Fund Evaluator:

Allspring California Ltd-Trm Tx-Fr A Overview

Allspring California Ltd-Trm Tx-Fr A (SFCIX) is an actively managed Municipal Bond Muni Single State Short fund. Allspring Global Investments launched the fund in 1992.

The investment seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation. The fund 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, and California 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. The fund invests up to 10% of the fund's total assets in below investment-grade municipal securities; and up to 10% of the fund's total assets in inverse floaters.

About Allspring California Ltd-Trm Tx-Fr A (SFCIX)

There are 2 members of the management team with an average tenure of 8.83 years: Robert Miller (2025), Adrian Van Poppel (2009). 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 Cali Muni 1-5Y Blnd TR USD index with a weighting of 100%. Allspring California Ltd-Trm Tx-Fr A has 263 securities in its portfolio. The top 10 holdings constitute 21.5% 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 California Ltd-Trm Tx-Fr A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Allspring California Ltd-Trm Tx-Fr A has 0.9% 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 99.0% (98.0% domestic bond, 0.9% foreign bond and 0.0% convertible bond). Allspring California Ltd-Trm Tx-Fr A has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $49 million in total assets, which is below the $238 million average for the Muni Single State Short 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.

SFCIX 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 California Ltd-Trm Tx-Fr A expense ratio is high compared to funds in the Muni Single State Short category. Allspring California Ltd-Trm Tx-Fr A has an expense ratio of 0.80%, which is 23% higher than its category average, making the fund expense ratio grade a D. 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 California Ltd-Trm Tx-Fr A has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.

Recently, in the month of July 2026, Allspring California Ltd-Trm Tx-Fr A returned -0.6%, which earned it a grade of B, as the Muni Single State Short category had an average return of -0.7%. 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 California Ltd-Trm Tx-Fr A has a trailing yield of 2.24%, which is below the 2.95% 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 California Ltd-Trm Tx-Fr A Grades

Year to date, the fund has returned 0.4%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.5% over the past year (grade of D), 3.0% over the past three years (grade of C) and 1.0% per year over the past five years (grade of C) and 1.1% per year over the past 10 years (grade of F).

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