# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-134143
**Filing Date:** 2026-3
**Character Count:** 543488
**Document Hash:** 0f8288a54a005a9c27c2e35a54c66615
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-134143.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-134143

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 26820792

**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   |
|:---|:---|:---|
| 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           |
| 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-CSR

![LOGO](g20147g0328033126637.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

#### 1415 Vantage Park Drive, 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: January 31, 2026

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# National Tax-Free Money Market Fund

# January 31, 2026

# Administator Class

# WNTXX
This annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $26 | 0.26% |

---

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 | $1900794397 |
| # of portfolio holdings | 268 |
| Total advisory fees paid | $1861510 |
| Weighted average maturity | 39 days |
| Weighted average life | 40 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bond | 48.6 |
| Other municipal debt | 32.6 |
| Variable rate demand note | 18.0 |
| Treasury repurchase agreement | 0.8 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 66.8 |
| 8-14 days | 0.8 |
| 15-29 days | 0.6 |
| 30-59 days | 9.5 |
| 60-89 days | 6.3 |
| 90-179 days | 10.6 |
| 180-269 days | 3.5 |
| 270+ days | 1.9 |

---

## 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

#### AR3710 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# National Tax-Free Money Market Fund

# January 31, 2026

# Premier Class

# WFNXX
This annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $1900794397 |
| # of portfolio holdings | 268 |
| Total advisory fees paid | $1861510 |
| Weighted average maturity | 39 days |
| Weighted average life | 40 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bond | 48.6 |
| Other municipal debt | 32.6 |
| Variable rate demand note | 18.0 |
| Treasury repurchase agreement | 0.8 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 66.8 |
| 8-14 days | 0.8 |
| 15-29 days | 0.6 |
| 30-59 days | 9.5 |
| 60-89 days | 6.3 |
| 90-179 days | 10.6 |
| 180-269 days | 3.5 |
| 270+ days | 1.9 |

---

## 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

#### AR0477 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# National Tax-Free Money Market Fund

# January 31, 2026

# Service Class

# MMIXX
This annual shareholder report contains important information about National Tax-Free Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $40 | 0.40% |

---

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 | $1900794397 |
| # of portfolio holdings | 268 |
| Total advisory fees paid | $1861510 |
| Weighted average maturity | 39 days |
| Weighted average life | 40 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Tender option bond | 48.6 |
| Other municipal debt | 32.6 |
| Variable rate demand note | 18.0 |
| Treasury repurchase agreement | 0.8 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 66.8 |
| 8-14 days | 0.8 |
| 15-29 days | 0.6 |
| 30-59 days | 9.5 |
| 60-89 days | 6.3 |
| 90-179 days | 10.6 |
| 180-269 days | 3.5 |
| 270+ days | 1.9 |

---

## 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

#### AR0792 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# 100% Treasury Money Market Fund

# January 31, 2026

# Administrator Class

# WTRXX
This annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $31 | 0.30% |

---

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 | $18018332720 |
| # of portfolio holdings | 62 |
| Total advisory fees paid | $22629677 |
| Weighted average maturity | 52 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 83.8 |
| U.S. Treasury Floating Rate Notes | 12.0 |
| U.S. Treasury Notes | 4.2 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 9.5 |
| 8-14 days | 7.1 |
| 15-29 days | 17.5 |
| 30-59 days | 21.6 |
| 60-89 days | 13.0 |
| 90-179 days | 17.0 |
| 180-269 days | 3.6 |
| 270+ days | 10.7 |

---

## 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

#### AR3722 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# 100% Treasury Money Market Fund

# January 31, 2026

# Roberts & Ryan Class

# RRAXX
This annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $18018332720 |
| # of portfolio holdings | 62 |
| Total advisory fees paid | $22629677 |
| Weighted average maturity | 52 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 83.8 |
| U.S. Treasury Floating Rate Notes | 12.0 |
| U.S. Treasury Notes | 4.2 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 9.5 |
| 8-14 days | 7.1 |
| 15-29 days | 17.5 |
| 30-59 days | 21.6 |
| 60-89 days | 13.0 |
| 90-179 days | 17.0 |
| 180-269 days | 3.6 |
| 270+ days | 10.7 |

---

## 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

#### AR5122 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# 100% Treasury Money Market Fund

# January 31, 2026

# Institutional Class

# WOTXX
This annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $18018332720 |
| # of portfolio holdings | 62 |
| Total advisory fees paid | $22629677 |
| Weighted average maturity | 52 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 83.8 |
| U.S. Treasury Floating Rate Notes | 12.0 |
| U.S. Treasury Notes | 4.2 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 9.5 |
| 8-14 days | 7.1 |
| 15-29 days | 17.5 |
| 30-59 days | 21.6 |
| 60-89 days | 13.0 |
| 90-179 days | 17.0 |
| 180-269 days | 3.6 |
| 270+ days | 10.7 |

---

## 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

#### AR3177 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# 100% Treasury Money Market Fund

# January 31, 2026

# Service Class

# NWTXX
This annual shareholder report contains important information about 100% Treasury Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $51 | 0.50% |

---

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 | $18018332720 |
| # of portfolio holdings | 62 |
| Total advisory fees paid | $22629677 |
| Weighted average maturity | 52 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 83.8 |
| U.S. Treasury Floating Rate Notes | 12.0 |
| U.S. Treasury Notes | 4.2 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 9.5 |
| 8-14 days | 7.1 |
| 15-29 days | 17.5 |
| 30-59 days | 21.6 |
| 60-89 days | 13.0 |
| 90-179 days | 17.0 |
| 180-269 days | 3.6 |
| 270+ days | 10.7 |

---

## 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

#### AR0008 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Administrator Class

# WGAXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $34 | 0.33% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR0947 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Class A

# WFGXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $56 | 0.55% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR0450 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Roberts & Ryan Class

# RNRXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR5123 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Sweep Class
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $51 | 0.50% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR3931 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Institutional Class

# GVIXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR1751 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Select Class

# WFFXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $14 | 0.14% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR3802 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Service Class

# NWGXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $51 | 0.50% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR0743 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Government Money Market Fund

# January 31, 2026

# Tribal Inclusion Class

# AGTXX
This annual shareholder report contains important information about Government Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $16 | 0.16% |

---

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 | $140222428510 |
| # of portfolio holdings | 313 |
| Total advisory fees paid | $162068240 |
| Weighted average maturity | 42 days |
| Weighted average life | 102 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 56.2 |
| Government agency debt | 22.1 |
| U.S. Treasury securities | 21.3 |
| Other instruments | 0.4 |
| Municipal obligations | 0.0 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 55.2 |
| 8-14 days | 0.9 |
| 15-29 days | 3.4 |
| 30-59 days | 4.1 |
| 60-89 days | 6.2 |
| 90-179 days | 10.0 |
| 180-269 days | 5.2 |
| 270+ days | 15.0 |

---

## 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

#### AR5120 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Money Market Fund

# January 31, 2026

# Class A

# STGXX
This annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $54 | 0.53% |

---

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 | $42398819582 |
| # of portfolio holdings | 327 |
| Total advisory fees paid | $47387997 |
| Weighted average maturity | 32 days |
| Weighted average life | 62 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial Paper | 41.6 |
| Repurchase agreements | 23.8 |
| Certificates of deposit | 22.6 |
| Municipal obligations | 10.3 |
| Other instruments | 1.7 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 51.0 |
| 8-14 days | 2.3 |
| 15-29 days | 1.8 |
| 30-59 days | 11.1 |
| 60-89 days | 7.0 |
| 90-179 days | 16.1 |
| 180-269 days | 6.6 |
| 270+ days | 4.1 |

---

## 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

#### AR0478 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Money Market Fund

# January 31, 2026

# Class C
This annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class C is closed to new investors and additional investments from existing shareholders.

## What were the Fund costs for the past year?
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 | $135 | 1.33% |

---

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 | $42398819582 |
| # of portfolio holdings | 327 |
| Total advisory fees paid | $47387997 |
| Weighted average maturity | 32 days |
| Weighted average life | 62 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial Paper | 41.6 |
| Repurchase agreements | 23.8 |
| Certificates of deposit | 22.6 |
| Municipal obligations | 10.3 |
| Other instruments | 1.7 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 51.0 |
| 8-14 days | 2.3 |
| 15-29 days | 1.8 |
| 30-59 days | 11.1 |
| 60-89 days | 7.0 |
| 90-179 days | 16.1 |
| 180-269 days | 6.6 |
| 270+ days | 4.1 |

---

## 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

#### AR3502 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Money Market Fund

# January 31, 2026

# Premier Class

# WMPXX
This annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $17 | 0.17% |

---

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 | $42398819582 |
| # of portfolio holdings | 327 |
| Total advisory fees paid | $47387997 |
| Weighted average maturity | 32 days |
| Weighted average life | 62 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial Paper | 41.6 |
| Repurchase agreements | 23.8 |
| Certificates of deposit | 22.6 |
| Municipal obligations | 10.3 |
| Other instruments | 1.7 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 51.0 |
| 8-14 days | 2.3 |
| 15-29 days | 1.8 |
| 30-59 days | 11.1 |
| 60-89 days | 7.0 |
| 90-179 days | 16.1 |
| 180-269 days | 6.6 |
| 270+ days | 4.1 |

---

## 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

#### AR3183 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Money Market Fund

# January 31, 2026

# Service Class

# WMOXX
This annual shareholder report contains important information about Money Market Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $46 | 0.45% |

---

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 | $42398819582 |
| # of portfolio holdings | 327 |
| Total advisory fees paid | $47387997 |
| Weighted average maturity | 32 days |
| Weighted average life | 62 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Commercial Paper | 41.6 |
| Repurchase agreements | 23.8 |
| Certificates of deposit | 22.6 |
| Municipal obligations | 10.3 |
| Other instruments | 1.7 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 51.0 |
| 8-14 days | 2.3 |
| 15-29 days | 1.8 |
| 30-59 days | 11.1 |
| 60-89 days | 7.0 |
| 90-179 days | 16.1 |
| 180-269 days | 6.6 |
| 270+ days | 4.1 |

---

## 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

#### AR3656 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Administrator Class

# WTPXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $35 | 0.34% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR3720 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Class A

# PIVXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $59 | 0.58% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR0453 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Institutional Class

# PISXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR0793 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Select Class

# WTLXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $14 | 0.14% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR3803 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Service Class

# PRVXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $46 | 0.45% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR0454 01-26
![Image](g20147i7279a46e68f2a900b671.jpg)

Annual Shareholder Report

# Treasury Plus Money Market Fund

# January 31, 2026

# Roberts & Ryan Class

# RRTXX
This annual shareholder report contains important information about Treasury Plus Money Market Fund for the period from February 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
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 | $20 | 0.20% |

---

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 | $31881306817 |
| # of portfolio holdings | 71 |
| Total advisory fees paid | $42753640 |
| Weighted average maturity | 41 days |
| Weighted average life | 95 days |

---

## What did the Fund invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Repurchase agreements | 53.4 |
| U.S. Treasury securities | 46.6 |

---

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

---

| | |
|:---|:---|
| 1-7 day(s) | 50.9 |
| 8-14 days | 2.0 |
| 15-29 days | 4.5 |
| 30-59 days | 4.6 |
| 60-89 days | 5.1 |
| 90-179 days | 11.9 |
| 180-269 days | 5.2 |
| 270+ days | 15.8 |

---

## 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

#### AR5124 01-26

------

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

(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

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

The Board of Trustees of Allspring Funds Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.

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

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant's principal accountant. These fees were billed to the registrant and were approved by the registrant's audit committee.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended<br>January 31, 2026** | **Fiscal year ended<br>January 31, 2025** |
|  Audit fees | $246400 | $253060 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> |  | 13740 |
|  All other fees |  |  |
|  | $246400 | $266800 |

---

<sup>(1)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) 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.

------

![](g20147img446805491.jpg)

Government Money Market Funds

Allspring 100% Treasury Money Market Fund<br>

Long Form Financial Statements

Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_POI-PageBlank-2_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_FS-PageBlank-2_1)** |  |
| [Statement of assets and liabilities](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_FS-PageBlank-2_1) | 4 |
| [Statement of operations](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_FS-PageBlank-2_2) | 5 |
| [Statement of changes in net assets](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_FS-PageBlank-2_3) | 6 |
| [Financial highlights](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_FIHI-PageBlank-2_1) | 7 |
| **[Notes to financial statements](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_NTF-PageBlank-2_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_AUD-PageBlank-2_1)** | 15 |
| **[Other information](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2)['](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2)[s approval of investment](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2)<br> [advisory contract](#xx_0e78306c-b15b-433b-9a8f-1675f2b34bda_OI-PageBlank-2_2)<br>| 17 |

---

Government Money Market Funds \| 1

------

Portfolio of investments—January 31, 2026

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: 104.65%** |  |  |  |  |
| U.S. Treasury Bills☼ | 3.52<br> %<br>| &nbsp;&nbsp; 7-2-2026 | $50000000 | &nbsp;&nbsp; $49277083 |
| U.S. Treasury Bills☼ | 3.53 | &nbsp;&nbsp; 7-9-2026 | 50000000 | &nbsp;&nbsp; 49240513 |
| U.S. Treasury Bills☼ | 3.54 | &nbsp;&nbsp; 6-18-2026 | 50000000 | &nbsp;&nbsp; 49339833 |
| U.S. Treasury Bills☼ | 3.54 | &nbsp;&nbsp; 6-25-2026 | 100000000 | &nbsp;&nbsp; 98611311 |
| U.S. Treasury Bills☼ | 3.54 | &nbsp;&nbsp; 7-16-2026 | 150000000 | &nbsp;&nbsp; 147613458 |
| U.S. Treasury Bills☼ | 3.56 | &nbsp;&nbsp; 5-12-2026 | 200000000 | &nbsp;&nbsp; 198071150 |
| U.S. Treasury Bills☼ | 3.57 | &nbsp;&nbsp; 7-23-2026 | 150000000 | &nbsp;&nbsp; 147493781 |
| U.S. Treasury Bills☼ | 3.58 | &nbsp;&nbsp; 7-30-2026 | 150000000 | &nbsp;&nbsp; 147380063 |
| U.S. Treasury Bills☼ | 3.59 | &nbsp;&nbsp; 5-5-2026 | 200000000 | &nbsp;&nbsp; 198190667 |
| U.S. Treasury Bills☼ | 3.60 | &nbsp;&nbsp; 5-19-2026 | 250000000 | &nbsp;&nbsp; 247386806 |
| U.S. Treasury Bills☼ | 3.61 | &nbsp;&nbsp; 4-21-2026 | 200000000 | &nbsp;&nbsp; 198458200 |
| U.S. Treasury Bills☼ | 3.63 | &nbsp;&nbsp; 4-16-2026 | 375000000 | &nbsp;&nbsp; 372278621 |
| U.S. Treasury Bills☼ | 3.63 | &nbsp;&nbsp; 5-26-2026 | 300000000 | &nbsp;&nbsp; 296632600 |
| U.S. Treasury Bills%%☼ | 3.63 | &nbsp;&nbsp; 6-2-2026 | 200000000 | &nbsp;&nbsp; 197634544 |
| U.S. Treasury Bills☼ | 3.64 | &nbsp;&nbsp; 3-26-2026 | 450000000 | &nbsp;&nbsp; 447665705 |
| U.S. Treasury Bills☼ | 3.64 | &nbsp;&nbsp; 4-9-2026 | 150000000 | &nbsp;&nbsp; 149011742 |
| U.S. Treasury Bills%%☼ | 3.64 | &nbsp;&nbsp; 6-2-2026 | 150000000 | &nbsp;&nbsp; 148219958 |
| U.S. Treasury Bills☼ | 3.64 | &nbsp;&nbsp; 6-11-2026 | 120000000 | &nbsp;&nbsp; 118457590 |
| U.S. Treasury Bills☼ | 3.66 | &nbsp;&nbsp; 4-23-2026 | 425000000 | &nbsp;&nbsp; 421592111 |
| U.S. Treasury Bills☼ | 3.66 | &nbsp;&nbsp; 4-30-2026 | 372000000 | &nbsp;&nbsp; 368764296 |
| U.S. Treasury Bills☼ | 3.66 | &nbsp;&nbsp; 4-30-2026 | 72000000 | &nbsp;&nbsp; 71366118 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 2-10-2026 | 620000000 | &nbsp;&nbsp; 619500953 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 2-10-2026 | 170000000 | &nbsp;&nbsp; 169864144 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 3-3-2026 | 700000000 | &nbsp;&nbsp; 697988267 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 3-3-2026 | 100000000 | &nbsp;&nbsp; 99702347 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 4-14-2026 | 200000000 | &nbsp;&nbsp; 198573294 |
| U.S. Treasury Bills☼ | 3.68 | &nbsp;&nbsp; 4-7-2026 | 100000000 | &nbsp;&nbsp; 99354489 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 3-10-2026 | 650000000 | &nbsp;&nbsp; 647626800 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 6-4-2026 | 70000000 | &nbsp;&nbsp; 69133665 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 3-24-2026 | 350000000 | &nbsp;&nbsp; 348225625 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 3-24-2026 | 50000000 | &nbsp;&nbsp; 49739479 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 5-28-2026 | 30000000 | &nbsp;&nbsp; 29649490 |
| U.S. Treasury Bills☼ | 3.72 | &nbsp;&nbsp; 2-3-2026 | 375270000 | &nbsp;&nbsp; 375230572 |
| U.S. Treasury Bills☼ | 3.72 | &nbsp;&nbsp; 2-3-2026 | 540000000 | &nbsp;&nbsp; 539946059 |
| U.S. Treasury Bills☼ | 3.72 | &nbsp;&nbsp; 2-24-2026 | 700000000 | &nbsp;&nbsp; 698425167 |
| U.S. Treasury Bills☼ | 3.72 | &nbsp;&nbsp; 2-24-2026 | 200000000 | &nbsp;&nbsp; 199556333 |
| U.S. Treasury Bills☼ | 3.73 | &nbsp;&nbsp; 2-5-2026 | 753170000 | &nbsp;&nbsp; 752939302 |
| U.S. Treasury Bills☼ | 3.73 | &nbsp;&nbsp; 3-12-2026 | 550000000 | &nbsp;&nbsp; 547866617 |
| U.S. Treasury Bills☼ | 3.73 | &nbsp;&nbsp; 3-19-2026 | 150000000 | &nbsp;&nbsp; 149322969 |
| U.S. Treasury Bills☼ | 3.73 | &nbsp;&nbsp; 3-19-2026 | 40000000 | &nbsp;&nbsp; 39803219 |
| U.S. Treasury Bills☼ | 3.73 | &nbsp;&nbsp; 4-2-2026 | 431000000 | &nbsp;&nbsp; 428400157 |
| U.S. Treasury Bills☼ | 3.74 | &nbsp;&nbsp; 2-17-2026 | 655000000 | &nbsp;&nbsp; 653982277 |
| U.S. Treasury Bills☼ | 3.74 | &nbsp;&nbsp; 2-17-2026 | 248990000 | &nbsp;&nbsp; 248619806 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 2-12-2026 | 560000000 | &nbsp;&nbsp; 559424291 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-17-2026 | 250000000 | &nbsp;&nbsp; 248925448 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-17-2026 | 400000000 | &nbsp;&nbsp; 398204989 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 5-7-2026 | 100000000 | &nbsp;&nbsp; 99034411 |
| U.S. Treasury Bills☼ | 3.76 | &nbsp;&nbsp; 5-21-2026 | 100000000 | &nbsp;&nbsp; 98887225 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 3.77<br> %<br>| &nbsp;&nbsp; 2-19-2026 | $830000000 | &nbsp;&nbsp; $828543856 |
| U.S. Treasury Bills☼ |  | 3.77 | &nbsp;&nbsp; 2-26-2026 | 706800000 | &nbsp;&nbsp; 705048576 |
| U.S. Treasury Bills☼ |  | 3.77 | &nbsp;&nbsp; 3-5-2026 | 425000000 | &nbsp;&nbsp; 423640790 |
| U.S. Treasury Bills☼ |  | 3.79 | &nbsp;&nbsp; 3-31-2026 | 450000000 | &nbsp;&nbsp; 447403363 |
| U.S. Treasury Bills☼ |  | 3.79 | &nbsp;&nbsp; 5-14-2026 | 50000000 | &nbsp;&nbsp; 49482375 |
| U.S. Treasury Bills☼ |  | 3.79 | &nbsp;&nbsp; 5-14-2026 | 150000000 | &nbsp;&nbsp; 148417386 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>|  | 3.71 | &nbsp;&nbsp; 1-31-2027 | 390000000 | &nbsp;&nbsp; 389994954 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>|  | 3.72 | &nbsp;&nbsp; 1-31-2028 | 90000000 | &nbsp;&nbsp; 89999835 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>|  | 3.76 | &nbsp;&nbsp; 4-30-2026 | 250000000 | &nbsp;&nbsp; 249999389 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>|  | 3.77 | &nbsp;&nbsp; 4-30-2027 | 275000000 | &nbsp;&nbsp; 275024315 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>|  | 3.77 | &nbsp;&nbsp; 7-31-2027 | 250000000 | &nbsp;&nbsp; 249946044 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.18%)±<br>|  | 3.79 | &nbsp;&nbsp; 7-31-2026 | 330000000 | &nbsp;&nbsp; 329934181 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.19%)±<br>|  | 3.80 | &nbsp;&nbsp; 10-31-2027 | 250000000 | &nbsp;&nbsp; 250211227 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.21%)±##<br>|  | 3.82 | &nbsp;&nbsp; 10-31-2026 | 430000000 | &nbsp;&nbsp; 430117616 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 3-31-2026 | 130000000 | &nbsp;&nbsp; 129339341 |
| U.S. Treasury Notes |  | 0.75 | &nbsp;&nbsp; 4-30-2026 | 40000000 | &nbsp;&nbsp; 39697956 |
| U.S. Treasury Notes |  | 0.88 | &nbsp;&nbsp; 9-30-2026 | 55000000 | &nbsp;&nbsp; 53974063 |
| U.S. Treasury Notes |  | 1.25 | &nbsp;&nbsp; 11-30-2026 | 65000000 | &nbsp;&nbsp; 63755096 |
| U.S. Treasury Notes |  | 1.25 | &nbsp;&nbsp; 12-31-2026 | 42500000 | &nbsp;&nbsp; 41619845 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 4-15-2026 | 30000000 | &nbsp;&nbsp; 29977066 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 8-31-2026 | 65000000 | &nbsp;&nbsp; 64995281 |
| U.S. Treasury Notes |  | 4.13 | &nbsp;&nbsp; 6-15-2026 | 50000000 | &nbsp;&nbsp; 49995329 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 11-30-2026 | 50000000 | &nbsp;&nbsp; 50216758 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 12-31-2026 | 192500000 | &nbsp;&nbsp; 193671312 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 7-31-2026 | 80000000 | &nbsp;&nbsp; 80129730 |
| **Total U.S. treasury securities (Cost $18,855,749,229)** |  |  |  |  | &nbsp;&nbsp; **18855749229** |
| **Total investments in securities (Cost $18,855,749,229)** | 104.65<br> %<br>|  |  |  | &nbsp;&nbsp; 18855749229 |
| Other assets and liabilities, net | (4.65)<br>|  |  |  | &nbsp;&nbsp; (837416509)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$18018332720** |

---

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

---

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

---

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

Government Money Market Funds \| 3

------

Statement of assets and liabilities—January 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $18855749229 |
| Cash | 7999 |
| Receivable for investments sold | 140000000 |
| Receivable for Fund shares sold | 42641347 |
| Receivable for interest | 28632649 |
| Prepaid expenses and other assets | 237919 |
| **Total assets** | **19067269143** |
| Liabilities |  |
| Payable for investments purchased | 983609485 |
| Payable for Fund shares redeemed | 42284380 |
| Dividends payable | 18473082 |
| Management fee payable | 1816317 |
| Administration fees payable | 1455330 |
| Shareholder servicing fees payable | 1238968 |
| Accrued expenses and other liabilities | 58861 |
| **Total liabilities** | **1048936423** |
| **Total net assets**  | **$18018332720** |
| Net assets consist of |  |
| Paid-in capital | $18018168381 |
| Total distributable earnings | 164339 |
| **Total net assets** | **$18018332720** |
| Computation of net asset value per share |  |
| Net assets–Administrator Class | $453867354 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 453850699 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $12107750496 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 12107296192 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $110947 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 110943 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Service Class | $5456603923 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 5456400095 |
| 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.

4 \| Government Money Market Funds

------

Statement of operations—year ended January 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $753267103 |
| Expenses |  |
| Management fee | 24715272 |
| Administration fees |  |
| Class A | 121379 <br><sup>1</sup><br>|
| Administrator Class | 509247 |
| Institutional Class | 9091346 |
| Roberts & Ryan Class | 87 |
| Service Class | 7251506 |
| Shareholder servicing fees |  |
| Class A | 151724 <br><sup>1</sup><br>|
| Administrator Class | 509247 |
| Service Class | 15107304 |
| Custody and accounting fees | 353559 |
| Professional fees | 117345 |
| Registration fees | 291504 |
| Shareholder report expenses | 78174 |
| Trustees' fees and expenses | 155633 |
| Other fees and expenses | 233947 |
| **Total expenses** | **58687274** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (2085595)<br>|
| Administrator Class | (176368)<br>|
| Institutional Class | (1627824)<br>|
| Roberts & Ryan Class | (14)<br>|
| Service Class | (8887)<br>|
| **Net expenses** | **54788586** |
| **Net investment income** | **698478517** |
| **Net realized gains on investments** | **5116254** |
| **Net increase in net assets resulting from operations** | **$703594771** |

---

<sup>1</sup> For the period from February 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

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

Government Money Market Funds \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $698478517 | &nbsp;&nbsp; $824986021 |
| Net realized gains on investments |  | &nbsp;&nbsp; 5116254 | &nbsp;&nbsp; 473789 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **703594771** | &nbsp;&nbsp; **825459810** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (2301161 )<sup>1</sup><br>| &nbsp;&nbsp; (3501588)<br>|
| Administrator Class |  | &nbsp;&nbsp; (20018049)<br>| &nbsp;&nbsp; (22048251)<br>|
| Institutional Class |  | &nbsp;&nbsp; (456397362)<br>| &nbsp;&nbsp; (549486834)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (4353)<br>| &nbsp;&nbsp; (29705)<br>|
| Service Class |  | &nbsp;&nbsp; (225104711)<br>| &nbsp;&nbsp; (250151250)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(703825636)**<br>| &nbsp;&nbsp; **(825217628)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 84318086 <br><sup>1</sup><br>| &nbsp;&nbsp; 84318086 <br><sup>1</sup><br>| &nbsp;&nbsp; 81066149 |
| Administrator Class | 1495843233 | &nbsp;&nbsp; 1495843233 | &nbsp;&nbsp; 1423045962 |
| Institutional Class | 31877289410 | &nbsp;&nbsp; 31877289410 | &nbsp;&nbsp; 37109447560 |
| Roberts & Ryan Class | 14 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9400000 |
| Service Class | 18074484635 | &nbsp;&nbsp; 18074484635 | &nbsp;&nbsp; 22015707776 |
|  |  | &nbsp;&nbsp; 51531935378 | &nbsp;&nbsp; 60638667447 |
| Reinvestment of distributions |  |  |  |
| Class A | 2158208 <br><sup>1</sup><br>| &nbsp;&nbsp; 2158208 <br><sup>1</sup><br>| &nbsp;&nbsp; 3456662 |
| Administrator Class | 12656065 | &nbsp;&nbsp; 12656065 | &nbsp;&nbsp; 12682792 |
| Institutional Class | 367175829 | &nbsp;&nbsp; 367175829 | &nbsp;&nbsp; 424687489 |
| Roberts & Ryan Class | 4353 | &nbsp;&nbsp; 4353 | &nbsp;&nbsp; 5120 |
| Service Class | 70457553 | &nbsp;&nbsp; 70457553 | &nbsp;&nbsp; 76059602 |
|  |  | &nbsp;&nbsp; 452452008 | &nbsp;&nbsp; 516891665 |
| Payment for shares redeemed |  |  |  |
| Class A | (71098221 )<sup>1</sup><br>| &nbsp;&nbsp; (71098221 )<sup>1</sup><br>| &nbsp;&nbsp; (66958827)<br>|
| Administrator Class | (1651858669)<br>| &nbsp;&nbsp; (1651858669)<br>| &nbsp;&nbsp; (1182574659)<br>|
| Institutional Class | (31349720201)<br>| &nbsp;&nbsp; (31349720201)<br>| &nbsp;&nbsp; (37986477911)<br>|
| Roberts & Ryan Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (9400000)<br>|
| Service Class | (19429316286)<br>| &nbsp;&nbsp; (19429316286)<br>| &nbsp;&nbsp; (20716320547)<br>|
|  |  | &nbsp;&nbsp; (52501993377)<br>| &nbsp;&nbsp; (59961731944)<br>|
| Share conversions |  |  |  |
| Class A | (104360157 )<sup>2</sup><br>| &nbsp;&nbsp; (104360157 )<sup>2</sup><br>| &nbsp;&nbsp; 0 |
| Service Class | 104360157 <br><sup>2</sup><br>| &nbsp;&nbsp; 104360157 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital** <br> **share transactions**<br>|  | &nbsp;&nbsp; **(517605991)**<br>| &nbsp;&nbsp; **1193827168** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(517836856)**<br>| &nbsp;&nbsp; **1194069350** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **18536169576** | &nbsp;&nbsp; **17342100226** |
| **End of period** |  | &nbsp;&nbsp; **$18018332720** | &nbsp;&nbsp; **$18536169576** |

---

<sup>1</sup> For the period from February 1, 2025 to September 12, 2025

<sup>2</sup> Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

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

6 \| Government Money Market Funds

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| &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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.99%**<br>| **4.94%**<br>| **4.95%**<br>| **1.65%**<br>| **0.01%**<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>|
| Net expenses | 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.28 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.90<br> %<br>| 4.76<br> %<br>| 4.86<br> %<br>| 1.73<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $453867 | &nbsp;&nbsp; $597240 | &nbsp;&nbsp; $344069 | &nbsp;&nbsp; $417372 | &nbsp;&nbsp; $435818 |

---

&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% |

---

&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).

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

Government Money Market Funds \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| &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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.10%**<br>| **5.05%**<br>| **5.06%**<br>| **1.74%**<br>| **0.01%**<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>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.19 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.97<br> %<br>| 4.93<br> %<br>| 4.99<br> %<br>| 1.54<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $12107750 | &nbsp;&nbsp; $11213105 | &nbsp;&nbsp; $11665347 | &nbsp;&nbsp; $6965776 | &nbsp;&nbsp; $10797673 |

---

&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% |

---

&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).

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;

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | 2026 | 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 | 0.04 <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 | 0.04 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (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 | (0.04)<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>| **4.10%**<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 | 3.99<br> %<br>| 4.67<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $111 | &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 \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| &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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **3.79%**<br>| **4.73%**<br>| **4.74%**<br>| **1.49%**<br>| **0.01%**<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>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.44 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.70<br> %<br>| 4.59<br> %<br>| 4.69<br> %<br>| 1.46<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $5456604 | &nbsp;&nbsp; $6636732 | &nbsp;&nbsp; $5261162 | &nbsp;&nbsp; $4173042 | &nbsp;&nbsp; $5336278 |

---

&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% |

---

&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).

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

10 \| Government Money Market Funds

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Government Money Market Funds \| 11

------

Notes to financial statements

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

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $18855749229 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18855749229 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$18855749229** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$18855749229** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

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

---

For the year ended January 31, 2026, the management fee was equivalent to an annual rate of 0.14% of the Fund's average daily net assets.

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

12 \| Government Money Market Funds

------

Notes to financial statements

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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Administrator Class | 0.30<br> %<br>|
| 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 year ended January 31, 2026.

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $703825636 | $825217628 |

---

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>losses<br>| Total |
| &nbsp;&nbsp;&nbsp; $18653295 | &nbsp;&nbsp; $799 | &nbsp;&nbsp;&nbsp; $(14658)<br>| &nbsp;&nbsp;&nbsp; $18639436 |

---

Government Money Market Funds \| 13

------

Notes to financial statements

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to dividends payable.

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.

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. OPERATING SEGMENTS

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

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

10. SUBSEQUENT EVENT

At the Fund's Board meeting held on February 24-25, 2026, the Board of Trustees approved the addition of a new share class, "Capital Class", effective on or about May 1, 2026.

14 \| Government Money Market Funds

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring 100% Treasury Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g20147img883016012.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

March 26, 2026

Government Money Market Funds \| 15

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended January 31, 2026, $707,285,791 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, $5,346,766 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, 100% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 100% of ordinary income dividends qualify as interest dividends for the fiscal year ended January 31, 2026.

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**.

16 \| 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.

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

Not applicable

Government Money Market Funds \| 17

------

![](g20147img446805491.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**

![](g20147imgb4870e773.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.

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

**NCSR0252 01-26**

------

![](g20147img3c213e761.jpg)

Government Money Market Funds

<br> Allspring Government Money Market Fund

Long Form Financial Statements

Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_POI-PageBlank-3_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_FS-PageBlank-3_1)** |  |
| [Statement of assets and liabilities](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_FS-PageBlank-3_1) | 13 |
| [Statement of operations](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_FS-PageBlank-3_3) | 15 |
| [Statement of changes in net assets](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_FS-PageBlank-3_4) | 16 |
| [Financial highlights](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_FIHI-PageBlank-3_1) | 18 |
| **[Notes to financial statements](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_NTF-PageBlank-3_1)** | 26 |
| **[Report of independent registered public accounting firm](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_AUD-PageBlank-3_1)** | 31 |
| **[Other information](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_1)** | 32 |
| [Item 8. Changes in and disagreements with accountants](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2) | 33 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2) | 33 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2) | 33 |
| [Item 11. Statement regarding basis for board](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2)['](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2)[s approval of investment](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2)<br> [advisory contract](#xx_9e9594c0-4085-47c9-a588-2a077666da3e_OI-PageBlank-3_2)<br>| 33 |

---

Government Money Market Funds \| 1

------

Portfolio of investments—January 31, 2026

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Government agency debt: 21.23%** |  |  |  |  |
| FFCB | 3.38<br> %<br>| &nbsp;&nbsp; 1-13-2027 | $25000000 | &nbsp;&nbsp; $24967270 |
| FFCB | 3.50 | &nbsp;&nbsp; 10-2-2026 | 125000000 | &nbsp;&nbsp; 124926138 |
| FFCB | 3.50 | &nbsp;&nbsp; 10-27-2026 | 103000000 | &nbsp;&nbsp; 102934612 |
| FFCB☼ | 3.61 | &nbsp;&nbsp; 7-7-2026 | 100000000 | &nbsp;&nbsp; 98467222 |
| FFCB☼ | 3.61 | &nbsp;&nbsp; 7-14-2026 | 35000000 | &nbsp;&nbsp; 34439300 |
| FFCB☼ | 3.62 | &nbsp;&nbsp; 6-29-2026 | 20000000 | &nbsp;&nbsp; 19708450 |
| FFCB☼ | 3.63 | &nbsp;&nbsp; 8-18-2026 | 25000000 | &nbsp;&nbsp; 24510236 |
| FFCB☼ | 3.63 | &nbsp;&nbsp; 10-15-2026 | 40000000 | &nbsp;&nbsp; 38985667 |
| FFCB | 3.63 | &nbsp;&nbsp; 11-19-2026 | 19025000 | &nbsp;&nbsp; 19011580 |
| FFCB☼ | 3.65 | &nbsp;&nbsp; 10-8-2026 | 40000000 | &nbsp;&nbsp; 39008000 |
| FFCB Series 1 (U.S. SOFR+0.06%)± | 3.71 | &nbsp;&nbsp; 7-30-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.06%)± | 3.71 | &nbsp;&nbsp; 9-4-2026 | 65000000 | &nbsp;&nbsp; 65000000 |
| FFCB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 9-18-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB Series 1 (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 10-21-2026 | 85000000 | &nbsp;&nbsp; 85000000 |
| FFCB | 3.72 | &nbsp;&nbsp; 11-4-2026 | 100000000 | &nbsp;&nbsp; 99951027 |
| FFCB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 12-7-2026 | 130000000 | &nbsp;&nbsp; 130000000 |
| FFCB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 3-24-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 4-1-2027 | 400000000 | &nbsp;&nbsp; 400000000 |
| FFCB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 11-5-2027 | 230000000 | &nbsp;&nbsp; 230000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 2-17-2026 | 200000000 | &nbsp;&nbsp; 199999606 |
| FFCB (U.S. Federal Funds Effective Rate+0.09%)± | 3.73 | &nbsp;&nbsp; 3-27-2026 | 150000000 | &nbsp;&nbsp; 149998951 |
| FFCB☼ | 3.73 | &nbsp;&nbsp; 6-25-2026 | 50000000 | &nbsp;&nbsp; 49269111 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 3-11-2027 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 3-18-2027 | 280000000 | &nbsp;&nbsp; 280000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 11-23-2027 | 120000000 | &nbsp;&nbsp; 120000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 12-22-2027 | 275000000 | &nbsp;&nbsp; 275000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 12-29-2027 | 135000000 | &nbsp;&nbsp; 135000000 |
| FFCB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 1-20-2028 | 115000000 | &nbsp;&nbsp; 115000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 2-2-2026 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 8-17-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 2-4-2027 | 130000000 | &nbsp;&nbsp; 130000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 2-26-2027 | 100000000 | &nbsp;&nbsp; 100014090 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 3-11-2027 | 145000000 | &nbsp;&nbsp; 145000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 9-28-2027 | 155000000 | &nbsp;&nbsp; 155000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 12-9-2027 | 300000000 | &nbsp;&nbsp; 300000000 |
| FFCB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 1-6-2028 | 210000000 | &nbsp;&nbsp; 210000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 4-1-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-18-2026 | 90000000 | &nbsp;&nbsp; 89999604 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-24-2026 | 60000000 | &nbsp;&nbsp; 60000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-26-2026 | 155000000 | &nbsp;&nbsp; 155000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 2-12-2027 | 140000000 | &nbsp;&nbsp; 140000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 2-25-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-17-2027 | 140000000 | &nbsp;&nbsp; 140000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-23-2027 | 65000000 | &nbsp;&nbsp; 65000000 |
| FFCB Series 1 (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 7-9-2027 | 320000000 | &nbsp;&nbsp; 320000000 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 12-1-2027 | 115000000 | &nbsp;&nbsp; 115028187 |
| FFCB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 1-26-2028 | 465000000 | &nbsp;&nbsp; 465000000 |
| FFCB Series 2 (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 1-28-2028 | 90000000 | &nbsp;&nbsp; 90000000 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FFCB (U.S. SOFR+0.11%)± | 3.76<br> %<br>| &nbsp;&nbsp; 5-19-2026 | $60000000 | &nbsp;&nbsp; $60000000 |
| FFCB (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 7-2-2026 | 375000000 | &nbsp;&nbsp; 375000000 |
| FFCB (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 5-14-2027 | 115000000 | &nbsp;&nbsp; 115000000 |
| FFCB Series 2 (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 5-27-2027 | 230000000 | &nbsp;&nbsp; 230000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.12%)± | 3.76 | &nbsp;&nbsp; 6-9-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.12%)± | 3.76 | &nbsp;&nbsp; 6-23-2027 | 210000000 | &nbsp;&nbsp; 210000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.13%)± | 3.77 | &nbsp;&nbsp; 7-9-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB Series 1 (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 7-15-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 11-26-2027 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; FFCB (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 3.78 | &nbsp;&nbsp; 4-24-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB Series 1 (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 7-23-2026 | 110000000 | &nbsp;&nbsp; 110000000 |
| FFCB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 8-6-2026 | 175000000 | &nbsp;&nbsp; 175000000 |
| FFCB Series 1 (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 11-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.14%)± | 3.78 | &nbsp;&nbsp; 2-3-2027 | 40000000 | &nbsp;&nbsp; 40000000 |
| FFCB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 4-16-2027 | 150000000 | &nbsp;&nbsp; 150000000 |
| FFCB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 5-5-2027 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; FFCB Series 1 (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 3.78 | &nbsp;&nbsp; 7-30-2027 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 8-18-2027 | 90000000 | &nbsp;&nbsp; 90000000 |
| FFCB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 8-24-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB☼ | 3.79 | &nbsp;&nbsp; 2-19-2026 | 65000000 | &nbsp;&nbsp; 64885203 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 8-19-2026 | 62000000 | &nbsp;&nbsp; 62000000 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 8-26-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 9-3-2026 | 70000000 | &nbsp;&nbsp; 70000000 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 9-4-2026 | 70000000 | &nbsp;&nbsp; 70000000 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 9-9-2026 | 25000000 | &nbsp;&nbsp; 25000000 |
| FFCB (U.S. SOFR+0.14%)± | 3.79 | &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>| 3.79 | &nbsp;&nbsp; 4-30-2027 | 95000000 | &nbsp;&nbsp; 95000000 |
| &nbsp;&nbsp; FFCB (U.S. Treasury 3 Month Bill Money Market <br> Yield+0.17%)±<br>| 3.79 | &nbsp;&nbsp; 7-23-2027 | 200000000 | &nbsp;&nbsp; 198479111 |
| FFCB (U.S. SOFR+0.15%)± | 3.80 | &nbsp;&nbsp; 9-17-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| FFCB (U.S. SOFR+0.15%)± | 3.80 | &nbsp;&nbsp; 12-16-2026 | 280000000 | &nbsp;&nbsp; 280000541 |
| FFCB (U.S. SOFR+0.15%)± | 3.80 | &nbsp;&nbsp; 1-8-2027 | 225000000 | &nbsp;&nbsp; 225000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.17%)± | 3.81 | &nbsp;&nbsp; 8-16-2027 | 90000000 | &nbsp;&nbsp; 90000000 |
| FFCB (U.S. Federal Funds Effective Rate+0.18%)± | 3.82 | &nbsp;&nbsp; 11-6-2026 | 175000000 | &nbsp;&nbsp; 175000000 |
| FFCB Series 2 (U.S. Federal Funds Effective Rate+0.18%)± | 3.82 | &nbsp;&nbsp; 11-19-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FFCB☼ | 3.95 | &nbsp;&nbsp; 3-25-2026 | 35000000 | &nbsp;&nbsp; 34806625 |
| FFCB☼ | 3.95 | &nbsp;&nbsp; 3-27-2026 | 65000000 | &nbsp;&nbsp; 64626792 |
| FFCB☼ | 4.00 | &nbsp;&nbsp; 7-27-2026 | 20000000 | &nbsp;&nbsp; 19615972 |
| FFCB☼ | 4.03 | &nbsp;&nbsp; 5-12-2026 | 15000000 | &nbsp;&nbsp; 14836238 |
| FFCB | 4.11 | &nbsp;&nbsp; 8-25-2026 | 33300000 | &nbsp;&nbsp; 33294417 |
| FFCB | 4.13 | &nbsp;&nbsp; 2-3-2026 | 24000000 | &nbsp;&nbsp; 23999934 |
| FFCB | 4.13 | &nbsp;&nbsp; 5-29-2026 | 107960000 | &nbsp;&nbsp; 107953126 |
| FFCB | 4.50 | &nbsp;&nbsp; 3-13-2026 | 10000000 | &nbsp;&nbsp; 10002460 |
| FFCB | 4.75 | &nbsp;&nbsp; 5-8-2026 | 24873000 | &nbsp;&nbsp; 24909721 |
| FFCB | 4.88 | &nbsp;&nbsp; 4-20-2026 | 10000000 | &nbsp;&nbsp; 10013695 |

---

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

Government Money Market Funds \| 3

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FHLB | 1.25<br> %<br>| &nbsp;&nbsp; 12-21-2026 | $221910000 | &nbsp;&nbsp; $217561237 |
| FHLB☼ | 3.50 | &nbsp;&nbsp; 10-2-2026 | 146100000 | &nbsp;&nbsp; 142711698 |
| FHLB☼ | 3.53 | &nbsp;&nbsp; 8-31-2026 | 26450000 | &nbsp;&nbsp; 25913065 |
| FHLB☼ | 3.59 | &nbsp;&nbsp; 9-18-2026 | 33000000 | &nbsp;&nbsp; 32260140 |
| FHLB☼ | 3.62 | &nbsp;&nbsp; 7-16-2026 | 250000000 | &nbsp;&nbsp; 245934167 |
| FHLB☼ | 3.62 | &nbsp;&nbsp; 7-17-2026 | 250000000 | &nbsp;&nbsp; 245909375 |
| FHLB | 3.62 | &nbsp;&nbsp; 2-8-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB | 3.63 | &nbsp;&nbsp; 9-4-2026 | 50000000 | &nbsp;&nbsp; 50013077 |
| FHLB | 3.65 | &nbsp;&nbsp; 12-4-2026 | 500000000 | &nbsp;&nbsp; 499602022 |
| FHLB (U.S. SOFR+0.04%)± | 3.69 | &nbsp;&nbsp; 4-24-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB (U.S. SOFR+0.04%)± | 3.69 | &nbsp;&nbsp; 7-1-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB (U.S. SOFR+0.07%)± | 3.72 | &nbsp;&nbsp; 8-10-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 1-20-2028 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 2-2-2026 | 145000000 | &nbsp;&nbsp; 145000000 |
| FHLB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 2-19-2026 | 248000000 | &nbsp;&nbsp; 248000000 |
| FHLB | 3.74 | &nbsp;&nbsp; 1-8-2027 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 3-30-2027 | 160000000 | &nbsp;&nbsp; 159915365 |
| FHLB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 12-2-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 12-6-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB Series 1 (U.S. SOFR+0.09%)± | 3.74 | &nbsp;&nbsp; 1-20-2028 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB☼ | 3.75 | &nbsp;&nbsp; 3-12-2026 | 250000000 | &nbsp;&nbsp; 249023611 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 4-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 4-22-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 5-28-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| FHLB Series 2 (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-26-2026 | 170000000 | &nbsp;&nbsp; 169992094 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 10-16-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB | 3.75 | &nbsp;&nbsp; 10-23-2026 | 750000000 | &nbsp;&nbsp; 749657580 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 3-18-2027 | 200000000 | &nbsp;&nbsp; 200000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 4-8-2027 | 64350000 | &nbsp;&nbsp; 64350000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-11-2027 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-14-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-16-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 7-2-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 2-20-2026 | 350000000 | &nbsp;&nbsp; 350000000 |
| FHLB (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 4-10-2026 | 50000000 | &nbsp;&nbsp; 49998842 |
| FHLB | 3.76 | &nbsp;&nbsp; 12-17-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 3-20-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 2-9-2026 | 396000000 | &nbsp;&nbsp; 396001641 |
| FHLB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 5-27-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLB (U.S. SOFR+0.13%)± | 3.78 | &nbsp;&nbsp; 8-18-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 8-21-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| FHLB (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 9-4-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| FHLB | 3.81 | &nbsp;&nbsp; 12-4-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB (U.S. SOFR+0.17%)± | 3.82 | &nbsp;&nbsp; 4-28-2027 | 370000000 | &nbsp;&nbsp; 370000000 |
| FHLB | 3.84 | &nbsp;&nbsp; 11-6-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| FHLB | 3.91 | &nbsp;&nbsp; 10-9-2026 | 750000000 | &nbsp;&nbsp; 750000000 |
| FHLB | 4.00 | &nbsp;&nbsp; 9-18-2026 | 150000000 | &nbsp;&nbsp; 149926901 |
| FHLB | 4.00 | &nbsp;&nbsp; 10-9-2026 | 132450000 | &nbsp;&nbsp; 132759019 |

---

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

4 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| FHLB | 4.13<br> %<br>| &nbsp;&nbsp; 1-15-2027 | $56345000 | &nbsp;&nbsp; $56633486 |
| FHLB☼ | 4.15 | &nbsp;&nbsp; 2-19-2026 | 351000000 | &nbsp;&nbsp; 350322083 |
| FHLB | 4.63 | &nbsp;&nbsp; 9-11-2026 | 100000000 | &nbsp;&nbsp; 100621539 |
| FHLMC (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 1-8-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLMC (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 2-9-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| FHLMC (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 5-5-2027 | 268000000 | &nbsp;&nbsp; 268000000 |
| FHLMC (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 3-5-2026 | 255000000 | &nbsp;&nbsp; 255000000 |
| FHLMC (U.S. SOFR+0.11%)± | 3.76 | &nbsp;&nbsp; 5-7-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| FHLMC (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 4-2-2026 | 1128000000 | &nbsp;&nbsp; 1128025521 |
| FHLMC (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 5-5-2027 | 664866000 | &nbsp;&nbsp; 664809747 |
| FHLMC (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 10-16-2026 | 141000000 | &nbsp;&nbsp; 141000000 |
| FHLMC (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 9-22-2027 | 250000000 | &nbsp;&nbsp; 250000000 |
| FHLMC (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 10-6-2027 | 300000000 | &nbsp;&nbsp; 300000000 |
| FNMA | 2.13 | &nbsp;&nbsp; 4-24-2026 | 230367000 | &nbsp;&nbsp; 229426634 |
| FNMA (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 12-22-2027 | 465500000 | &nbsp;&nbsp; 465472216 |
| FNMA (U.S. SOFR+0.08%)± | 3.73 | &nbsp;&nbsp; 1-7-2028 | 199000000 | &nbsp;&nbsp; 199000000 |
| FNMA (U.S. SOFR+0.10%)± | 3.75 | &nbsp;&nbsp; 6-18-2026 | 50000000 | &nbsp;&nbsp; 49998511 |
| FNMA (U.S. SOFR+0.12%)± | 3.77 | &nbsp;&nbsp; 7-29-2026 | 149000000 | &nbsp;&nbsp; 149001567 |
| FNMA (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 8-21-2026 | 329000000 | &nbsp;&nbsp; 329000000 |
| FNMA (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 11-20-2026 | 182900000 | &nbsp;&nbsp; 182900046 |
| FNMA (U.S. SOFR+0.14%)± | 3.79 | &nbsp;&nbsp; 12-11-2026 | 478000000 | &nbsp;&nbsp; 478000000 |
| FNMA (U.S. SOFR+0.09%)±%% | 3.81 | &nbsp;&nbsp; 2-2-2028 | 156000000 | &nbsp;&nbsp; 156000000 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.82 | &nbsp;&nbsp; 6-20-2027 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.82 | &nbsp;&nbsp; 9-20-2027 | 6249999 | &nbsp;&nbsp; 6249999 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 2 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.82 | &nbsp;&nbsp; 9-20-2038 | 2875604 | &nbsp;&nbsp; 2875604 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.82 | &nbsp;&nbsp; 7-7-2040 | 45597383 | &nbsp;&nbsp; 45597383 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 9 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.88 | &nbsp;&nbsp; 5-15-2030 | 11696000 | &nbsp;&nbsp; 11696000 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.88 | &nbsp;&nbsp; 10-15-2032 | 11146155 | &nbsp;&nbsp; 11146155 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series IV <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.88 | &nbsp;&nbsp; 11-15-2033 | 12854703 | &nbsp;&nbsp; 12854702 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.88 | &nbsp;&nbsp; 6-15-2034 | 10056920 | &nbsp;&nbsp; 10056920 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 3 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 12-15-2026 | 600001 | &nbsp;&nbsp; 600001 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 1-20-2027 | 11333332 | &nbsp;&nbsp; 11333332 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 9-2-2031 | 33012949 | &nbsp;&nbsp; 33012949 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 9-30-2031 | 44415500 | &nbsp;&nbsp; 44415500 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 4 <br> (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 9-30-2031 | 3578500 | &nbsp;&nbsp; 3578500 |

---

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

Government Money Market Funds \| 5

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Government agency debt**(continued) |  |  |  |  |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.92<br> %<br>| &nbsp;&nbsp; 12-20-2031 | $36279070 | &nbsp;&nbsp; $36279070 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.92 | &nbsp;&nbsp; 11-20-2037 | 21848450 | &nbsp;&nbsp; 21848450 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. Series 277-<br> 2012-197-IG (U.S. Treasury 3 Month Bill+0.00%)§±<br>| 3.95 | &nbsp;&nbsp; 7-9-2026 | 4696750 | &nbsp;&nbsp; 4696750 |
| &nbsp;&nbsp; U.S. International Development Finance Corp. (U.S. Treasury <br> 3 Month Bill+0.00%)§±<br>| 3.95 | &nbsp;&nbsp; 1-15-2030 | 6037736 | &nbsp;&nbsp; 6037736 |
| **Total government agency debt (Cost $29,767,663,121)** |  |  |  | &nbsp;&nbsp; **29767663121** |
| **Municipal obligations: 0.05%** |  |  |  |  |
| **Colorado: 0.05%** |  |  |  |  |
| **Variable rate demand notes ø: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Colorado HFA Series C2 Class II (Housing revenue, GNMA <br> Insured, FHLB SPA)<br>| 3.75 | &nbsp;&nbsp; 5-1-2052 | 39370000 | &nbsp;&nbsp; 39370000 |
| &nbsp;&nbsp; Colorado HFA Series D2 Class I (Housing revenue, GNMA <br> Insured, FHLB SPA)<br>| 3.75 | &nbsp;&nbsp; 5-1-2042 | 24765000 | &nbsp;&nbsp; 24765000 |
| **Total municipal obligations (Cost $64,135,000)** |  |  |  | &nbsp;&nbsp; **64135000** |
| **Other instruments: 0.44%** |  |  |  |  |
| **Variable rate demand notes ø: 0.44%** |  |  |  |  |
| 17th Street Rentals LLC | 3.81 | &nbsp;&nbsp; 2-1-2061 | 18200000 | &nbsp;&nbsp; 18200000 |
| 2020 Sheu Family Exempt Trust | 3.85 | &nbsp;&nbsp; 7-1-2041 | 9175000 | &nbsp;&nbsp; 9175000 |
| Columbus Hotel Investment One LLC Series 2018 | 3.85 | &nbsp;&nbsp; 10-1-2048 | 6535000 | &nbsp;&nbsp; 6535000 |
| DMA Lancaster LLC Series A | 3.81 | &nbsp;&nbsp; 7-1-2064 | 23100000 | &nbsp;&nbsp; 23100000 |
| &nbsp;&nbsp; ELK Grove Independent Living LLC/ELK Grove Memory <br> Care LLC Series 2025<br>| 3.81 | &nbsp;&nbsp; 11-1-2065 | 57250000 | &nbsp;&nbsp; 57250000 |
| Hacienda Senior Villas LP A California LP Series C | 3.81 | &nbsp;&nbsp; 12-1-2058 | 20075000 | &nbsp;&nbsp; 20075000 |
| Karlo Lacey Apartments LLC Series 2026 | 3.81 | &nbsp;&nbsp; 1-1-2066 | 53120000 | &nbsp;&nbsp; 53120000 |
| Ken-Vin Life Co. LLC Series 2025 | 3.81 | &nbsp;&nbsp; 2-1-2075 | 45930000 | &nbsp;&nbsp; 45930000 |
| &nbsp;&nbsp; L Ward Huntley Irrevocable Life Insurance Trust u/a <br> Series 2021<br>| 3.81 | &nbsp;&nbsp; 4-1-2071 | 21350000 | &nbsp;&nbsp; 21350000 |
| La Mesa Senior Living LP | 3.81 | &nbsp;&nbsp; 8-1-2057 | 48125000 | &nbsp;&nbsp; 48125000 |
| Legado Encino LLC Series A | 3.81 | &nbsp;&nbsp; 12-1-2059 | 18680000 | &nbsp;&nbsp; 18680000 |
| &nbsp;&nbsp; Magnolia Place Arlington LLC/MP Smokey Point LLC <br> Series 2025<br>| 3.81 | &nbsp;&nbsp; 12-1-2065 | 36000000 | &nbsp;&nbsp; 36000000 |
| MBW Legacy Investments LLC Series 2024 | 3.85 | &nbsp;&nbsp; 7-1-2044 | 10920000 | &nbsp;&nbsp; 10920000 |
| Morris Family Insurance Trust | 3.81 | &nbsp;&nbsp; 10-1-2069 | 8170000 | &nbsp;&nbsp; 8170000 |
| Our Family IV LLC | 3.85 | &nbsp;&nbsp; 1-1-2044 | 13785000 | &nbsp;&nbsp; 13785000 |
| Plaza Patria Court Ltd. a California LP Series B | 3.81 | &nbsp;&nbsp; 12-1-2058 | 16505000 | &nbsp;&nbsp; 16505000 |
| Renaissance 88 Co. LP | 3.81 | &nbsp;&nbsp; 4-1-2062 | 27000000 | &nbsp;&nbsp; 27000000 |
| Rock Hill SI LLC Series 2021 | 3.81 | &nbsp;&nbsp; 6-1-2061 | 35700000 | &nbsp;&nbsp; 35700000 |
| Rohnert Park 668 LP Series A | 3.81 | &nbsp;&nbsp; 6-1-2058 | 20920000 | &nbsp;&nbsp; 20920000 |
| Senior Living Riverside LP Series 2025 | 3.81 | &nbsp;&nbsp; 8-1-2065 | 43940000 | &nbsp;&nbsp; 43940000 |
| Southside Brookshore Associates LP Series A | 3.81 | &nbsp;&nbsp; 9-1-2059 | 7640000 | &nbsp;&nbsp; 7640000 |
| &nbsp;&nbsp; Thomas Bently Durant Irrevocable Life Insurance Trust <br> Series 2024<br>| 3.85 | &nbsp;&nbsp; 3-1-2044 | 10000000 | &nbsp;&nbsp; 10000000 |

---

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

6 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| Vickie Bice Life Insurance Trust Series 2021 | 3.85<br> %<br>| &nbsp;&nbsp; 8-1-2046 | $6550000 | &nbsp;&nbsp; $6550000 |
| VPM Linden Manor LP Series A | 3.81 | &nbsp;&nbsp; 9-1-2060 | 15200000 | &nbsp;&nbsp; 15200000 |
| VSL Property Holdings AB LLC | 3.85 | &nbsp;&nbsp; 5-1-2054 | 17400000 | &nbsp;&nbsp; 17400000 |
| Wingo Family Master Trust Series 2025 | 3.85 | &nbsp;&nbsp; 12-1-2050 | 23180000 | &nbsp;&nbsp; 23180000 |
| **Total other instruments (Cost $614,450,000)** |  |  |  | &nbsp;&nbsp; **614450000** |
| **Repurchase agreements^^: 54.09%** |  |  |  |  |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., dated <br> 1-30-2026, maturity value $2,000,615,000(01)<br>| 3.69 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Bank of America NA, dated 1-30-2026, maturity value <br> $50,015,292(02)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; Citibank NA, dated 1-28-2026, maturity value <br> $250,177,431(03)<br>| 3.65 | &nbsp;&nbsp; 2-4-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citibank NA, dated 1-30-2026, maturity value <br> $250,076,458(04)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 1-30-2026, <br> maturity value $400,122,333(05)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 1-13-2026, <br> maturity value $504,625,000(06)<br>| 3.70 | &nbsp;&nbsp; 4-13-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 10-29-2025, <br> maturity value $253,226,667(07)<br>| 3.84 | &nbsp;&nbsp; 2-27-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Daiwa Capital Markets America, Inc., dated 1-30-2026, <br> maturity value $1,050,321,125(08)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1050000000 | &nbsp;&nbsp; 1050000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Bank of America Securities, <br> dated 1-30-2026, maturity value $1,000,305,833(09)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 1-30-2026, <br> maturity value $5,001,533,333(10)<br>| 3.68 | &nbsp;&nbsp; 2-2-2026 | 5000000000 | &nbsp;&nbsp; 5000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 1-30-2026, <br> maturity value $13,003,986,667(11)<br>| 3.68 | &nbsp;&nbsp; 2-2-2026 | 13000000000 | &nbsp;&nbsp; 13000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - BNP Paribas, dated 1-30-2026, <br> maturity value $500,152,917(12)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - CIBC, dated 1-30-2026, <br> maturity value $1,850,565,792(13)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1850000000 | &nbsp;&nbsp; 1850000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Credit Agricole, dated <br> 1-30-2026, maturity value $2,000,611,667(14)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - ING, dated 1-30-2026, <br> maturity value $1,000,305,833(15)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Mizuho Bank, dated <br> 1-30-2026, maturity value $2,950,902,208(16)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2950000000 | &nbsp;&nbsp; 2950000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Morgan Stanley, dated <br> 1-30-2026, maturity value $5,001,529,167(17)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 5000000000 | &nbsp;&nbsp; 5000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Natixis, dated 1-30-2026, <br> maturity value $2,000,611,667(18)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Northern Trust, dated <br> 1-30-2026, maturity value $3,000,917,500(19)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 3000000000 | &nbsp;&nbsp; 3000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Standard Chartered Bank, <br> dated 1-30-2026, maturity value $8,002,446,667(20)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 8000000000 | &nbsp;&nbsp; 8000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - State Street Bank & Trust Co., <br> dated 1-30-2026, maturity value $2,000,610,000(21)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |

---

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

Government Money Market Funds \| 7

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Repurchase agreements**(continued) |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - State Street Bank & Trust Co., <br> dated 1-30-2026, maturity value $2,000,611,667(22)<br>| 3.67<br> %<br>| &nbsp;&nbsp; 2-2-2026 | $2000000000 | &nbsp;&nbsp; $2000000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Wells Fargo Bank, dated <br> 1-30-2026, maturity value $2,000,611,667(23)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Goldman Sachs & Co. LLC, dated 1-30-2026, maturity value <br> $250,076,667(24)<br>| 3.68 | &nbsp;&nbsp; 2-2-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, dated 1-30-2026, maturity value <br> $100,030,583(25)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, dated 1-29-2026, maturity value <br> $502,531,667(26)<br>| 3.72 | &nbsp;&nbsp; 3-19-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 1-30-2026, maturity value <br> $1,108,713,054(27)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 1108375000 | &nbsp;&nbsp; 1108375000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 1-30-2026, maturity value <br> $50,015,292(28)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 8-20-2024, maturity value <br> $3,163,620,833∆(29)<br>| 3.67 | &nbsp;&nbsp; 2-6-2026 | 3000000000 | &nbsp;&nbsp; 3000000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 8-20-2024, maturity value <br> $2,109,377,778∆(30)<br>| 3.68 | &nbsp;&nbsp; 2-6-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; MUFG Securities Americas, dated 1-28-2026, maturity value <br> $750,458,750(31)<br>| 3.67 | &nbsp;&nbsp; 2-3-2026 | 750000000 | &nbsp;&nbsp; 750000000 |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 1-30-2026, maturity <br> value $50,015,292(32)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 1-29-2026, maturity <br> value $1,507,513,333(33)<br>| 3.68 | &nbsp;&nbsp; 3-19-2026 | 1500000000 | &nbsp;&nbsp; 1500000000 |
| &nbsp;&nbsp; Natixis, dated 1-30-2026, maturity value <br> $2,000,610,000(34)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 2000000000 | &nbsp;&nbsp; 2000000000 |
| &nbsp;&nbsp; Nomura Securities International, dated 1-30-2026, maturity <br> value $2,500,764,583(35)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2500000000 | &nbsp;&nbsp; 2500000000 |
| &nbsp;&nbsp; RBC Dominion, dated 1-30-2026, maturity value <br> $150,045,875(36)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Societe Generale, dated 1-28-2026, maturity value <br> $300,212,917(37)<br>| 3.65 | &nbsp;&nbsp; 2-4-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp; Societe Generale, dated 1-5-2026, maturity value <br> $504,689,444(38)<br>| 3.67 | &nbsp;&nbsp; 4-7-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Societe Generale, dated 12-5-2025, maturity value <br> $503,298,056(39)<br>| 3.83 | &nbsp;&nbsp; 2-5-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Sumitomo Mitsui Banking Corp., dated 2-4-2026, maturity <br> value $112,616,245%%(40)<br>| 3.73 | &nbsp;&nbsp; 2-18-2026 | 112453125 | &nbsp;&nbsp; 112453125 |
| &nbsp;&nbsp; Sumitomo Mitsui Banking Corp., dated 1-21-2026, maturity <br> value $114,231,788(41)<br>| 3.76 | &nbsp;&nbsp; 2-4-2026 | 114065000 | &nbsp;&nbsp; 114065000 |
| &nbsp;&nbsp; Sumitomo Mitsui Banking Corp., dated 1-21-2026, maturity <br> value $473,240,941(42)<br>| 3.81 | &nbsp;&nbsp; 4-20-2026 | 468825000 | &nbsp;&nbsp; 468825000 |
| &nbsp;&nbsp; TD Securities USA LLC, dated 1-30-2026, maturity value <br> $300,091,750(43)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 1-30-2026, maturity value <br> $1,050,321,125(44)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1050000000 | &nbsp;&nbsp; 1050000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 1-5-2026, maturity value <br> $504,651,111(45)<br>| 3.68 | &nbsp;&nbsp; 4-6-2026 | 500000000 | &nbsp;&nbsp; 500000000 |

---

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

8 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Repurchase agreements**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wells Fargo Securities, dated 1-29-2026, maturity value <br> $504,573,611(46)<br>| 3.70<br> %<br>| &nbsp;&nbsp; 4-28-2026 | $500000000 | &nbsp;&nbsp; $500000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 12-8-2025, maturity value <br> $1,009,630,833(47)<br>| 3.81 | &nbsp;&nbsp; 3-9-2026 | 1000000000 | &nbsp;&nbsp; 1000000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 11-24-2025, maturity value <br> $504,916,528(48)<br>| 3.89 | &nbsp;&nbsp; 2-23-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| **Total repurchase agreements (Cost $75,853,718,125)** |  |  |  | &nbsp;&nbsp; **75853718125** |
| **U.S. Treasury securities: 20.47%** |  |  |  |  |
| U.S. Treasury Bills☼ | 3.64 | &nbsp;&nbsp; 6-11-2026 | 1180000000 | &nbsp;&nbsp; 1164832968 |
| U.S. Treasury Bills☼ | 3.66 | &nbsp;&nbsp; 2-10-2026 | 350000000 | &nbsp;&nbsp; 349719611 |
| U.S. Treasury Bills☼ | 3.66 | &nbsp;&nbsp; 2-10-2026 | 350000000 | &nbsp;&nbsp; 349719378 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 4-14-2026 | 725000000 | &nbsp;&nbsp; 719828192 |
| U.S. Treasury Bills☼ | 3.68 | &nbsp;&nbsp; 4-7-2026 | 300000000 | &nbsp;&nbsp; 298063467 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 4-30-2026 | 550000000 | &nbsp;&nbsp; 545157846 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 4-30-2026 | 550000000 | &nbsp;&nbsp; 545153858 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 6-4-2026 | 1150000000 | &nbsp;&nbsp; 1135767345 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 4-23-2026 | 350000000 | &nbsp;&nbsp; 347151778 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 5-28-2026 | 700000000 | &nbsp;&nbsp; 691821424 |
| U.S. Treasury Bills☼ | 3.74 | &nbsp;&nbsp; 4-16-2026 | 325000000 | &nbsp;&nbsp; 322572142 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-3-2026 | 325000000 | &nbsp;&nbsp; 324032628 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-3-2026 | 325000000 | &nbsp;&nbsp; 324032367 |
| U.S. Treasury Bills☼ | 3.76 | &nbsp;&nbsp; 5-21-2026 | 700000000 | &nbsp;&nbsp; 692210575 |
| U.S. Treasury Bills☼ | 3.79 | &nbsp;&nbsp; 2-24-2026 | 700000000 | &nbsp;&nbsp; 698401608 |
| U.S. Treasury Bills☼ | 3.79 | &nbsp;&nbsp; 2-24-2026 | 700000000 | &nbsp;&nbsp; 698401822 |
| U.S. Treasury Bills☼ | 3.79 | &nbsp;&nbsp; 3-31-2026 | 1400000000 | &nbsp;&nbsp; 1391718810 |
| U.S. Treasury Bills☼ | 3.80 | &nbsp;&nbsp; 3-24-2026 | 350000000 | &nbsp;&nbsp; 348176354 |
| U.S. Treasury Bills☼ | 3.80 | &nbsp;&nbsp; 3-24-2026 | 350000000 | &nbsp;&nbsp; 348175625 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-3-2026 | 160000000 | &nbsp;&nbsp; 159983111 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-3-2026 | 850000000 | &nbsp;&nbsp; 849910356 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-17-2026 | 1250000000 | &nbsp;&nbsp; 1248023807 |
| U.S. Treasury Bills☼ | 3.98 | &nbsp;&nbsp; 5-14-2026 | 350000000 | &nbsp;&nbsp; 346144886 |
| U.S. Treasury Bills☼ | 3.98 | &nbsp;&nbsp; 7-9-2026 | 150000000 | &nbsp;&nbsp; 147432396 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 3-19-2026 | 280000000 | &nbsp;&nbsp; 278622531 |
| U.S. Treasury Bills☼ | 4.11 | &nbsp;&nbsp; 2-19-2026 | 19000000 | &nbsp;&nbsp; 18963618 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>| 3.71 | &nbsp;&nbsp; 1-31-2027 | 520000000 | &nbsp;&nbsp; 519957415 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>| 3.76 | &nbsp;&nbsp; 4-30-2026 | 300000000 | &nbsp;&nbsp; 299994839 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 3.77 | &nbsp;&nbsp; 4-30-2027 | 100000000 | &nbsp;&nbsp; 100001600 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 7-31-2026 | 805000000 | &nbsp;&nbsp; 791459328 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 3-31-2026 | 940000000 | &nbsp;&nbsp; 935228591 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 4-30-2026 | 920000000 | &nbsp;&nbsp; 912951940 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 8-31-2026 | 150000000 | &nbsp;&nbsp; 147468336 |
| U.S. Treasury Notes## | 0.88 | &nbsp;&nbsp; 6-30-2026 | 1560000000 | &nbsp;&nbsp; 1539921149 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 9-30-2026 | 235000000 | &nbsp;&nbsp; 230705046 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 11-30-2026 | 545000000 | &nbsp;&nbsp; 534550061 |

---

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

Government Money Market Funds \| 9

------

Portfolio of investments—January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Notes |  | 1.25<br> %<br>| &nbsp;&nbsp; 12-31-2026 | $725000000 | &nbsp;&nbsp; $710083937 |
| U.S. Treasury Notes |  | 1.88 | &nbsp;&nbsp; 6-30-2026 | 200000000 | &nbsp;&nbsp; 198249835 |
| U.S. Treasury Notes |  | 3.50 | &nbsp;&nbsp; 9-30-2026 | 360000000 | &nbsp;&nbsp; 359501161 |
| U.S. Treasury Notes |  | 3.63 | &nbsp;&nbsp; 5-15-2026 | 410000000 | &nbsp;&nbsp; 409400303 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 4-15-2026 | 340000000 | &nbsp;&nbsp; 339766089 |
| U.S. Treasury Notes |  | 3.75 | &nbsp;&nbsp; 8-31-2026 | 332000000 | &nbsp;&nbsp; 331975899 |
| U.S. Treasury Notes |  | 4.13 | &nbsp;&nbsp; 6-15-2026 | 490000000 | &nbsp;&nbsp; 489972720 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 11-30-2026 | 655000000 | &nbsp;&nbsp; 657827665 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 12-31-2026 | 1145000000 | &nbsp;&nbsp; 1151810126 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 7-31-2026 | 630000000 | &nbsp;&nbsp; 631098884 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 12-15-2026 | 500000000 | &nbsp;&nbsp; 503555998 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 3-31-2026 | 400000000 | &nbsp;&nbsp; 400218527 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 7-15-2026 | 890000000 | &nbsp;&nbsp; 891487093 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 6-30-2026 | 685000000 | &nbsp;&nbsp; 686331401 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 10-15-2026 | 180000000 | &nbsp;&nbsp; 181296518 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 4-30-2026 | 400000000 | &nbsp;&nbsp; 400644079 |
| **Total U.S. treasury securities (Cost $28,699,477,043)** |  |  |  |  | &nbsp;&nbsp; **28699477043** |
| **Total investments in securities (Cost $134,999,443,289)** | 96.28<br> %<br>|  |  |  | &nbsp;&nbsp; 134999443289 |
| Other assets and liabilities, net | 3.72 |  |  |  | &nbsp;&nbsp; 5222985221 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$140222428510** |

---

&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—January 31, 2026

---

| |
|:---|
| Zero coupon security. The rate represents the current yield to maturity. |
| Variable rate investment. The rate shown is the rate in effect at period end. |
| The security is purchased on a when-issued basis. |
| 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, 0.50% to 6.25%, 4-30-2026 to 5-15-2055, fair value including accrued interest is $2,039,361,621. |
| (02) U.S. government securities, 1.50% to 3.00%, 4-1-2045 to 5-1-2051, fair value including accrued interest is $51,500,000. |
| (03) U.S. government securities, 0.00% to 8.88%, 12-1-2027 to 7-20-2072, fair value including accrued interest is $257,499,051. |
| (04) U.S. government securities, 0.00% to 8.50%, 4-1-2026 to 2-1-2056, fair value including accrued interest is $257,497,677. |
| (05) U.S. government securities, 4.50% to 7.00%, 11-20-2043 to 1-20-2056, fair value including accrued interest is $412,000,000. |
| (06) U.S. government securities, 5.50% to 6.50%, 8-1-2055 to 9-1-2055, fair value including accrued interest is $515,000,001. |
| (07) U.S. government securities, 0.00% to 6.43%, 5-31-2027 to 7-20-2072, fair value including accrued interest is $255,442,429. |
| (08) U.S. government securities, 0.00% to 8.00%, 10-1-2026 to 9-1-2062, fair value including accrued interest is $1,081,479,420. |
| (09) U.S. government securities, 0.00% to 4.38%, 5-5-2026 to 8-15-2049, fair value including accrued interest is $1,020,000,055. |
| (10) U.S. government securities, 0.00% to 6.25%, 3-17-2026 to 8-15-2053, fair value including accrued interest is $5,100,000,034. |
| (11) U.S. government securities, 0.00% to 6.63%, 2-24-2026 to 8-15-2035, fair value including accrued interest is $13,260,000,144. |
| (12) U.S. government securities, 0.00% to 5.25%, 2-19-2026 to 11-15-2055, fair value including accrued interest is $510,000,029. |
| (13) U.S. government securities, 0.88% to 4.00%, 11-15-2028 to 6-30-2032, fair value including accrued interest is $1,887,000,000. |
| (14) U.S. government securities, 0.00% to 5.00%, 2-26-2026 to 8-15-2054, fair value including accrued interest is $2,040,000,050. |
| (15) U.S. government securities, 0.00% to 4.75%, 2-10-2026 to 8-15-2055, fair value including accrued interest is $1,020,000,002. |
| (16) U.S. government securities, 0.00% to 8.00%, 3-5-2026 to 6-1-2063, fair value including accrued interest is $3,034,985,405. |
| (17) U.S. government securities, 0.00% to 4.63%, 2-24-2026 to 8-15-2032, fair value including accrued interest is $5,100,000,059. |
| (18) U.S. government securities, 0.75% to 4.00%, 12-15-2027 to 5-15-2041, fair value including accrued interest is $2,039,999,969. |
| (19) U.S. government securities, 3.63% to 4.13%, 4-1-2030 to 8-31-2032, fair value including accrued interest is $3,060,000,000. |
| (20) U.S. government securities, 0.00% to 6.13%, 2-5-2026 to 11-15-2055, fair value including accrued interest is $8,160,000,186. |
| (21) U.S. government securities, 2.38% to 4.63%, 4-30-2029 to 5-31-2029, fair value including accrued interest is $2,040,000,034. |
| (22) U.S. government securities, 1.38% to 7.50%, 2-1-2027 to 11-1-2061, fair value including accrued interest is $2,063,973,832. |
| (23) U.S. government securities, 3.50% to 4.25%, 11-30-2026 to 9-30-2027, fair value including accrued interest is $2,040,000,027. |
| (24) U.S. government securities, 0.00% to 5.70%, 2-25-2026 to 6-27-2042, fair value including accrued interest is $255,000,531. |
| (25) U.S. government securities, 3.50% to 7.00%, 9-1-2032 to 10-1-2055, fair value including accrued interest is $103,000,001. |
| (26) U.S. government securities, 2.50% to 7.00%, 9-1-2032 to 12-1-2055, fair value including accrued interest is $515,000,000. |
| (27) U.S. government securities, 4.00% to 4.63%, 12-15-2027 to 9-30-2028, fair value including accrued interest is $1,130,542,519. |
| (28) U.S. government securities, 0.00% to 7.00%, 2-20-2026 to 5-20-2065, fair value including accrued interest is $51,421,315. |
| (29) U.S. government securities, 4.00%, 2-28-2030, fair value including accrued interest is $3,060,000,053. |
| (30) U.S. government securities, 1.50% to 8.50%, 1-26-2027 to 12-20-2065, fair value including accrued interest is $2,059,901,358. |
| (31) U.S. government securities, 2.00% to 7.00%, 2-25-2026 to 1-1-2056, fair value including accrued interest is $772,410,684. |
| (32) U.S. government securities, 0.38% to 7.50%, 3-15-2026 to 6-1-2063, fair value including accrued interest is $51,422,344. |
| (33) U.S. government securities, 1.00% to 7.50%, 3-30-2026 to 1-1-2058, fair value including accrued interest is $1,544,462,161. |
| (34) U.S. government securities, 0.00% to 4.88%, 4-30-2026 to 2-15-2053, fair value including accrued interest is $2,040,000,048. |
| (35) U.S. government securities, 0.00% to 8.88%, 2-3-2026 to 4-1-2056, fair value including accrued interest is $2,550,000,003. |
| (36) U.S. government securities, 0.00% to 4.63%, 2-17-2026 to 11-15-2054, fair value including accrued interest is $153,017,476. |
| (37) U.S. government securities, 2.00% to 6.00%, 11-1-2048 to 10-1-2062, fair value including accrued interest is $309,000,074. |
| (38) U.S. government securities, 4.00% to 4.50%, 12-15-2027 to 12-31-2031, fair value including accrued interest is $510,000,083. |
| (39) U.S. government securities, 4.50% to 4.63%, 9-30-2028 to 5-31-2029, fair value including accrued interest is $510,000,058. |
| (40) U.S. government securities, 1.13% to 4.50%, 8-31-2028 to 11-15-2049, fair value including accrued interest is $114,873,551. |
| (41) U.S. government securities, 1.13% to 4.50%, 8-31-2028 to 11-15-2049, fair value including accrued interest is $116,394,421. |
| (42) U.S. government securities, 3.00% to 4.50%, 8-31-2028 to 5-20-2053, fair value including accrued interest is $482,942,072. |
| (43) U.S. government securities, 2.00% to 6.00%, 9-1-2050 to 3-1-2055, fair value including accrued interest is $309,000,000. |
| (44) U.S. government securities, 1.50% to 8.50%, 4-20-2029 to 1-20-2056, fair value including accrued interest is $1,081,500,000. |
| (45) U.S. government securities, 0.00% to 5.88%, 2-6-2026 to 9-15-2065, fair value including accrued interest is $510,000,518. |
| (46) U.S. government securities, 2.59% to 6.75%, 2-26-2026 to 7-19-2032, fair value including accrued interest is $510,000,823. |
| (47) U.S. government securities, 1.50% to 7.50%, 2-1-2027 to 1-1-2059, fair value including accrued interest is $1,030,000,000. |
| (48) U.S. government securities, 1.50% to 6.50%, 3-1-2028 to 11-1-2055, fair value including accrued interest is $515,000,000. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next put date. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

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

Government Money Market Funds \| 11

------

Portfolio of investments—January 31, 2026

---

| | |
|:---|:---|
| 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.

12 \| Government Money Market Funds

------

Statement of assets and liabilities—January 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $59145725164 |
| Investments in repurchase agreements, at amortized cost | 75853718125 |
| Cash | 4764876586 |
| Receivable for investments sold | 730000000 |
| Receivable for interest | 308535785 |
| Receivable for Fund shares sold | 4551202 |
| Prepaid expenses and other assets | 181351 |
| **Total assets** | **140807588213** |
| Liabilities |  |
| Payable for investments purchased | 326676367 |
| Dividends payable | 217955801 |
| Payable for Fund shares redeemed | 19285020 |
| Management fee payable | 12332719 |
| Administration fees payable | 6374090 |
| Shareholder servicing fees payable | 1002756 |
| Distribution fee payable | 77029 |
| Accrued expenses and other liabilities | 1455921 |
| **Total liabilities** | **585159703** |
| **Total net assets**  | **$140222428510** |
| Net assets consist of |  |
| Paid-in capital | $140225722876 |
| Total distributable loss | (3294366)<br>|
| **Total net assets** | **$140222428510** |

---

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

Government Money Market Funds \| 13

------

Statement of assets and liabilities—January 31, 2026

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value per share |  |
| Net assets–Class A | $877007868 |
| Shares outstanding–Class A<sup>1</sup> <br>| 877008612 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $4273512937 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4273530827 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $31912289920 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 31912365144 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $100095853 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 100110975 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Select Class | $101103829129 |
| Shares outstanding–Select Class<sup>1</sup> <br>| 101104131256 |
| Net asset value per share–Select Class | $1.00 |
| Net assets–Service Class | $1062956292 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 1062957640 |
| Net asset value per share–Service Class | $1.00 |
| Net assets–Sweep Class | $748306311 |
| Shares outstanding–Sweep Class<sup>1</sup> <br>| 748312719 |
| Net asset value per share–Sweep Class | $1.00 |
| Net assets–Tribal Inclusion Class | $144430200 |
| Shares outstanding–Tribal Inclusion Class<sup>1</sup> <br>| 144430302 |
| 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.

14 \| Government Money Market Funds

------

Statement of operations—year ended January 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $5457441013 |
| Expenses |  |
| Management fee | 162068240 |
| Administration fees |  |
| Class A | 1679198 |
| Administrator Class | 4154991 |
| Institutional Class | 25879774 |
| Roberts & Ryan Class | 91314 |
| Select Class | 35768967 |
| Service Class | 1330670 |
| Sweep Class | 272094 |
| Tribal Inclusion Class | 81009 |
| Shareholder servicing fees |  |
| Class A | 2098998 |
| Administrator Class | 4154991 |
| Service Class | 2772228 |
| Sweep Class | 2267447 |
| Distribution fee |  |
| Sweep Class | 906978 |
| Custody and accounting fees | 2575942 |
| Professional fees | 487614 |
| Registration fees | 69442 |
| Shareholder report expenses | 250789 |
| Trustees' fees and expenses | 1015827 |
| Other fees and expenses | 703752 |
| **Total expenses** | **248630265** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (231853)<br>|
| Administrator Class | (36265)<br>|
| Institutional Class | (3108242)<br>|
| Roberts & Ryan Class | (10955)<br>|
| Select Class | (26422913)<br>|
| Service Class | (9402)<br>|
| Sweep Class | (87264)<br>|
| Tribal Inclusion Class | (39952)<br>|
| **Net expenses** | **218683419** |
| **Net investment income** | **5238757594** |
| **Net realized gains on investments** | **2781299** |
| **Net increase in net assets resulting from operations** | **$5241538893** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5238757594 | &nbsp;&nbsp; $5869405326 |
| Net realized gains on investments |  | &nbsp;&nbsp; 2781299 | &nbsp;&nbsp; 3118270 |
| **Net increase in net assets resulting from** <br> **operations**<br>|  | &nbsp;&nbsp; **5241538893** | &nbsp;&nbsp; **5872523596** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (30928222)<br>| &nbsp;&nbsp; (36194484)<br>|
| Administrator Class |  | &nbsp;&nbsp; (162319078)<br>| &nbsp;&nbsp; (183316589)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1306237035)<br>| &nbsp;&nbsp; (1491068340)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (4645987)<br>| &nbsp;&nbsp; (11967229)<br>|
| Select Class |  | &nbsp;&nbsp; (3653187082)<br>| &nbsp;&nbsp; (4049865306)<br>|
| Service Class |  | &nbsp;&nbsp; (41483736)<br>| &nbsp;&nbsp; (47399935)<br>|
| Sweep Class |  | &nbsp;&nbsp; (33991041)<br>| &nbsp;&nbsp; (43526728)<br>|
| Tribal Inclusion Class |  | &nbsp;&nbsp; (5495818)<br>| &nbsp;&nbsp; (6073608)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(5238287999)**<br>| &nbsp;&nbsp; **(5869412219)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 166544574 | &nbsp;&nbsp; 166544574 | &nbsp;&nbsp; 549909180 |
| Administrator Class | 18536450103 | &nbsp;&nbsp; 18536450103 | &nbsp;&nbsp; 19661118625 |
| Institutional Class | 125821650510 | &nbsp;&nbsp; 125821650510 | &nbsp;&nbsp; 102826422213 |
| Roberts & Ryan Class | 1703614388 | &nbsp;&nbsp; 1703614388 | &nbsp;&nbsp; 2999265063 |
| Select Class | 1047534362141 | &nbsp;&nbsp; 1047534362141 | &nbsp;&nbsp; 888472015650 |
| Service Class | 3864712184 | &nbsp;&nbsp; 3864712184 | &nbsp;&nbsp; 3198514413 |
| Sweep Class | 10026559087 | &nbsp;&nbsp; 10026559087 | &nbsp;&nbsp; 7587319823 |
| Tribal Inclusion Class | 28512136 | &nbsp;&nbsp; 28512136 | &nbsp;&nbsp; 230 |
|  |  | &nbsp;&nbsp; 1207682405123 | &nbsp;&nbsp; 1025294565197 |
| Reinvestment of distributions |  |  |  |
| Class A | 30832455 | &nbsp;&nbsp; 30832455 | &nbsp;&nbsp; 35750185 |
| Administrator Class | 49532880 | &nbsp;&nbsp; 49532880 | &nbsp;&nbsp; 51219860 |
| Institutional Class | 476872994 | &nbsp;&nbsp; 476872994 | &nbsp;&nbsp; 535043442 |
| Roberts & Ryan Class | 4389 | &nbsp;&nbsp; 4389 | &nbsp;&nbsp; 5135 |
| Select Class | 2023236358 | &nbsp;&nbsp; 2023236358 | &nbsp;&nbsp; 2330503078 |
| Service Class | 4661885 | &nbsp;&nbsp; 4661885 | &nbsp;&nbsp; 5632983 |
| Sweep Class | 33991041 | &nbsp;&nbsp; 33991041 | &nbsp;&nbsp; 43311303 |
| Tribal Inclusion Class | 5495818 | &nbsp;&nbsp; 5495818 | &nbsp;&nbsp; 6046887 |
|  |  | &nbsp;&nbsp; 2624627820 | &nbsp;&nbsp; 3007512873 |
| Payment for shares redeemed |  |  |  |
| Class A | (148506135)<br>| &nbsp;&nbsp; (148506135)<br>| &nbsp;&nbsp; (161947847)<br>|
| Administrator Class | (19299725540)<br>| &nbsp;&nbsp; (19299725540)<br>| &nbsp;&nbsp; (18944825908)<br>|
| Institutional Class | (128716929225)<br>| &nbsp;&nbsp; (128716929225)<br>| &nbsp;&nbsp; (98853363006)<br>|
| Roberts & Ryan Class | (1940612498)<br>| &nbsp;&nbsp; (1940612498)<br>| &nbsp;&nbsp; (2662266954)<br>|
| Select Class | (1029984336041)<br>| &nbsp;&nbsp; (1029984336041)<br>| &nbsp;&nbsp; (890430961389)<br>|
| Service Class | (3702142866)<br>| &nbsp;&nbsp; (3702142866)<br>| &nbsp;&nbsp; (3481550190)<br>|
| Sweep Class | (10309453759)<br>| &nbsp;&nbsp; (10309453759)<br>| &nbsp;&nbsp; (7446489470)<br>|
| Tribal Inclusion Class | (3501048)<br>| &nbsp;&nbsp; (3501048)<br>| &nbsp;&nbsp; (11800000)<br>|
|  |  | &nbsp;&nbsp; (1194105207112)<br>| &nbsp;&nbsp; (1021993204764)<br>|

---

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

16 \| Government Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | 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;&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; **16201825831** |  | &nbsp;&nbsp; **7005984506** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **16205076725** |  | &nbsp;&nbsp; **7009095883** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **124017351785** |  | &nbsp;&nbsp; **117008255902** |
| **End of period** |  | &nbsp;&nbsp; **$140222428510** |  | &nbsp;&nbsp; **$124017351785** |

---

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

Government Money Market Funds \| 17

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **3.75%**<br>| **4.67%**<br>| **4.68%**<br>| **1.50%**<br>| **0.01%**<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>|
| Net expenses | 0.55<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.48 %\*<br>| 0.07 %\*<br>|
| Net investment income | 3.68<br> %<br>| 4.56<br> %<br>| 4.59<br> %<br>| 1.55<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $877008 | &nbsp;&nbsp; $828115 | &nbsp;&nbsp; $404404 | &nbsp;&nbsp; $356236 | &nbsp;&nbsp; $316459 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.98%**<br>| **4.92%**<br>| **4.94%**<br>| **1.71%**<br>| **0.01%**<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>|
| Net expenses | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.28 %\*<br>| 0.07 %\*<br>|
| Net investment income | 3.91<br> %<br>| 4.80<br> %<br>| 4.87<br> %<br>| 1.63<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $4273513 | &nbsp;&nbsp; $4987150 | &nbsp;&nbsp; $4219599 | &nbsp;&nbsp; $3628015 | &nbsp;&nbsp; $5027252 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.12%**<br>| **5.06%**<br>| **5.08%**<br>| **1.82%**<br>| **0.01%**<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>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.17 %\*<br>| 0.07 %\*<br>|
| Net investment income | 4.04<br> %<br>| 4.93<br> %<br>| 4.97<br> %<br>| 1.66<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $31912290 | &nbsp;&nbsp; $34329916 | &nbsp;&nbsp; $29521342 | &nbsp;&nbsp; $29533412 | &nbsp;&nbsp; $40078395 |

---

&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% |

---

&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).

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;

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | 2026 | 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 | 0.04 <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 | 0.04 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.04)<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 | (0.04)<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>| **4.12%**<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 | 4.07<br> %<br>| 4.84<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $100096 | &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.

Government Money Market Funds \| 21

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Select Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.18%**<br>| **5.12%**<br>| **5.15%**<br>| **1.89%**<br>| **0.03%**<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>|
| Net expenses | 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.11 %\*<br>| 0.05 %\*<br>|
| Net investment income | 4.09<br> %<br>| 4.99<br> %<br>| 5.07<br> %<br>| 1.73<br> %<br>| 0.03<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $101103829 | &nbsp;&nbsp; $81528265 | &nbsp;&nbsp; $80838095 | &nbsp;&nbsp; $56118082 | &nbsp;&nbsp; $85197344 |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.81%**<br>| **4.75%**<br>| **4.77%**<br>| **1.58%**<br>| **0.01%**<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>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.40 %\*<br>| 0.07 %\*<br>|
| Net investment income | 3.74<br> %<br>| 4.66<br> %<br>| 4.65<br> %<br>| 1.47<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1062956 | &nbsp;&nbsp; $895697 | &nbsp;&nbsp; $1092008 | &nbsp;&nbsp; $1419439 | &nbsp;&nbsp; $1873382 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Sweep Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.81%**<br>| **4.75%**<br>| **4.77%**<br>| **1.58%**<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>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.41 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.75<br> %<br>| 4.62<br> %<br>| 4.63<br> %<br>| 1.54<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $748306 | &nbsp;&nbsp; $997190 | &nbsp;&nbsp; $813036 | &nbsp;&nbsp; $1045053 | &nbsp;&nbsp; $1101824 |

---

&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% |

---

&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).

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

24 \| Government Money Market Funds

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Tribal Inclusion Class | 2026 | 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 | 0.04 <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 | 0.04 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.04)<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 | (0.04)<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>| **4.16%**<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 | 4.07<br> %<br>| 4.99<br> %<br>| 5.26<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $144430 | &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.

Government Money Market Funds \| 25

------

Notes to financial statements

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.

26 \| Government Money Market Funds

------

Notes to financial statements

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable distribution, shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $29767663121 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $29767663121 |
| Municipal obligations | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64135000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64135000 |
| Other instruments | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 614450000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 614450000 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75853718125 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75853718125 |
| U.S. Treasury securities | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28699477043 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28699477043 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$134999443289** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$134999443289** |

---

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

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

Government Money Market Funds \| 27

------

Notes to financial statements

&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 year ended January 31, 2026, the management fee was equivalent to an annual rate of 0.13% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

28 \| Government Money Market Funds

------

Notes to financial statements

---

| | |
|:---|:---|
|  | 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 year ended January 31, 2026.

5. ACQUISITION

After the close of business on August 16, 2024, the Fund acquired the net assets of Allspring Heritage Money Market Fund ("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 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 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 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 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 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 Heritage Money Market Fund that have been included in the Fund's Statement of operations since August 17, 2024.

Government Money Market Funds \| 29

------

Notes to financial statements

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

6. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $5238287999 | $5869412219 |

---

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Capital loss <br>carryforward<br>| Total |
| &nbsp;&nbsp;&nbsp; $218518343 | &nbsp;&nbsp; $(3689835)<br>| &nbsp;&nbsp;&nbsp; $214828508 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to dividends payable.

7. 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.

8. 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.

9. OPERATING SEGMENTS

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

10. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

11. SUBSEQUENT EVENT

At the Fund's Board meeting held on February 24-25, 2026, the Board of Trustees approved the addition of a new share class, "Capital Class", effective on or about May 1, 2026.

30 \| Government Money Market Funds

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Government Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g20147img9b174a972.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

March 26, 2026

Government Money Market Funds \| 31

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended January 31, 2026, $5,265,063,391 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, 50% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 100% of ordinary income dividends qualify as interest dividends for the fiscal year ended January 31, 2026.

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**.

32 \| 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.

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

Not applicable

Government Money Market Funds \| 33

------

![](g20147img3c213e761.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**

![](g20147img96f03e813.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.

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

**NCSR0450 01-26**

------

![](g20147img97800ef01.jpg)

Retail Money Market Funds

<br> Allspring Money Market Fund

Long Form Financial Statements

Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_24a27822-9854-4a61-b51a-5d844594edaa_POI-PageBlank-5_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_24a27822-9854-4a61-b51a-5d844594edaa_FS-PageBlank-5_1)** |  |
| [Statement of assets and liabilities](#xx_24a27822-9854-4a61-b51a-5d844594edaa_FS-PageBlank-5_1) | 14 |
| [Statement of operations](#xx_24a27822-9854-4a61-b51a-5d844594edaa_FS-PageBlank-5_2) | 15 |
| [Statement of changes in net assets](#xx_24a27822-9854-4a61-b51a-5d844594edaa_FS-PageBlank-5_3) | 16 |
| [Financial highlights](#xx_24a27822-9854-4a61-b51a-5d844594edaa_FIHI-PageBlank-5_1) | 17 |
| **[Notes to financial statements](#xx_24a27822-9854-4a61-b51a-5d844594edaa_NTF-PageBlank-5_1)** | 21 |
| **[Report of independent registered public accounting firm](#xx_24a27822-9854-4a61-b51a-5d844594edaa_AUD-PageBlank-5_1)** | 26 |
| **[Other information](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_1)** | 27 |
| [Item 8. Changes in and disagreements with accountants](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2) | 28 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2) | 28 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2) | 28 |
| [Item 11. Statement regarding basis for board](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2)['](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2)[s approval of investment](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2)<br> [advisory contract](#xx_24a27822-9854-4a61-b51a-5d844594edaa_OI-PageBlank-5_2)<br>| 28 |

---

Retail Money Market Funds \| 1

------

Portfolio of investments—January 31, 2026

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Certificates of deposit: 22.34%** |  |  |  |  |
| ABN AMRO Bank NV | 3.65<br> %<br>| &nbsp;&nbsp; 2-4-2026 | $325000000 | &nbsp;&nbsp; $325000000 |
| Banco Santander SA (U.S. SOFR+0.39%)± | 4.03 | &nbsp;&nbsp; 6-26-2026 | 90000000 | &nbsp;&nbsp; 90000000 |
| Banco Santander SA | 4.45 | &nbsp;&nbsp; 2-10-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of America NA | 3.77 | &nbsp;&nbsp; 12-28-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Bank of America NA±± | 4.00 | &nbsp;&nbsp; 2-27-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Bank of Montreal (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 11-12-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of Montreal (U.S. SOFR+0.37%)± | 4.02 | &nbsp;&nbsp; 5-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of Montreal (U.S. SOFR+0.37%)± | 4.02 | &nbsp;&nbsp; 10-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Bank of Nova Scotia (U.S. SOFR+0.27%)± | 3.92 | &nbsp;&nbsp; 3-17-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Bank of Nova Scotia (U.S. SOFR+0.30%)± | 3.95 | &nbsp;&nbsp; 2-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Bank of Nova Scotia (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 7-22-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Bank of Nova Scotia (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 8-7-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Barclays Bank PLC (U.S. SOFR+0.37%)± | 4.01 | &nbsp;&nbsp; 10-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| BNP Paribas SA | 4.26 | &nbsp;&nbsp; 3-5-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| 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 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.30%)± | 3.95 | &nbsp;&nbsp; 2-9-2026 | 80000000 | &nbsp;&nbsp; 80000000 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.32%)± | 3.97 | &nbsp;&nbsp; 10-19-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 1-25-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| Canadian Imperial Bank of Commerce | 4.32 | &nbsp;&nbsp; 2-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Citibank NA (U.S. SOFR+0.29%)± | 3.93 | &nbsp;&nbsp; 2-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Commonwealth Bank of Australia (U.S. SOFR+0.31%)± | 3.96 | &nbsp;&nbsp; 11-10-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| Cooperatieve Rabobank UA | 3.90 | &nbsp;&nbsp; 7-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Cooperatieve Rabobank UA (U.S. SOFR+0.40%)± | 4.05 | &nbsp;&nbsp; 5-22-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Cooperatieve Rabobank UA | 4.12 | &nbsp;&nbsp; 6-4-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Cooperatieve Rabobank UA | 4.15 | &nbsp;&nbsp; 6-18-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Agricole Corporate & Investment Bank SA | 3.81 | &nbsp;&nbsp; 10-9-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank SA <br> (U.S. SOFR+0.30%)±<br>| 3.95 | &nbsp;&nbsp; 10-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Agricole Corporate & Investment Bank SA | 3.99 | &nbsp;&nbsp; 8-6-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Credit Agricole Corporate & Investment Bank SA | 4.37 | &nbsp;&nbsp; 2-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Industriel et Commercial (U.S. SOFR+0.36%)± | 4.01 | &nbsp;&nbsp; 10-9-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Industriel et Commercial (U.S. SOFR+0.42%)± | 4.07 | &nbsp;&nbsp; 4-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Credit Industriel et Commercial | 4.44 | &nbsp;&nbsp; 5-12-2026 | 65000000 | &nbsp;&nbsp; 65000000 |
| Credit Industriel et Commercial | 4.55 | &nbsp;&nbsp; 2-6-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Deutsche Bank AG | 3.98 | &nbsp;&nbsp; 4-6-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank <br> (U.S. SOFR+0.24%)±<br>| 3.89 | &nbsp;&nbsp; 3-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| HSBC Bank USA NA (U.S. SOFR+0.34%)± | 3.99 | &nbsp;&nbsp; 11-6-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| HSBC Bank USA NA (U.S. SOFR+0.35%)± | 4.00 | &nbsp;&nbsp; 6-11-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lloyds Bank Corporate Markets PLC | 3.90 | &nbsp;&nbsp; 11-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.26%)± | 3.91 | &nbsp;&nbsp; 3-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Lloyds Bank Corporate Markets PLC (U.S. SOFR+0.33%)± | 3.97 | &nbsp;&nbsp; 2-22-2027 | 50000000 | &nbsp;&nbsp; 50000000 |
| Lloyds Bank Corporate Markets PLC | 4.00 | &nbsp;&nbsp; 6-29-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Mitsubishi UFJ Trust & Banking Corp. (U.S. SOFR+0.25%)± | 3.90 | &nbsp;&nbsp; 2-11-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Mizuho Bank Ltd. | 3.64 | &nbsp;&nbsp; 2-2-2026 | 94025000 | &nbsp;&nbsp; 94025000 |
| Mizuho Bank Ltd. | 4.41 | &nbsp;&nbsp; 4-1-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| MUFG Bank Ltd. | 4.01 | &nbsp;&nbsp; 5-15-2026 | 90000000 | &nbsp;&nbsp; 90000000 |

---

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

2 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Certificates of deposit**(continued) |  |  |  |  |
| National Australia Bank Ltd. (U.S. SOFR+0.25%)± | 3.90<br> %<br>| &nbsp;&nbsp; 3-25-2026 | $150000000 | &nbsp;&nbsp; $150000000 |
| National Australia Bank Ltd. (U.S. SOFR+0.25%)± | 3.90 | &nbsp;&nbsp; 5-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Natixis SA | 3.99 | &nbsp;&nbsp; 7-6-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Natixis SA (U.S. SOFR+0.40%)± | 4.05 | &nbsp;&nbsp; 12-4-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| 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 |
| Nordea Bank Abp (U.S. SOFR+0.32%)± | 3.97 | &nbsp;&nbsp; 6-29-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Nordea Bank Abp | 4.36 | &nbsp;&nbsp; 3-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Oversea-Chinese Banking Corp. Ltd. (U.S. SOFR+0.40%)± | 4.04 | &nbsp;&nbsp; 4-22-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Oversea-Chinese Banking Corp. Ltd. | 4.08 | &nbsp;&nbsp; 2-11-2026 | 90000000 | &nbsp;&nbsp; 90000000 |
| Royal Bank of Canada (U.S. SOFR+0.27%)± | 3.92 | &nbsp;&nbsp; 8-21-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Royal Bank of Canada | 4.20 | &nbsp;&nbsp; 5-22-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Standard Chartered Bank PLC (U.S. SOFR+0.42%)± | 4.07 | &nbsp;&nbsp; 10-21-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Standard Chartered Bank PLC | 4.41 | &nbsp;&nbsp; 5-1-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| State Street Bank & Trust Co. (U.S. SOFR+0.25%)± | 3.89 | &nbsp;&nbsp; 6-2-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.25%)± | 3.90 | &nbsp;&nbsp; 5-1-2026 | 90000000 | &nbsp;&nbsp; 90000000 |
| Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.32%)± | 3.97 | &nbsp;&nbsp; 8-26-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Banking Corp. (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 9-8-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Banking Corp. | 4.00 | &nbsp;&nbsp; 4-22-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Sumitomo Mitsui Trust | 4.40 | &nbsp;&nbsp; 2-3-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Svenska Handelsbanken AB (U.S. SOFR+0.22%)± | 3.86 | &nbsp;&nbsp; 3-5-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Svenska Handelsbanken AB (U.S. SOFR+0.26%)± | 3.90 | &nbsp;&nbsp; 5-19-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Svenska Handelsbanken AB (U.S. SOFR+0.26%)± | 3.90 | &nbsp;&nbsp; 10-6-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Svenska Handelsbanken AB (U.S. SOFR+0.29%)± | 3.93 | &nbsp;&nbsp; 1-20-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| Swedbank AB | 4.00 | &nbsp;&nbsp; 4-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Toronto-Dominion Bank (U.S. SOFR+0.24%)± | 3.88 | &nbsp;&nbsp; 3-4-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Toronto-Dominion Bank | 3.90 | &nbsp;&nbsp; 10-1-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| Toronto-Dominion Bank (U.S. SOFR+0.40%)± | 4.04 | &nbsp;&nbsp; 4-17-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Toronto-Dominion Bank | 4.42 | &nbsp;&nbsp; 2-13-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| UBS AG (U.S. SOFR+0.34%)± | 3.99 | &nbsp;&nbsp; 11-6-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Wells Fargo Bank NA | 3.80 | &nbsp;&nbsp; 9-21-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Wells Fargo Bank NA (U.S. SOFR+0.31%)± | 3.96 | &nbsp;&nbsp; 6-3-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Westpac Banking Corp. (U.S. SOFR+0.22%)± | 3.87 | &nbsp;&nbsp; 3-11-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Westpac Banking Corp. | 3.90 | &nbsp;&nbsp; 8-3-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Westpac Banking Corp. (U.S. SOFR+0.31%)± | 3.96 | &nbsp;&nbsp; 11-13-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| **Total certificates of deposit (Cost $9,474,025,000)** |  |  |  | &nbsp;&nbsp; **9474025000** |
| **Commercial paper: 41.11%** |  |  |  |  |
| **Asset-backed commercial paper: 35.67%** |  |  |  |  |
| Anglesea Funding LLC (U.S. SOFR+0.05%)144A§± | 3.70 | &nbsp;&nbsp; 4-9-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Anglesea Funding LLC (U.S. SOFR+0.06%)144A§± | 3.71 | &nbsp;&nbsp; 4-30-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| Anglesea Funding LLC (U.S. OBFR+0.17%)144A§± | 3.80 | &nbsp;&nbsp; 3-18-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Antalis SA144A☼ | 3.87 | &nbsp;&nbsp; 4-7-2026 | 45550000 | &nbsp;&nbsp; 45240665 |
| Aquitaine Funding Co. LLC (U.S. SOFR+0.09%)144A§± | 3.74 | &nbsp;&nbsp; 7-16-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Aquitaine Funding Co. LLC (U.S. SOFR+0.10%)144A§± | 3.75 | &nbsp;&nbsp; 6-10-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Aquitaine Funding Co. LLC144A☼ | 4.08 | &nbsp;&nbsp; 5-21-2026 | 100000000 | &nbsp;&nbsp; 98794000 |
| Aquitaine Funding Co. LLC144A☼ | 4.11 | &nbsp;&nbsp; 3-11-2026 | 100000000 | &nbsp;&nbsp; 99583750 |

---

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

Retail Money Market Funds \| 3

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| Armada Funding Co. LLC144A☼ | 3.78<br> %<br>| &nbsp;&nbsp; 2-3-2026 | $444300000 | &nbsp;&nbsp; $444253966 |
| Armada Funding Co. LLC144A☼ | 4.00 | &nbsp;&nbsp; 7-6-2026 | 125000000 | &nbsp;&nbsp; 122887847 |
| Armada Funding Co. LLC144A☼ | 4.03 | &nbsp;&nbsp; 7-8-2026 | 100000000 | &nbsp;&nbsp; 98279667 |
| Brigantine Funding Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 5-1-2026 | 80000000 | &nbsp;&nbsp; 79217778 |
| Brigantine Funding Co. LLC144A☼ | 4.08 | &nbsp;&nbsp; 5-8-2026 | 150000000 | &nbsp;&nbsp; 148408750 |
| Britannia Funding Co. LLC144A☼ | 3.95 | &nbsp;&nbsp; 4-23-2026 | 100000000 | &nbsp;&nbsp; 99133333 |
| Britannia Funding Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 3-24-2026 | 130400000 | &nbsp;&nbsp; 129675556 |
| Cabot Trail Funding LLC144A☼ | 4.16 | &nbsp;&nbsp; 3-2-2026 | 80000000 | &nbsp;&nbsp; 79744889 |
| Chesham Finance Ltd./Chesham Finance LLC144A☼ | 3.76 | &nbsp;&nbsp; 2-2-2026 | 235000000 | &nbsp;&nbsp; 235000000 |
| &nbsp;&nbsp; Collateralized Commercial Paper V Co. LLC <br> (U.S. SOFR+0.30%)±<br>| 3.95 | &nbsp;&nbsp; 5-12-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Columbia Funding Co. LLC144A☼ | 3.82 | &nbsp;&nbsp; 7-15-2026 | 122900000 | &nbsp;&nbsp; 120802131 |
| Columbia Funding Co. LLC144A☼ | 3.97 | &nbsp;&nbsp; 6-3-2026 | 150000000 | &nbsp;&nbsp; 148023667 |
| Concord Minutemen Capital Co. LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-3-2026 | 417197000 | &nbsp;&nbsp; 417153774 |
| Concord Minutemen Capital Co. LLC144A☼## | 3.78 | &nbsp;&nbsp; 2-6-2026 | 528436000 | &nbsp;&nbsp; 528216993 |
| Concord Minutemen Capital Co. LLC144A☼ | 3.85 | &nbsp;&nbsp; 7-7-2026 | 50000000 | &nbsp;&nbsp; 49181944 |
| Concord Minutemen Capital Co. LLC144A☼ | 3.85 | &nbsp;&nbsp; 9-11-2026 | 100000000 | &nbsp;&nbsp; 97667222 |
| Concord Minutemen Capital Co. LLC144A☼ | 3.98 | &nbsp;&nbsp; 4-30-2026 | 150000000 | &nbsp;&nbsp; 148575375 |
| Concord Minutemen Capital Co. LLC144A | 4.02 | &nbsp;&nbsp; 5-21-2026 | 130000000 | &nbsp;&nbsp; 130000000 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 3-19-2026 | 100000000 | &nbsp;&nbsp; 99500000 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 6-5-2026 | 100000000 | &nbsp;&nbsp; 98633333 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 6-15-2026 | 200000000 | &nbsp;&nbsp; 197044444 |
| Concord Minutemen Capital Co. LLC144A☼ | 4.14 | &nbsp;&nbsp; 3-13-2026 | 125000000 | &nbsp;&nbsp; 124447500 |
| Constellation Funding Co. LLC144A☼ | 3.97 | &nbsp;&nbsp; 6-10-2026 | 152000000 | &nbsp;&nbsp; 149881458 |
| Constellation Funding Co. LLC144A☼ | 4.41 | &nbsp;&nbsp; 5-20-2026 | 79700000 | &nbsp;&nbsp; 78670743 |
| Endeavour Funding Co. LLC (U.S. SOFR+0.07%)144A§± | 3.72 | &nbsp;&nbsp; 3-16-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Endeavour Funding Co. LLC144A☼ | 3.82 | &nbsp;&nbsp; 7-9-2026 | 58500000 | &nbsp;&nbsp; 57538179 |
| Endeavour Funding Co. LLC144A☼ | 3.83 | &nbsp;&nbsp; 7-15-2026 | 100000000 | &nbsp;&nbsp; 98288500 |
| Endeavour Funding Co. LLC144A☼ | 3.96 | &nbsp;&nbsp; 4-10-2026 | 55900000 | &nbsp;&nbsp; 55493219 |
| Endeavour Funding Co. LLC144A☼ | 4.20 | &nbsp;&nbsp; 3-2-2026 | 45000000 | &nbsp;&nbsp; 44855100 |
| Falcon Asset Funding LLC (U.S. SOFR+0.30%)144A± | 3.94 | &nbsp;&nbsp; 6-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Fastnet Funding Co. LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-3-2026 | 100000000 | &nbsp;&nbsp; 99989639 |
| Fastnet Funding Co. LLC144A☼ | 3.79 | &nbsp;&nbsp; 2-4-2026 | 40000000 | &nbsp;&nbsp; 39991689 |
| Fastnet Funding Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 3-26-2026 | 35000000 | &nbsp;&nbsp; 34797778 |
| Fastnet Funding Co. LLC144A☼ | 4.31 | &nbsp;&nbsp; 3-2-2026 | 75000000 | &nbsp;&nbsp; 74752083 |
| Gotham Funding Corp.144A☼ | 3.83 | &nbsp;&nbsp; 4-2-2026 | 42000000 | &nbsp;&nbsp; 41739810 |
| Helvetica Funding Co. LLC (U.S. SOFR+0.10%)144A§± | 3.75 | &nbsp;&nbsp; 6-12-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Helvetica Funding Co. LLC144A☼ | 4.06 | &nbsp;&nbsp; 3-6-2026 | 70000000 | &nbsp;&nbsp; 69751111 |
| HQLA Funding LLC144A☼ | 3.76 | &nbsp;&nbsp; 2-2-2026 | 200000000 | &nbsp;&nbsp; 200000000 |
| HQLA Funding LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-3-2026 | 450000000 | &nbsp;&nbsp; 449953375 |
| HQLA Funding LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-5-2026 | 290000000 | &nbsp;&nbsp; 289909858 |
| HQLA Funding LLC144A☼ | 3.95 | &nbsp;&nbsp; 6-1-2026 | 125000000 | &nbsp;&nbsp; 123388542 |
| HQLA Funding LLC (U.S. SOFR+0.45%)144A± | 4.10 | &nbsp;&nbsp; 4-17-2026 | 70000000 | &nbsp;&nbsp; 70000000 |
| HQLA Funding LLC144A☼ | 4.36 | &nbsp;&nbsp; 3-13-2026 | 50000000 | &nbsp;&nbsp; 49767083 |
| Intrepid Funding Co. LLC144A☼ | 3.82 | &nbsp;&nbsp; 7-10-2026 | 101900000 | &nbsp;&nbsp; 100213951 |
| Intrepid Funding Co. LLC | 3.85 | &nbsp;&nbsp; 7-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Intrepid Funding Co. LLC144A☼ | 3.85 | &nbsp;&nbsp; 7-24-2026 | 100000000 | &nbsp;&nbsp; 98184444 |
| Intrepid Funding Co. LLC144A☼ | 4.00 | &nbsp;&nbsp; 5-12-2026 | 58948000 | &nbsp;&nbsp; 58307677 |

---

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

4 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| Intrepid Funding Co. LLC144A☼ | 4.08<br> %<br>| &nbsp;&nbsp; 5-15-2026 | $105800000 | &nbsp;&nbsp; $104594938 |
| Intrepid Funding Co. LLC144A☼ | 4.29 | &nbsp;&nbsp; 2-12-2026 | 50000000 | &nbsp;&nbsp; 49941250 |
| Intrepid Funding Co. LLC144A☼ | 4.38 | &nbsp;&nbsp; 4-23-2026 | 103885000 | &nbsp;&nbsp; 102887704 |
| Ionic Funding LLC☼ | 3.75 | &nbsp;&nbsp; 2-4-2026 | 195000000 | &nbsp;&nbsp; 194959917 |
| Ionic Funding LLC☼ | 3.75 | &nbsp;&nbsp; 2-5-2026 | 100000000 | &nbsp;&nbsp; 99969167 |
| Ionic Funding LLC☼ | 3.77 | &nbsp;&nbsp; 2-3-2026 | 176000000 | &nbsp;&nbsp; 175981813 |
| Ionic Funding LLC☼ | 3.85 | &nbsp;&nbsp; 7-27-2026 | 100000000 | &nbsp;&nbsp; 98152778 |
| Ionic Funding LLC☼ | 3.90 | &nbsp;&nbsp; 5-22-2026 | 104600000 | &nbsp;&nbsp; 103380684 |
| Ionic Funding LLC☼ | 4.17 | &nbsp;&nbsp; 2-4-2026 | 75000000 | &nbsp;&nbsp; 74982875 |
| Ionic Funding LLC☼ | 4.18 | &nbsp;&nbsp; 3-25-2026 | 100000000 | &nbsp;&nbsp; 99416333 |
| Ionic Funding LLC☼ | 4.46 | &nbsp;&nbsp; 2-26-2026 | 107799000 | &nbsp;&nbsp; 107482790 |
| Legacy Capital Co. LLC (U.S. SOFR+0.35%)144A± | 4.00 | &nbsp;&nbsp; 10-7-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Legacy Capital Co. LLC (U.S. SOFR+0.39%)144A± | 4.04 | &nbsp;&nbsp; 6-18-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Lexington Parker Capital Co. LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-3-2026 | 295329000 | &nbsp;&nbsp; 295298401 |
| Lexington Parker Capital Co. LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-6-2026 | 397351000 | &nbsp;&nbsp; 397186320 |
| Lexington Parker Capital Co. LLC144A☼ | 4.00 | &nbsp;&nbsp; 6-1-2026 | 150000000 | &nbsp;&nbsp; 148041458 |
| Lexington Parker Capital Co. LLC144A☼ | 4.03 | &nbsp;&nbsp; 4-17-2026 | 125000000 | &nbsp;&nbsp; 123979931 |
| Lion Bay Funding LLC (U.S. OBFR+0.09%)144A§± | 3.72 | &nbsp;&nbsp; 5-5-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| LMA-Americas LLC144A☼ | 4.08 | &nbsp;&nbsp; 3-13-2026 | 50000000 | &nbsp;&nbsp; 49782250 |
| Mackinac Funding Co. LLC144A☼ | 3.97 | &nbsp;&nbsp; 5-18-2026 | 57495000 | &nbsp;&nbsp; 56837641 |
| Mackinac Funding Co. LLC144A☼ | 4.02 | &nbsp;&nbsp; 4-7-2026 | 110425000 | &nbsp;&nbsp; 109647608 |
| Mackinac Funding Co. LLC144A☼ | 4.04 | &nbsp;&nbsp; 4-1-2026 | 196792000 | &nbsp;&nbsp; 195530126 |
| Mainbeach Funding LLC144A☼ | 4.06 | &nbsp;&nbsp; 3-20-2026 | 87000000 | &nbsp;&nbsp; 86555333 |
| Mainbeach Funding LLC144A☼ | 4.26 | &nbsp;&nbsp; 2-26-2026 | 36550000 | &nbsp;&nbsp; 36447660 |
| Mainbeach Funding LLC144A☼ | 4.28 | &nbsp;&nbsp; 2-5-2026 | 36200000 | &nbsp;&nbsp; 36187270 |
| Mainbeach Funding LLC144A☼ | 4.28 | &nbsp;&nbsp; 2-17-2026 | 50000000 | &nbsp;&nbsp; 49912083 |
| Mainbeach Funding LLC144A☼ | 4.28 | &nbsp;&nbsp; 2-19-2026 | 80000000 | &nbsp;&nbsp; 79840578 |
| Mainbeach Funding LLC144A☼ | 4.28 | &nbsp;&nbsp; 2-20-2026 | 50000000 | &nbsp;&nbsp; 49894500 |
| Mountcliff Funding LLC (U.S. SOFR+0.09%)144A§± | 3.73 | &nbsp;&nbsp; 6-11-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Mountcliff Funding LLC144A☼ | 3.78 | &nbsp;&nbsp; 2-3-2026 | 125000000 | &nbsp;&nbsp; 124987049 |
| Mountcliff Funding LLC144A%%☼ | 3.88 | &nbsp;&nbsp; 6-1-2026 | 100000000 | &nbsp;&nbsp; 98733972 |
| Mountcliff Funding LLC144A☼ | 3.90 | &nbsp;&nbsp; 3-31-2026 | 150000000 | &nbsp;&nbsp; 149085625 |
| Mountcliff Funding LLC144A☼ | 4.06 | &nbsp;&nbsp; 4-2-2026 | 100000000 | &nbsp;&nbsp; 99344444 |
| Overwatch Alpha Funding LLC144A☼ | 3.75 | &nbsp;&nbsp; 2-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Overwatch Alpha Funding LLC144A☼ | 3.75 | &nbsp;&nbsp; 2-4-2026 | 425000000 | &nbsp;&nbsp; 424912639 |
| Overwatch Alpha Funding LLC144A☼ | 3.75 | &nbsp;&nbsp; 2-5-2026 | 31000000 | &nbsp;&nbsp; 30990442 |
| Overwatch Bravo Funding LLC144A☼ | 3.88 | &nbsp;&nbsp; 7-15-2026 | 100000000 | &nbsp;&nbsp; 98265861 |
| Paradelle Funding LLC (U.S. SOFR+0.30%)± | 3.95 | &nbsp;&nbsp; 3-23-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Paradelle Funding LLC (U.S. SOFR+0.30%)± | 3.95 | &nbsp;&nbsp; 5-7-2026 | 75000000 | &nbsp;&nbsp; 75000000 |
| Paradelle Funding LLC (U.S. SOFR+0.32%)± | 3.97 | &nbsp;&nbsp; 9-25-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Paradelle Funding LLC (U.S. SOFR+0.33%)± | 3.98 | &nbsp;&nbsp; 9-2-2026 | 50000000 | &nbsp;&nbsp; 50000000 |
| Paradelle Funding LLC (U.S. SOFR+0.36%)± | 4.01 | &nbsp;&nbsp; 7-10-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.35%)± | 4.00 | &nbsp;&nbsp; 5-28-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.40%)± | 4.05 | &nbsp;&nbsp; 11-25-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Podium Funding Trust☼ | 4.15 | &nbsp;&nbsp; 5-21-2026 | 50000000 | &nbsp;&nbsp; 49386500 |
| Podium Funding Trust☼ | 4.20 | &nbsp;&nbsp; 3-16-2026 | 150000000 | &nbsp;&nbsp; 149275500 |
| Podium Funding Trust☼ | 4.33 | &nbsp;&nbsp; 4-14-2026 | 100000000 | &nbsp;&nbsp; 99157861 |
| Podium Funding Trust☼ | 4.34 | &nbsp;&nbsp; 3-10-2026 | 100000000 | &nbsp;&nbsp; 99572000 |

---

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

Retail Money Market Funds \| 5

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed commercial paper**(continued) |  |  |  |  |
| Ranger Funding Co. LLC144A☼ | 4.06<br> %<br>| &nbsp;&nbsp; 3-12-2026 | $153000000 | &nbsp;&nbsp; $152353092 |
| Regatta Funding Co. LLC144A☼ | 3.88 | &nbsp;&nbsp; 7-28-2026 | 27700000 | &nbsp;&nbsp; 27181333 |
| Regatta Funding Co. LLC144A☼ | 3.90 | &nbsp;&nbsp; 4-7-2026 | 123450000 | &nbsp;&nbsp; 122605053 |
| Resolute Funding Co. LLC144A☼ | 3.86 | &nbsp;&nbsp; 4-20-2026 | 125000000 | &nbsp;&nbsp; 123981354 |
| St Lawrence Funding LLC (U.S. SOFR+0.07%)144A§± | 3.72 | &nbsp;&nbsp; 4-27-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| Victory Receivables Corp.144A☼ | 4.06 | &nbsp;&nbsp; 2-27-2026 | 100000000 | &nbsp;&nbsp; 99722222 |
| Victory Receivables Corp.144A☼ | 4.16 | &nbsp;&nbsp; 3-2-2026 | 100000000 | &nbsp;&nbsp; 99681111 |
| Washington Morgan Capital Co. LLC144A☼ | 3.86 | &nbsp;&nbsp; 7-24-2026 | 150000000 | &nbsp;&nbsp; 147269500 |
| Washington Morgan Capital Co. LLC (U.S. SOFR+0.42%)144A± | 4.07 | &nbsp;&nbsp; 6-30-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Washington Morgan Capital Co. LLC (U.S. SOFR+0.45%)144A± | 4.10 | &nbsp;&nbsp; 7-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| Washington Morgan Capital Co. LLC144A | 4.48 | &nbsp;&nbsp; 4-24-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
|  |  |  |  | &nbsp;&nbsp; **15123337789** |
| **Financial company commercial paper: 4.80%** |  |  |  |  |
| ASB Bank Ltd. (U.S. SOFR+0.35%)144A± | 3.99 | &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; 29434200 |
| Bank of New York Mellon (U.S. SOFR+0.26%)± | 3.90 | &nbsp;&nbsp; 4-7-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| BofA Securities, Inc. (U.S. SOFR+0.31%)± | 3.96 | &nbsp;&nbsp; 8-18-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; Collateralized Commercial Paper V Co. LLC <br> (U.S. SOFR+0.32%)±<br>| 3.97 | &nbsp;&nbsp; 9-29-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| Commonwealth Bank of Australia (U.S. SOFR+0.40%)144A± | 4.05 | &nbsp;&nbsp; 4-17-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt <br> Am Main144A☼<br>| 4.36 | &nbsp;&nbsp; 3-2-2026 | 91465000 | &nbsp;&nbsp; 91159100 |
| &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec <br> (U.S. SOFR+0.43%)144A±<br>| 4.08 | &nbsp;&nbsp; 4-13-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| ING U.S. Funding LLC (U.S. SOFR+0.30%)144A± | 3.94 | &nbsp;&nbsp; 4-2-2026 | 125000000 | &nbsp;&nbsp; 125000000 |
| National Bank of Canada144A☼ | 3.88 | &nbsp;&nbsp; 8-3-2026 | 100000000 | &nbsp;&nbsp; 98063722 |
| Ontario Teachers' Finance Trust144A☼ | 4.32 | &nbsp;&nbsp; 2-12-2026 | 100000000 | &nbsp;&nbsp; 99881667 |
| Ontario Teachers' Finance Trust144A☼ | 4.32 | &nbsp;&nbsp; 2-17-2026 | 46000000 | &nbsp;&nbsp; 45918350 |
| Paradelle Funding LLC☼ | 3.72 | &nbsp;&nbsp; 12-31-2026 | 100000000 | &nbsp;&nbsp; 96615444 |
| Paradelle Funding LLC (U.S. SOFR+0.32%)± | 3.97 | &nbsp;&nbsp; 1-22-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| Paradelle Funding LLC (U.S. SOFR+0.36%)± | 4.01 | &nbsp;&nbsp; 1-7-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| Park Avenue Collateralized Notes Co. LLC (U.S. SOFR+0.36%)± | 4.01 | &nbsp;&nbsp; 1-22-2027 | 100000000 | &nbsp;&nbsp; 100000000 |
| Podium Funding Trust☼ | 3.81 | &nbsp;&nbsp; 9-9-2026 | 100000000 | &nbsp;&nbsp; 97712667 |
| Royal Bank of Canada (U.S. SOFR+0.30%)144A± | 3.95 | &nbsp;&nbsp; 1-25-2027 | 125000000 | &nbsp;&nbsp; 125000000 |
| Royal Bank of Canada144A☼ | 4.27 | &nbsp;&nbsp; 5-27-2026 | 100000000 | &nbsp;&nbsp; 98665250 |
| Westpac Banking Corp. (U.S. SOFR+0.40%)144A± | 4.05 | &nbsp;&nbsp; 4-13-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
|  |  |  |  | &nbsp;&nbsp; **2032450400** |
| **Other commercial paper: 0.64%** |  |  |  |  |
| Province of Ontario☼ | 4.21 | &nbsp;&nbsp; 2-4-2026 | 100000000 | &nbsp;&nbsp; 99976945 |
| Toyota Credit de Puerto Rico Corp.☼ | 3.83 | &nbsp;&nbsp; 9-15-2026 | 50000000 | &nbsp;&nbsp; 48818750 |
| Toyota Credit de Puerto Rico Corp.☼ | 3.99 | &nbsp;&nbsp; 5-12-2026 | 50000000 | &nbsp;&nbsp; 49458250 |
| Toyota Motor Credit Corp.☼ | 4.30 | &nbsp;&nbsp; 3-30-2026 | 75000000 | &nbsp;&nbsp; 74505333 |
|  |  |  |  | &nbsp;&nbsp; **272759278** |
| **Total commercial paper (Cost $17,428,547,467)** |  |  |  | &nbsp;&nbsp; **17428547467** |

---

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

6 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Municipal obligations: 10.18%** |  |  |  |  |
| **Alaska: 0.17%** |  |  |  |  |
| **Variable rate demand notes ø: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Housing Finance Corp. State Capital Series A (Housing <br> revenue)<br>| 3.75<br> %<br>| &nbsp;&nbsp; 12-1-2044 | $73300000 | &nbsp;&nbsp; **$73300000** |
| **Arizona: 0.23%** |  |  |  |  |
| **Variable rate demand notes ø: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9236TX (Health <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.86 | &nbsp;&nbsp; 2-15-2026 | 99116665 | &nbsp;&nbsp; **99116665** |
| **California: 0.44%** |  |  |  |  |
| **Variable rate demand notes ø: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; California Enterprise Development Authority Unacem North <br> America, Inc. Series A (Industrial development revenue, Bank <br> of Nova Scotia LOC)<br>| 3.74 | &nbsp;&nbsp; 12-1-2045 | 67500000 | &nbsp;&nbsp; 67500000 |
| &nbsp;&nbsp; California Enterprise Development Authority Unacem North <br> America, Inc. Series B (Industrial development revenue, <br> JPMorgan Chase Bank N.A. LOC)144A<br>| 3.74 | &nbsp;&nbsp; 12-1-2045 | 22500000 | &nbsp;&nbsp; 22500000 |
| &nbsp;&nbsp; Metropolitan Water District of Southern California Series A <br> (Water & sewer revenue, Bank of America N.A. SPA)<br>| 3.72 | &nbsp;&nbsp; 7-1-2042 | 70060000 | &nbsp;&nbsp; 70060000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series MIZ9178TX (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.86 | &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>| 3.91 | &nbsp;&nbsp; 8-1-2049 | 16000000 | &nbsp;&nbsp; 16000000 |
|  |  |  |  | &nbsp;&nbsp; **187385000** |
| **Colorado: 0.67%** |  |  |  |  |
| **Variable rate demand notes ø: 0.67%** |  |  |  |  |
| &nbsp;&nbsp; Colorado HFA Fort Carson Family Housing LLC Series B <br> (Housing revenue, FHLB SPA)<br>| 3.78 | &nbsp;&nbsp; 5-1-2052 | 31605000 | &nbsp;&nbsp; 31605000 |
| &nbsp;&nbsp; Colorado HFA Series B-2 Class I (Housing revenue, GNMA <br> Insured, Royal Bank of Canada LIQ)<br>| 3.75 | &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>| 3.75 | &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>| 3.75 | &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>| 3.75 | &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>| 3.75 | &nbsp;&nbsp; 11-1-2052 | 28435000 | &nbsp;&nbsp; 28435000 |
| &nbsp;&nbsp; Colorado HFA Series I Class II (Housing revenue, GNMA Insured, <br> Royal Bank of Canada SPA)<br>| 3.75 | &nbsp;&nbsp; 11-1-2051 | 18900000 | &nbsp;&nbsp; 18900000 |
| &nbsp;&nbsp; Colorado HFA Series M2 Class II (Housing revenue, GNMA <br> Insured, Bank of America N.A. SPA)<br>| 3.72 | &nbsp;&nbsp; 5-1-2054 | 36000000 | &nbsp;&nbsp; 36000000 |
| &nbsp;&nbsp; Colorado HFA Series N-2 Class I (Housing revenue, GNMA <br> Insured, Royal Bank of Canada SPA)<br>| 3.75 | &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—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>| 3.75<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>| 3.75 | &nbsp;&nbsp; 11-1-2048 | 35240000 | &nbsp;&nbsp; 35240000 |
|  |  |  |  | &nbsp;&nbsp; **284755000** |
| **Georgia: 0.26%** |  |  |  |  |
| **Variable rate demand notes ø: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Private Colleges & Universities Authority Emory University <br> Series C-2 (Education revenue, Royal Bank of Canada SPA)<br>| 3.77 | &nbsp;&nbsp; 9-1-2052 | 110445000 | &nbsp;&nbsp; **110445000** |
| **Illinois: 1.26%** |  |  |  |  |
| **Variable rate demand notes ø: 1.26%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Series A <br> (Education revenue, Northern Trust Company SPA)<br>| 3.75 | &nbsp;&nbsp; 4-1-2055 | 39500000 | &nbsp;&nbsp; 39500000 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Series B <br> (Education revenue, Sumitomo Mitsui Banking Corp. LOC)<br>| 3.75 | &nbsp;&nbsp; 4-1-2055 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Illinois Housing Development Authority RMW Lake Shore LLC <br> Series C-2 (Housing revenue, Goldman Sachs Bank USA <br> LOC)<br>| 3.75 | &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>| 3.70 | &nbsp;&nbsp; 10-1-2046 | 36000000 | &nbsp;&nbsp; 36000000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series F (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of <br> Canada SPA)<br>| 3.75 | &nbsp;&nbsp; 10-1-2051 | 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series F (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)<br>| 3.70 | &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>| 3.75 | &nbsp;&nbsp; 10-1-2048 | 14835000 | &nbsp;&nbsp; 14835000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-9225TX (Housing <br> revenue)144A<br>| 3.86 | &nbsp;&nbsp; 10-7-2057 | 9500000 | &nbsp;&nbsp; 9500000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2025-004 <br> (Miscellaneous revenue, Barclays Bank plc LOC)144A<br>| 3.97 | &nbsp;&nbsp; 6-30-2040 | 115000000 | &nbsp;&nbsp; 115000000 |
|  |  |  |  | &nbsp;&nbsp; **532720000** |
| **Iowa: 0.07%** |  |  |  |  |
| **Variable rate demand notes ø: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Student Loan Liquidity Corp. Series 2023-1 (Education <br> revenue, Royal Bank of Canada LOC)<br>| 3.75 | &nbsp;&nbsp; 3-1-2053 | 31181000 | &nbsp;&nbsp; **31181000** |
| **Kentucky: 0.08%** |  |  |  |  |
| **Variable rate demand notes ø: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Higher Education Student Loan Corp. Series 1A-2 <br> (Education revenue, Bank of America N.A. LOC)<br>| 3.72 | &nbsp;&nbsp; 6-1-2043 | 35925000 | &nbsp;&nbsp; **35925000** |
| **Maine: 0.05%** |  |  |  |  |
| **Variable rate demand notes ø: 0.05%** |  |  |  |  |
| City of Portland (GO revenue, TD Bank N.A. LOC) | 3.70 | &nbsp;&nbsp; 6-1-2026 | 20475000 | &nbsp;&nbsp; **20475000** |

---

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

8 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Maryland: 0.05%** |  |  |  |  |
| **Variable rate demand notes ø: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Community Development Administration Residential <br> Revenue Series B (Housing revenue, TD Bank N.A. SPA)<br>| 3.75<br> %<br>| &nbsp;&nbsp; 9-1-2033 | $22775000 | &nbsp;&nbsp; **$22775000** |
| **Massachusetts: 0.33%** |  |  |  |  |
| **Variable rate demand notes ø: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Housing Finance Agency Series 229 (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, UBS AG SPA)<br>| 3.80 | &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>| 3.70 | &nbsp;&nbsp; 12-1-2063 | 75595000 | &nbsp;&nbsp; 75595000 |
|  |  |  |  | &nbsp;&nbsp; **138190000** |
| **Michigan: 0.34%** |  |  |  |  |
| **Variable rate demand notes ø: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series T0028 (Tax <br> revenue, JPMorgan Chase Bank N.A. LIQ)144A<br>| 3.70 | &nbsp;&nbsp; 10-1-2039 | 142155000 | &nbsp;&nbsp; **142155000** |
| **Minnesota: 0.93%** |  |  |  |  |
| **Variable rate demand notes ø: 0.93%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series C (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 3.70 | &nbsp;&nbsp; 1-1-2054 | 19820000 | &nbsp;&nbsp; 19820000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series D (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)<br>| 3.75 | &nbsp;&nbsp; 7-1-2052 | 39155000 | &nbsp;&nbsp; 39155000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 3.70 | &nbsp;&nbsp; 7-1-2050 | 19725000 | &nbsp;&nbsp; 19725000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, Royal Bank of Canada SPA)<br>| 3.75 | &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>| 3.75 | &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>| 3.75 | &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>| 3.75 | &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>| 3.75 | &nbsp;&nbsp; 1-1-2051 | 14695000 | &nbsp;&nbsp; 14695000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series M (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. SPA)<br>| 3.70 | &nbsp;&nbsp; 1-1-2050 | 29170000 | &nbsp;&nbsp; 29170000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series N (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, FHLB SPA)<br>| 3.75 | &nbsp;&nbsp; 7-1-2056 | 35000000 | &nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series Q (Housing revenue, <br> GNMA / FNMA / FHLMC Insured, TD Bank N.A. LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2053 | 29495000 | &nbsp;&nbsp; 29495000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2019-019 (Health <br> revenue, Barclays Bank plc LOC)144A<br>| 3.97 | &nbsp;&nbsp; 12-1-2030 | 4210000 | &nbsp;&nbsp; 4210000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2020-11 (Health <br> revenue, Barclays Bank plc LOC)144A<br>| 3.97 | &nbsp;&nbsp; 9-1-2030 | 48020000 | &nbsp;&nbsp; 48020000 |
|  |  |  |  | &nbsp;&nbsp; **393100000** |

---

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

Retail Money Market Funds \| 9

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Missouri: 0.16%** |  |  |  |  |
| **Variable rate demand notes ø: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri SSM Health Care Obligated Group <br> Series B-2 (Health revenue)<br>| 3.75<br> %<br>| &nbsp;&nbsp; 6-1-2053 | $66535000 | &nbsp;&nbsp; **$66535000** |
| **New Hampshire: 0.77%** |  |  |  |  |
| **Variable rate demand notes ø: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority CJ Foods <br> Manufacturing Beaumont LLC Series A (Industrial <br> development revenue, Kookmin Bank LOC)144A<br>| 3.84 | &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>| 3.84 | &nbsp;&nbsp; 7-1-2029 | 24500000 | &nbsp;&nbsp; 24500000 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Hanwha Q <br> Cells USA, Inc. (Industrial development revenue, Kookmin <br> Bank LOC)144A<br>| 3.97 | &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>| 3.84 | &nbsp;&nbsp; 7-1-2033 | 26700000 | &nbsp;&nbsp; 26700000 |
|  |  |  |  | &nbsp;&nbsp; **325200000** |
| **New York: 3.08%** |  |  |  |  |
| **Variable rate demand notes ø: 3.08%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2020-MIZ9043 (Housing <br> revenue, Mizuho Bank Limited LOC, Mizuho Bank Limited <br> LIQ)144A<br>| 3.75 | &nbsp;&nbsp; 11-1-2049 | 20455000 | &nbsp;&nbsp; 20455000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2022-MIZ9106 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.90 | &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>| 3.75 | &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>| 4.03 | &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>| 4.07 | &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>| 3.98 | &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>| 4.03 | &nbsp;&nbsp; 11-1-2067 | 66365000 | &nbsp;&nbsp; 66365000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2023-MIZ9132 (Housing <br> revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.75 | &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>| 3.86 | &nbsp;&nbsp; 12-1-2062 | 18778812 | &nbsp;&nbsp; 18778812 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9183TX <br> (Housing revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.86 | &nbsp;&nbsp; 11-1-2040 | 12345000 | &nbsp;&nbsp; 12345000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9203TX <br> (Housing revenue, Mizuho Capital Markets LLC LIQ)144A<br>| 3.90 | &nbsp;&nbsp; 11-1-2044 | 29450000 | &nbsp;&nbsp; 29450000 |

---

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

10 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-9225TX (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 3.86<br> %<br>| &nbsp;&nbsp; 5-1-2045 | $39710000 | &nbsp;&nbsp; $39710000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9223TX <br> (Miscellaneous revenue, Mizuho Capital Markets LLC <br> LIQ)144A<br>| 3.86 | &nbsp;&nbsp; 4-1-2055 | 20465000 | &nbsp;&nbsp; 20465000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2019-007 (GO revenue, <br> Barclays Bank plc LOC)144A<br>| 3.97 | &nbsp;&nbsp; 5-1-2029 | 61875000 | &nbsp;&nbsp; 61875000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2021-BTMFT (GO <br> revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ)144A<br>| 3.97 | &nbsp;&nbsp; 12-15-2027 | 128786000 | &nbsp;&nbsp; 128786000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series 2022-002 (GO revenue, <br> Barclays Bank plc LOC)144A<br>| 3.97 | &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>| 3.77 | &nbsp;&nbsp; 9-21-2026 | 930000 | &nbsp;&nbsp; 930000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-002 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 3.97 | &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>| 3.97 | &nbsp;&nbsp; 9-21-2026 | 229605000 | &nbsp;&nbsp; 229605000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2024 (GO <br> revenue, Barclays Bank plc LOC)144A<br>| 3.97 | &nbsp;&nbsp; 6-24-2027 | 53555000 | &nbsp;&nbsp; 53555000 |
| &nbsp;&nbsp; Taxable Municipal Funding Trust Series BTMFT-2026-002 <br> (Miscellaneous revenue, Barclays Bank plc LIQ)144A<br>| 3.97 | &nbsp;&nbsp; 6-1-2027 | 31163000 | &nbsp;&nbsp; 31163000 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Series E (Transportation <br> revenue, Royal Bank of Canada LOC)<br>| 3.75 | &nbsp;&nbsp; 11-15-2032 | 73000000 | &nbsp;&nbsp; 73000000 |
|  |  |  |  | &nbsp;&nbsp; **1307032812** |
| **North Dakota: 0.07%** |  |  |  |  |
| **Variable rate demand notes ø: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; North Dakota Housing Finance Agency Series C (Housing <br> revenue, Royal Bank of Canada SPA)<br>| 3.75 | &nbsp;&nbsp; 7-1-2052 | 29900000 | &nbsp;&nbsp; **29900000** |
| **Pennsylvania: 0.18%** |  |  |  |  |
| **Variable rate demand notes ø: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency Series A <br> (Education revenue, Bank of America N.A. LOC)<br>| 3.72 | &nbsp;&nbsp; 6-1-2054 | 29727000 | &nbsp;&nbsp; 29727000 |
| &nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency Series A <br> (Education revenue, Bank of America N.A. LOC)<br>| 3.72 | &nbsp;&nbsp; 12-1-2055 | 47000000 | &nbsp;&nbsp; 47000000 |
|  |  |  |  | &nbsp;&nbsp; **76727000** |
| **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>| 3.70 | &nbsp;&nbsp; 10-1-2053 | 32355000 | &nbsp;&nbsp; **32355000** |
| **Texas: 0.96%** |  |  |  |  |
| **Variable rate demand notes ø: 0.96%** |  |  |  |  |
| &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>| 3.86 | &nbsp;&nbsp; 7-1-2035 | 15005000 | &nbsp;&nbsp; 15005000 |

---

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

Retail Money Market Funds \| 11

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; North Texas Higher Education Authority, Inc. Series 2023-1 <br> (Education revenue, Royal Bank of Canada LOC)<br>| 3.75<br> %<br>| &nbsp;&nbsp; 12-1-2053 | $38412000 | &nbsp;&nbsp; $38412000 |
| &nbsp;&nbsp; North Texas Higher Education Authority, Inc. Series 2 <br> (Education revenue, Bank of America N.A. LOC)<br>| 3.72 | &nbsp;&nbsp; 7-1-2055 | 181850000 | &nbsp;&nbsp; 181850000 |
| State of Texas Series A (GO revenue, FHLB SPA) | 3.75 | &nbsp;&nbsp; 12-1-2051 | 43265000 | &nbsp;&nbsp; 43265000 |
| &nbsp;&nbsp; State of Texas Series A (GO revenue, Texas State Comptroller <br> LIQ)<br>| 3.75 | &nbsp;&nbsp; 12-1-2056 | 25000000 | &nbsp;&nbsp; 25000000 |
| State of Texas Series C (GO revenue, Texas Comptroller SPA) | 3.76 | &nbsp;&nbsp; 12-1-2037 | 101815000 | &nbsp;&nbsp; 101815000 |
|  |  |  |  | &nbsp;&nbsp; **405347000** |
| **Total municipal obligations (Cost $4,314,619,477)** |  |  |  | &nbsp;&nbsp; **4314619477** |
| **Other instruments: 1.71%** |  |  |  |  |
| **Variable rate demand notes ø: 1.71%** |  |  |  |  |
| AARP Series 2001 | 3.81 | &nbsp;&nbsp; 5-1-2031 | 47500000 | &nbsp;&nbsp; 47500000 |
| Anton Santa Cruz LLC Series A | 3.81 | &nbsp;&nbsp; 2-1-2061 | 42000000 | &nbsp;&nbsp; 42000000 |
| Arizona RR Ranches LLC Series 2024 | 3.95 | &nbsp;&nbsp; 8-1-2054 | 40000000 | &nbsp;&nbsp; 40000000 |
| Augustine Insurance Trust Series 2024 | 3.81 | &nbsp;&nbsp; 11-1-2074 | 24770000 | &nbsp;&nbsp; 24770000 |
| Avon IL-AL Investors LLC Series 2025 | 3.81 | &nbsp;&nbsp; 10-1-2065 | 37735000 | &nbsp;&nbsp; 37735000 |
| ECMC Group, Inc. Series 23-1 | 3.75 | &nbsp;&nbsp; 12-1-2050 | 49650000 | &nbsp;&nbsp; 49650000 |
| ECMC Group, Inc. | 3.75 | &nbsp;&nbsp; 12-1-2054 | 97440000 | &nbsp;&nbsp; 97440000 |
| Eligijus P. Lelis Family Trust Series 2025 | 3.81 | &nbsp;&nbsp; 1-1-2075 | 12575000 | &nbsp;&nbsp; 12575000 |
| &nbsp;&nbsp; Heritage Holdings/BKF Inv/Mitchell G Fehr/Nate <br> Knobloch/Journey Investments<br>| 3.85 | &nbsp;&nbsp; 3-1-2055 | 25000000 | &nbsp;&nbsp; 25000000 |
| JWV-B Turner Investments LLC Series 2024 | 3.95 | &nbsp;&nbsp; 7-1-2044 | 21125000 | &nbsp;&nbsp; 21125000 |
| Kurt Anderson Memorial Trust Series 2024 | 3.85 | &nbsp;&nbsp; 8-1-2044 | 6070000 | &nbsp;&nbsp; 6070000 |
| Milpitas Phase I LP Series 2025 | 3.81 | &nbsp;&nbsp; 6-1-2065 | 65000000 | &nbsp;&nbsp; 65000000 |
| Puerto Rico Tollroads LLC Series 2025 | 3.80 | &nbsp;&nbsp; 7-1-2035 | 100000000 | &nbsp;&nbsp; 100000000 |
| Siesta Key Issuing Trust Series 2025 | 3.81 | &nbsp;&nbsp; 3-1-2075 | 24240000 | &nbsp;&nbsp; 24240000 |
| SRM Culver City LP | 3.81 | &nbsp;&nbsp; 12-1-2061 | 27150000 | &nbsp;&nbsp; 27150000 |
| Tetris Issuing Trust Series 2025 | 3.86 | &nbsp;&nbsp; 7-1-2075 | 88155000 | &nbsp;&nbsp; 88155000 |
| Willow Partners LP | 3.81 | &nbsp;&nbsp; 8-1-2063 | 17000000 | &nbsp;&nbsp; 17000000 |
| **Total other instruments (Cost $725,410,000)** |  |  |  | &nbsp;&nbsp; **725410000** |
| **Repurchase agreements^^: 23.58%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America NA, dated 1-30-2026, maturity value <br> $1,450,443,458(01)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1450000000 | &nbsp;&nbsp; 1450000000 |
| &nbsp;&nbsp; Daiwa Capital Markets America, Inc., dated 1-30-2026, maturity <br> value $1,450,443,458(02)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 1450000000 | &nbsp;&nbsp; 1450000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 1-30-2026, maturity value <br> $2,950,902,208(03)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2950000000 | &nbsp;&nbsp; 2950000000 |

---

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

12 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Repurchase agreements**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; MUFG Securities Canada Ltd., dated 1-30-2026, maturity value <br> $2,700,825,750(04)<br>|  | 3.67<br> %<br>| &nbsp;&nbsp; 2-2-2026 | $2700000000 | &nbsp;&nbsp; $2700000000 |
| &nbsp;&nbsp; Wells Fargo Securities, dated 1-30-2026, maturity value <br> $1,450,443,458(05)<br>|  | 3.67 | &nbsp;&nbsp; 2-2-2026 | 1450000000 | &nbsp;&nbsp; 1450000000 |
| **Total repurchase agreements (Cost $10,000,000,000)** |  |  |  |  | &nbsp;&nbsp; **10000000000** |
| **Total investments in securities (Cost $41,942,601,944)** | 98.92<br> %<br>|  |  |  | &nbsp;&nbsp; 41942601944 |
| Other assets and liabilities, net | 1.08 |  |  |  | &nbsp;&nbsp; 456217638 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$42398819582** |

---

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

---

| | |
|:---|:---|
| ± | 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>|
| 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. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| %% | 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 5-1-2051, fair value including accrued interest is $1,493,500,000. |
|  | (02) U.S. government securities, 0.00% to 8.00%, 10-1-2026 to 9-1-2062, fair value including accrued interest is $1,493,471,581. |
|  | (03) U.S. government securities, 0.00% to 7.00%, 2-20-2026 to 5-20-2065, fair value including accrued interest is $3,033,857,587. |
|  | (04) U.S. government securities, 0.38% to 7.50%, 3-15-2026 to 6-1-2063, fair value including accrued interest is $2,776,806,565. |
|  | (05) U.S. government securities, 1.50% to 8.50%, 4-20-2029 to 1-20-2056, 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—January 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $31942601944 |
| Investments in repurchase agreements, at amortized cost | 10000000000 |
| Cash | 10394 |
| Receivable for Fund shares sold | 405872365 |
| Receivable for investments sold | 176414444 |
| Receivable for interest | 140028633 |
| Prepaid expenses and other assets | 1706304 |
| **Total assets** | **42666634084** |
| Liabilities |  |
| Payable for Fund shares redeemed | 157581397 |
| Payable for investments purchased | 98733972 |
| Dividends payable | 4735704 |
| Management fee payable | 3251006 |
| Administration fees payable | 3000866 |
| Shareholder servicing fees payable | 91843 |
| Distribution fee payable | 273 |
| Accrued expenses and other liabilities | 419441 |
| **Total liabilities** | **267814502** |
| **Total net assets**  | **$42398819582** |
| Net assets consist of |  |
| Paid-in capital | $42399389366 |
| Total distributable loss | (569784)<br>|
| **Total net assets** | **$42398819582** |
| Computation of net asset value per share |  |
| Net assets–Class A | $406390365 |
| Shares outstanding–Class A<sup>1</sup> <br>| 406390168 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Class C | $414963 |
| Shares outstanding–Class C<sup>1</sup> <br>| 414963 |
| Net asset value per share–Class C | $1.00 |
| Net assets–Premier Class | $41979382608 |
| Shares outstanding–Premier Class<sup>1</sup> <br>| 41979361011 |
| Net asset value per share–Premier Class | $1.00 |
| Net assets–Service Class | $12631646 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 12631643 |
| 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—year ended January 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $1728869238 |
| Expenses |  |
| Management fee | 71210231 |
| Administration fees |  |
| Class A | 815041 |
| Class C | 1104 |
| Premier Class | 31286500 |
| Service Class | 15404 |
| Shareholder servicing fees |  |
| Class A | 1018801 |
| Class C | 1380 |
| Service Class | 32092 |
| Distribution fee |  |
| Class C | 4138 |
| Custody and accounting fees | 719408 |
| Professional fees | 171646 |
| Registration fees | 2565604 |
| Shareholder report expenses | 567395 |
| Trustees' fees and expenses | 356567 |
| Other fees and expenses | 327050 |
| **Total expenses** | **109092361** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (23822234)<br>|
| Class A | (202888)<br>|
| Premier Class | (16043382)<br>|
| Service Class | (6376)<br>|
| **Net expenses** | **69017481** |
| **Net investment income** | **1659851757** |
| **Net realized gains on investments** | **170781** |
| **Net increase in net assets resulting from operations** | **$1660022538** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1659851757 | &nbsp;&nbsp; $1785483019 |
| Net realized gains on investments |  | &nbsp;&nbsp; 170781 | &nbsp;&nbsp; 40359 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1660022538** | &nbsp;&nbsp; **1785523378** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (15712619)<br>| &nbsp;&nbsp; (19427210)<br>|
| Class C |  | &nbsp;&nbsp; (17209)<br>| &nbsp;&nbsp; (63839)<br>|
| Premier Class |  | &nbsp;&nbsp; (1643616084)<br>| &nbsp;&nbsp; (1765429720)<br>|
| Service Class |  | &nbsp;&nbsp; (505081)<br>| &nbsp;&nbsp; (558625)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1659850993)**<br>| &nbsp;&nbsp; **(1785479394)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 103763009 | &nbsp;&nbsp; 103763009 | &nbsp;&nbsp; 87497234 |
| Class C | 232499 | &nbsp;&nbsp; 232499 | &nbsp;&nbsp; 449912 |
| Premier Class | 41717294832 | &nbsp;&nbsp; 41717294832 | &nbsp;&nbsp; 36701701454 |
| Service Class | 4284760 | &nbsp;&nbsp; 4284760 | &nbsp;&nbsp; 4145552 |
|  |  | &nbsp;&nbsp; 41825575100 | &nbsp;&nbsp; 36793794152 |
| Reinvestment of distributions |  |  |  |
| Class A | 15487645 | &nbsp;&nbsp; 15487645 | &nbsp;&nbsp; 19193744 |
| Class C | 16915 | &nbsp;&nbsp; 16915 | &nbsp;&nbsp; 63839 |
| Premier Class | 1636900711 | &nbsp;&nbsp; 1636900711 | &nbsp;&nbsp; 1763219661 |
| Service Class | 491015 | &nbsp;&nbsp; 491015 | &nbsp;&nbsp; 540242 |
|  |  | &nbsp;&nbsp; 1652896286 | &nbsp;&nbsp; 1783017486 |
| Payment for shares redeemed |  |  |  |
| Class A | (118954584)<br>| &nbsp;&nbsp; (118954584)<br>| &nbsp;&nbsp; (134995854)<br>|
| Class C | (1047092)<br>| &nbsp;&nbsp; (1047092)<br>| &nbsp;&nbsp; (1178254)<br>|
| Premier Class | (37418617711)<br>| &nbsp;&nbsp; (37418617711)<br>| &nbsp;&nbsp; (35268581125)<br>|
| Service Class | (4548749)<br>| &nbsp;&nbsp; (4548749)<br>| &nbsp;&nbsp; (3708533)<br>|
|  |  | &nbsp;&nbsp; (37543168136)<br>| &nbsp;&nbsp; (35408463766)<br>|
| **Net increase in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **5935303250** | &nbsp;&nbsp; **3168347872** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **5935474795** | &nbsp;&nbsp; **3168391856** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **36463344787** | &nbsp;&nbsp; **33294952931** |
| **End of period** |  | &nbsp;&nbsp; **$42398819582** | &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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.92%**<br>| **4.81%**<br>| **4.89%**<br>| **1.73%**<br>| **0.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Net expenses | 0.53<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.52 %\*<br>| 0.15 %\*<br>|
| Net investment income | 3.87<br> %<br>| 4.71<br> %<br>| 4.79<br> %<br>| 1.73<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $406390 | &nbsp;&nbsp; $406092 | &nbsp;&nbsp; $434396 | &nbsp;&nbsp; $438190 | &nbsp;&nbsp; $434892 |

---

&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% |

---

&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.

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class C | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.03 <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>|
| 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>|
| Total from investment operations | 0.03 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **3.10%**<br>| **4.03%**<br>| **4.11%**<br>| **1.19%**<br>| **0.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.41<br> %<br>| 1.39<br> %<br>| 1.40<br> %<br>| 1.44<br> %<br>| 1.45<br> %<br>|
| Net expenses | 1.33<br> %<br>| 1.33<br> %<br>| 1.34<br> %<br>| 1.09 %\*<br>| 0.15 %\*<br>|
| Net investment income | 3.14<br> %<br>| 3.98<br> %<br>| 3.99<br> %<br>| 1.27<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $415 | &nbsp;&nbsp; $1213 | &nbsp;&nbsp; $1877 | &nbsp;&nbsp; $3012 | &nbsp;&nbsp; $1960 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Premier Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.29%**<br>| **5.24%**<br>| **5.37%**<br>| **2.13%**<br>| **0.03%**<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>|
| Net expenses | 0.17 %\*<br>| 0.16 %\*<br>| 0.13 %\*<br>| 0.13 %\*<br>| 0.13 %\*<br>|
| Net investment income | 4.22<br> %<br>| 5.11<br> %<br>| 5.30<br> %<br>| 3.02<br> %<br>| 0.03<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $41979383 | &nbsp;&nbsp; $36043635 | &nbsp;&nbsp; $32847252 | &nbsp;&nbsp; $14906434 | &nbsp;&nbsp; $2431267 |

---

&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, 2026 | 0.03% |
| Year ended January 31, 2025 | 0.04% |
| Year ended January 31, 2024 | 0.07% |
| Year ended January 31, 2023 | 0.07% |
| Year ended January 31, 2022 | 0.07% |

---

&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.

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.00%**<br>| **4.89%**<br>| **4.98%**<br>| **1.81%**<br>| **0.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.57<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Net expenses | 0.45<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.44 %\*<br>| 0.15 %\*<br>|
| Net investment income | 3.95<br> %<br>| 4.78<br> %<br>| 4.87<br> %<br>| 1.80<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $12632 | &nbsp;&nbsp; $12405 | &nbsp;&nbsp; $11427 | &nbsp;&nbsp; $11154 | &nbsp;&nbsp; $10828 |

---

&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% |

---

&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.

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

20 \| Retail Money Market Funds

------

Notes to financial statements

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

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $9474025000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9474025000 |
| Commercial paper | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17428547467 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17428547467 |
| Municipal obligations | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4314619477 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4314619477 |
| Other instruments | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 725410000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 725410000 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10000000000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10000000000 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$41942601944** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$41942601944** |

---

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

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

22 \| Retail Money Market Funds

------

Notes to financial statements

&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 year ended January 31, 2026, the management fee was equivalent to an annual rate of 0.18% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <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 year ended January 31, 2026. These voluntary class-level waivers may be discontinued at any time. As of January 31, 2026, 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

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 year ended January 31, 2026.

Shareholder servicing fees

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $1659850993 | $1785479394 |

---

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Capital loss <br>carryforward<br>| Total |
| &nbsp;&nbsp;&nbsp; $4637190 | &nbsp;&nbsp; $(321195)<br>| &nbsp;&nbsp;&nbsp; $4315995 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to dividends payable.

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.

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. OPERATING SEGMENTS

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

24 \| Retail Money Market Funds

------

Notes to financial statements

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

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Retail Money Market Funds \| 25

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g20147imgcf861ae62.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

March 26, 2026

26 \| Retail Money Market Funds

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended January 31, 2026, $1,298,898,196 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 100% of ordinary income dividends qualify as interest dividends for the fiscal year ended January 31, 2026.

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 \| 27

------

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.

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

Not applicable

28 \| Retail Money Market Funds

------

![](g20147img97800ef01.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**

![](g20147img7bdb00a73.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.

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

**NCSR0478 01-26**

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![](g20147img6d73b3391.jpg)

Retail Money Market Funds

<br> Allspring National Tax-Free Money Market Fund

Long Form Financial Statements

Annual Report

January 31, 2026

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Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_POI-PageBlank-6_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_FS-PageBlank-6_1)** |  |
| [Statement of assets and liabilities](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_FS-PageBlank-6_1) | 19 |
| [Statement of operations](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_FS-PageBlank-6_2) | 20 |
| [Statement of changes in net assets](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_FS-PageBlank-6_3) | 21 |
| [Financial highlights](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_FIHI-PageBlank-6_1) | 22 |
| **[Notes to financial statements](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_NTF-PageBlank-6_1)** | 25 |
| **[Report of independent registered public accounting firm](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_AUD-PageBlank-6_1)** | 29 |
| **[Other information](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2)['](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2)[s approval of investment](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2)<br> [advisory contract](#xx_bc03534d-3e38-41e4-ac27-1b9f06594bd4_OI-PageBlank-6_2)<br>| 31 |

---

Retail Money Market Funds \| 1

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Portfolio of investments—January 31, 2026

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) 2.73%144Aø<br>| $7000000 | &nbsp;&nbsp; $7000000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> (80 shares) 2.35%144Aø<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (50 shares) 2.36%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: 97.57%** |  |  |  |  |
| **Alabama: 7.07%** |  |  |  |  |
| **Variable rate demand notes ø: 7.07%** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2025-5088 (Utilities <br> revenue, JP Morgan Securities LOC, JP Morgan Securities <br> LIQ)144A<br>| 2.48<br> %<br>| &nbsp;&nbsp; 4-24-2026 | 35000000 | &nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XG0410 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.58 | &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>| 2.53 | &nbsp;&nbsp; 2-1-2053 | 2395000 | &nbsp;&nbsp; 2395000 |
| &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>| 2.33 | &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>| 2.33 | &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>| 2.53 | &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>| 2.53 | &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>| 2.53 | &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>| 2.31 | &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>| 3.35 | &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>| 3.34 | &nbsp;&nbsp; 9-1-2054 | 12285000 | &nbsp;&nbsp; 12285000 |
| &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>| 2.48 | &nbsp;&nbsp; 11-1-2054 | 9000000 | &nbsp;&nbsp; 9000000 |

---

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

2 \| Retail Money Market Funds

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Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> XM1202 (Utilities revenue, JPMorgan Chase Bank N.A. LOC, <br> JPMorgan Chase Bank N.A. LIQ)144A<br>| 3.35<br> %<br>| &nbsp;&nbsp; 12-1-2032 | $8330000 | &nbsp;&nbsp; $8330000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML5052 <br> (Health revenue, Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144A<br>| 3.34 | &nbsp;&nbsp; 9-1-2037 | 8400000 | &nbsp;&nbsp; 8400000 |
|  |  |  |  | &nbsp;&nbsp; **134305000** |
| **Arizona: 1.34%** |  |  |  |  |
| **Variable rate demand notes ø: 1.34%** |  |  |  |  |
| &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>| 2.51 | &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>| 2.51 | &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>| 2.51 | &nbsp;&nbsp; 12-4-2026 | 4370000 | &nbsp;&nbsp; 4370000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9219 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.51 | &nbsp;&nbsp; 12-25-2027 | 3395000 | &nbsp;&nbsp; 3395000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9220 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.51 | &nbsp;&nbsp; 12-25-2027 | 2490000 | &nbsp;&nbsp; 2490000 |
| &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>| 2.32 | &nbsp;&nbsp; 12-1-2037 | 3215000 | &nbsp;&nbsp; 3215000 |
|  |  |  |  | &nbsp;&nbsp; **25420000** |
| **California: 6.25%** |  |  |  |  |
| **Variable rate demand notes ø: 6.25%** |  |  |  |  |
| &nbsp;&nbsp; California Housing Finance Agency 5035 Coliseum Property LP <br> Series NN (Housing revenue)<br>| 2.95 | &nbsp;&nbsp; 2-1-2056 | 5400000 | &nbsp;&nbsp; 5400000 |
| &nbsp;&nbsp; California Statewide CDA Uptown Newport Building Owner LP <br> Series BB (Housing revenue, East West Bank LOC)<br>| 1.83 | &nbsp;&nbsp; 3-1-2057 | 5000000 | &nbsp;&nbsp; 5000000 |
| &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>| 2.46 | &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>| 2.46 | &nbsp;&nbsp; 3-5-2027 | 11850000 | &nbsp;&nbsp; 11850000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9234 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.46 | &nbsp;&nbsp; 3-10-2028 | 4200000 | &nbsp;&nbsp; 4200000 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue Series 0-1 (Health revenue)<br>| 2.65 | &nbsp;&nbsp; 5-15-2045 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3007 (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.58 | &nbsp;&nbsp; 5-1-2053 | 19180000 | &nbsp;&nbsp; 19180000 |

---

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

Retail Money Market Funds \| 3

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> BAML6010 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.30<br> %<br>| &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>| 2.34 | &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>| 2.38 | &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>| 2.40 | &nbsp;&nbsp; 9-1-2048 | 9975642 | &nbsp;&nbsp; 9975642 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7014 <br> (Housing revenue, Citibank N.A. LOC, Citibank N.A. LIQ)144A<br>| 2.40 | &nbsp;&nbsp; 4-1-2052 | 10001420 | &nbsp;&nbsp; 10001420 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7033 <br> (Housing revenue, Citibank N.A. LOC, Citibank N.A. LIQ)144A<br>| 2.38 | &nbsp;&nbsp; 7-1-2053 | 6790000 | &nbsp;&nbsp; 6790000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0671 <br> (Miscellaneous revenue, BAM Insured, Royal Bank of Canada <br> LIQ)144A<br>| 2.43 | &nbsp;&nbsp; 7-1-2033 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0728 <br> (Utilities revenue, Morgan Stanley Bank LIQ)144A<br>| 2.93 | &nbsp;&nbsp; 4-1-2056 | 17000000 | &nbsp;&nbsp; 17000000 |
| &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>| 2.38 | &nbsp;&nbsp; 7-1-2046 | 3315000 | &nbsp;&nbsp; 3315000 |
|  |  |  |  | &nbsp;&nbsp; **118867062** |
| **Colorado: 1.41%** |  |  |  |  |
| **Other municipal debt : 1.06%** |  |  |  |  |
| &nbsp;&nbsp; Colorado State Education Loan Program Series B (Miscellaneous <br> revenue)§<br>| 5.00 | &nbsp;&nbsp; 6-30-2026 | 20000000 | &nbsp;&nbsp; **20220752** |
| **Variable rate demand notes ø: 0.35%** |  |  |  |  |
| &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>| 2.31 | &nbsp;&nbsp; 11-1-2052 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series YX1433 <br> (Utilities revenue, Barclays Bank plc LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 11-15-2050 | 4115000 | &nbsp;&nbsp; 4115000 |
|  |  |  |  | &nbsp;&nbsp; **6615000** |
| **Connecticut: 1.44%** |  |  |  |  |
| **Variable rate demand notes ø: 1.44%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut HFA Series E (Housing revenue, GNMA / FNMA / <br> FHLMC Insured, JPMorgan Chase Bank N.A. SPA)<br>| 2.30 | &nbsp;&nbsp; 11-15-2051 | 4850000 | &nbsp;&nbsp; 4850000 |
| &nbsp;&nbsp; Connecticut State HEFA Yale University Series A (Education <br> revenue)<br>| 2.80 | &nbsp;&nbsp; 7-1-2042 | 8520000 | &nbsp;&nbsp; 8520000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0621 <br> (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc <br> LIQ)144A<br>| 3.40 | &nbsp;&nbsp; 6-1-2067 | 13940000 | &nbsp;&nbsp; 13940000 |
|  |  |  |  | &nbsp;&nbsp; **27310000** |

---

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

4 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **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>| 2.51<br> %<br>| &nbsp;&nbsp; 12-4-2026 | $2609928 | &nbsp;&nbsp; **$2609928** |
| **District of Columbia: 0.71%** |  |  |  |  |
| **Variable rate demand notes ø: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; Arizona IDA Series 2025-ESRF002 (Education revenue, PNC Bank <br> N.A. LOC, PNC Bank N.A. LIQ)144A<br>| 2.37 | &nbsp;&nbsp; 1-1-2030 | 13500000 | &nbsp;&nbsp; **13500000** |
| **Florida: 4.76%** |  |  |  |  |
| **Other municipal debt : 1.66%** |  |  |  |  |
| County of Hillsborough (Health revenue) | 2.62 | &nbsp;&nbsp; 3-19-2026 | 5500000 | &nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp; Palm Beach County School District Series A COP (Miscellaneous <br> revenue)§<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 25655000 | &nbsp;&nbsp; 25958135 |
|  |  |  |  | &nbsp;&nbsp; **31458135** |
| **Variable rate demand notes ø: 3.10%** |  |  |  |  |
| County of Escambia Florida Power & Light Co. (Utilities revenue) | 2.40 | &nbsp;&nbsp; 4-1-2039 | 2520000 | &nbsp;&nbsp; 2520000 |
| &nbsp;&nbsp; County of Manatee Florida Power & Light Co. (Industrial <br> development revenue)<br>| 2.40 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth <br> Obligated Group Series C (Health revenue, PNC Bank N.A. SPA)<br>| 3.15 | &nbsp;&nbsp; 11-15-2060 | 10500000 | &nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series C (Health <br> revenue, TD Bank N.A. LOC)<br>| 2.30 | &nbsp;&nbsp; 11-1-2038 | 200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series D (Health <br> revenue, PNC Bank N.A. LIQ)<br>| 3.25 | &nbsp;&nbsp; 11-15-2054 | 7000000 | &nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series E (Health <br> revenue, Royal Bank of Canada LIQ)<br>| 3.20 | &nbsp;&nbsp; 11-15-2054 | 1245000 | &nbsp;&nbsp; 1245000 |
| &nbsp;&nbsp; Orange County Health Facilities Authority Nemours Foundation <br> Series C-2 (Health revenue, TD Bank N.A. LOC)<br>| 2.27 | &nbsp;&nbsp; 1-1-2037 | 2780000 | &nbsp;&nbsp; 2780000 |
| &nbsp;&nbsp; PFA Series 2025-VRS214 Class A (Health revenue, Bank of America <br> N.A. LOC, Bank of America N.A. LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 12-1-2055 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; Putnam County Development Authority Florida Power & Light Co. <br> (Industrial development revenue)<br>| 2.40 | &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>| 2.31 | &nbsp;&nbsp; 12-1-2047 | 2595000 | &nbsp;&nbsp; 2595000 |
| &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>| 3.40 | &nbsp;&nbsp; 4-1-2042 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0669 <br> (Health revenue, Bank of America N.A. LIQ)144A<br>| 3.28 | &nbsp;&nbsp; 11-15-2054 | 8150000 | &nbsp;&nbsp; 8150000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XM1155 <br> (Health revenue, Royal Bank of Canada LOC, Royal Bank of <br> Canada LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 1-1-2029 | 10530000 | &nbsp;&nbsp; 10530000 |
|  |  |  |  | &nbsp;&nbsp; **59000000** |

---

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

Retail Money Market Funds \| 5

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Georgia: 1.14%** |  |  |  |  |
| **Variable rate demand notes ø: 1.14%** |  |  |  |  |
| &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>| 2.31<br> %<br>| &nbsp;&nbsp; 10-1-2032 | $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>| 2.32 | &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>| 2.31 | &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>| 2.31 | &nbsp;&nbsp; 6-1-2029 | 2600000 | &nbsp;&nbsp; 2600000 |
| &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>| 2.31 | &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>| 2.31 | &nbsp;&nbsp; 6-1-2029 | 2805000 | &nbsp;&nbsp; 2805000 |
|  |  |  |  | &nbsp;&nbsp; **21615000** |
| **Idaho: 1.17%** |  |  |  |  |
| **Variable rate demand notes ø: 1.17%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Health Facilities Authority St. Luke's Health System Ltd <br> Obligated Group Series C (Health revenue, U.S. Bank N.A. LOC)<br>| 3.20 | &nbsp;&nbsp; 3-1-2048 | 14050000 | &nbsp;&nbsp; 14050000 |
| &nbsp;&nbsp; Idaho Health Facilities Authority Trinity Health Corp. Obligated <br> Group Series ID (Health revenue)<br>| 2.95 | &nbsp;&nbsp; 12-1-2048 | 3500000 | &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF1654 (Tax revenue, Bank of America N.A. LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 8-15-2048 | 1710000 | &nbsp;&nbsp; 1710000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0565 <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank <br> plc LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 1-1-2054 | 2930000 | &nbsp;&nbsp; 2930000 |
|  |  |  |  | &nbsp;&nbsp; **22190000** |
| **Illinois: 3.73%** |  |  |  |  |
| **Variable rate demand notes ø: 3.73%** |  |  |  |  |
| &nbsp;&nbsp; County of Lake Whispering Oaks Associates LP (Housing revenue, <br> FHLMC LIQ)<br>| 2.31 | &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>| 2.30 | &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>| 2.25 | &nbsp;&nbsp; 3-1-2032 | 1100000 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series B (Health revenue, JPMorgan Chase Bank <br> N.A. SPA)<br>| 3.05 | &nbsp;&nbsp; 8-15-2049 | 7500000 | &nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series D (Health revenue, JPMorgan Chase Bank <br> N.A. SPA)<br>| 3.05 | &nbsp;&nbsp; 8-15-2057 | 6000000 | &nbsp;&nbsp; 6000000 |

---

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

6 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Marwen Foundation, Inc. (Miscellaneous <br> revenue, Northern Trust Company LOC)<br>| 2.38<br> %<br>| &nbsp;&nbsp; 5-1-2043 | $3810000 | &nbsp;&nbsp; $3810000 |
| &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 | 11300000 | &nbsp;&nbsp; 11300000 |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2026-5103 (Health <br> revenue, JPMorgan Chase Bank N.A. LOC, JPMorgan Chase Bank <br> N.A. LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 1-22-2033 | 9045000 | &nbsp;&nbsp; 9045000 |
| &nbsp;&nbsp; PFA Series VRS206 (Miscellaneous revenue, Bank of America N.A. <br> LOC, Bank of America N.A. LIQ)144A<br>| 3.30 | &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>| 2.30 | &nbsp;&nbsp; 10-1-2035 | 4300000 | &nbsp;&nbsp; 4300000 |
| &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>| 2.31 | &nbsp;&nbsp; 1-1-2043 | 250000 | &nbsp;&nbsp; 250000 |
| &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>| 2.31 | &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>| 2.30 | &nbsp;&nbsp; 6-1-2038 | 1545000 | &nbsp;&nbsp; 1545000 |
|  |  |  |  | &nbsp;&nbsp; **70955979** |
| **Indiana: 1.45%** |  |  |  |  |
| **Other municipal debt : 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Jeffersonville Redevelopment Commission Jeffersonville Inner City <br> Road Allocation Area (Tax revenue)§<br>| 5.00 | &nbsp;&nbsp; 7-15-2026 | 1400000 | &nbsp;&nbsp; **1412259** |
| **Variable rate demand notes ø: 1.37%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Ascension Health Credit Group Series D-2 <br> (Health revenue)<br>| 2.30 | &nbsp;&nbsp; 11-15-2054 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; Indiana Finance Authority Ascension Health Credit Group Series D-3 <br> (Health revenue)<br>| 2.35 | &nbsp;&nbsp; 11-15-2054 | 6750000 | &nbsp;&nbsp; 6750000 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC (Industrial <br> development revenue, Mizuho Bank Limited LOC)<br>| 2.40 | &nbsp;&nbsp; 12-1-2039 | 250000 | &nbsp;&nbsp; 249981 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Industrial development revenue, Sumitomo Mitsui Banking Corp. <br> LOC)<br>| 3.25 | &nbsp;&nbsp; 12-1-2039 | 5000000 | &nbsp;&nbsp; 5000000 |
| &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>| 2.36 | &nbsp;&nbsp; 9-1-2057 | 8105000 | &nbsp;&nbsp; 8105000 |
|  |  |  |  | &nbsp;&nbsp; **26104981** |
| **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>| 2.51 | &nbsp;&nbsp; 5-1-2037 | 3175020 | &nbsp;&nbsp; **3175020** |

---

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

Retail Money Market Funds \| 7

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **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>| 2.33<br> %<br>| &nbsp;&nbsp; 1-1-2029 | $3205000 | &nbsp;&nbsp; **$3205000** |
| **Louisiana: 1.05%** |  |  |  |  |
| **Variable rate demand notes ø: 1.05%** |  |  |  |  |
| &nbsp;&nbsp; PFA Series VRS209 (Health revenue, Bank of America N.A. LOC, <br> Bank of America N.A. LIQ)144A<br>| 3.30 | &nbsp;&nbsp; 12-1-2052 | 20000000 | &nbsp;&nbsp; **20000000** |
| **Maine: 0.11%** |  |  |  |  |
| **Variable rate demand notes ø: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1348 (Housing revenue, Barclays Bank plc LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 11-15-2054 | 2110000 | &nbsp;&nbsp; **2110000** |
| **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>| 2.32 | &nbsp;&nbsp; 7-1-2047 | 5615000 | &nbsp;&nbsp; **5615000** |
| **Massachusetts: 1.99%** |  |  |  |  |
| **Other municipal debt : 1.26%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority (Transportation <br> revenue)<br>| 2.63 | &nbsp;&nbsp; 2-5-2026 | 13850000 | &nbsp;&nbsp; 13850000 |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority (Transportation <br> revenue)<br>| 2.66 | &nbsp;&nbsp; 2-11-2026 | 7000000 | &nbsp;&nbsp; 7000000 |
| Massachusetts HEFA (Health revenue) | 2.55 | &nbsp;&nbsp; 2-4-2026 | 3200000 | &nbsp;&nbsp; 3200000 |
|  |  |  |  | &nbsp;&nbsp; **24050000** |
| **Variable rate demand notes ø: 0.73%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6005 (Housing revenue, Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144A<br>| 2.43 | &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>| 2.35 | &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>| 2.30 | &nbsp;&nbsp; 10-1-2047 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **13830000** |
| **Michigan: 3.54%** |  |  |  |  |
| **Other municipal debt : 1.19%** |  |  |  |  |
| &nbsp;&nbsp; Regents of the University of Michigan/Ann Arbor (Education <br> revenue)<br>| 2.33 | &nbsp;&nbsp; 3-19-2026 | 16200000 | &nbsp;&nbsp; 16200000 |
| &nbsp;&nbsp; Regents of the University of Michigan/Ann Arbor (Education <br> revenue)<br>| 2.62 | &nbsp;&nbsp; 2-19-2026 | 6450000 | &nbsp;&nbsp; 6450000 |
|  |  |  |  | &nbsp;&nbsp; **22650000** |

---

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

8 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes ø: 2.35%** |  |  |  |  |
| &nbsp;&nbsp; Eastern Michigan University Series B (Education revenue, Barclays <br> Bank plc LOC)<br>| 3.20<br> %<br>| &nbsp;&nbsp; 3-1-2052 | $7000000 | &nbsp;&nbsp; $7000000 |
| &nbsp;&nbsp; Michigan State Housing Development Authority Series C (Housing <br> revenue, FHLB SPA)<br>| 2.25 | &nbsp;&nbsp; 12-1-2035 | 1485000 | &nbsp;&nbsp; 1485000 |
| &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>| 2.56 | &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>| 2.31 | &nbsp;&nbsp; 12-1-2053 | 1760000 | &nbsp;&nbsp; 1760000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF8087 <br> (Housing revenue, Royal Bank of Canada LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 6-1-2048 | 2625000 | &nbsp;&nbsp; 2625000 |
|  |  |  |  | &nbsp;&nbsp; **44726000** |
| **Minnesota: 1.46%** |  |  |  |  |
| **Other municipal debt : 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> (Miscellaneous revenue)<br>| 2.75 | &nbsp;&nbsp; 3-5-2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> (Miscellaneous revenue)<br>| 2.78 | &nbsp;&nbsp; 2-12-2026 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **9000000** |
| **Variable rate demand notes ø: 0.99%** |  |  |  |  |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (Housing revenue, <br> FNMA LOC, FNMA LIQ)<br>| 2.33 | &nbsp;&nbsp; 8-15-2038 | 145000 | &nbsp;&nbsp; 145000 |
| City of Rochester Mayo Clinic (Health revenue) | 2.25 | &nbsp;&nbsp; 11-15-2047 | 1700000 | &nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp; City of Rochester Mayo Clinic Series C (Health revenue, Bank of <br> America N.A. SPA)<br>| 2.65 | &nbsp;&nbsp; 11-15-2064 | 2100000 | &nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F AMT (Housing <br> revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of Canada <br> SPA)<br>| 2.26 | &nbsp;&nbsp; 1-1-2041 | 6300000 | &nbsp;&nbsp; 6300000 |
| &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>| 3.30 | &nbsp;&nbsp; 12-1-2030 | 8600000 | &nbsp;&nbsp; 8600000 |
|  |  |  |  | &nbsp;&nbsp; **18845000** |
| **Mississippi: 0.55%** |  |  |  |  |
| **Variable rate demand notes ø: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Business Finance Corp. Chevron USA, Inc. Series E <br> (Industrial development revenue)<br>| 3.40 | &nbsp;&nbsp; 12-1-2030 | 10450000 | &nbsp;&nbsp; **10450000** |
| **Missouri: 0.20%** |  |  |  |  |
| **Variable rate demand notes ø: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9235 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.51 | &nbsp;&nbsp; 3-10-2028 | 3815000 | &nbsp;&nbsp; **3815000** |

---

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

Retail Money Market Funds \| 9

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Nebraska: 3.00%** |  |  |  |  |
| **Other municipal debt : 2.42%** |  |  |  |  |
| Lincoln Nebraska Electric (Utilities revenue) | 2.45<br> %<br>| &nbsp;&nbsp; 4-9-2026 | $28000000 | &nbsp;&nbsp; $28000000 |
| Lincoln Nebraska Electric (Utilities revenue) | 2.61 | &nbsp;&nbsp; 3-19-2026 | 17945000 | &nbsp;&nbsp; 17945000 |
|  |  |  |  | &nbsp;&nbsp; **45945000** |
| **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>| 3.25 | &nbsp;&nbsp; 9-1-2031 | 11100000 | &nbsp;&nbsp; **11100000** |
| **New Hampshire: 0.53%** |  |  |  |  |
| **Variable rate demand notes ø: 0.53%** |  |  |  |  |
| &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>| 2.31 | &nbsp;&nbsp; 5-1-2028 | 10000000 | &nbsp;&nbsp; **10000000** |
| **New Jersey: 1.85%** |  |  |  |  |
| **Other municipal debt : 1.21%** |  |  |  |  |
| Township of North Bergen BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 4-20-2026 | 22953155 | &nbsp;&nbsp; **23035213** |
| **Variable rate demand notes ø: 0.64%** |  |  |  |  |
| &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>| 2.31 | &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>| 2.40 | &nbsp;&nbsp; 1-1-2032 | 7920000 | &nbsp;&nbsp; 7920000 |
|  |  |  |  | &nbsp;&nbsp; **12170000** |
| **New Mexico: 0.11%** |  |  |  |  |
| **Variable rate demand notes ø: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; New Mexico Mortgage Finance Authority Series G-2 Class I <br> (Housing revenue, GNMA / FNMA / FHLMC Insured)<br>| 3.00 | &nbsp;&nbsp; 9-1-2057 | 2170000 | &nbsp;&nbsp; **2170000** |
| **New York: 8.51%** |  |  |  |  |
| **Other municipal debt : 1.06%** |  |  |  |  |
| Bay Shore Union Free School District (GO revenue)§ | 3.50 | &nbsp;&nbsp; 6-18-2026 | 5000000 | &nbsp;&nbsp; 5018329 |
| South Huntington Union Free School District (GO revenue)§ | 4.00 | &nbsp;&nbsp; 6-24-2026 | 15000000 | &nbsp;&nbsp; 15089044 |
|  |  |  |  | &nbsp;&nbsp; **20107373** |
| **Variable rate demand notes ø: 7.45%** |  |  |  |  |
| &nbsp;&nbsp; Arizona IDA Series 2025-ESRF001 (Miscellaneous revenue, PNC <br> Bank N.A. LOC, PNC Bank N.A. LIQ)144A<br>| 2.37 | &nbsp;&nbsp; 6-1-2029 | 13500000 | &nbsp;&nbsp; 13500000 |
| &nbsp;&nbsp; City of New York Series D-4 (GO revenue, State Street Bank & Trust <br> Co. SPA)<br>| 3.20 | &nbsp;&nbsp; 12-1-2047 | 15770000 | &nbsp;&nbsp; 15770000 |
| &nbsp;&nbsp; City of New York Series D-4 (GO revenue, State Street Bank & Trust <br> Co. SPA)<br>| 3.25 | &nbsp;&nbsp; 5-1-2052 | 8300000 | &nbsp;&nbsp; 8300000 |
| City of New York Series F-5 (GO revenue, Barclays Bank plc SPA) | 3.20 | &nbsp;&nbsp; 6-1-2044 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9239 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.51 | &nbsp;&nbsp; 3-17-2028 | 3305000 | &nbsp;&nbsp; 3305000 |

---

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

10 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Nassau County Local Economic Assistance Corp. Series B <br> (Education revenue, TD Bank N.A. SPA, TD Bank N.A. LIQ)<br>| 2.27<br> %<br>| &nbsp;&nbsp; 1-1-2045 | $1200000 | &nbsp;&nbsp; $1200000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series EE-1 (Water & sewer revenue, U.S. Bank N.A. SPA)<br>| 3.25 | &nbsp;&nbsp; 6-15-2045 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Series C-4 (Tax <br> revenue, Sumitomo Mitsui Banking Corp. LOC)<br>| 2.28 | &nbsp;&nbsp; 5-1-2053 | 2000000 | &nbsp;&nbsp; 2000000 |
| &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>| 2.40 | &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>| 2.40 | &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>| 2.40 | &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>| 2.31 | &nbsp;&nbsp; 10-1-2054 | 2350000 | &nbsp;&nbsp; 2350000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7047 <br> (Housing revenue, Citibank N.A. LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 5-1-2048 | 9930000 | &nbsp;&nbsp; 9930000 |
| &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>| 2.68 | &nbsp;&nbsp; 5-1-2026 | 53335000 | &nbsp;&nbsp; 53335000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0601 (Tax <br> revenue, Bank of America N.A. LIQ)144A<br>| 3.27 | &nbsp;&nbsp; 3-15-2049 | 3175000 | &nbsp;&nbsp; 3175000 |
|  |  |  |  | &nbsp;&nbsp; **141655000** |
| **North Carolina: 0.10%** |  |  |  |  |
| **Variable rate demand notes ø: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series E (Health revenue, Royal Bank of Canada LOC)<br>| 3.20 | &nbsp;&nbsp; 1-15-2042 | 1935000 | &nbsp;&nbsp; **1935000** |
| **Ohio: 15.22%** |  |  |  |  |
| **Other municipal debt : 10.88%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. Carey Village Project BAN <br> (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 11-5-2026 | 1750000 | &nbsp;&nbsp; 1764954 |
| &nbsp;&nbsp; American Municipal Power, Inc. City of Oberlin BAN (Utilities <br> revenue)§<br>| 4.25 | &nbsp;&nbsp; 8-27-2026 | 12000000 | &nbsp;&nbsp; 12083260 |
| &nbsp;&nbsp; American Municipal Power, Inc. City of Wapakoneta BAN <br> (Miscellaneous revenue)§<br>| 4.00 | &nbsp;&nbsp; 6-17-2026 | 7000000 | &nbsp;&nbsp; 7017758 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Grafton BAN <br> (Miscellaneous revenue)§<br>| 4.00 | &nbsp;&nbsp; 4-9-2026 | 2160000 | &nbsp;&nbsp; 2162679 |
| &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; 781251 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Jackson Center <br> (Miscellaneous revenue)§<br>| 4.50 | &nbsp;&nbsp; 8-6-2026 | 765000 | &nbsp;&nbsp; 769949 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Monroeville BAN <br> (Miscellaneous revenue)§<br>| 4.00 | &nbsp;&nbsp; 4-16-2026 | 390000 | &nbsp;&nbsp; 390535 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Pemberville BAN <br> (Miscellaneous revenue)§<br>| 4.25 | &nbsp;&nbsp; 6-25-2026 | 750000 | &nbsp;&nbsp; 752446 |

---

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

Retail Money Market Funds \| 11

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Other municipal debt**(continued) |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Pioneer BAN <br> (Miscellaneous revenue)§<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-12-2026 | $3900000 | &nbsp;&nbsp; $3929745 |
| &nbsp;&nbsp; American Municipal Power, Inc. Village of Sycamore BAN <br> (Miscellaneous revenue)§<br>| 4.50 | &nbsp;&nbsp; 10-22-2026 | 315000 | &nbsp;&nbsp; 317997 |
| Central Ohio Solid Waste Authority BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 10-28-2026 | 11200000 | &nbsp;&nbsp; 11308486 |
| City of Barberton BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 4-9-2026 | 1850000 | &nbsp;&nbsp; 1852917 |
| City of Fairborn Series B BAN (GO revenue)§ | 4.63 | &nbsp;&nbsp; 8-19-2026 | 700000 | &nbsp;&nbsp; 705875 |
| City of Forest Park BAN (GO revenue)§ | 4.25 | &nbsp;&nbsp; 5-19-2026 | 2000000 | &nbsp;&nbsp; 2004374 |
| City of Groveport BAN (GO revenue)§ | 3.88 | &nbsp;&nbsp; 4-14-2026 | 4500000 | &nbsp;&nbsp; 4505468 |
| City of Hamilton BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 12-15-2026 | 1000000 | &nbsp;&nbsp; 1011807 |
| City of Huber Heights BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 6-25-2026 | 3000000 | &nbsp;&nbsp; 3020260 |
| City of Lakewood BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 4-9-2026 | 9350000 | &nbsp;&nbsp; 9364749 |
| City of Lebanon BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 2-3-2026 | 2650000 | &nbsp;&nbsp; 2650044 |
| City of Macedonia BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 1-26-2027 | 5000000 | &nbsp;&nbsp; 5057231 |
| City of Martins Ferry BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 12-14-2026 | 3000000 | &nbsp;&nbsp; 3031232 |
| City of Miamisburg BAN (GO revenue)§ | 3.75 | &nbsp;&nbsp; 2-10-2026 | 3000000 | &nbsp;&nbsp; 3000459 |
| City of Miamisburg BAN (GO revenue)§%% | 3.75 | &nbsp;&nbsp; 10-21-2026 | 2750000 | &nbsp;&nbsp; 2773430 |
| City of Monroe BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 11-17-2026 | 2225000 | &nbsp;&nbsp; 2242376 |
| City of New Albany BAN (GO revenue)§ | 3.75 | &nbsp;&nbsp; 6-4-2026 | 3350000 | &nbsp;&nbsp; 3362108 |
| City of North Ridgeville BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 11-18-2026 | 2000000 | &nbsp;&nbsp; 2015673 |
| City of Richmond Heights BAN (GO revenue)§ | 4.50 | &nbsp;&nbsp; 7-30-2026 | 700000 | &nbsp;&nbsp; 704310 |
| City of Springboro BAN (GO revenue)§ | 3.75 | &nbsp;&nbsp; 2-25-2026 | 5000000 | &nbsp;&nbsp; 5002294 |
| City of Vandalia BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 12-2-2026 | 4000000 | &nbsp;&nbsp; 4041069 |
| City of Wyoming BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 10-13-2026 | 4000000 | &nbsp;&nbsp; 4037811 |
| County of Belmont BAN (GO revenue)§%% | 4.25 | &nbsp;&nbsp; 8-11-2026 | 3500000 | &nbsp;&nbsp; 3527790 |
| County of Cuyahoga BAN (GO revenue)§ | 4.25 | &nbsp;&nbsp; 6-4-2026 | 8000000 | &nbsp;&nbsp; 8025875 |
| County of Logan BAN (GO revenue)§ | 4.13 | &nbsp;&nbsp; 8-4-2026 | 1050000 | &nbsp;&nbsp; 1055126 |
| County of Lucas BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 10-9-2026 | 8250000 | &nbsp;&nbsp; 8336222 |
| Jonathan Alder Local School District BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 6-2-2026 | 5000000 | &nbsp;&nbsp; 5019325 |
| Kings Local School District BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 7-9-2026 | 5000000 | &nbsp;&nbsp; 5039617 |
| Oak Hills Local School District BAN (GO revenue)§ | 4.00 | &nbsp;&nbsp; 6-3-2026 | 19000000 | &nbsp;&nbsp; 19087421 |
| &nbsp;&nbsp; Ohio Higher Educational Facility Commission Series B-5 (Education <br> revenue)<br>| 2.33 | &nbsp;&nbsp; 5-1-2026 | 10000000 | &nbsp;&nbsp; 10000000 |
| Ohio Water Development Authority (Water & sewer revenue) | 2.44 | &nbsp;&nbsp; 5-6-2026 | 6500000 | &nbsp;&nbsp; 6500000 |
| Ohio Water Development Authority (Water & sewer revenue) | 2.55 | &nbsp;&nbsp; 2-3-2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| Ohio Water Development Authority (Water & sewer revenue) | 2.63 | &nbsp;&nbsp; 3-4-2026 | 18500000 | &nbsp;&nbsp; 18500000 |
|  |  |  |  | &nbsp;&nbsp; **206753923** |
| **Variable rate demand notes ø: 4.34%** |  |  |  |  |
| &nbsp;&nbsp; County of Franklin Trinity Health Corp. Obligated Group Series OH <br> (Health revenue)<br>| 2.95 | &nbsp;&nbsp; 12-1-2046 | 3750000 | &nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp; Ohio Higher Educational Facility Commission Cleveland Clinic <br> Health System Obligated Group (Health revenue, Barclays Bank <br> plc SPA)<br>| 3.15 | &nbsp;&nbsp; 1-1-2043 | 10000000 | &nbsp;&nbsp; 10000000 |
| &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>| 2.32 | &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>| 2.31 | &nbsp;&nbsp; 8-1-2028 | 8500000 | &nbsp;&nbsp; 8500000 |

---

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

12 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; State of Ohio Department of Rehabilitation & Correction Series B <br> (Housing revenue)<br>| 2.35<br> %<br>| &nbsp;&nbsp; 10-1-2045 | $8000000 | &nbsp;&nbsp; $8000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML5043 (Health revenue, Bank of America N.A. LIQ)144A<br>| 2.35 | &nbsp;&nbsp; 2-15-2047 | 5800000 | &nbsp;&nbsp; 5800000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> MS0027 (Health revenue, Morgan Stanley Bank LOC, Morgan <br> Stanley Bank LIQ)144A<br>| 2.48 | &nbsp;&nbsp; 1-15-2031 | 4080000 | &nbsp;&nbsp; 4080000 |
| &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>| 2.31 | &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>| 2.31 | &nbsp;&nbsp; 12-1-2031 | 6205000 | &nbsp;&nbsp; 6205000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML-6046 <br> (Housing revenue, Bank of America N.A. LOC, Bank of America <br> N.A. LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 5-1-2065 | 1265000 | &nbsp;&nbsp; 1265000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series MS0084 <br> (Education revenue, Morgan Stanley Municipal Funding LOC, <br> Morgan Stanley Municipal Funding LIQ)144A<br>| 2.58 | &nbsp;&nbsp; 8-1-2052 | 16210000 | &nbsp;&nbsp; 16210000 |
| &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>| 2.31 | &nbsp;&nbsp; 9-1-2047 | 7010000 | &nbsp;&nbsp; 7010000 |
|  |  |  |  | &nbsp;&nbsp; **82460000** |
| **Oregon: 1.02%** |  |  |  |  |
| **Other municipal debt : 0.49%** |  |  |  |  |
| &nbsp;&nbsp; State of Oregon Department of Transportation (Transportation <br> revenue)<br>| 2.50 | &nbsp;&nbsp; 4-15-2026 | 9350000 | &nbsp;&nbsp; **9350000** |
| **Variable rate demand notes ø: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; State of Oregon Housing & Community Services Department <br> Series D (Housing revenue, Bank of America N.A. LIQ)<br>| 3.20 | &nbsp;&nbsp; 1-1-2051 | 10000000 | &nbsp;&nbsp; **10000000** |
| **Pennsylvania: 2.79%** |  |  |  |  |
| **Other municipal debt : 0.10%** |  |  |  |  |
| &nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue (Water & sewer <br> revenue)<br>| 2.42 | &nbsp;&nbsp; 5-7-2026 | 1940000 | &nbsp;&nbsp; **1940000** |
| **Variable rate demand notes ø: 2.69%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2026-MIZ9245 (Housing <br> revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144A<br>| 2.51 | &nbsp;&nbsp; 6-2-2028 | 2000000 | &nbsp;&nbsp; 2000000 |
| &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>| 2.25 | &nbsp;&nbsp; 1-1-2038 | 170000 | &nbsp;&nbsp; 170000 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission (Transportation revenue, TD <br> Bank N.A. LOC)<br>| 2.27 | &nbsp;&nbsp; 12-1-2039 | 3500000 | &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp; PFA Series 2025-VRS302 (Health revenue, Bank of America N.A. <br> LOC, Bank of America N.A. LIQ)144A<br>| 2.34 | &nbsp;&nbsp; 2-1-2054 | 12200000 | &nbsp;&nbsp; 12200000 |

---

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

Retail Money Market Funds \| 13

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes**(continued) |  |  |  |  |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-2 (Health revenue, JPMorgan Chase Bank N.A. <br> SPA)<br>| 3.25<br> %<br>| &nbsp;&nbsp; 7-1-2054 | $8000000 | &nbsp;&nbsp; $8000000 |
| &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>| 2.31 | &nbsp;&nbsp; 9-1-2031 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1700 (Housing revenue, Royal Bank of Canada LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 4-1-2045 | 10260000 | &nbsp;&nbsp; 10260000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1404 <br> (Housing revenue, Barclays Bank plc LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 10-1-2055 | 12380000 | &nbsp;&nbsp; 12380000 |
|  |  |  |  | &nbsp;&nbsp; **51010000** |
| **Rhode Island: 2.12%** |  |  |  |  |
| **Other municipal debt : 2.12%** |  |  |  |  |
| Bristol Warren Regional School District Series 1 BAN (GO revenue)§ | 5.00 | &nbsp;&nbsp; 6-4-2026 | 40000000 | &nbsp;&nbsp; **40233141** |
| **South Carolina: 4.02%** |  |  |  |  |
| **Other municipal debt : 1.91%** |  |  |  |  |
| Charleston County School District (GO revenue)§ | 4.00 | &nbsp;&nbsp; 4-1-2026 | 10000000 | &nbsp;&nbsp; 10022157 |
| &nbsp;&nbsp; Charleston County School District Sales Tax Series B BAN (GO <br> revenue)§<br>| 5.00 | &nbsp;&nbsp; 5-7-2026 | 15000000 | &nbsp;&nbsp; 15071158 |
| South Carolina Public Service Authority (Utilities revenue) | 2.50 | &nbsp;&nbsp; 5-5-2026 | 7868000 | &nbsp;&nbsp; 7868000 |
| South Carolina Public Service Authority (Utilities revenue) | 2.65 | &nbsp;&nbsp; 3-4-2026 | 3378000 | &nbsp;&nbsp; 3378000 |
|  |  |  |  | &nbsp;&nbsp; **36339315** |
| **Variable rate demand notes ø: 2.11%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Public Service Authority Series A (Utilities revenue, <br> Bank of America N.A. LOC)<br>| 2.53 | &nbsp;&nbsp; 1-1-2036 | 13010000 | &nbsp;&nbsp; 13010000 |
| &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>| 2.31 | &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>| 2.33 | &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>| 2.33 | &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>| 2.31 | &nbsp;&nbsp; 3-1-2029 | 6670000 | &nbsp;&nbsp; 6670000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3492 <br> (Education revenue, Morgan Stanley Bank LIQ)144A<br>| 2.33 | &nbsp;&nbsp; 5-1-2055 | 8800000 | &nbsp;&nbsp; 8800000 |
|  |  |  |  | &nbsp;&nbsp; **40005000** |
| **Tennessee: 1.85%** |  |  |  |  |
| **Other municipal debt : 1.32%** |  |  |  |  |
| Vanderbilt University (Miscellaneous revenue) | 2.58 | &nbsp;&nbsp; 4-2-2026 | 25000000 | &nbsp;&nbsp; **25000000** |

---

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

14 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Variable rate demand notes ø: 0.53%** |  |  |  |  |
| &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>| 2.51<br> %<br>| &nbsp;&nbsp; 12-4-2026 | $2890000 | &nbsp;&nbsp; $2890000 |
| &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>| 2.33 | &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>| 2.31 | &nbsp;&nbsp; 7-1-2031 | 3600000 | &nbsp;&nbsp; 3600000 |
|  |  |  |  | &nbsp;&nbsp; **10090000** |
| **Texas: 11.35%** |  |  |  |  |
| **Other municipal debt : 4.97%** |  |  |  |  |
| &nbsp;&nbsp; Board of Regents of the University of Texas System (Education <br> revenue)<br>| 2.67 | &nbsp;&nbsp; 4-7-2026 | 4500000 | &nbsp;&nbsp; 4500000 |
| City of Austin Combined Utility Systems Revenue (Utilities revenue) | 2.40 | &nbsp;&nbsp; 3-3-2026 | 3400000 | &nbsp;&nbsp; 3400000 |
| &nbsp;&nbsp; City of Dallas Waterworks & Sewer System Revenue (Water & sewer <br> revenue)<br>| 2.65 | &nbsp;&nbsp; 2-3-2026 | 10100000 | &nbsp;&nbsp; 10100000 |
| City of Houston (GO revenue)§ | 5.00 | &nbsp;&nbsp; 6-30-2026 | 16400000 | &nbsp;&nbsp; 16563586 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Education <br> revenue)<br>| 3.30 | &nbsp;&nbsp; 2-2-2026 | 30000000 | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp; Permanent University Fund - Texas A&M University System <br> (Education revenue)<br>| 2.37 | &nbsp;&nbsp; 7-16-2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Permanent University Fund - Texas A&M University System <br> (Education revenue)<br>| 2.64 | &nbsp;&nbsp; 3-9-2026 | 25000000 | &nbsp;&nbsp; 25000000 |
|  |  |  |  | &nbsp;&nbsp; **94563586** |
| **Variable rate demand notes ø: 6.38%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Houston <br> Methodist Hospital Obligated Group Series C (Health revenue, <br> Bank of America N.A. SPA)<br>| 2.28 | &nbsp;&nbsp; 12-1-2060 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2025-5079 (GO <br> revenue, JP Morgan Securities LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 12-1-2027 | 1780000 | &nbsp;&nbsp; 1780000 |
| &nbsp;&nbsp; JPMorgan Chase Putters/Drivers Trust Series 2025-5081 (GO <br> revenue, JP Morgan Securities LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 12-1-2027 | 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>| 2.51 | &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>| 3.35 | &nbsp;&nbsp; 1-14-2033 | 11050000 | &nbsp;&nbsp; 11050000 |
| &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>| 3.15 | &nbsp;&nbsp; 10-1-2041 | 7000000 | &nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XF3037 (GO revenue, Barclays Bank plc LIQ)144A<br>| 2.31 | &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, Bank of <br> America N.A. LIQ)144A<br>| 2.40 | &nbsp;&nbsp; 12-1-2055 | 4500000 | &nbsp;&nbsp; 4500000 |

---

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

Retail Money Market Funds \| 15

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> XG0513 (GO revenue, Bank of America N.A. LIQ)144A<br>| 2.31<br> %<br>| &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>| 2.40 | &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>| 2.48 | &nbsp;&nbsp; 2-15-2049 | 8250000 | &nbsp;&nbsp; 8250000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XG0596 (GO revenue, Royal Bank of Canada LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 12-1-2041 | 3410000 | &nbsp;&nbsp; 3410000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3482 (GO <br> revenue, Morgan Stanley Bank LIQ)144A<br>| 2.31 | &nbsp;&nbsp; 2-15-2055 | 8880000 | &nbsp;&nbsp; 8880000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0629 <br> (Housing revenue, Barclays Bank plc LOC, Barclays Bank plc <br> LIQ)144A<br>| 3.40 | &nbsp;&nbsp; 2-1-2046 | 5605000 | &nbsp;&nbsp; 5605000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0614 <br> (Miscellaneous revenue, Morgan Stanley Bank LIQ)144A<br>| 2.38 | &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>| 2.31 | &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>| 2.31 | &nbsp;&nbsp; 8-15-2033 | 2875000 | &nbsp;&nbsp; 2875000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0681 (GO <br> revenue, JPMorgan Chase Bank N.A. LIQ)144A<br>| 3.30 | &nbsp;&nbsp; 2-15-2033 | 4685000 | &nbsp;&nbsp; 4685000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0716 <br> (Water & sewer revenue, Royal Bank of Canada LIQ)144A<br>| 2.43 | &nbsp;&nbsp; 10-15-2031 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1421 <br> (Transportation revenue, Barclays Bank plc LIQ)144A<br>| 3.23 | &nbsp;&nbsp; 8-15-2054 | 3750000 | &nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series YX1401 (GO <br> revenue, Barclays Bank plc LIQ)144A<br>| 2.31 | &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; **121175000** |
| **Utah: 0.82%** |  |  |  |  |
| **Variable rate demand notes ø: 0.82%** |  |  |  |  |
| &nbsp;&nbsp; County of Utah Intermountain Healthcare Obligated Group Series C <br> (Health revenue, Bank of NY Mellon SPA)<br>| 2.30 | &nbsp;&nbsp; 5-15-2051 | 6820000 | &nbsp;&nbsp; 6820000 |
| &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>| 2.31 | &nbsp;&nbsp; 1-1-2054 | 3985000 | &nbsp;&nbsp; 3985000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0543 (Housing revenue, BAM Insured, Barclays Bank plc <br> LIQ)144A<br>| 2.39 | &nbsp;&nbsp; 5-15-2059 | 4800000 | &nbsp;&nbsp; 4800000 |
|  |  |  |  | &nbsp;&nbsp; **15605000** |

---

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

16 \| Retail Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **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>|  | 3.51<br> %<br>| &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; **2524038** |
| **Washington: 0.43%** |  |  |  |  |  |
| **Variable rate demand notes ø: 0.43%** |  |  |  |  |  |
| &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>|  | 2.51 | &nbsp;&nbsp; 6-1-2037 | 8195000 | &nbsp;&nbsp; **8207500** |
| **Wisconsin: 3.50%** |  |  |  |  |  |
| **Other municipal debt : 0.17%** |  |  |  |  |  |
| Oshkosh Area School District (GO revenue)§ |  | 5.00 | &nbsp;&nbsp; 3-1-2026 | 3315000 | &nbsp;&nbsp; **3320637** |
| **Variable rate demand notes ø: 3.33%** |  |  |  |  |  |
| &nbsp;&nbsp; PFA Series 2025-VRS303 Class A (Health revenue, Bank of America <br> N.A. LOC, Bank of America N.A. LIQ)144A<br>|  | 2.34 | &nbsp;&nbsp; 8-15-2055 | 10000000 | &nbsp;&nbsp; 10000000 |
| &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>|  | 2.56 | &nbsp;&nbsp; 7-1-2028 | 9662000 | &nbsp;&nbsp; 9662000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (Health revenue, BAM Insured, Barclays Bank plc <br> LIQ)144A<br>|  | 2.38 | &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>|  | 2.63 | &nbsp;&nbsp; 5-1-2065 | 20080000 | &nbsp;&nbsp; 20080000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series D <br> (Housing revenue, GNMA / FNMA / FHLMC Insured, Royal Bank of <br> Canada SPA)<br>|  | 2.28 | &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>|  | 2.28 | &nbsp;&nbsp; 5-1-2055 | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series B (Housing <br> revenue, FHLB SPA)<br>|  | 2.28 | &nbsp;&nbsp; 5-1-2055 | 5355000 | &nbsp;&nbsp; 5355000 |
|  |  |  |  |  | &nbsp;&nbsp; **63197000** |
| **Total municipal obligations (Cost $1,854,506,842)** |  |  |  |  | &nbsp;&nbsp; **1854506842** |
| **Repurchase agreements ^^: 0.79%** |  |  |  |  |  |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 1-30-2026, maturity <br> value $15,004,575<br>|  | 3.66 | &nbsp;&nbsp; 2-2-2026 | 15000000 | &nbsp;&nbsp; 15000000 |
| **Total Repurchase agreements (Cost $15,000,000)** |  |  |  |  | &nbsp;&nbsp; **15000000** |
| **Total investments in securities (Cost $1,889,506,842)** | 99.41<br> %<br>|  |  |  | &nbsp;&nbsp; 1889506842 |
| Other assets and liabilities, net | 0.59 |  |  |  | &nbsp;&nbsp; 11287555 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$1900794397** |

---

&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—January 31, 2026

---

| | |
|:---|:---|
| 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. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| %% | The security is purchased on a when-issued basis. |
| ^^ | Collateralized by U.S. government securities, 4.38%, 12-31-2029, fair value including accrued interest is $15,300,003. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CDA | Community Development Authority |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| 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—January 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $1889506842 |
| Cash | 464287 |
| Receivable for interest | 12578095 |
| Receivable for Fund shares sold | 9024507 |
| Receivable for investments sold | 2852041 |
| Prepaid expenses and other assets | 95591 |
| **Total assets** | **1914521363** |
| Liabilities |  |
| Payable for Fund shares redeemed | 6832055 |
| Payable for investments purchased | 6301220 |
| Management fee payable | 163961 |
| Administration fees payable | 140944 |
| Dividends payable | 140464 |
| Shareholder servicing fees payable | 31498 |
| Accrued expenses and other liabilities | 116824 |
| **Total liabilities** | **13726966** |
| **Total net assets**  | **$1900794397** |
| Net assets consist of |  |
| Paid-in capital | $1900828587 |
| Total distributable loss | (34190)<br>|
| **Total net assets** | **$1900794397** |
| Computation of net asset value per share |  |
| Net assets–Administrator Class | $90404252 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 90398896 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Premier Class | $1703403794 |
| Shares outstanding–Premier Class<sup>1</sup> <br>| 1703303077 |
| Net asset value per share–Premier Class | $1.00 |
| Net assets–Service Class | $106986351 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 106980178 |
| 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—year ended January 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $53945808 |
| Expenses |  |
| Management fee | 2856268 |
| Administration fees |  |
| Class A | 89347 <br><sup>1</sup><br>|
| Administrator Class | 88653 |
| Premier Class | 1366614 |
| Service Class | 75101 |
| Shareholder servicing fees |  |
| Class A | 111684 <br><sup>1</sup><br>|
| Administrator Class | 87622 |
| Service Class | 156409 |
| Custody and accounting fees | 56649 |
| Professional fees | 58135 |
| Registration fees | 194452 |
| Shareholder report expenses | 32477 |
| Trustees' fees and expenses | 22627 |
| Other fees and expenses | 43403 |
| **Total expenses** | **5239441** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (994758)<br>|
| Administrator Class | (54431)<br>|
| Service Class | (56165)<br>|
| **Net expenses** | **4134087** |
| **Net investment income** | **49811721** |
| **Net realized gains on investments** | **55318** |
| **Net increase in net assets resulting from operations** | **$49867039** |

---

<sup>1</sup> For the period from February 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

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

20 \| Retail Money Market Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $49811721 | &nbsp;&nbsp; $57180835 |
| Net realized gains on investments |  | &nbsp;&nbsp; 55318 | &nbsp;&nbsp; 318201 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **49867039** | &nbsp;&nbsp; **57499036** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (1065618 )<sup>1</sup><br>| &nbsp;&nbsp; (1938662)<br>|
| Administrator Class |  | &nbsp;&nbsp; (2280480)<br>| &nbsp;&nbsp; (2521727)<br>|
| Premier Class |  | &nbsp;&nbsp; (45007633)<br>| &nbsp;&nbsp; (51159703)<br>|
| Service Class |  | &nbsp;&nbsp; (1491630)<br>| &nbsp;&nbsp; (1986583)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(49845361)**<br>| &nbsp;&nbsp; **(57606675)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 19895557 <br><sup>1</sup><br>| &nbsp;&nbsp; 19895557 <br><sup>1</sup><br>| &nbsp;&nbsp; 27033201 |
| Administrator Class | 78209195 | &nbsp;&nbsp; 78209195 | &nbsp;&nbsp; 72166455 |
| Premier Class | 2321711242 | &nbsp;&nbsp; 2321711242 | &nbsp;&nbsp; 2176490933 |
| Service Class | 42340027 | &nbsp;&nbsp; 42340027 | &nbsp;&nbsp; 36489954 |
|  |  | &nbsp;&nbsp; 2462156021 | &nbsp;&nbsp; 2312180543 |
| Reinvestment of distributions |  |  |  |
| Class A | 1003025 <br><sup>1</sup><br>| &nbsp;&nbsp; 1003025 <br><sup>1</sup><br>| &nbsp;&nbsp; 1908135 |
| Administrator Class | 2257515 | &nbsp;&nbsp; 2257515 | &nbsp;&nbsp; 2472506 |
| Premier Class | 44543631 | &nbsp;&nbsp; 44543631 | &nbsp;&nbsp; 50463534 |
| Service Class | 1464893 | &nbsp;&nbsp; 1464893 | &nbsp;&nbsp; 1028001 |
|  |  | &nbsp;&nbsp; 49269064 | &nbsp;&nbsp; 55872176 |
| Payment for shares redeemed |  |  |  |
| Class A | (24285271 )<sup>1</sup><br>| &nbsp;&nbsp; (24285271 )<sup>1</sup><br>| &nbsp;&nbsp; (24495070)<br>|
| Administrator Class | (78179439)<br>| &nbsp;&nbsp; (78179439)<br>| &nbsp;&nbsp; (57506806)<br>|
| Premier Class | (2410852880)<br>| &nbsp;&nbsp; (2410852880)<br>| &nbsp;&nbsp; (1867835055)<br>|
| Service Class | (45858693)<br>| &nbsp;&nbsp; (45858693)<br>| &nbsp;&nbsp; (78396873)<br>|
|  |  | &nbsp;&nbsp; (2559176283)<br>| &nbsp;&nbsp; (2028233804)<br>|
| Share conversions |  |  |  |
| Class A | (70245005 )<sup>2</sup><br>| &nbsp;&nbsp; (70245005 )<sup>2</sup><br>| &nbsp;&nbsp; 0 |
| Service Class | 70245005 <br><sup>2</sup><br>| &nbsp;&nbsp; 70245005 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(47751198)**<br>| &nbsp;&nbsp; **339818915** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(47729520)**<br>| &nbsp;&nbsp; **339711276** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1948523917** | &nbsp;&nbsp; **1608812641** |
| **End of period** |  | &nbsp;&nbsp; **$1900794397** | &nbsp;&nbsp; **$1948523917** |

---

<sup>1</sup> For the period from February 1, 2025 to September 12, 2025

<sup>2</sup> Effective at the close of business on September 12, 2025, Class A shares were converted to Service Class shares and are no longer offered by the Fund.

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

Retail Money Market Funds \| 21

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.03 <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>|
| 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>|
| Total from investment operations | 0.03 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (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 | (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **2.61%**<br>| **3.21%**<br>| **3.29%**<br>| **1.23%**<br>| **0.02%**<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>|
| Net expenses | 0.26<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.28 %\*<br>| 0.11 %\*<br>|
| Net investment income | 2.57<br> %<br>| 3.11<br> %<br>| 3.22<br> %<br>| 1.21<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $90404 | &nbsp;&nbsp; $88116 | &nbsp;&nbsp; $70989 | &nbsp;&nbsp; $96006 | &nbsp;&nbsp; $108157 |

---

&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% |

---

&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.

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Premier Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.03 <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>|
| 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>|
| Total from investment operations | 0.03 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (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 | (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **2.67%**<br>| **3.31%**<br>| **3.39%**<br>| **1.31%**<br>| **0.02%**<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>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.12 %<sup>3</sup><br>|
| Net investment income | 2.63<br> %<br>| 3.21<br> %<br>| 3.36<br> %<br>| 1.42<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1703404 | &nbsp;&nbsp; $1747982 | &nbsp;&nbsp; $1388952 | &nbsp;&nbsp; $814588 | &nbsp;&nbsp; $559264 |

---

&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> 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.

Retail Money Market Funds \| 23

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$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>| 0.03 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.01 | 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>|
| Total from investment operations | 0.02 | 0.03 | 0.03 | 0.01 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (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 | (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<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** |
| **Total return** | **2.46%**<br>| **3.17%**<br>| **3.22%**<br>| **1.09%**<br>| **0.02%**<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>|
| Net expenses | 0.40<br> %<br>| 0.36<br> %<br>| 0.37<br> %<br>| 0.42 %\*<br>| 0.12 %\*<br>|
| Net investment income | 2.38<br> %<br>| 3.14<br> %<br>| 3.17<br> %<br>| 1.10<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $106986 | &nbsp;&nbsp; $38791 | &nbsp;&nbsp; $79678 | &nbsp;&nbsp; $68699 | &nbsp;&nbsp; $65673 |

---

&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% |

---

&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).

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

24 \| Retail Money Market Funds

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

Retail Money Market Funds \| 25

------

Notes to financial statements

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; 1854506842 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1854506842 |
| Repurchase agreements | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15000000 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1889506842** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1889506842** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among

26 \| Retail Money Market Funds

------

Notes to financial statements

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 year ended January 31, 2026, the management fee was equivalent to an annual rate of 0.15% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <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 January 31, 2026, the contractual expense caps are as follows:

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Administrator Class | 0.30<br> %<br>|
| 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 $1,370,890,000, $1,952,120,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, for the year ended January 31, 2026.

Retail Money Market Funds \| 27

------

Notes to financial statements

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $2030302 | $2471596 |
| **Tax-exempt income** | 47794848 | 55032409 |
| **Long-term capital gain** | 20211 | 102670 |
| **Total** | $49845361 | $57606675 |

---

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>tax-exempt <br>income<br>| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Total |
| &nbsp;&nbsp;&nbsp; $17223 | &nbsp;&nbsp; $85186 | &nbsp;&nbsp;&nbsp; $5889 | &nbsp;&nbsp;&nbsp; $108298 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to dividends payable.

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.

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. OPERATING SEGMENTS

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

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

28 \| Retail Money Market Funds

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring National Tax-Free Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g20147img5b25e6062.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

March 26, 2026

Retail Money Market Funds \| 29

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $20,211 was designated as a 20% rate gain distribution for the fiscal year ended

January 31, 2026.

For the fiscal year ended January 31, 2026, $2,013,439 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, $16,863 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 96% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended January 31, 2026.

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

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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.

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

Not applicable

Retail Money Market Funds \| 31

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*This page is intentionally left blank.*

------

![](g20147img6d73b3391.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**

![](g20147img78e1efe33.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.

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

**NCSR0452 01-26**

------

![](g20147img46cc64941.jpg)

Government Money Market Funds

<br> Allspring Treasury Plus Money Market Fund

Long Form Financial Statements

Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_POI-PageBlank-7_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_FS-PageBlank-7_1)** |  |
| [Statement of assets and liabilities](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_FS-PageBlank-7_1) | 5 |
| [Statement of operations](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_SOP-PageBlank-7_1) | 6 |
| [Statement of changes in net assets](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_SOP-PageBlank-7_2) | 7 |
| [Financial highlights](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_FIHI-PageBlank-7_1) | 8 |
| **[Notes to financial statements](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_NTF-PageBlank-7_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_AUD-PageBlank-7_1)** | 19 |
| **[Other information](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2)['](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2)[s approval of investment](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2)<br> [advisory contract](#xx_ab8f2c66-1e74-4dce-ab50-3338104836c9_OI-PageBlank-7_2)<br>| 21 |

---

Government Money Market Funds \| 1

------

Portfolio of investments—January 31, 2026

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Repurchase agreements^^: 53.01%** |  |  |  |  |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., dated 1-30-2026, <br> maturity value $610,187,575(01)<br>| 3.69<br> %<br>| &nbsp;&nbsp; 2-2-2026 | $610000000 | &nbsp;&nbsp; $610000000 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce, dated 1-30-2026, <br> maturity value $800,244,000(02)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 800000000 | &nbsp;&nbsp; 800000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 1-28-2026, <br> maturity value $250,176,944(03)<br>| 3.64 | &nbsp;&nbsp; 2-4-2026 | 250000000 | &nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 1-30-2026, <br> maturity value $450,137,250(04)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 450000000 | &nbsp;&nbsp; 450000000 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., dated 10-29-2025, <br> maturity value $101,283,944(05)<br>| 3.82 | &nbsp;&nbsp; 2-27-2026 | 100000000 | &nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; Credit Agricole, dated 1-30-2026, maturity value <br> $750,226,250(06)<br>| 3.62 | &nbsp;&nbsp; 2-2-2026 | 750000000 | &nbsp;&nbsp; 750000000 |
| &nbsp;&nbsp; Deutsche Bank Securities, Inc., dated 1-30-2026, maturity <br> value $1,100,335,500(07)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 1100000000 | &nbsp;&nbsp; 1100000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Bank of New York Capital <br> Markets, dated 1-30-2026, maturity value $500,150,000(08)<br>| 3.60 | &nbsp;&nbsp; 2-2-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp. - Barclays, dated 1-30-2026, <br> maturity value $4,001,226,667(09)<br>| 3.68 | &nbsp;&nbsp; 2-2-2026 | 4000000000 | &nbsp;&nbsp; 4000000000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated 1-30-2026, maturity value <br> $1,892,201,946(10)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 1891625000 | &nbsp;&nbsp; 1891625000 |
| &nbsp;&nbsp; MUFG Securities EMEA PLC, dated 1-30-2026, maturity value <br> $2,500,764,583(11)<br>| 3.67 | &nbsp;&nbsp; 2-2-2026 | 2500000000 | &nbsp;&nbsp; 2500000000 |
| Natixis, dated 11-14-2025, maturity value $353,476,958(12) | 3.93 | &nbsp;&nbsp; 2-13-2026 | 350000000 | &nbsp;&nbsp; 350000000 |
| &nbsp;&nbsp; Natwest Markets Securities, Inc., dated 1-30-2026, maturity <br> value $1,250,887,153(13)<br>| 3.65 | &nbsp;&nbsp; 2-6-2026 | 1250000000 | &nbsp;&nbsp; 1250000000 |
| &nbsp;&nbsp; Natwest Markets Securities, Inc., dated 1-30-2026, maturity <br> value $400,122,000(14)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 400000000 | &nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp; RBC Dominion, dated 1-30-2026, maturity value <br> $150,045,750(15)<br>| 3.66 | &nbsp;&nbsp; 2-2-2026 | 150000000 | &nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp; Societe Generale, dated 1-30-2026, maturity value <br> $500,355,833(16)<br>| 3.66 | &nbsp;&nbsp; 2-6-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp; Societe Generale, dated 12-11-2025, maturity value <br> $302,790,000(17)<br>| 3.72 | &nbsp;&nbsp; 3-11-2026 | 300000000 | &nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp; Societe Generale, dated 11-18-2025, maturity value <br> $504,941,806(18)<br>| 3.91 | &nbsp;&nbsp; 2-17-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| U.S. Bank, dated 1-30-2026, maturity value $500,152,917(19) | 3.67 | &nbsp;&nbsp; 2-2-2026 | 500000000 | &nbsp;&nbsp; 500000000 |
| **Total repurchase agreements (Cost $16,901,625,000)** |  |  |  | &nbsp;&nbsp; **16901625000** |
| **U.S. Treasury securities: 46.21%** |  |  |  |  |
| U.S. Treasury Bills☼ | 3.64 | &nbsp;&nbsp; 6-11-2026 | 200000000 | &nbsp;&nbsp; 197429317 |
| U.S. Treasury Bills☼ | 3.67 | &nbsp;&nbsp; 4-14-2026 | 175000000 | &nbsp;&nbsp; 173751633 |
| U.S. Treasury Bills☼ | 3.68 | &nbsp;&nbsp; 3-5-2026 | 100000000 | &nbsp;&nbsp; 99687417 |
| U.S. Treasury Bills☼ | 3.68 | &nbsp;&nbsp; 4-7-2026 | 100000000 | &nbsp;&nbsp; 99354489 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 4-30-2026 | 128000000 | &nbsp;&nbsp; 126873099 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 4-30-2026 | 128000000 | &nbsp;&nbsp; 126872171 |
| U.S. Treasury Bills☼ | 3.70 | &nbsp;&nbsp; 6-4-2026 | 280000000 | &nbsp;&nbsp; 276534657 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 2-10-2026 | 80000000 | &nbsp;&nbsp; 79932747 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 2-10-2026 | 200000000 | &nbsp;&nbsp; 199839711 |

---

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

2 \| Government Money Market Funds

------

Portfolio of investments—January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bills☼ | 3.71<br> %<br>| &nbsp;&nbsp; 4-23-2026 | $125000000 | &nbsp;&nbsp; $123982778 |
| U.S. Treasury Bills☼ | 3.71 | &nbsp;&nbsp; 5-28-2026 | 170000000 | &nbsp;&nbsp; 168013774 |
| U.S. Treasury Bills☼ | 3.74 | &nbsp;&nbsp; 4-16-2026 | 100000000 | &nbsp;&nbsp; 99252967 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-3-2026 | 75000000 | &nbsp;&nbsp; 74776760 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 3-3-2026 | 75000000 | &nbsp;&nbsp; 74776700 |
| U.S. Treasury Bills☼ | 3.75 | &nbsp;&nbsp; 5-7-2026 | 200000000 | &nbsp;&nbsp; 198068822 |
| U.S. Treasury Bills☼ | 3.76 | &nbsp;&nbsp; 5-21-2026 | 200000000 | &nbsp;&nbsp; 197774450 |
| U.S. Treasury Bills☼ | 3.78 | &nbsp;&nbsp; 5-14-2026 | 450000000 | &nbsp;&nbsp; 445286947 |
| U.S. Treasury Bills☼ | 3.78 | &nbsp;&nbsp; 5-14-2026 | 100000000 | &nbsp;&nbsp; 98964750 |
| U.S. Treasury Bills☼ | 3.79 | &nbsp;&nbsp; 2-24-2026 | 350000000 | &nbsp;&nbsp; 349200804 |
| U.S. Treasury Bills☼ | 3.79 | &nbsp;&nbsp; 3-31-2026 | 400000000 | &nbsp;&nbsp; 397633945 |
| U.S. Treasury Bills☼ | 3.80 | &nbsp;&nbsp; 3-24-2026 | 100000000 | &nbsp;&nbsp; 99478958 |
| U.S. Treasury Bills☼ | 3.80 | &nbsp;&nbsp; 3-24-2026 | 100000000 | &nbsp;&nbsp; 99478750 |
| U.S. Treasury Bills☼ | 3.81 | &nbsp;&nbsp; 3-17-2026 | 350000000 | &nbsp;&nbsp; 348429365 |
| U.S. Treasury Bills☼ | 3.82 | &nbsp;&nbsp; 3-10-2026 | 300000000 | &nbsp;&nbsp; 298868250 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-3-2026 | 250000000 | &nbsp;&nbsp; 249973639 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-3-2026 | 40000000 | &nbsp;&nbsp; 39995778 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-17-2026 | 255000000 | &nbsp;&nbsp; 254596923 |
| U.S. Treasury Bills☼ | 3.85 | &nbsp;&nbsp; 2-17-2026 | 90000000 | &nbsp;&nbsp; 89857650 |
| U.S. Treasury Bills☼ | 3.99 | &nbsp;&nbsp; 3-19-2026 | 80000000 | &nbsp;&nbsp; 79606437 |
| U.S. Treasury Bills☼ | 4.11 | &nbsp;&nbsp; 2-19-2026 | 150000000 | &nbsp;&nbsp; 149712859 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>| 3.71 | &nbsp;&nbsp; 1-31-2027 | 990000000 | &nbsp;&nbsp; 989983225 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.10%)±<br>| 3.72 | &nbsp;&nbsp; 1-31-2028 | 160000000 | &nbsp;&nbsp; 159999707 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.15%)±<br>| 3.76 | &nbsp;&nbsp; 4-30-2026 | 450000000 | &nbsp;&nbsp; 449997793 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 3.77 | &nbsp;&nbsp; 4-30-2027 | 780000000 | &nbsp;&nbsp; 780030754 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.16%)±<br>| 3.77 | &nbsp;&nbsp; 7-31-2027 | 350000000 | &nbsp;&nbsp; 349946044 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.18%)±<br>| 3.79 | &nbsp;&nbsp; 7-31-2026 | 750000000 | &nbsp;&nbsp; 749940462 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.19%)±<br>| 3.80 | &nbsp;&nbsp; 10-31-2027 | 500000000 | &nbsp;&nbsp; 500422454 |
| &nbsp;&nbsp; U.S. Treasury Floating Rate Notes (U.S. Treasury 3 Month Bill <br> Money Market Yield+0.21%)±<br>| 3.82 | &nbsp;&nbsp; 10-31-2026 | 860000000 | &nbsp;&nbsp; 860330659 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 7-31-2026 | 120000000 | &nbsp;&nbsp; 117990486 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 3-31-2026 | 330000000 | &nbsp;&nbsp; 328321986 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 4-30-2026 | 415000000 | &nbsp;&nbsp; 411774094 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 6-30-2026 | 365000000 | &nbsp;&nbsp; 360296016 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 9-30-2026 | 135000000 | &nbsp;&nbsp; 132539330 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 11-30-2026 | 140000000 | &nbsp;&nbsp; 137317347 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 12-31-2026 | 282500000 | &nbsp;&nbsp; 276640509 |
| U.S. Treasury Notes | 1.88 | &nbsp;&nbsp; 6-30-2026 | 50000000 | &nbsp;&nbsp; 49562459 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 9-30-2026 | 135000000 | &nbsp;&nbsp; 134826738 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 5-15-2026 | 140000000 | &nbsp;&nbsp; 139795676 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-15-2026 | 215000000 | &nbsp;&nbsp; 214862452 |

---

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

Government Money Market Funds \| 3

------

Portfolio of investments—January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Notes |  | 3.75<br> %<br>| &nbsp;&nbsp; 8-31-2026 | $110000000 | &nbsp;&nbsp; $109992015 |
| U.S. Treasury Notes |  | 4.13 | &nbsp;&nbsp; 6-15-2026 | 175000000 | &nbsp;&nbsp; 174993801 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 11-30-2026 | 285000000 | &nbsp;&nbsp; 286401403 |
| U.S. Treasury Notes |  | 4.25 | &nbsp;&nbsp; 12-31-2026 | 612500000 | &nbsp;&nbsp; 616157684 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 7-31-2026 | 340000000 | &nbsp;&nbsp; 340447679 |
| U.S. Treasury Notes |  | 4.38 | &nbsp;&nbsp; 12-15-2026 | 100000000 | &nbsp;&nbsp; 100711200 |
| U.S. Treasury Notes |  | 4.50 | &nbsp;&nbsp; 3-31-2026 | 187200000 | &nbsp;&nbsp; 187301436 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 6-30-2026 | 165000000 | &nbsp;&nbsp; 165320212 |
| U.S. Treasury Notes |  | 4.63 | &nbsp;&nbsp; 10-15-2026 | 70000000 | &nbsp;&nbsp; 70503866 |
| U.S. Treasury Notes |  | 4.88 | &nbsp;&nbsp; 4-30-2026 | 217000000 | &nbsp;&nbsp; 217407825 |
| **Total U.S. treasury securities (Cost $14,731,821,859)** |  |  |  |  | &nbsp;&nbsp; **14731821859** |
| **Total investments in securities (Cost $31,633,446,859)** | 99.22<br> %<br>|  |  |  | &nbsp;&nbsp; 31633446859 |
| Other assets and liabilities, net | 0.78 |  |  |  | &nbsp;&nbsp; 247859958 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$31881306817** |

---

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

---

| |
|:---|
| Collateralized by: |
| (01) U.S. government securities, 1.13% to 4.75%, 2-28-2029 to 8-15-2055, fair value including accrued interest is $621,649,583. |
| (02) U.S. government securities, 0.13% to 4.50%, 11-30-2026 to 2-15-2055, fair value including accrued interest is $816,000,012. |
| (03) U.S. government securities, 3.88%, 7-31-2030, fair value including accrued interest is $255,000,011. |
| (04) U.S. government securities, 4.38%, 12-31-2029, fair value including accrued interest is $459,000,078. |
| (05) U.S. government securities, 1.88% to 4.25%, 8-15-2034 to 7-15-2035, fair value including accrued interest is $102,000,049. |
| (06) U.S. government securities, 0.38% to 4.88%, 5-31-2026 to 2-15-2049, fair value including accrued interest is $765,000,028. |
| (07) U.S. government securities, 0.00% to 2.88%, 2-15-2026 to 11-15-2051, fair value including accrued interest is $1,122,000,000. |
| (08) U.S. government securities, 0.13% to 3.88%, 4-15-2026 to 2-15-2033, fair value including accrued interest is $510,000,066. |
| (09) U.S. government securities, 0.00% to 6.00%, 2-15-2026 to 8-15-2035, fair value including accrued interest is $4,080,000,048. |
| (10) U.S. government securities, 4.00% to 4.63%, 12-15-2027 to 9-30-2028, fair value including accrued interest is $1,929,457,532. |
| (11) U.S. government securities, 0.00% to 4.88%, 4-30-2026 to 11-15-2055, fair value including accrued interest is $2,550,000,000. |
| (12) U.S. government securities, 0.00% to 4.88%, 8-31-2026 to 5-15-2055, fair value including accrued interest is $357,000,057. |
| (13) U.S. government securities, 0.00% to 3.88%, 2-3-2026 to 11-15-2055, fair value including accrued interest is $1,275,000,027. |
| (14) U.S. government securities, 0.63% to 4.13%, 12-31-2027 to 8-15-2033, fair value including accrued interest is $408,000,022. |
| (15) U.S. government securities, 0.00% to 4.13%, 2-26-2026 to 8-15-2052, fair value including accrued interest is $153,000,000. |
| (16) U.S. government securities, 4.25% to 4.63%, 1-15-2028 to 9-30-2028, fair value including accrued interest is $510,000,054. |
| (17) U.S. government securities, 2.38% to 4.50%, 5-15-2042 to 11-15-2054, fair value including accrued interest is $306,000,083. |
| (18) U.S. government securities, 3.63% to 4.00%, 12-15-2027 to 9-30-2031, fair value including accrued interest is $510,000,013. |
| (19) U.S. government securities, 0.00% to 4.88%, 3-31-2026 to 8-15-2055, fair value including accrued interest is $510,000,018. |
| 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—January 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at amortized cost | $14731821859 |
| Investments in repurchase agreements, at amortized cost | 16901625000 |
| Cash | 45110 |
| Receivable for investments sold | 380000000 |
| Receivable for interest | 96872054 |
| Receivable for Fund shares sold | 5873723 |
| Prepaid expenses and other assets | 430408 |
| **Total assets** | **32116668154** |
| Liabilities |  |
| Payable for investments purchased | 160032700 |
| Dividends payable | 60444837 |
| Payable for Fund shares redeemed | 8765906 |
| Management fee payable | 2988906 |
| Administration fees payable | 2161802 |
| Shareholder servicing fees payable | 778574 |
| Accrued expenses and other liabilities | 188612 |
| **Total liabilities** | **235361337** |
| **Total net assets**  | **$31881306817** |
| Net assets consist of |  |
| Paid-in capital | $31881598709 |
| Total distributable loss | (291892)<br>|
| **Total net assets** | **$31881306817** |
| Computation of net asset value per share |  |
| Net assets–Class A | $1423273412 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1423134845 |
| Net asset value per share–Class A | $1.00 |
| Net assets–Administrator Class | $46927628 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 46924661 |
| Net asset value per share–Administrator Class | $1.00 |
| Net assets–Institutional Class | $19925454267 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 19924323927 |
| Net asset value per share–Institutional Class | $1.00 |
| Net assets–Roberts & Ryan Class | $110943 |
| Shares outstanding–Roberts & Ryan Class<sup>1</sup> <br>| 110936 |
| Net asset value per share–Roberts & Ryan Class | $1.00 |
| Net assets–Select Class | $8463871945 |
| Shares outstanding–Select Class<sup>1</sup> <br>| 8463445756 |
| Net asset value per share–Select Class | $1.00 |
| Net assets–Service Class | $2021668622 |
| Shares outstanding–Service Class<sup>1</sup> <br>| 2021539986 |
| 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—year ended January 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $1367061514 |
| Expenses |  |
| Management fee | 42753640 |
| Administration fees |  |
| Class A | 2827727 |
| Administrator Class | 39447 |
| Institutional Class | 15366423 |
| Roberts & Ryan Class | 87 |
| Select Class | 3887342 |
| Service Class | 2433648 |
| Shareholder servicing fees |  |
| Class A | 3534659 |
| Administrator Class | 39447 |
| Service Class | 5070100 |
| Custody and accounting fees | 640323 |
| Professional fees | 155843 |
| Registration fees | 347388 |
| Shareholder report expenses | 46095 |
| Trustees' fees and expenses | 265058 |
| Other fees and expenses | 404675 |
| **Total expenses** | **77811902** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (119553)<br>|
| Administrator Class | (198)<br>|
| Institutional Class | (3393931)<br>|
| Roberts & Ryan Class | (18)<br>|
| Select Class | (3658079)<br>|
| Service Class | (1174689)<br>|
| **Net expenses** | **69465434** |
| **Net investment income** | **1297596080** |
| **Net realized gains on investments** | **981395** |
| **Net increase in net assets resulting from operations** | **$1298577475** |

---

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

6 \|

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2026 | Year ended<br> January 31, 2025 |
| Operations |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1297596080 | &nbsp;&nbsp; $1422035946 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 981395 | &nbsp;&nbsp; (24590)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1298577475** | &nbsp;&nbsp; **1422011356** |
| Distributions to shareholders from |  |  |  |
| Net investment income and net realized gains |  |  |  |
| Class A |  | &nbsp;&nbsp; (51524676)<br>| &nbsp;&nbsp; (75762763)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1531810)<br>| &nbsp;&nbsp; (1302687)<br>|
| Institutional Class |  | &nbsp;&nbsp; (772215968)<br>| &nbsp;&nbsp; (823944426)<br>|
| Roberts & Ryan Class |  | &nbsp;&nbsp; (4356)<br>| &nbsp;&nbsp; (5140)<br>|
| Select Class |  | &nbsp;&nbsp; (396925776)<br>| &nbsp;&nbsp; (436992156)<br>|
| Service Class |  | &nbsp;&nbsp; (76367550)<br>| &nbsp;&nbsp; (84033687)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1298570136)**<br>| &nbsp;&nbsp; **(1422040859)**<br>|
| Capital share transactions | Shares |  |  |
| Proceeds from shares sold |  |  |  |
| Class A | 19731782308 | &nbsp;&nbsp; 19731782308 | &nbsp;&nbsp; 18930709318 |
| Administrator Class | 186010827 | &nbsp;&nbsp; 186010827 | &nbsp;&nbsp; 170271670 |
| Institutional Class | 74606279804 | &nbsp;&nbsp; 74606279804 | &nbsp;&nbsp; 79311298374 |
| Roberts & Ryan Class | 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 0 |
| Select Class | 268576686515 | &nbsp;&nbsp; 268576686515 | &nbsp;&nbsp; 268471077132 |
| Service Class | 15754332881 | &nbsp;&nbsp; 15754332881 | &nbsp;&nbsp; 11463095137 |
|  |  | &nbsp;&nbsp; 378855092348 | &nbsp;&nbsp; 378346451631 |
| Reinvestment of distributions |  |  |  |
| Class A | 12655965 | &nbsp;&nbsp; 12655965 | &nbsp;&nbsp; 16680098 |
| Administrator Class | 1531810 | &nbsp;&nbsp; 1531810 | &nbsp;&nbsp; 1291425 |
| Institutional Class | 180824130 | &nbsp;&nbsp; 180824130 | &nbsp;&nbsp; 222388833 |
| Roberts & Ryan Class | 4356 | &nbsp;&nbsp; 4356 | &nbsp;&nbsp; 5116 |
| Select Class | 295757536 | &nbsp;&nbsp; 295757536 | &nbsp;&nbsp; 311300983 |
| Service Class | 30743015 | &nbsp;&nbsp; 30743015 | &nbsp;&nbsp; 34230184 |
|  |  | &nbsp;&nbsp; 521516812 | &nbsp;&nbsp; 585896639 |
| Payment for shares redeemed |  |  |  |
| Class A | (19807745256)<br>| &nbsp;&nbsp; (19807745256)<br>| &nbsp;&nbsp; (19078134448)<br>|
| Administrator Class | (180568567)<br>| &nbsp;&nbsp; (180568567)<br>| &nbsp;&nbsp; (156266517)<br>|
| Institutional Class | (74312873062)<br>| &nbsp;&nbsp; (74312873062)<br>| &nbsp;&nbsp; (76681626066)<br>|
| Select Class | (269346509924)<br>| &nbsp;&nbsp; (269346509924)<br>| &nbsp;&nbsp; (268380335361)<br>|
| Service Class | (15486897236)<br>| &nbsp;&nbsp; (15486897236)<br>| &nbsp;&nbsp; (11824252437)<br>|
|  |  | &nbsp;&nbsp; (379134594045)<br>| &nbsp;&nbsp; (376120614829)<br>|
| **Net increase in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **242015115** | &nbsp;&nbsp; **2811733441** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **242022454** | &nbsp;&nbsp; **2811703938** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **31639284363** | &nbsp;&nbsp; **28827580425** |
| **End of period** |  | &nbsp;&nbsp; **$31881306817** | &nbsp;&nbsp; **$31639284363** |

---

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

\| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| 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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.71%**<br>| **4.65%**<br>| **4.68%**<br>| **1.51%**<br>| **0.01%**<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>|
| Net expenses | 0.58<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.50 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.64<br> %<br>| 4.54<br> %<br>| 4.58<br> %<br>| 1.33<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $1423273 | &nbsp;&nbsp; $1486538 | &nbsp;&nbsp; $1617295 | &nbsp;&nbsp; $1469727 | &nbsp;&nbsp; $2421542 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Administrator Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| 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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.96%**<br>| **4.90%**<br>| **4.94%**<br>| **1.71%**<br>| **0.01%**<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>|
| Net expenses | 0.34<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.26 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.88<br> %<br>| 4.70<br> %<br>| 4.83<br> %<br>| 1.10<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $46928 | &nbsp;&nbsp; $39955 | &nbsp;&nbsp; $24656 | &nbsp;&nbsp; $26770 | &nbsp;&nbsp; $117556 |

---

&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% |

---

&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).

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| 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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.10%**<br>| **5.04%**<br>| **5.09%**<br>| **1.84%**<br>| **0.01%**<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>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.19 %\*<br>| 0.06 %\*<br>|
| Net investment income | 4.02<br> %<br>| 4.91<br> %<br>| 4.99<br> %<br>| 1.84<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $19925454 | &nbsp;&nbsp; $19451328 | &nbsp;&nbsp; $16599118 | &nbsp;&nbsp; $13471949 | &nbsp;&nbsp; $14984670 |

---

&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% |

---

&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).

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;

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Roberts & Ryan Class | 2026 | 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 | 0.04 <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 | 0.04 | 0.05 | 0.01 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (0.00 )<sup>3</sup><br>| 0.00 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Total distributions to shareholders | (0.04)<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>| **4.10%**<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 | 4.02<br> %<br>| 4.92<br> %<br>| 5.22<br> %<br>|
| **Supplemental data** |  |  |  |
| Net assets, end of period (000s omitted) | $111 | &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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Select Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| 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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **4.16%**<br>| **5.11%**<br>| **5.15%**<br>| **1.89%**<br>| **0.01%**<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>|
| Net expenses | 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>| 0.06 %<sup>4</sup><br>|
| Net investment income | 4.08<br> %<br>| 4.95<br> %<br>| 5.06<br> %<br>| 1.87<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $8463872 | &nbsp;&nbsp; $8937893 | &nbsp;&nbsp; $8535983 | &nbsp;&nbsp; $5565461 | &nbsp;&nbsp; $4360652 |

---

&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> 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 | Year ended January 31 |
| Service Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Net investment income | 0.04 <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>|
| 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>|
| Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | 0.00 <br><sup>2</sup><br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (0.00 )<sup>2</sup><br>| 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>|
| Total distributions to shareholders | (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<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** |
| **Total return** | **3.84%**<br>| **4.78%**<br>| **4.83%**<br>| **1.62%**<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>|
| Net expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.40 %\*<br>| 0.06 %\*<br>|
| Net investment income | 3.76<br> %<br>| 4.67<br> %<br>| 4.75<br> %<br>| 1.60<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000s omitted) | $2021669 | &nbsp;&nbsp; $1723464 | &nbsp;&nbsp; $2050427 | &nbsp;&nbsp; $1415688 | &nbsp;&nbsp; $1406514 |

---

&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% |

---

&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).

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

Government Money Market Funds \| 13

------

Notes to financial statements

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

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

As of January 31, 2026, the Fund had current year deferred post-October capital losses consisting of $35,203 in short-term losses which will be recognized on the first day of the following fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $16901625000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $16901625000 |
| U.S. Treasury securities | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14731821859 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14731821859 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$31633446859** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$31633446859** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among

Government Money Market Funds \| 15

------

Notes to financial statements

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 year ended January 31, 2026, the management fee was equivalent to an annual rate of 0.13% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <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 January 31, 2026, 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

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 year ended January 31, 2026.

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended January 31 | Year ended January 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $1298563083 | $1422040859 |
| **Long-term capital gain** | 7053 | 0 |
| **Total** | $1298570136 | $1422040859 |

---

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Post-October <br>capital <br>losses <br>deferred<br>|  |
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Short-term | Total |
| &nbsp;&nbsp;&nbsp; $60297322 | &nbsp;&nbsp; $(35203)<br>| &nbsp;&nbsp;&nbsp; $60262119 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to dividends payable.

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.

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. OPERATING SEGMENTS

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

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose

Government Money Market Funds \| 17

------

Notes to financial statements

income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

10. SUBSEQUENT EVENT

At the Fund's Board meeting held on February 24-25, 2026, the Board of Trustees approved the addition of a new share class, "Capital Class", effective on or about May 1, 2026.

18 \| Government Money Market Funds

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Treasury Plus Money Market Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g20147img428194f72.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

March 26, 2026

Government Money Market Funds \| 19

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $7,053 was designated as a 20% rate gain distribution for the fiscal year ended

January 31, 2026.

For the fiscal year ended January 31, 2026, $1,314,085,072 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, $984,955 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2026, 49% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 100% of ordinary income dividends qualify as interest dividends for the fiscal year ended January 31, 2026.

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**.

20 \| 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.

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

Not applicable

Government Money Market Funds \| 21

------

![](g20147img46cc64941.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**

![](g20147img8b09e7603.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.

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

**NCSR0453 01-26**

------

<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) | [Code of Ethics.](d20147dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d20147dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d20147dex99906cert.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: March 26, 2026 | Date: March 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
|  Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  Date: March 26, 2026 | Date: March 26, 2026 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  Date: March 26, 2026 | Date: March 26, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>** 

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

------

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

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**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g20147g0328033126952.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&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: March 26, 2026

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| |
|:---|
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g20147g0328033126952.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&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: March 26, 2026

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| |
|:---|
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g20147g0328033126952.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-CSR for the year ended January 31, 2026 (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: March 26, 2026

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| | |
|:---|:---|
| 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-CSR with the Securities and Exchange Commission.

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![LOGO](g20147g0328033126952.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-CSR for the year ended January 31, 2026 (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: March 26, 2026

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| | |
|:---|:---|
| 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-CSR with the Securities and Exchange Commission.