsp; 9-30-2025 | 515000000 | &nbsp;&nbsp; 511666708 |
| U.S. Treasury Notes | 0.25 | &nbsp;&nbsp; 10-31-2025 | 130000000 | &nbsp;&nbsp; 128721370 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 12-31-2025 | 210000000 | &nbsp;&nbsp; 206690364 |

---

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

Government Money Market Funds \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Notes |  | 0.63<br> %<br>| &nbsp;&nbsp; 7-31-2026 | $120000000 | &nbsp;&nbsp; $115913615 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 3-31-2026 | 330000000 | &nbsp;&nbsp; 322875799 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 4-30-2026 | 415000000 | &nbsp;&nbsp; 404914409 |
| U.S. Treasury Notes |  | 0.88 | &nbsp;&nbsp; 6-30-2026 | 365000000 | &nbsp;&nbsp; 354416035 |
| U.S. Treasury Notes |  | 1.88 | &nbsp;&nbsp; 6-30-2026 | 50000000 | &nbsp;&nbsp; 49015532 |
| U.S. Treasury Notes |  | 2.00 | &nbsp;&nbsp; 8-15-2025 | 40000000 | &nbsp;&nbsp; 39965585 |
| U.S. Treasury Notes |  | 2.63 | &nbsp;&nbsp; 12-31-2025 | 40000000 | &nbsp;&nbsp; 39740909 |
| U.S. Treasury Notes |  | 3.00 | &nbsp;&nbsp; 10-31-2025 | 51279000 | &nbsp;&nbsp; 51118477 |
| U.S. Treasury Notes |  | 3.13 | &nbsp;&nbsp; 8-15-2025 | 50000000 | &nbsp;&nbsp; 49978573 |
| U.S. Treasury Notes |  | 3.63 | &nbsp;&nbsp; 5-15-2026 | 140000000 | &nbsp;&nbsp; 139425089 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 4-15-2026 | 215000000 | &nbsp;&nbsp; 214509031 |
| U.S. Treasury Notes |  | 3.88 | &nbsp;&nbsp; 1-15-2026 | 110000000 | &nbsp;&nbsp; 109810737 |
| U.S. Treasury Notes |  | 4.00 | &nbsp;&nbsp; 12-15-2025 | 100000000 | &nbsp;&nbsp; 99893439 |
| U.S. Treasury Notes |  | 4.13 | &nbsp;&nbsp; 6-15-2026 | 175000000 | &nbsp;&nbsp; 174985179 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 12-31-2025 | 265000000 | &nbsp;&nbsp; 264956445 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 7-31-2026 | 140000000 | &nbsp;&nbsp; 140346071 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 3-31-2026 | 187200000 | &nbsp;&nbsp; 187630657 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 6-30-2026 | 165000000 | &nbsp;&nbsp; 165720477 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 11-30-2025 | 30000000 | &nbsp;&nbsp; 30054260 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 4-30-2026 | 47000000 | &nbsp;&nbsp; 47230706 |
| U.S. Treasury Notes |  | 5.00 | &nbsp;&nbsp; 9-30-2025 | 135000000 | &nbsp;&nbsp; 135156138 |
| U.S. Treasury Notes |  | 5.00 | &nbsp;&nbsp; 10-31-2025 | 285000000 | &nbsp;&nbsp; 285475067 |
| **Total U.S. treasury securities (Cost $13,714,340,090)** |  |  |  |  | &nbsp;&nbsp; **13714340090** |
| **Total investments in securities (Cost $31,526,189,532)** | 100.72<br> %<br>|  |  |  | &nbsp;&nbsp; 31526189532 |
| Other assets and liabilities, net | (0.72)<br>|  |  |  | &nbsp;&nbsp; (225264032)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$31300925500** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Collateralized by: |
| (01) U.S. government securities, 0.25% to 6.00%, 10-31-2025 to 8-15-2054, fair value including accrued interest is $2,038,573,560. |
| (02) U.S. government securities, 4.13% to 4.25%, 2-28-2029 to 11-30-2031, fair value including accrued interest is $255,000,013. |
| (03) U.S. government securities, 2.50% to 4.63%, 3-31-2027 to 9-30-2028, fair value including accrued interest is $660,756,059. |
| (04) U.S. government securities, 1.63% to 4.63%, 4-30-2029 to 2-15-2052, fair value including accrued interest is $102,000,022. |
| (05) U.S. government securities, 0.00% to 1.25%, 8-15-2025 to 2-15-2035, fair value including accrued interest is $714,000,000. |
| (06) U.S. government securities, 0.00% to 5.38%, 8-5-2025 to 5-15-2035, fair value including accrued interest is $3,060,000,076. |
| (07) U.S. government securities, 4.75%, 11-15-2053, fair value including accrued interest is $510,000,000. |
| (08) U.S. government securities, 4.00%, 11-15-2052, fair value including accrued interest is $2,039,999,931. |
| (09) U.S. government securities, 4.00% to 4.13%, 7-31-2029 to 10-31-2031, fair value including accrued interest is $2,142,891,000. |
| (10) U.S. government securities, 0.00% to 4.47%, 1-15-2026 to 8-15-2046, fair value including accrued interest is $255,000,022. |
| (11) U.S. government securities, 0.13% to 6.13%, 10-15-2025 to 2-15-2047, fair value including accrued interest is $2,550,000,000. |
| (12) U.S. government securities, 0.00% to 4.88%, 10-31-2025 to 11-15-2052, fair value including accrued interest is $1,136,331,041. |
| (13) U.S. government securities, 0.00% to 5.00%, 8-15-2025 to 5-15-2055, fair value including accrued interest is $1,275,000,034. |
| (14) U.S. government securities, 1.38% to 4.75%, 5-15-2038 to 5-15-2055, fair value including accrued interest is $408,000,040. |
| (15) U.S. government securities, 0.00% to 2.38%, 7-15-2026 to 5-15-2049, fair value including accrued interest is $255,000,005. |
| (16) U.S. government securities, 3.88% to 4.00%, 2-15-2043 to 11-15-2052, fair value including accrued interest is $255,000,032. |
| (17) U.S. government securities, 3.88%, 2-15-2043, fair value including accrued interest is $255,000,083. |
| (18) U.S. government securities, 0.00% to 6.13%, 8-31-2025 to 5-15-2055, fair value including accrued interest is $255,000,000. |
| Zero coupon security. The rate represents the current yield to maturity. |
| Variable rate investment. The rate shown is the rate in effect at period end. |

---

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

4 \| Government Money Market Funds

------

Statement of assets and liabilities—July 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $13714340090 |
| Investments in repurchase agreements, at amortized cost | 17811849442 |
| Cash | 951402 |
| Receivable for interest | 25391655 |
| Prepaid expenses and other assets | 594641 |
| **Total assets** | **31553127230** |
| Liabilities |  |
| Payable for investments purchased | 169575832 |
| Dividends payable | 68496114 |
| Payable for Fund shares redeemed | 8191954 |
| Management fee payable | 2912642 |
| Administration fees payable | 2080449 |
| Shareholder servicing fees payable | 722035 |
| Accrued expenses and other liabilities | 222704 |
| **Total liabilities** | **252201730** |
| **Total net assets**  | **$31300925500** |
| Net assets consist of |  |
| Paid-in capital | $31300214589 |
| Total distributable earnings | 710911 |
| **Total net assets** | **$31300925500** |
| Computation of net asset value per share |  |
| Net assets–Class A | $1490891222 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1490768953 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $38511586 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 38507992 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $19052514932 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 19050731907 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $108804 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 108794 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Select Class | $8787879801 |
| Shares outstanding–Select Class<sup>1</sup> <br>| 8787139532 |
| Net asset value per share–Select Class | $1.00 |
| Net assets–Service Class | $1931019155 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 1930838813 |
| Net asset value per share–Service Class | $1.00 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

Government Money Market Funds \| 5

------

Statement of operations—six months ended July 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $689922621 |
| Expenses |  |
| Management fee | 20798988 |
| Administration fees |  |
| Class A | 1418892 |
| Administrator Class | 18842 |
| Institutional Class | 7396130 |
| Roberts & Ryan Class | 42 |
| Select Class | 1935029 |
| Service Class | 1134450 |
| Shareholder servicing fees |  |
| Class A | 1773615 |
| Administrator Class | 18842 |
| Service Class | 2363438 |
| Custody and accounting fees | 287474 |
| Professional fees | 73010 |
| Registration fees | 89060 |
| Shareholder report expenses | 21749 |
| Trustees' fees and expenses | 112710 |
| Other fees and expenses | 195833 |
| **Total expenses** | **37638104** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (58899)<br>|
| Administrator Class | (176)<br>|
| Institutional Class | (1567554)<br>|
| Roberts & Ryan Class | (8)<br>|
| Select Class | (1787105)<br>|
| Service Class | (542413)<br>|
| **Net expenses** | **33681949** |
| **Net investment income** | **656240672** |
| **Net realized gains on investments** | **1012212** |
| **Net increase in net assets resulting from operations** | **$657252884** |

---

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

6 \| Government Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> July 31, 2025<br> (unaudited) | Six months ended<br> July 31, 2025<br> (unaudited) | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $656240672 | &nbsp;&nbsp; $1422035946 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 1012212 | &nbsp;&nbsp; (24590)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **657252884** | &nbsp;&nbsp; **1422011356** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (26962417)<br>| &nbsp;&nbsp; (75762763)<br>|
| Administrator Class |  | &nbsp;&nbsp; (762071)<br>| &nbsp;&nbsp; (1302687)<br>|
| Institutional Class |  | &nbsp;&nbsp; (386338086)<br>| &nbsp;&nbsp; (823944426)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (2203)<br>| &nbsp;&nbsp; (5140)<br>|
| Select Class |  | &nbsp;&nbsp; (205043684)<br>| &nbsp;&nbsp; (436992156)<br>|
| Service Class |  | &nbsp;&nbsp; (37134281)<br>| &nbsp;&nbsp; (84033687)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(656242742)**<br>| &nbsp;&nbsp; **(1422040859)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 8853911414 | &nbsp;&nbsp; 8853911414 | &nbsp;&nbsp; 18930709318 |
| Administrator Class | 90965506 | &nbsp;&nbsp; 90965506 | &nbsp;&nbsp; 170271670 |
| Institutional Class | 37557498158 | &nbsp;&nbsp; 37557498158 | &nbsp;&nbsp; 79311298374 |
| Roberts & Ryan Class | 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 0 |
| Select Class | 126617899991 | &nbsp;&nbsp; 126617899991 | &nbsp;&nbsp; 268471077132 |
| Service Class | 6679602106 | &nbsp;&nbsp; 6679602106 | &nbsp;&nbsp; 11463095137 |
|  |  | &nbsp;&nbsp; 179799877199 | &nbsp;&nbsp; 378346451631 |
| Reinvestment of distributions |  |  |  |
| Class A | 6502673 | &nbsp;&nbsp; 6502673 | &nbsp;&nbsp; 16680098 |
| Administrator Class | 762071 | &nbsp;&nbsp; 762071 | &nbsp;&nbsp; 1291425 |
| Institutional Class | 90130036 | &nbsp;&nbsp; 90130036 | &nbsp;&nbsp; 222388833 |
| Roberts & Ryan Class | 2203 | &nbsp;&nbsp; 2203 | &nbsp;&nbsp; 5116 |
| Select Class | 150903567 | &nbsp;&nbsp; 150903567 | &nbsp;&nbsp; 311300983 |
| Service Class | 15375402 | &nbsp;&nbsp; 15375402 | &nbsp;&nbsp; 34230184 |
|  |  | &nbsp;&nbsp; 263675952 | &nbsp;&nbsp; 585896639 |
| Payment for shares redeemed |  |  |  |
| Class A | (8856086962)<br>| &nbsp;&nbsp; (8856086962)<br>| &nbsp;&nbsp; (19078134448)<br>|
| Administrator Class | (93170176)<br>| &nbsp;&nbsp; (93170176)<br>| &nbsp;&nbsp; (156266517)<br>|
| Institutional Class | (38046989342)<br>| &nbsp;&nbsp; (38046989342)<br>| &nbsp;&nbsp; (76681626066)<br>|
| Select Class | (126919175655)<br>| &nbsp;&nbsp; (126919175655)<br>| &nbsp;&nbsp; (268380335361)<br>|
| Service Class | (6487500021)<br>| &nbsp;&nbsp; (6487500021)<br>| &nbsp;&nbsp; (11824252437)<br>|
|  |  | &nbsp;&nbsp; (180402922156)<br>| &nbsp;&nbsp; (376120614829)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **capital share transactions**<br>|  | &nbsp;&nbsp; **(339369005)**<br>| &nbsp;&nbsp; **2811733441** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(338358863)**<br>| &nbsp;&nbsp; **2811703938** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **31639284363** | &nbsp;&nbsp; **28827580425** |
| **End of period** |  | &nbsp;&nbsp; **$31300925500** | &nbsp;&nbsp; **$31639284363** |

---

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

Government Money Market Funds \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 |
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.90%**<br>| **4.65%**<br>| **4.68%**<br>| **1.51%**<br>| **0.01%**<br>| **0.12%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.59<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>|
| Net expenses | 0.58<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.50 %\*<br>| 0.06 %\*<br>| 0.25 %\*<br>|
| Net investment income | 3.80<br> %<br>| 4.54<br> %<br>| 4.58<br> %<br>| 1.33<br> %<br>| 0.01<br> %<br>| 0.11<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1490891 | &nbsp;&nbsp; $1486538 | &nbsp;&nbsp; $1617295 | &nbsp;&nbsp; $1469727 | &nbsp;&nbsp; $2421542 | &nbsp;&nbsp; $1537192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.10% |
| Year ended January 31, 2022 | 0.54% |
| Year ended January 31, 2021 | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

8 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 |
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.02%**<br>| **4.90%**<br>| **4.94%**<br>| **1.71%**<br>| **0.01%**<br>| **0.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|
| Net expenses | 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.26 %\*<br>| 0.06 %\*<br>| 0.24 %\*<br>|
| Net investment income | 4.04<br> %<br>| 4.70<br> %<br>| 4.83<br> %<br>| 1.10<br> %<br>| 0.01<br> %<br>| 0.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $38512 | &nbsp;&nbsp; $39955 | &nbsp;&nbsp; $24656 | &nbsp;&nbsp; $26770 | &nbsp;&nbsp; $117556 | &nbsp;&nbsp; $143745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.08% |
| Year ended January 31, 2022 | 0.28% |
| Year ended January 31, 2021 | 0.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 |
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.09%**<br>| **5.04%**<br>| **5.09%**<br>| **1.84%**<br>| **0.01%**<br>| **0.21%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.22<br> %<br>| 0.22<br> %<br>| 0.22<br> %<br>| 0.23<br> %<br>| 0.22<br> %<br>| 0.22<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.19 %\*<br>| 0.06 %\*<br>| 0.18 %\*<br>|
| Net investment income | 4.18<br> %<br>| 4.91<br> %<br>| 4.99<br> %<br>| 1.84<br> %<br>| 0.01<br> %<br>| 0.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $19052515 | &nbsp;&nbsp; $19451328 | &nbsp;&nbsp; $16599118 | &nbsp;&nbsp; $13471949 | &nbsp;&nbsp; $14984670 | &nbsp;&nbsp; $15879274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.01% |
| Year ended January 31, 2022 | 0.14% |
| Year ended January 31, 2021 | 0.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

10 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.01 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>4</sup><br>| 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>5</sup> <br>| **2.09%**<br>| **5.04%**<br>| **1.45%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 0.22<br> %<br>| 0.22<br> %<br>| 0.22<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>|
| Net investment income | 4.18<br> %<br>| 4.92<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $109 | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from October 20, 2023 (commencement of class operations) to January 31, 2024

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Amount is more than $(0.005).

<sup>5</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Select Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 |
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **2.12%**<br>| **5.11%**<br>| **5.15%**<br>| **1.89%**<br>| **0.01%**<br>| **0.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.19<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>|
| Net expenses | 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.06 %<sup>5</sup><br>| 0.14<br> %<br>|
| Net investment income | 4.24<br> %<br>| 4.95<br> %<br>| 5.06<br> %<br>| 1.87<br> %<br>| 0.01<br> %<br>| 0.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $8787880 | &nbsp;&nbsp; $8937893 | &nbsp;&nbsp; $8535983 | &nbsp;&nbsp; $5565461 | &nbsp;&nbsp; $4360652 | &nbsp;&nbsp; $3118274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

<sup>5</sup> Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. 

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

12 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>July 31, 2025 <br>(unaudited) | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | Six months ended <br>July 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.02 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized gains (losses) on investments | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.00 |
| Total distributions to shareholders | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total return**<sup>4</sup> <br>| **1.96%**<br>| **4.78%**<br>| **4.83%**<br>| **1.62%**<br>| **0.01%**<br>| **0.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>|
| Net expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.40 %\*<br>| 0.06 %\*<br>| 0.23 %\*<br>|
| Net investment income | 3.93<br> %<br>| 4.67<br> %<br>| 4.75<br> %<br>| 1.60<br> %<br>| 0.01<br> %<br>| 0.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1931019 | &nbsp;&nbsp; $1723464 | &nbsp;&nbsp; $2050427 | &nbsp;&nbsp; $1415688 | &nbsp;&nbsp; $1406514 | &nbsp;&nbsp; $1416203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended January 31, 2023 | 0.05% |
| Year ended January 31, 2022 | 0.39% |
| Year ended January 31, 2021 | 0.22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Returns for periods of less than one year are not annualized.

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

Government Money Market Funds \| 13

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

14 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2025, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2025, the Fund had capital loss carryforwards which consisted of $24,590 in short-term capital losses.

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.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| Repurchase agreements | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17811849442 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17811849442 |
| U.S. Treasury securities | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13714340090 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13714340090 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$31526189532** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$31526189532** |

---

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

At July 31, 2025, 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

Government Money Market Funds \| 15

------

Notes to financial statements (unaudited)

services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.150<br> %<br>|
| Next $5 billion | 0.140 |
| Next $5 billion | 0.130 |
| Next $85 billion | 0.125 |
| Over $100 billion | 0.120 |

---

For the six months ended July 31, 2025, the management fee was equivalent to an annual rate of 0.13% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |
| Roberts & Ryan Class | 0.08 |
| Select Class | 0.04 |
| 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 reimbursed 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, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.58<br> %<br>|
| Administrator Class | 0.34 |
| Institutional Class | 0.20 |
| Roberts & Ryan Class | 0.20 |
| Select Class | 0.14 |
| Service Class | 0.45 |

---

Shareholder servicing fees

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

16 \| Government Money Market Funds

------

Notes to financial statements (unaudited)

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended July 31, 2025.

5. CREDIT RISK

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

6. INDEMNIFICATION

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

7. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

8. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Government Money Market Funds \| 17

------

Other information (unaudited)

Other information

Proxy voting information

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

Portfolio holdings information

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

18 \| Government Money Market Funds

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Government Money Market Funds \| 19

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Treasury Plus Money Market Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

*Nature, extent, and quality of services*

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

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

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

\*

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

20 \| Government Money Market Funds

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for Service Class and Select Class, in range of the median net operating expense ratios of the expense Groups for Class A, Institutional Class, and Roberts & Ryan Class, and equal to the median net operating expense ratio for the expense Group for Administrator Class.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

Government Money Market Funds \| 21

------

Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

*Other benefits to Allspring Funds Management and the Sub-Adviser*

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

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

*Conclusion*

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

22 \| Government Money Market Funds

------

*This page is intentionally left blank.*

------

*This page is intentionally left blank.*

------

![](g13015img8f1cfdd91.jpg)

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**

![](g13015imga14b55d82.gif)

*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 Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0453 07-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d13015dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d13015dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g13015g0926092148040.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Government Money Market Fund, Allspring Money Market Fund, Allspring National Tax-Free Money Market Fund, Allspring 100% Treasury Money Market Fund, and Allspring Treasury Plus Money Market Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: September 24, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g13015g0926092148040.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Government Money Market Fund, Allspring Money Market Fund, Allspring National Tax-Free Money Market Fund, Allspring 100% Treasury Money Market Fund, and Allspring Treasury Plus Money Market Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: September 24, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g13015g0926092148040.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

------

![LOGO](g13015g0926092148040.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.