2023-03-09MoneyMarketFundsGovernment-AbcProspectus
Institutional
Money Market Funds
|
|
Fund |
Administrator
Class |
Allspring
Heritage Money Market Fund |
SHMXX |
Allspring
Municipal Cash Management Money Market Fund |
WUCXX |
The U.S.
Securities and Exchange Commission (“SEC”) has not approved or disapproved these
securities or passed upon the accuracy or adequacy of this Prospectus. Anyone
who tells you
otherwise is committing a crime.
Table
of Contents
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Heritage
Money Market Fund Summary
Investment
Objective
The Fund
seeks current income, while preserving capital and
liquidity.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares of
the Fund.
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
|
|
Management
Fees |
0.15% |
Distribution
(12b-1) Fees |
0.00% |
Other
Expenses |
0.21% |
Total
Annual Fund Operating Expenses |
0.36% |
Fee
Waivers |
(0.03)% |
Total
Annual Fund Operating Expenses After Fee Waivers2
|
% |
1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
2. |
The
Manager has contractually committed through May
31, 2024, to
waive fees and/or reimburse expenses to the extent necessary to
cap Total Annual Fund Operating Expenses After Fee Waivers at 0.33%
for Administrator
Class. Brokerage commissions, stamp duty
fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense 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. The Manager and/or its
affiliates may also voluntarily waive all or a portion
of any fees to which they are entitled and/or reimburse certain expenses
as they may determine from time to
time. |
Example
of Expenses
The example
below is intended to help you compare the costs of investing in the Fund with
the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain the
same as in the tables above. To the extent that the Manager is waiving fees or
reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
|
|
|
|
After:
|
|
1
Year |
$34 |
3
Years |
$113 |
5
Years |
$199 |
10
Years |
$453 |
2 |
|
Institutional
Money Market Funds |
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
exclusively
in high-quality, short-term, U.S. dollar-denominated money market
instruments of domestic and foreign issuers. |
These
instruments include, but are not limited to, bank obligations such as
time deposits and certificates of deposit, government
securities, asset-backed securities, commercial paper, corporate bonds,
municipal securities and repurchase
agreements. These investments may have fixed, floating, or variable rates of
interest and may be obligations
of U.S. or foreign issuers. We may invest more than 25% of the Fund’s total
assets in U.S. dollar-denominated
obligations of U.S. banks.
Our
security selection is based on several factors, including credit quality, yield
and maturity, while taking into account the Fund’s
overall level of liquidity and weighted average maturity. We will only purchase
securities that we have determined
present minimal credit risk.
Principal
Investment Risks
You could
lose money by investing in the Fund. Because
the share price of the Fund will fluctuate, when you sell your shares they
may be worth more or less than what you originally paid for them. The Fund may
impose a fee upon sale of your shares
or may temporarily suspend your ability to sell shares if the Fund’s liquidity
falls below required minimums because of
market conditions or other factors. An
investment in the Fund is not a deposit of a bank or its affiliates
and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The
Fund’s
sponsor has no legal obligation to provide financial support to the Fund, and
you should not expect that the sponsor
will provide financial support to the Fund at any time. The Fund is primarily
subject to the risks briefly summarized
below.
Market
Risk. The values
of, and/or the income generated by, securities held by the Fund may decline due
to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Money
Market Fund Risk. The Fund’s
yield will change based on changes in interest rates and other market
conditions. Because the
Fund invests in short-term instruments, the Fund’s dividend yields are expected
to be low when short-term market
interest rates are low, and there is no guarantee that the Fund will not have a
negative yield.
Debt
Securities Risk. Debt
securities are subject to credit risk and interest rate risk. Credit risk is the
possibility that the issuer or
guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the terms
of the debt securities held by a Fund, the more the Fund is subject to this
risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to reduce
the dividends it pays to shareholders, but the value of those securities may
increase. Very low or negative interest
rates may magnify interest rate risk.
Industry
Concentration Risk. A Fund
that concentrates its investments in an industry or group of industries is more
vulnerable
to adverse market, economic, regulatory, political or other developments
affecting such industry or group of
industries than a fund that invests its assets more
broadly.
Foreign
Investment Risk. Foreign
investments may be subject to lower liquidity, greater price volatility and
risks related to adverse
political, regulatory, market or economic developments. Foreign investments may
involve exposure to changes in
foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Management
Risk. Investment
decisions, techniques, analyses or models implemented by a Fund’s
manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk. Mortgage-
and asset-backed securities may decline in value and become less
liquid when defaults on the underlying mortgages or assets occur and may exhibit
additional volatility in periods of
rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low, the
prepayment of mortgages or assets underlying such securities can reduce a Fund’s
returns.
Institutional
Money Market Funds
|
|
3 |
Municipal
Securities Risk. Municipal
securities may be fully or partially backed or enhanced by the taxing authority
of a local
government, by the current or anticipated revenues from a specific project or
specific assets, or by the credit of, or
liquidity enhancement provided by, a private issuer. Various types of municipal
securities are often related in such a way that
political, economic or business developments affecting one obligation could
affect other municipal securities held by a
Fund.
Repurchase
Agreement Risk. In the
event that the counterparty to a repurchase agreement is unwilling or unable to
fulfill its
contractual obligations to repurchase the underlying security, a Fund may lose
money, suffer delays, or incur costs
arising from holding or selling the underlying
security.
U.S.
Government Obligations Risk. U.S.
Government obligations may be adversely impacted by changes in interest
rates, and
securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed by
the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default by,
or decline in the credit quality, of the U.S.
Government.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year. Past
performance is no guarantee of future results. Current
month-end performance
is available on the Fund’s website at allspringglobal.com.
To obtain a
current 7-day yield for the Fund call toll-free
1-800-222-8222.
|
|
|
Calendar
Year Total Returns for Administrator Class as of 12/31 each
year |
|
Highest
Quarter: December
31, 2022 |
|
Lowest
Quarter: September
30, 2020 |
|
Year-to-date
total return
as of March
31,
2023 is
+1.08% |
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
Administrator
Class |
6/29/1995
|
1.60% |
1.20% |
0.72% |
4 |
|
Institutional
Money Market Funds |
Fund
Management
|
|
Manager |
Sub-Adviser |
Allspring
Funds Management,
LLC |
Allspring
Global Investments, LLC |
Purchase
and Sale of Fund Shares
Administrator
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust
companies; endowments and foundations; defined contribution, defined benefit and
other employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York Stock
Exchange is open for regular trading. You also may buy and sell shares through a
financial professional.
|
|
Minimum
Investments |
To
Buy or Sell Shares |
Minimum
Initial Investment Administrator
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment Administrator
Class: None |
Mail:
Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967 Online:
www.allspringglobal.com Phone
or Wire:
1-800-222-8222 Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If you
purchase a Fund through an intermediary, the Fund and its related companies may
pay the intermediary for the sale of
Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
Institutional
Money Market Funds
|
|
5 |
Municipal
Cash Management Money Market Fund Summary
Investment
Objective
The Fund
seeks current income exempt from regular federal income tax, while preserving
capital and liquidity.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares of
the Fund.
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
|
|
Management
Fees |
0.15% |
Distribution
(12b-1) Fees |
0.00% |
Other
Expenses |
0.28% |
Total
Annual Fund Operating Expenses |
0.43% |
Fee
Waivers |
(0.13) |
Total
Annual Fund Operating Expenses After Fee Waivers2
|
% |
1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
2. |
The
Manager has contractually committed through May
31, 2024, to
waive fees and/or reimburse expenses to the extent necessary to
cap Total Annual Fund Operating Expenses After Fee Waivers at 0.30%
for Administrator
Class. Brokerage commissions, stamp duty
fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense 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. The Manager and/or its
affiliates may also voluntarily waive all or a portion
of any fees to which they are entitled and/or reimburse certain expenses
as they may determine from time to
time. |
Example
of Expenses
The example
below is intended to help you compare the costs of investing in the Fund with
the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain the
same as in the tables above. To the extent that the Manager is waiving fees or
reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
|
|
|
|
After:
|
|
1
Year |
$31 |
3
Years |
$125 |
5
Years |
$228 |
10
Years |
$530 |
6 |
|
Institutional
Money Market Funds |
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
exclusively
in high-quality, short-term, U.S. dollar-denominated money market
instruments; and |
■ |
at
least 80% of the Fund’s net assets are invested in municipal obligations
that pay interest exempt from regular federal
income tax, but not necessarily the federal alternative minimum tax
(“AMT”). |
■ |
any
amount in securities that pay interest subject to federal
AMT. |
We actively
manage a portfolio of high-quality, short-term municipal obligations that are
issued by or on behalf of states,
territories and possessions of the U.S. or their political subdivisions and
financing authorities. These investments may have
fixed, floating, or variable rates of
interest.
We invest
principally in municipal obligations that pay interest exempt from regular
federal income tax, but not necessarily
federal AMT. The Fund attempts to invest exclusively in these securities.
However, the Fund may invest up to 20% of
its net assets in high-quality, short-term money market instruments that pay
interest subject to regular federal
income tax.
Our
security selection is based on several factors, including credit quality, yield
and maturity, while taking into account the Fund’s
overall level of liquidity and weighted average maturity. We will only purchase
securities that we have determined
present minimal credit risk.
Principal
Investment Risks
You could
lose money by investing in the Fund. Because
the share price of the Fund will fluctuate, when you sell your shares they
may be worth more or less than what you originally paid for them. The Fund may
impose a fee upon sale of your shares
or may temporarily suspend your ability to sell shares if the Fund’s liquidity
falls below required minimums because of
market conditions or other factors. An
investment in the Fund is not a deposit of a bank or its affiliates
and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The
Fund’s
sponsor has no legal obligation to provide financial support to the Fund, and
you should not expect that the sponsor
will provide financial support to the Fund at any time. The Fund is primarily
subject to the risks briefly summarized
below.
Market
Risk. The values
of, and/or the income generated by, securities held by the Fund may decline due
to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Money
Market Fund Risk. The Fund’s
yield will change based on changes in interest rates and other market
conditions. Because the
Fund invests in short-term instruments, the Fund’s dividend yields are expected
to be low when short-term market
interest rates are low, and there is no guarantee that the Fund will not have a
negative yield.
Debt
Securities Risk. Debt
securities are subject to credit risk and interest rate risk. Credit risk is the
possibility that the issuer or
guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the terms
of the debt securities held by a Fund, the more the Fund is subject to this
risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to reduce
the dividends it pays to shareholders, but the value of those securities may
increase. Very low or negative interest
rates may magnify interest rate risk.
Municipal
Securities Risk. Municipal
securities may be fully or partially backed or enhanced by the taxing authority
of a local
government, by the current or anticipated revenues from a specific project or
specific assets, or by the credit of, or
liquidity enhancement provided by, a private issuer. Various types of municipal
securities are often related in such a way that
political, economic or business developments affecting one obligation could
affect other municipal securities held by a
Fund.
Management
Risk. Investment
decisions, techniques, analyses or models implemented by a Fund’s
manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Institutional
Money Market Funds
|
|
7 |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year. Past
performance is no guarantee of future results. Current
month-end performance
is available on the Fund’s website at allspringglobal.com.
To obtain a
current 7-day yield for the Fund call toll-free
1-800-222-8222.
|
|
|
Calendar
Year Total Returns for Administrator Class as of 12/31 each
year |
|
Highest
Quarter: December
31, 2022 |
|
Lowest
Quarter: March
31,
2013 |
|
Year-to-date
total return
as of March
31,
2023 is
+0.70% |
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
Administrator
Class |
7/9/2010
|
1.03% |
0.80% |
0.51% |
8 |
|
Institutional
Money Market Funds |
Fund
Management
|
|
Manager |
Sub-Adviser |
Allspring
Funds Management,
LLC |
Allspring
Global Investments, LLC |
Purchase
and Sale of Fund Shares
Administrator
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust
companies; endowments and foundations; defined contribution, defined benefit and
other employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York Stock
Exchange is open for regular trading. You also may buy and sell shares through a
financial professional.
|
|
Minimum
Investments |
To
Buy or Sell Shares |
Minimum
Initial Investment Administrator
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment Administrator
Class: None |
Mail:
Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967 Online:
www.allspringglobal.com Phone
or Wire:
1-800-222-8222 Contact
your financial professional. |
Tax
Information
The Fund’s
distributions normally consist of exempt-interest dividends, which are generally
not taxable to you for federal
income tax purposes, but may be subject to federal AMT. A portion of
the Fund’s distributions may not qualify as exempt-interest
dividends; such distributions will generally be taxable to you as ordinary
income or capital gains, unless you
are investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account. However,
subsequent withdrawals from such a tax advantaged investment plan may be subject
to federal income tax. You should
consult your tax adviser about your specific situation.
Payments
to Intermediaries
If you
purchase a Fund through an intermediary, the Fund and its related companies may
pay the intermediary for the sale of
Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
Institutional
Money Market Funds
|
|
9 |
Details
About the Funds
About
Allspring Institutional Money Market Funds
All
Allspring Institutional Money Market Funds seek to provide current income, while
preserving capital and liquidity by investing
in a portfolio of money market instruments. A Fund may have additional
investment objectives or restrictions.
Money
market instruments are high quality, short-term investments that present minimal
credit risk and may include securities
such as U.S. Government obligations, bank obligations, corporate bonds,
commercial paper, municipal securities,
asset- and mortgage-backed securities, and repurchase agreements. All Allspring
Institutional Money Market Funds are
managed to meet the requirements of Rule 2a-7 under the Investment Company Act
of 1940, as amended (“1940
Act”), which provides that:
■ |
Each
Fund will transact at its market-based net asset value, rounded to four
decimal places. |
■ |
Each
Fund will only buy securities that have remaining maturities of 397 days
or less as determined under Rule 2a-7. |
■ |
The
dollar-weighted average maturity of each Fund will be 60 days or
less. |
■ |
The
dollar-weighted average life of each Fund will be 120 days or
less. |
■ |
Each
Fund will invest only in U.S. dollar-denominated
securities. |
In order to
obtain a rating from a rating organization, some Funds may observe additional
investment restrictions.
10 |
|
Institutional
Money Market Funds |
Heritage
Money Market Fund
Investment
Objective
The Fund
seeks current income, while preserving capital and liquidity.
The Fund’s
Board of Trustees can change this investment objective without a shareholder
vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
exclusively
in high-quality, short-term, U.S. dollar-denominated money market
instruments of domestic and foreign issuers. |
These
instruments include, but are not limited to, bank obligations such as
time deposits and certificates of deposit, government
securities, asset-backed securities, commercial paper, corporate bonds,
municipal securities and repurchase
agreements. These investments may have fixed, floating, or variable rates of
interest and may be obligations
of U.S. or foreign issuers. We may invest more than 25% of the Fund’s total
assets in U.S. dollar-denominated
obligations of U.S. banks.
Our
security selection is based on several factors, including credit quality, yield
and maturity, while taking into account the Fund’s
overall level of liquidity and weighted average maturity. We will only purchase
securities that we have determined
present minimal credit risk.
The Fund
may temporarily hold a greater portion of assets in uninvested cash for purposes
of maintaining liquidity or for
short-term defensive purposes when we believe it is in the best interest of
shareholders to do so. During these periods,
the Fund may not achieve its objective.
The Fund is
primarily subject to the risks mentioned below.
These and
other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s net
asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
Institutional
Money Market Funds
|
|
11 |
Municipal Cash
Management Money Market Fund
Investment
Objective
The Fund
seeks current income exempt from regular federal income tax, while preserving
capital and liquidity.
The Fund’s
Board of Trustees can change this investment objective without a shareholder
vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
exclusively
in high-quality, short-term, U.S. dollar-denominated money market
instruments; and |
■ |
at
least 80% of the Fund’s net assets are invested in municipal obligations
that pay interest exempt from regular federal
income tax, but not necessarily the federal alternative minimum tax
(“AMT”). |
We may also
invest:
■ |
any
amount in securities that pay interest subject to federal
AMT. |
We actively
manage a portfolio of high-quality, short-term municipal obligations that are
issued by or on behalf of states,
territories and possessions of the U.S. or their political subdivisions and
financing authorities. These investments may have
fixed, floating, or variable rates of interest.
We invest
principally in municipal obligations that pay interest exempt from regular
federal income tax, but not necessarily
federal AMT. The Fund attempts to invest exclusively in these securities.
However, the Fund may invest up to 20% of
its net assets in high-quality, short-term money market instruments that pay
interest subject to regular federal
income tax.
Our
security selection is based on several factors, including credit quality, yield
and maturity, while taking into account the Fund’s
overall level of liquidity and weighted average maturity. We will only purchase
securities that we have determined
present minimal credit risk.
The Fund
may temporarily invest a greater portion of assets in high-quality, short-term
money market instruments that pay
interest subject to regular federal income tax or by holding a greater portion
of assets in uninvested cash. Circumstances
in which the Fund may invest or hold a greater portion of its assets in these
securities or uninvested cash
include, but are not limited to, periods of low or no availability of eligible
municipal obligations or in order to manage
liquidity. During these periods, the Fund may not achieve its objective. To the
extent that the Fund invests in taxable
securities, it may distribute taxable income.
The Fund is
primarily subject to the risks mentioned below.
These and
other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s net
asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
12 |
|
Institutional
Money Market Funds |
Description
of Principal Investment Risks
Understanding
the risks involved in fund investing will help you make an informed decision
that takes into account your risk
tolerance and preferences. The risks that are most likely to have a material
effect on a particular Fund as
a whole are called
“principal risks.” The principal risks for each Fund have
been previously identified and are described below (in alphabetical
order). Additional information about the principal risks is included in the
Statement of Additional Information.
Debt
Securities Risk. Debt
securities are subject to credit risk and interest rate risk. Credit risk is the
possibility that the issuer or
guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. The credit quality of a debt security
may deteriorate rapidly and cause significant deterioration in the Fund’s net
asset value. Interest rate risk is the possibility
that interest rates will change over time. When interest rates rise, the value
of debt securities tends to fall. The longer
the terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline,
interest that the Fund is able to earn on its investments in debt securities may
also decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Some debt securities
give the issuers the option to call, redeem or prepay the securities before
their maturity dates. If an issuer calls,
redeems or prepays a debt security during a time of declining interest rates,
the Fund might have to reinvest the proceeds in
a security offering a lower yield, and therefore might not benefit from any
increase in value as a result of declining
interest rates. Very low or negative interest rates may magnify interest rate
risk. Changing interest rates, including
rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility
and may detract from Fund performance to the extent the Fund is exposed to such
interest rates. Interest rate changes and
their impact on the Fund and its share price can be sudden and unpredictable.
Changes in market conditions
and government policies may lead to periods of heightened volatility in the debt
securities market, reduced liquidity
Fund investments and an increase in Fund redemptions.
Foreign
Investment Risk. Foreign
investments may be subject to lower liquidity, greater price volatility and
risks related to adverse
political, regulatory, market or economic developments. Foreign companies may be
subject to significantly higher
levels of taxation than U.S. companies, including potentially confiscatory
levels of taxation, thereby reducing the earnings
potential of such foreign companies. Foreign investments may involve exposure to
changes in foreign currency
exchange rates. Such changes may reduce the U.S. dollar value of the
investments. Foreign investments may be subject
to additional risks, such as potentially higher withholding and other taxes, and
may also be subject to greater
trade settlement, custodial, and other operational risks than domestic
investments. Certain foreign markets may also be
characterized by less stringent investor protection and disclosure
standards.
Industry
Concentration Risk. A Fund
that concentrates its investments in an industry or group of industries is more
vulnerable
to adverse market, economic, regulatory, political or other developments
affecting such industry or group of
industries than a fund that invests its assets more broadly.
Management
Risk. Investment
decisions, techniques, analyses or models implemented by a Fund’s manager or
sub-adviser
in seeking to achieve the Fund’s investment objective may not produce the
returns expected, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Market
Risk. The values
of, and/or the income generated by, securities held by a Fund may decline due to
general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments. Political,
geopolitical, natural and other events, including war, terrorism, trade
disputes, government shutdowns, market
closures, inflation, natural and environmental disasters, epidemics, pandemics
and other public health crises and related
events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased
market volatility and other disruptive effects on U.S. and global economies and
markets. Such events may have
significant adverse direct or indirect effects on a Fund and its investments. In
addition, economies and financial markets
throughout the world are becoming increasingly interconnected, which increases
the likelihood that events or conditions
in one country or region will adversely impact markets or issuers in other
countries or regions.
Money
Market Fund Risk. The Fund’s
yield will change based on changes in interest rates and other market
conditions. Because the
Fund invests in short-term instruments, the Fund’s dividend yields are expected
to be low when short-term market
interest rates are low, and there is no guarantee that the Fund will not have a
negative yield.
Mortgage-
and Asset-Backed Securities Risk. Mortgage-
and asset-backed securities are subject to risk of default on the
underlying mortgages or assets, particularly during periods of economic
downturn. Defaults on the underlying
Institutional
Money Market Funds
|
|
13 |
mortgages
or assets may cause such securities to decline in value and become less liquid.
Rising interest rates tend to extend the
duration of these securities, making them more sensitive to changes in interest
rates than instruments with fixed
payment schedules. As a result, in a period of rising interest rates, these
securities may exhibit additional volatility.
When interest rates decline or are low, borrowers may pay off their mortgage or
other debts sooner than expected,
which can reduce the returns of a Fund. Funds that may enter into mortgage
dollar roll transactions are subject to
the risk that the market value of the securities that are required to be
repurchased in the future may decline below the
agreed upon repurchase price. They also involve the risk that the party to whom
the securities are sold may become
insolvent, limiting a Fund’s ability to repurchase securities at the agreed upon
price.
Municipal
Securities Risk. Municipal
securities may be fully or partially backed or enhanced by the taxing authority
of a local
government, by the current or anticipated revenues from a specific project or
specific assets, or by the credit of, or
liquidity enhancement provided by, a private issuer. Municipal securities may be
difficult to obtain because of limited
supply, which may increase the cost to a Fund of purchasing such securities and
effectively reduce the Fund’s yield.
Typically, less information is available about a municipal issuer than is
available about other types of issuers. Various
types of municipal securities are often related in such a way that political,
economic or business developments affecting
one obligation could affect other municipal securities held by the Fund. The
value and liquidity of municipal securities
backed by the revenue from a particular project or other source may decline if
the project or other source fails to
generate expected revenue. Although the Fund may strive to invest in municipal
securities and other securities that pay
interest that is exempt from certain taxes (such as federal taxes, federal
alternative minimum tax and/or state taxes as
applicable), some income earned by Fund investments may be subject to such
taxes. Certain issuers of municipal
securities may have the ability to call or redeem a security prior to its
maturity date, which could impair Fund performance.
Repurchase
Agreement Risk. In the
event that the counterparty to a repurchase agreement is unwilling or unable to
fulfill its
contractual obligations to repurchase the underlying security, a Fund may lose
money, suffer delays, or incur costs
arising from holding or selling the underlying security.
U.S.
Government Obligations Risk. U.S.
Government obligations may be adversely impacted by changes in interest
rates, and
securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed by
the full faith and credit of the U.S. Government. If a government-sponsored
entity is unable to meet its obligations
or its creditworthiness declines, the performance of a Fund that holds
securities issued or guaranteed by the entity
will be adversely impacted. U.S. Government obligations may be adversely
affected by a default by, or decline in
the credit quality, of the U.S. Government.
14 |
|
Institutional
Money Market Funds |
Portfolio
Holdings Information
A
description of the Allspring
Funds’ policies and procedures with respect to disclosure of the Funds’ portfolio
holdings is
available in the Funds’
Statement of Additional Information.
Pricing Fund
Shares
A Fund’s
NAV is the value of a single share rounded to four decimal places and based on
the market value of the securities
it holds. The NAV is calculated each business day at the times reflected below,
although a Fund may deviate from these
calculation times under unusual or unexpected circumstances. The NAV is
calculated separately for each class of
shares of a multiple-class Fund. The last NAV calculated on the most recent
business day is available at allspringglobal.com.
To calculate the NAV of a Fund’s shares, the Fund’s assets are valued and
totaled, liabilities are subtracted,
and the balance, called net assets, is divided by the number of shares
outstanding.
We
calculate the NAV at the following times each business day:
|
|
|
Heritage
Money Market Fund |
9:00a.m.,
12:00p.m., and 3:00p.m. (ET) |
Municipal
Cash Management Money Market Fund |
12:00p.m.
(ET) |
Generally,
NAVs are not calculated, and purchase and redemption requests are not processed,
on days that the New York Stock
Exchange (“NYSE”) is closed for trading; however under unusual or unexpected
circumstances a Fund may elect to
remain open even on days that the NYSE is closed or closes early. To the extent
that a Fund’s assets are traded in various
markets on days when the Fund is closed, the value of the Fund’s assets may be
affected on days when you are unable
to buy or sell Fund shares. Conversely, trading in some of a Fund’s assets may
not occur on days when the Fund is
open. Information on the timing of dividend accrual and settlement in connection
with a purchase or redemption
of shares can be found in the section of this Prospectus entitled “Buying and
Selling Fund Shares.”
A Fund’s
assets will be valued at the bid price provided by an independent pricing
service or, if a reliable price is not available,
the quoted bid price from an independent broker-dealer. We are required to
depart from these general valuation
methods and use fair value pricing methods to determine the values of certain
investments if we believe that a closing
price or the quoted bid price of a security, including a security that trades
primarily on a foreign exchange, does not
accurately reflect its current market value at the time as of which a Fund
calculates its NAV. The closing price or the
quoted bid price of a security may not reflect is current market value if, among
other things, a significant event occurs
after the closing price or quoted bid price but before the time as of which a
Fund calculates its NAV that materially
affects the value of the security. We use various criteria, including a systemic
evaluation of U.S. market moves after
the close of foreign markets in deciding whether a foreign security’s market
price is still reliable and, if not, what fair
market value to assign to the security. In addition, we use fair value pricing
to determine the value of investments
in securities and other assets, including illiquid securities, for which current
market quotations or evaluated
prices from a pricing service or broker-dealer are not readily
available.
The fair
value of a Fund’s securities and other assets is determined in good faith
pursuant to policies and procedures approved by
the Fund’s Board of Trustees. In light of the judgment involved in making fair
value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate or
that it reflects the price that the Fund could
obtain for such security if it were to sell the security at the time as of which
fair value pricing is determined. Such fair value
pricing may result in NAVs that are higher or lower than NAVs based on the
closing price or quoted bid price. See the
Statement of Additional Information for additional details regarding the
determination of NAVs.
Institutional
Money Market Funds
|
|
15 |
Management
of the Funds
The
Manager
Allspring
Funds Management, LLC (“Allspring
Funds Management”), headquartered at 1415 Vantage Park Drive, 3rd Floor,
Charlotte, NC 28203, provides advisory
and Fund level administrative services to the Funds
pursuant to an investment
management agreement (the “Management Agreement”). Allspring
Funds Management is 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. Allspring Funds Management is a registered
investment adviser that provides
advisory services for registered mutual funds, closed-end funds and other funds
and accounts.
Allspring
Funds Management is responsible for implementing the investment objectives and
strategies of the Funds.
Allspring
Funds Management’s investment professionals review and analyze the Funds’
performance, including relative to peer
funds, and monitor the Funds’
compliance with their
investment objectives and strategies. Allspring
Funds Management
is responsible for reporting to the Board on investment performance and other
matters affecting the Funds. When
appropriate, Allspring
Funds Management recommends to the Board enhancements to Fund features,
including
changes to Fund investment objectives, strategies and policies. Allspring
Funds Management also communicates
with shareholders
and intermediaries about Fund performance and features.
Allspring
Funds Management is also responsible for providing Fund-level
administrative services to the Funds,
which include,
among others, providing such services in connection with the Funds’
operations; developing and implementing
procedures for monitoring compliance with regulatory requirements and compliance
with the Funds’
investment
objectives, policies and restrictions; and providing any
other Fund-level
administrative services reasonably necessary
for the operation of the Funds,
other than those services that are provided by the Funds’ transfer
and dividend
disbursing agent, custodian and fund accountant.
To assist
Allspring
Funds Management in implementing the investment objectives and strategies of the
Funds,
Allspring
Funds
Management may contract with one or more sub-advisers to provide day-to-day
portfolio management services to the
Funds.
Allspring
Funds Management employs a team of investment professionals who identify and
recommend the initial
hiring of any sub-adviser and oversee and monitor the activities of any
sub-adviser on an ongoing basis. Allspring
Funds Management retains overall responsibility for the investment activities of
the Funds.
A
discussion regarding the basis for the Board’s approval of
the Management
Agreement and any applicable sub-advisory
agreements for each Fund is
available in the Fund’s semi-annual
report for the period ended July
31st.
For each Fund’s most
recent fiscal year end, the management
fee paid to Allspring
Funds Management pursuant to the Management
Agreement, net of any applicable waivers and reimbursements, was as
follows:
|
|
Management
Fees Paid |
|
As
a % of average daily net assets |
Heritage
Money Market Fund |
0.11% |
Municipal
Cash Management Money Market Fund |
0.04% |
16 |
|
Institutional
Money Market Funds |
The
Sub-Adviser
The
following sub-adviser
provides day-to-day portfolio management services to the Funds.
These services include making
purchases and sales of securities and other investment assets for the
Funds,
selecting broker-dealers, negotiating
brokerage commission rates and maintaining portfolio transaction records.
The sub-adviser is
compensated
for its services by Allspring Funds Management from the fees Allspring Funds
Management receives for its
services as adviser to the Funds.
Allspring
Global Investments, LLC
(“Allspring Investments”) is a registered investment adviser located
at 1415 Vantage Park Drive,
3rd Floor, Charlotte, NC 28203. Allspring Investments, an affiliate of Allspring
Funds Management and wholly
owned subsidiary of Allspring Global Investments Holdings, LLC, is a
multi-boutique asset management firm committed
to delivering superior investment services to institutional clients, including
mutual funds.
Multi-Manager
Arrangement
The Funds and
Allspring
Funds Management have obtained an exemptive order from the SEC that
permits Allspring
Funds
Management, subject to Board approval, to select certain sub-advisers and enter
into or amend sub-advisory agreements
with them, without obtaining shareholder approval. The SEC order extends to
sub-advisers that are not otherwise
affiliated with Allspring
Funds Management or the Funds, as
well as sub-advisers that are wholly-owned subsidiaries
of Allspring
Funds Management or of a company that wholly owns Allspring
Funds Management. In addition,
the SEC staff, pursuant to no-action relief, has extended multi-manager relief
to any affiliated sub-adviser, such as
affiliated sub-advisers that are not wholly-owned subsidiaries of Allspring
Funds Management or of a company that wholly
owns Allspring
Funds Management, provided certain conditions are satisfied (all such
sub-advisers covered by the
order or relief, “Multi-Manager Sub-Advisers”).
As such,
Allspring
Funds Management, with Board approval, may hire or replace Multi-Manager
Sub-Advisers for each Fund that
is eligible to rely on the order or relief. Allspring
Funds Management, subject to Board oversight, has the responsibility
to oversee Multi-Manager Sub-Advisers and to recommend their hiring, termination
and replacement. If a new
sub-adviser is hired for a Fund pursuant to the order or relief, the Fund is
required to notify shareholders within 90 days.
The Funds is not
required to disclose the individual fees that Allspring
Funds Management pays to a Multi-Manager
Sub-Adviser.
Institutional
Money Market Funds
|
|
17 |
Account
Information
Share
Class Eligibility
Administrator
Class shares are generally available through intermediaries for the accounts of
their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks; trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and fund of funds including
those managed by Allspring Funds Management.
Unless otherwise noted, the following investors may purchase Administrator Class
shares without investing a
minimum initial investment amount:
■ |
Employee
benefit plan programs; |
■ |
Broker-dealer
managed account or wrap programs that charge an asset-based
fee; |
■ |
Registered
investment adviser mutual fund wrap programs or other accounts that are
charged a fee for advisory, investment,
consulting or similar services; |
■ |
Private
bank and trust company managed accounts or wrap programs that charge an
asset-based fee; |
■ |
Internal
Revenue Code Section 529 college savings plan
accounts; |
■ |
Fund
of Funds including those advised by Allspring Funds
Management; |
■ |
Money
market trading platforms; |
■ |
Any
other institutions or customers of intermediaries who invest a minimum
initial investment amount of $1 million in a
Fund; |
■ |
Individual
investors who invest a minimum initial investment amount of $1 million
directly with a Fund; and |
■ |
Certain
investors and related accounts as detailed in the Fund’s Statement of
Additional Information. |
Any of the
minimum initial investment amount waivers listed above may be modified or
discontinued at any time.
Your Fund
may offer other classes of shares in addition to those offered through this
Prospectus. You may be eligible to invest in
one or more of these other classes of shares. Each share class bears varying
expenses and may differ in other features.
Consult your financial professional for more information regarding a Fund’s
available share classes.
The
information in this Prospectus is not intended for distribution to, or use by,
any person or entity in any non-U.S. jurisdiction
or country where such distribution or use would be contrary to any law or
regulation, or which would subject
Fund shares to any registration requirement within such jurisdiction or
country.
Compensation
to Financial Professionals and Intermediaries
Shareholder
Servicing Plan
Each Fund
has adopted a shareholder servicing plan (“Servicing Plan”). The Servicing Plan
authorizes the Fund to enter into
agreements with the Fund’s distributor, manager, or any of their affiliates to
provide or engage other entities to provide
certain shareholder services, including establishing and maintaining shareholder
accounts, processing and verifying
purchase and
redemption transactions, and providing such other shareholder liaison or related
services as may
reasonably be requested. Under the Servicing Plan, fees are paid up to the
following amounts:
|
|
|
Fund
|
Administrator
Class |
Heritage
Money Market Fund |
|
0.10% |
Municipal
Cash Management Money Market Fund |
|
0.10% |
Additional
Payments to Financial Professionals and Intermediaries
In addition
to dealer reallowances and payments made by certain classes
of each Fund
for distribution and shareholder servicing,
the Fund’s manager, the distributor or their affiliates make additional payments
(“Additional Payments”) to certain
financial professionals and intermediaries for selling shares and providing
shareholder services, which include broker-dealers
and 401(k) service providers and record keepers. These Additional Payments,
which may be significant, are paid by
the Fund’s manager, the distributor or their affiliates, out of their revenues,
which generally come directly or indirectly
from Fund fees.
In return
for these Additional Payments, each Fund’s
manager and distributor expect the Fund to receive certain marketing
or servicing considerations that are not generally available to mutual funds
whose sponsors do not make
18 |
|
Institutional
Money Market Funds |
such
payments. Such considerations are expected to include, without limitation,
placement of the Fund on a list of mutual
funds offered as investment options to the intermediary’s clients (sometimes
referred to as “Shelf Space”); access to
the intermediary’s financial professionals; and/or the ability to assist in
training and educating the intermediary’s
financial professionals.
The
Additional Payments may create potential conflicts of interest between an
investor and a financial professional or intermediary
who is recommending or making available a particular mutual fund over other
mutual funds. Before investing,
you should consult with your financial professional and review carefully any
disclosure by the intermediary as to what
compensation the intermediary receives from mutual fund sponsors, as well as how
your financial professional is
compensated.
The
Additional Payments are typically paid in fixed dollar amounts, based on the
number of customer accounts maintained
by an intermediary, or based on a percentage of sales and/or assets under
management, or a combination of the
above. The Additional Payments are either up-front or ongoing or both and differ
among intermediaries. In a given year,
Additional Payments to an intermediary that is compensated based on its
customers’ assets typically range between
0.02% and 0.25% of assets invested in a Fund by the intermediary’s customers.
Additional Payments to an intermediary
that is compensated based on a percentage of sales typically range between 0.10%
and 0.25% of the gross sales
of a Fund attributable to the financial intermediary.
More
information on the FINRA member firms that have received the Additional Payments
described in this section is available
in the Statement of Additional Information, which is on file with the SEC and is
also available on the Allspring
Funds
website at www.allspringglobal.com.
Buying
and Selling Fund Shares
For more
information regarding buying and selling Fund shares, please visit www.allspringglobal.com.
You may buy (purchase)
and sell (redeem) Fund shares as follows:
|
|
|
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
Through
Your Financial Professional |
Contact
your financial
professional.
Transactions
will be subject to the terms
of your account with your intermediary. |
Contact
your financial professional.
Transactions
will be subject to the terms of
your account with your intermediary. |
Through
Your Retirement Plan |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms
of your retirement plan account. |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms of
your retirement plan account. |
Online |
New
accounts cannot be opened online.
Contact your financial professional
or retirement plan administrator,
or refer to the section on
opening an account by mail. |
Visit
www.allspringglobal.com.
Online
transactions are limited to a maximum
of $100,000. You may be eligible
for an exception to this maximum.
Please call Investor Services at
1-800-222-8222 for more information. |
By
Telephone |
Call
Investor Services at 1-800-222-8222.
Available
only if you have another Allspring
Fund account with your bank
information on file. |
Call
Investor Services at 1-800-222-8222.
Redemption
requests may not be made by
phone if the address on your account was
changed in the last 15 days. In this event,
you must request your redemption
by mail. For joint accounts, telephone
requests generally require only
one of the account owners to call unless
you have instructed us otherwise. |
Institutional
Money Market Funds
|
|
19 |
|
|
|
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
By
Mail |
Complete
an account application and
submit it according to the instructions
on the application.
Account
applications are available online
at www.allspringglobal.com
or by
calling Investor Services at 1-800-222-8222. |
Send
the items required under “Requests
in Good Order” below to:
Regular
Mail Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967
Overnight
Only Allspring
Funds 430 W
7th Street STE 219967 Kansas
City, MO 64105-1407 |
Requests
in “Good Order”. In order
to be processed by the Funds’ transfer agent, all purchase or redemption
requests must be in
“good order.” This means that a request generally must include:
■ |
The
Fund name(s), share class(es) and account
number(s); |
■ |
The
amount (in dollars or shares) and type (purchase or redemption) of the
request; |
■ |
If by
mail, the signature of each registered owner as it appears in the account
application; and |
■ |
Any
supporting legal documentation that may be
required. |
A purchase
or redemption request in good order for which payment (of the purchase price or
of the redemption proceeds,
as applicable) is to be made via wire using “federal funds” will be processed at
the next NAV calculated after the Funds’
transfer agent receives your request. 1 A purchase
or redemption request in good order for which payment is to be
made via any other method (such as by check or EFT) will be processed at the
final NAV calculated on the business
day on which the Fund’s transfer agent receives your request. If your request is
not in good order, additional documentation
may be required to process your transaction. We reserve the right to waive any
of the above requirements.
Please note that the Funds no longer permit financial intermediaries (including
retirement plan administrators)
to serve as their agent for purposes of determining the time a purchase or
redemption request is received.
1. |
The
Fund’s shares may be purchased through an intermediary that has entered
into a dealer agreement with the Fund’s distributor. The
Fund has approved the acceptance of a purchase or redemption request
effective as of the time of its receipt by such an authorized
intermediary or its designee, as long as the request is received by one of
those entities prior to the Fund’s closing time. These
intermediaries may charge transaction fees. We reserve the right to adjust
the closing time in certain circumstances. |
Payment. Payment
for Fund shares may be made as follows:
|
|
By
Wire |
Purchases
into a new or existing account may be funded by using the following
wire
instructions:
State
Street Bank & Trust Boston,
MA Bank
Routing Number: ABA 011000028 Wire
Purchase Account: 9905-437-1 Attention:
Allspring Funds (Name
of Fund, Account Number and any applicable share class) Account
Name: Provide your name as registered on the Fund account or as
included
in your account application. |
By
Check |
Make
checks payable to Allspring Funds. |
By
Electronic Funds Transfer (“EFT”) |
Additional
purchases for existing accounts may be funded by EFT using your
linked
bank account. |
All
payments must be in U.S. dollars, and all checks and EFTs must be drawn on U.S.
banks. You will be charged a $25.00 fee
for every check or EFT that is returned to us as unpaid. Please note that, if
you are paying for Fund shares via wire, the
Fund must receive “federal funds” by the close of the Federal Reserve wire
transfer system (“Fedwire”) (normally,
6:00 p.m. ET) on the same business day your purchase order is processed. In the
event that payment is not received by
the Fund by the close of the Fedwire, the Fund reserves the right to cancel your
purchase order and you will be
liable for any resulting losses or fees incurred by the Fund or the Fund’s
transfer agent.
Timing
of Redemption Proceeds. Generally,
requests for redemption proceeds by check or EFT that are received in
good order
will be sent out by the next business day after receipt and will earn a dividend
until the day such proceeds are
sent.
20 |
|
Institutional
Money Market Funds |
Generally,
requests for redemption proceeds by wire that are received in good order will be
processed and earn dividends
as listed in the table below.
|
|
|
If
a Request is Received in Good
Order: |
Proceeds
Wired |
Dividends |
Municipal
Cash Management Money
Market Fund |
|
|
|
Same
Business Day1
|
Not
earned on day of request |
|
Next
Business Day |
Earned
on day of request |
Heritage
Money Market Fund |
|
|
|
Same
Business Day1
|
Not
earned on day of request |
|
Next
Business Day |
Earned
on day of request |
1. |
Please
note that while we will make every effort to wire your redemption proceeds
on the same business day, same day settlement is
not guaranteed. |
Please note
that if you wish to redeem shares purchased by check or by EFT within seven days
of purchase, you may be asked to
resubmit your redemption request if your payment has not yet
cleared.
Form of
Redemption Proceeds. You may
request that your redemption proceeds be sent to you by check, by EFT into a
linked bank
account, or by wire to a linked bank account. Please call Investor Services at
1-800-222-8222 regarding the requirements
for linking bank accounts or for wiring funds. Under normal circumstances, we
expect to meet redemption
requests either by using uninvested cash or cash equivalents or by using the
proceeds from the sale of portfolio
securities, at the discretion of the portfolio manager(s). The Allspring Funds
may also borrow through a bank line of
credit for the purpose of meeting redemption requests, although we do not expect
to draw funds from this source on a
regular basis. In lieu of making cash payments, we reserve the right to
determine in our sole discretion, including
under stressed market conditions, whether to satisfy redemption requests by
making payments in securities. In such
cases, we may meet all or part of a redemption request by making payment in
securities equal in value to the amount of
the redemption payable to you as permitted under the 1940 Act, and the rules
thereunder, in which case the redeeming
shareholder should expect to incur transaction costs upon the disposition of any
securities received.
Right to
Delay Payment. For the
Municipal Cash Management Money Market Fund, we can delay the payment of a
redemption
for up to seven days. We may delay the payment of a redemption for longer than
seven days under extraordinary
circumstances. For the Heritage Money Market Fund, we can delay the payment of a
redemption for longer than
one day if there is a non-routine closure of the Fedwire or Federal Reserve Bank
or under extraordinary circumstances.
For each Fund, we may also suspend redemptions if the Fund experiences
significantly impaired liquidity.
Please see the section entitled “Liquidity Fees and Redemption Gates” below for
further information.
Under the
extraordinary circumstances discussed under Section 22(e) under the Investment
Company Act of 1940, as amended, we
may suspend the right of redemption or postpone the date of payment of a
redemption for longer than one day for
the Heritage Money Market Fund, and for longer than seven days for the Municipal
Cash Management Money
Market Fund. Generally, those extraordinary circumstances are when: (i) the New
York Stock Exchange is closed or trading
thereon is restricted; (ii) an emergency exists which makes the disposal by a
Fund of securities it owns, or the fair
determination of the value of the Fund’s net assets not reasonable practical; or
(iii) the SEC, by order, permits the suspension
of the right of redemption for the protection of shareholders.
Retirement
Plans and Other Products. If you
purchased shares through a packaged investment product or retirement
plan, read
the directions for selling shares provided by the product or plan. There may be
special requirements that supercede
the directions in this Prospectus.
Liquidity
Fees and Redemption Gates. If a
Fund’s weekly liquid assets (as defined in Rule 2a-7(34)) fall below 30% of its
total
assets, the Fund may institute a liquidity fee on redemptions of up to 2% of the
value of shares redeemed and/or may impose
a redemption gate (i.e., a suspension of the right to redeem), if the Board
determines that doing so would be in the
best interests of the Fund and its shareholders. A liquidity fee and/or a
redemption gate imposed under these circumstances
may be implemented intraday. The Board may determine to raise or lower such
liquidity fee after it has been
imposed, but the liquidity fee may not exceed 2% of the value of shares
redeemed.
Institutional
Money Market Funds
|
|
21 |
If at the
end of a business day, a Fund’s weekly liquid assets fall below 10% of its total
assets, the Fund must institute a liquidity
fee, effective as of the next business day, of 1% of the value of shares
redeemed, unless the Board determines that
imposing the fee is not in the best interests of the Fund or determines that a
lower or higher liquidity fee (subject to the 2%
limit) is in the best interests of the Fund.
A liquidity
fee and/or redemption gate may be implemented prior to giving notice to
shareholders or intermediaries. It is expected
that notice will be given through a supplement to the Fund’s prospectuses and by
posting to the Fund’s website. A
Fund may further communicate such action through a press release or by other
means. The lifting of a liquidity
fee or redemption gate will be communicated through similar means.
Any
redemption request received by the Fund’s transfer agent in good
order prior to the effectiveness of a liquidity fee or
redemption gate will not be subject to such fee or gate. If a shareholder
submits a redemption request while a redemption
gate is in place, such request will be canceled and the shareholder will need to
submit a new request following
the lifting of the gate in order to redeem shares. When a fee or a gate is in
place, a Fund will not allow purchases.
Once
imposed, a liquidity fee must be applied to all shares redeemed and will remain
in effect until the Board determines
that imposing a fee is no longer in the best interests of the Fund; provided
however that, if at the end of a business
day, the Fund’s weekly liquid assets have risen to 30% or more of its total
assets, the Fund must cease charging
the liquidity fee, effective at the beginning of the next business day. While in
effect, any liquidity fees collected
by the Fund will be used to help increase the Fund’s weekly liquid
assets.
Once
imposed, a redemption gate must apply to all shares and will remain in effect
until the Board determines that the redemption
gate is no longer in the best interests of the Fund, provided, however, that the
Fund must restore right of redemption
on the earlier of: (1) the beginning of the next business day following a
business day that ended with the Fund having
invested 30% or more of its total assets in weekly liquid assets; or (2) the
beginning of the next business day
following 10 business days after suspending redemptions. A Fund may not impose a
redemption gate for more than 10
business days in any rolling 90 calendar day period.
Please note
that the Board may, in its discretion, elect to permanently suspend redemptions
and liquidate a Fund under certain
circumstances, including, among other things, if a Fund’s weekly liquid assets
fall below 10% of its total assets.
Exchanging
Fund Shares
Shareholders
of the Funds are not eligible to exchange their shares for shares of another
class of the same Fund or for shares of
another Allspring Fund.
Frequent
Purchases and Redemptions of Fund Shares
Excessive
trading by Fund shareholders can negatively impact a Fund and its long-term
shareholders by increasing expenses or
lowering returns. However, money market funds, which are typically utilized by
investors for cash management
purposes and invest in highly liquid securities, are not as susceptible to these
negative effects as non-money
market Funds.
Although
the policies adopted by the Funds do
not prohibit frequent trading between money market Funds, Allspring Funds
Management will seek to prevent an investor from utilizing a money market Fund
to facilitate frequent purchases and
redemptions of shares in non-money market Funds. If Allspring Funds Management
determines that an investor has engaged
in timing activities in contravention of the Funds’
policies (as described in the prospectus for the non-money
market Fund), Allspring Funds Management will prevent such investor from
investing in the non-money market Fund
for a period of 30 calendar days.
In
addition, Allspring Funds Management reserves the right to accept purchases,
redemptions and exchanges made in excess of
applicable trading restrictions in designated accounts held by Allspring Funds
Management or its affiliate that are
used at all times exclusively for addressing operational matters related to
shareholder accounts, such as testing of
account functions, and are maintained at low balances that do not exceed
specified dollar amount limitations.
22 |
|
Institutional
Money Market Funds |
Account
Policies
Advance
Notice of Large Transactions. We
strongly urge you to begin all purchases and redemptions as early in the
day as
possible and to notify us at least one day in advance of transactions in excess
of $50,000,000. This will allow us to manage
your Fund most effectively. When you give us this advance notice, you must
provide us with your name and account
number.
Householding. To help
keep Fund expenses low, a single copy of a Prospectus or shareholder report may
be sent to shareholders
of the same household. If your household currently receives a single copy of a
Prospectus or shareholder report and
you would prefer to receive multiple copies, please call Investor Services at
1-800-222-8222 or contact your financial
professional.
Retirement
Accounts. We offer a
variety of retirement account types for individuals and small businesses. There
may be special
distribution requirements for a retirement account, such as required
distributions or mandatory Federal income tax
withholdings. For more information about the retirement accounts listed below,
including any distribution requirements,
call Investor Services at 1-800-222-8222. For retirement accounts held directly
with a Fund, certain fees may apply,
including an annual account maintenance fee. The retirement accounts available
for individuals and small businesses
are:
■ |
Individual
Retirement Accounts, including Traditional IRAs and Roth
IRAs. |
■ |
Small
business retirement accounts, including Simple IRAs and SEP
IRAs. |
Small
Account Redemptions. We reserve
the right to redeem accounts that have values that fall below a Fund’s
minimum
initial investment amount due to shareholder redemptions (as opposed to market
movement). Before doing so, we will
give you approximately 60 days to bring your account value above the Fund’s
minimum initial investment amount.
Please call Investor Services at 1-800-222-8222 or contact your financial
professional for further details.
Transaction
Authorizations. We may
accept telephone, electronic, and clearing agency transaction instructions from
anyone who
represents that he or she is a shareholder and provides reasonable confirmation
of his or her identity. Neither we
nor Allspring Funds will be liable for any losses incurred if we follow such
instructions we reasonably believe to be
genuine. For transactions through our website, we may assign personal
identification numbers (PINs) and you will need to
create a login ID and password for account access. To safeguard your account,
please keep these credentials confidential.
Contact us immediately if you believe there is a discrepancy on your
confirmation statement or if you believe
someone has obtained unauthorized access to your online access
credentials.
Identity
Verification. We are
required by law to obtain from you certain personal information that will be
used to verify your
identity. If you do not provide the information, we will not be able to open
your account. In the rare event that we are unable
to verify your identity as required by law, we reserve the right to redeem your
account at the current NAV of the Fund’s
shares. You will be responsible for any losses, taxes, expenses, fees, or other
results of such a redemption.
Right to
Freeze Accounts, Suspend Account Services or Reject or Terminate an
Investment. We reserve
the right, to the extent
permitted by law and/or regulations. to freeze any account or suspend account
services when we have received
reasonable notice (written or otherwise) of a dispute between registered or
beneficial account owners or when we
believe a fraudulent transaction may occur or has occurred. Additionally, we
reserve the right to reject any purchase
request and to terminate a shareholder’s investment, including closing the
shareholder’s account.
Institutional
Money Market Funds
|
|
23 |
Distributions
The Funds
declare distributions of net investment income, if any, daily, and
make such distributions, if any, monthly. The Funds
generally make distributions of realized net capital gains, if
any, annually. Your distributions will be automatically reinvested
in additional shares, unless you or your Institution directs otherwise. Your
other options are to receive checks for
these payments, have them automatically invested in the same class of another
Allspring Fund, or have them
deposited into your bank account. With the check payment option, if checks
remain uncashed for six months or are
undeliverable by the Post Office, we will reinvest the distributions at the
earliest date possible, and future distributions
will be automatically reinvested.
Earning
Distributions. Assuming
the purchase amount is received by the Fund’s custodian no later than the close
of the
Fedwire, which is normally 6:00p.m. (ET), dividends will accrue as
follows:
|
|
If
a Request is Received in Good Order: |
Dividends
Begin to Accrue: |
Municipal
Cash Management Money Market Fund |
|
|
Same
Business Day |
|
Next
Business Day |
Heritage
Money Market Fund |
|
|
Same
Business Day |
|
Next
Business Day |
24 |
|
Institutional
Money Market Funds |
Other
Information
Taxes
The
following discussion regarding income taxes is based on laws that were in effect
as of the date of this Prospectus and
summarizes only some of the important federal and state income tax
considerations affecting the Funds and you as a
shareholder. It does not apply to foreign or tax-exempt shareholders or those
holding Fund shares through a tax-advantaged
account, such as a 401(k) Plan or IRA. This discussion is not intended as a
substitute for careful tax planning.
You should consult your tax adviser about your specific tax situation. Please
see the Statement of Additional Information
for additional federal income tax information.
We will
pass on to a Fund’s shareholders substantially all of the Fund’s net investment
income and realized net capital gains, if
any. With respect to the Municipal Cash Management Money Market Fund, it is
intended that distributions from the Fund’s
net interest income from tax-exempt securities will not be subject to federal
income tax, although a portion of such
distributions could be subject to the federal AMT for individual shareholders.
Individual shareholders should consult
their tax advisers regarding their specific tax situation.
Distributions
of ordinary income from the Municipal Cash Management Money Market Fund
attributable to other sources, if
any, and of ordinary income from the other Funds attributable to all sources, if
any, generally will be taxable to you as
ordinary income. Although the Funds do not expect to realize any capital gain,
distributions of a Fund’s net short-term
capital gain, if any, generally will be taxable to you as ordinary income and
distributions of a Fund’s net long-term
capital gain, if any, generally will be taxable to you as long-term capital
gain. Corporate shareholders should not expect
to deduct a portion of their distributions when determining their taxable
income. In general, distributions also will
not qualify for reductions in federal income taxation of dividends payable to
individuals from certain domestic and foreign
corporations.
To the
extent a distribution from a Fund is taxable, such distributions will be taxable
to you when paid, whether you take
distributions in cash or automatically reinvest them in additional Fund shares.
Following the end of each year, we will notify
you of the federal income tax status of your distributions for the
year.
Individual
taxpayers are subject to tax on ordinary income at a maximum rate of 37% and the
maximum tax rate on long-term
capital gains and qualified dividends is 20%. For U.S. individuals
with income exceeding $200,000 ($250,000 if married
and filing jointly), a 3.8% Medicare contribution tax applies on “net investment
income,” including interest, dividends,
and capital gains. Corporations are subject to tax on all income and gains at a
tax rate of 21%.
In certain
circumstances, Fund shareholders may be subject to back-up withholding
taxes.
When you
redeem your shares from a Fund with a floating NAV, you may recognize a taxable
gain or loss on the redemption
of your Fund shares.
There is
some degree of uncertainty with respect to the tax treatment of liquidity fees
received by money market funds, and
such tax treatment may be the subject of future guidance issued by the Internal
Revenue Service. If a Fund receives
liquidity fees, it will consider the appropriate tax treatment of such fees to
the Fund at such time.
Institutional
Money Market Funds
|
|
25 |
Financial
Highlights
The
following tables are intended
to help you understand a Fund’s financial performance for the past five years
(or since inception,
if shorter). Certain information reflects financial results for a single Fund
share. Total returns represent the rate you
would have earned (or lost) on an investment in each Fund
(assuming reinvestment of all distributions). The information
in the following tables has
been derived from the Funds’
financial statements
which have been
audited by KPMG LLP,
the Funds’ independent registered public accounting firm, whose report, along
with each Fund’s
financial statements,
is also included in each Fund’s
annual report, a copy of which is available upon request.
Heritage
Money Market Fund
For a share
outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended January 31 |
Administrator
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
Payment
from affiliate |
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return |
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
* |
Ratio
includes class-level expenses which were voluntarily waived by the
investment manager. Without this voluntary waiver, the net expense ratio
would be
increased by the following amounts: Year
ended January 31,
2023 0.02% Year
ended January 31,
2022 0.18% Year
ended January 31,
2021 0.03% |
1 |
Amount
is less than $0.00005. |
2 |
During
the year ended January 31, 2022, the Fund received a payment from an
affiliate which had a 0.01% impact on total return. See Note 4 in the
Notes to
Financial Statement for additional
information. |
26 |
|
Institutional
Money Market Funds |
Municipal Cash
Management Money Market Fund
For a share
outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended January 31 |
Administrator
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return |
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
* |
Ratio
includes class-level expenses which were voluntarily waived by the
investment manager. Without this voluntary waiver, the net expense ratio
would be
increased by the following amounts: Year
ended January 31,
2023 0.03% Year
ended January 31,
2022 0.22% Year
ended January 31,
2021 0.06% |
1 |
Amount
is less than $0.00005. |
Institutional
Money Market Funds
|
|
27 |
28 |
|
Institutional
Money Market Funds |
Institutional
Money Market Funds
|
|
29 |
30 |
|
Institutional
Money Market Funds |
|
|
FOR
MORE INFORMATION
More
information on a Fund is available free upon request, including
the following documents:
Statement
of Additional Information (“SAI”) Supplements
the disclosures made by this Prospectus. The
SAI, which has been filed with the SEC, is incorporated
by reference into this Prospectus and therefore
is legally part of this Prospectus.
Annual/Semi-Annual
Reports Provide
financial and other important information, including
a discussion of the market conditions and
investment strategies that significantly affected Fund
performance over the reporting period.
To
obtain copies of the above documents or for more information
about Allspring
Funds, contact us:
By
telephone: Individual
Investors: 1-800-222-8222 Retail
Investment Professionals: 1-888-877-9275 Institutional
Investment Professionals: 1-800-260-5969 |
By
mail: Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967
Online: www.allspringglobal.com
From
the SEC: Visit
the SEC’s Public Reference Room in Washington, DC
(phone 1-202-551-8090 for operational information
for the SEC’s Public Reference Room) or the
SEC’s website at sec.gov.
To
obtain information for a fee, write or email:SEC’s
Public Reference Section100
“F” Street, NEWashington,
DC 20549-0102[email protected]The
Allspring
Funds are distributed byAllspring
Funds Distributor, LLC, a member of
FINRA. |
|
|
©
2023
Allspring Global Investments Holdings, LLC. All rights
reserved. |
PRO3229
06-23 ICA
Reg. No. 811-09253 |