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Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Allspring Minnesota Tax-Free Fund

WMTIX | Fund

$10.17

$184 M

3.47%

$0.35

0.59%

Vitals

YTD Return

2.3%

1 yr return

8.6%

3 Yr Avg Return

0.1%

5 Yr Avg Return

0.9%

Net Assets

$184 M

Holdings in Top 10

14.6%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Allspring Minnesota Tax-Free Fund

WMTIX | Fund

$10.17

$184 M

3.47%

$0.35

0.59%

WMTIX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.13%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Allspring Minnesota Tax-Free Fund
  • Fund Family Name
    Allspring Funds
  • Inception Date
    Oct 31, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bruce Johns

Fund Description

Under normal circumstances, we invest:
■
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 Minnesota individual income tax;
■
up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;
■
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.
We invest principally in municipal securities whose interest is  exempt from federal income tax, including federal AMT, and Minnesota individual income tax. Our investment holdings may include municipal securities issued by the state of Minnesota and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s net assets in securities whose interest is subject to federal income tax, including  federal AMT. While the Fund is required, under normal circumstances, to invest at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from Minnesota individual income tax, we currently intend to manage the portfolio so that at least 95% of the income generated by the Fund is exempt from Minnesota individual income tax. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.
We may invest up to 10% of the Fund’s total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund’s investment in inverse floaters to an amount equal to 10% of the Fund’s total assets.
We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific demographic trends. Securities may be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs.
Read More

WMTIX - Performance

Return Ranking - Trailing

Period WMTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -1.5% 25.1% 76.58%
1 Yr 8.6% 2.6% 38.2% 75.58%
3 Yr 0.1%* -9.7% 3.5% 34.71%
5 Yr 0.9%* -6.6% 1104.9% 46.99%
10 Yr N/A* -0.8% 248.9% 44.38%

* Annualized

Return Ranking - Calendar

Period WMTIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -1.4% 41.0% 87.76%
2022 -8.1% -39.7% 0.3% 20.99%
2021 -0.9% -5.6% 6.9% 72.49%
2020 1.8% -2.6% 310.0% 47.29%
2019 3.4% 0.0% 26.0% 65.38%

Total Return Ranking - Trailing

Period WMTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -1.5% 25.1% 76.58%
1 Yr 8.6% 2.6% 38.2% 75.58%
3 Yr 0.1%* -9.7% 3.5% 34.71%
5 Yr 0.9%* -6.6% 1104.9% 46.99%
10 Yr N/A* -0.8% 248.9% 42.42%

* Annualized

Total Return Ranking - Calendar

Period WMTIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -1.3% 41.0% 80.24%
2022 -5.9% -39.7% 1.1% 18.22%
2021 1.4% -4.8% 23761504.0% 54.28%
2020 3.5% -1.5% 17057.9% 61.04%
2019 6.5% 0.2% 3514.6% 51.89%

NAV & Total Return History

WMTIX - Holdings

Concentration Analysis

WMTIX Category Low Category High WMTIX % Rank
Net Assets 184 M 3.22 M 71.9 B 74.04%
Number of Holdings 231 4 13418 49.64%
Net Assets in Top 10 25.6 M -317 M 3.45 B 82.02%
Weighting of Top 10 14.59% 1.9% 100.1% 66.40%

Top 10 Holdings

  1. MINNESOTA ST COPS 1.90%
  2. ROCHESTER MN HLTH CARE FACS REVENUE 1.84%
  3. MINNESOTA ST HSG FIN AGY 1.82%
  4. MINNESOTA ST HGR EDU FACS AUTH REVENUE 1.54%
  5. DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE 1.46%
  6. RAMSEY CNTY MN 1.27%
  7. ROSEVILLE MN INDEP SCH DIST #623 1.23%
  8. FOREST LAKE MN MF HSG REVENUE 1.18%
  9. HENNEPIN CNTY MN 1.18%
  10. SAINT CLOUD MN HLTH CARE REVENUE 1.17%

Asset Allocation

Weighting Return Low Return High WMTIX % Rank
Bonds 		98.53% 0.00% 150.86% 60.41%
Cash 		1.47% -50.86% 43.45% 37.89%
Stocks 		0.00% 0.00% 99.89% 76.92%
Preferred Stocks 		0.00% 0.00% 0.08% 72.26%
Other 		0.00% -3.72% 51.88% 70.34%
Convertible Bonds 		0.00% 0.00% 0.93% 72.02%

Bond Sector Breakdown

Weighting Return Low Return High WMTIX % Rank
Municipal 		95.50% 44.39% 100.00% 77.95%
Derivative 		0.00% -3.72% 51.88% 67.29%
Cash & Equivalents 		0.00% 0.00% 43.45% 85.73%
Securitized 		0.00% 0.00% 5.93% 72.35%
Corporate 		0.00% 0.00% 9.41% 78.15%
Government 		0.00% 0.00% 52.02% 74.55%

Bond Geographic Breakdown

Weighting Return Low Return High WMTIX % Rank
US 		98.53% 0.00% 142.23% 58.06%
Non US 		0.00% 0.00% 23.89% 72.33%

WMTIX - Expenses

Operational Fees

WMTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.01% 8.02% 69.99%
Management Fee 0.40% 0.00% 1.20% 43.04%
12b-1 Fee 0.00% 0.00% 1.00% 12.59%
Administrative Fee 0.08% 0.01% 0.44% 28.37%

Sales Fees

WMTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

WMTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

WMTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 283.00% 18.08%

WMTIX - Distributions

Dividend Yield Analysis

WMTIX Category Low Category High WMTIX % Rank
Dividend Yield 3.47% 0.00% 14.51% 45.69%

Dividend Distribution Analysis

WMTIX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

WMTIX Category Low Category High WMTIX % Rank
Net Income Ratio 2.13% -0.53% 5.33% 39.96%

Capital Gain Distribution Analysis

WMTIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

WMTIX - Fund Manager Analysis

Managers

Bruce Johns

Start Date

Tenure

Tenure Rank

Jan 03, 2012

10.41

10.4%

Bruce Johns is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. In this capacity, he manages national short to intermediate maturity strategies and certain state-specific mutual funds. Bruce joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). He joined WFAM from Strong Capital Management, where he was a senior research analyst covering the health care sector. Prior to taking on the role of research analyst at Strong, his area of responsibility included all fixed income settlements operations. He earned a bachelor’s degree in business and finance from the University of Wisconsin, Parkside. Bruce is a member of the National Federation of Municipal Analysts and the Minnesota Society of Municipal Analysts.

Kerry Laurin

Start Date

Tenure

Tenure Rank

Sep 01, 2020

1.75

1.8%

Ms. Laurin joined Wells Capital Management or one of its predecessor firms in 2016, where she currently serves as a Senior Analyst. Prior to joining WFAM, she was as a research analyst for Heartland Advisors where she covered taxable fixed income, consumer, and utility equity sectors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.33 1.58

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