Fund Evaluator:
Allspring Pennsylvania Tax-Free A (EKVAX)
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Best Performing in Muni Pennsylvania Over the Last Year
| 6.7% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 6.7% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 5.0% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Allspring Pennsylvania Tax-Free A Overview
Allspring Pennsylvania Tax-Free A (EKVAX) is an actively managed Municipal Bond Muni Pennsylvania fund. Allspring Global Investments launched the fund in 1990.
The investment seeks current income exempt from federal income tax and Pennsylvania individual income tax. The fund normally invests at least 80% of the fund's net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and Pennsylvania individual income tax. It invests up to 20% of the fund's net assets in securities whose interest is subject to federal income tax, including federal AMT.
About Allspring Pennsylvania Tax-Free A (EKVAX)
There are 3 members of the management team with an average tenure of 10.87 years: Robert Miller (2009), Bruce Johns (2011), Nicholos Venditti (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal Pennsylvania TR USD index with a weighting of 100%. Allspring Pennsylvania Tax-Free A has 131 securities in its portfolio. The top 10 holdings constitute 17.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Allspring Pennsylvania Tax-Free A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Allspring Pennsylvania Tax-Free A has 2.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.9% (96.1% domestic bond, 2.9% foreign bond and 0.0% convertible bond). Allspring Pennsylvania Tax-Free A has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $189 million average for the Muni Pennsylvania category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EKVAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Allspring Pennsylvania Tax-Free A expense ratio is above average compared to funds in the Muni Pennsylvania category. Allspring Pennsylvania Tax-Free A has an expense ratio of 0.74%, which is 12% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Allspring Pennsylvania Tax-Free A has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Allspring Pennsylvania Tax-Free A returned -1.3%, which earned it a grade of A, as the Muni Pennsylvania category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Allspring Pennsylvania Tax-Free A has a trailing yield of 3.23%, which is below the 3.51% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Allspring Pennsylvania Tax-Free A Grades
Year to date, the fund has returned 1.0%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 5.8% over the past year (grade of D), 3.2% over the past three years (grade of C) and 0.4% per year over the past five years (grade of B) and 1.7% per year over the past 10 years (grade of C).
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EKVAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EKVAX Return (NAV) | -1.3% | -0.1% | 5.8% | 3.2% | 0.4% | 1.7% |
| EKVAX Grade | A | A | D | C | B | C |
| +/- Category | 0.6% | 0.3% | -0.4% | 0.1% | 0.3% | -0.0% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| EKVAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
EKVAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EKVAX Return (NAV) | 1.0% | 3.2% | 2.7% | 5.3% | -9.0% | 2.1% | 3.6% | 6.6% | 1.3% | 5.0% | -0.5% |
| EKVAX Grade | A | D | B | D | A | D | F | C | B | C | F |
| +/- Category | 0.4% | -0.1% | 0.4% | -0.6% | 1.5% | -0.4% | -0.8% | -0.6% | -0.7% | 0.9% | -1.2% |
| Muni Pennsylvania Avg | 0.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 5.1% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 0.80 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.88 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $102 Mil |
| Fund Total Assets: | $ 28 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 10.9 years | |||
| Managers (Year): Miller Robert (2009), Johns Bruce (2011), Venditti Nicholos (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 131 |
| % in Top 10 Holdings: | 17.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.1% |
| Foreign Bond: | 2.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Allspring Global Investments |
| Phone Number: | 800-222-8222 |
| Website: | www.allspringglobal.com |
| Status: | Open |
| Inception Date: | December 27, 1990 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Allspring Pennsylvania Tax-Free A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
