Fund Evaluator:

Allspring Ultra Shrt-Term Muni Inc A Overview

Allspring Ultra Shrt-Term Muni Inc A (SMAVX) is an actively managed Municipal Bond Muni National Short fund. Allspring Global Investments launched the fund in 2000.

The investment seeks current income exempt from federal income tax, consistent with capital preservation. The fund normally invests at least 80% of the fund's net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT). It invests up to 20% of the fund's total assets in securities whose interest is subject to federal AMT. While the fund may purchase securities of any maturity, under normal circumstances, the advisor expects the fund's dollar-weighted average effective maturity to be 1 year or less.

About Allspring Ultra Shrt-Term Muni Inc A (SMAVX)

There are 3 members of the management team with an average tenure of 7.34 years: James Randazzo (2019), Bruce Johns (2017), Nicholos Venditti (2020). 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 1 Yr 1-2 TR USD index with a weighting of 100%. Allspring Ultra Shrt-Term Muni Inc A has 413 securities in its portfolio. The top 10 holdings constitute 12.2% 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 Ultra Shrt-Term Muni Inc A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Allspring Ultra Shrt-Term Muni Inc A has 0.2% 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 93.6% (93.4% domestic bond, 0.2% foreign bond and 0.0% convertible bond). Allspring Ultra Shrt-Term Muni Inc A has 6.4% of the portfolio in cash.

Assets Under Management

The fund has $152 million in total assets, which is below the $633 million average for the Muni National 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.

SMAVX 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 Ultra Shrt-Term Muni Inc A expense ratio is average compared to funds in the Muni National Short category. Allspring Ultra Shrt-Term Muni Inc A has an expense ratio of 0.50%, which is 13% 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 Ultra Shrt-Term Muni Inc A has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.

Recently, in the month of July 2026, Allspring Ultra Shrt-Term Muni Inc A returned -0.0%, which earned it a grade of A, as the Muni National Short category had an average return of -0.5%. 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 Ultra Shrt-Term Muni Inc A has a trailing yield of 2.64%, which is below the 2.78% 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 Ultra Shrt-Term Muni Inc A Grades

Year to date, the fund has returned 1.2%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 2.3% over the past year (grade of D), 3.2% over the past three years (grade of C) and 2.0% per year over the past five years (grade of A) and 1.4% per year over the past 10 years (grade of D).

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