Allspring Utility and Telecommunications Fund Class A
EVUAX
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- Allspring Utility and Telecommunications Fund Class A (EVUAX) is an open-end mutual fund that seeks total return consisting of current income and capital appreciation by investing principally in equity securities of utility and telecommunications companies across all market capitalizations. The Fund normally invests at least 80% of its net assets in common, preferred, and convertible preferred stocks of utility companies, which include providers of basic services such as electricity generation, transmission and distribution, natural gas transmission and distribution, and water and sewage services; and telecommunications companies, which include cable and satellite providers, interactive media providers, communication equipment manufacturers, telecommunication services providers, telecommunication REITs, and broadcasting services providers. It may allocate up to 20% of net assets to dividend-paying equity securities of non-utility and non-telecommunications companies; up to 25% of total assets to equity securities of foreign issuers, including American Depositary Receipts (ADRs); and up to 10% of total assets to emerging market equity securities; the Fund is non-diversified and may use derivatives such as put and call options for hedging purposes. The Fund offers four share classes: Class A (EVUAX) with a 5.75% front-end sales load and net expense ratio of 1.04%; Class C (EVUCX) with a 1.00% contingent deferred sales charge and net expense ratio of 1.79%; Administrator Class (EVUDX) with net expense ratio of 0.92%; and Institutional Class (EVUYX) with net expense ratio of 0.72%, reflecting contractual fee waivers through July 31, 2026. It targets investors seeking exposure to the utilities sector (Morningstar category), with a dividend-focused strategy emphasizing sustainable dividends, dividend growth potential, valuation, earnings growth, cash flow, debt levels, and management discipline; the portfolio typically holds 30-35 securities, with top holdings including NextEra Energy Inc., Constellation Energy Corp., Southern Co., Vistra Corp., and Duke Energy Corp., representing over 30% of assets. Operations focus primarily on U.S. equities (over 98% allocation), with minimal cash and no bonds; minimum initial investments are $1,000 for Class A and C shares ($250 for IRAs), $1 million for Administrator and Institutional classes; distributions occur quarterly, with fiscal year-end March 31. Launched on January 4, 1994 (Class A shares), with Institutional Class inception February 28, 1994, the Fund is managed by Allspring Funds Management, LLC (advisor, formerly Wells Fargo Funds Management, LLC, incorporated 2000), with sub-adviser Allspring Global Investments, LLC; portfolio managers include Kent Newcomb, CFA (since 2019), Andy Smith, CFA (since 2024), and Jack Spudich, CFA. Allspring Global Investments is headquartered in Charlotte, North Carolina, following its 2021 independence from Wells Fargo and 2022 headquarters relocation from San Francisco. As of mid-2025, net assets approximate $350 million, with portfolio turnover of 11%; year-to-date returns through June 2025 stood at about 9.73% for Class A. Recent developments include a planned automatic conversion of all Administrator Class shares (EVUDX) to Institutional Class shares (EVUYX) effective on or about September 12, 2025, aimed at streamlining share classes and providing lower expense ratios to eligible investors. Updated expense caps and fee waivers were recontracted through July 31, 2026, maintaining net operating expenses at current levels; Andy Smith, CFA, joined as co-portfolio manager in January 2024, enhancing the team's expertise in dividend equity strategies. Portfolio sector allocation as of March 2024 emphasized utilities (78%), with opportunistic exposure to communication services (5%), financials (4%), health care (4%), and others; strong performance in 2024 yielded 17.68% total return for Class A (excluding sales charge).