# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001081400-23-000063
**Filing Date:** 2023-2
**Character Count:** 70162
**Document Hash:** f8acfd35c9ccd982898199c8f6cd7f62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001081400-23-000063.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001081400-23-000063

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-74295
- **FILM NUMBER:** 23659855

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO FUNDS TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring Emerging Markets Equity Fund (Series ID: S000029062)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089292 | Class A             | EMGAX           |
| C000089294 | Class C             | EMGCX           |
| C000089295 | Administrator Class | EMGYX           |
| C000092796 | Institutional Class | EMGNX           |
| C000130053 | Class R6            | EMGDX           |

---

| | |
|:---|:---|
| .![](su9768img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary Prospectus<br>March 1, 2023 |

---

Allspring Emerging Markets Equity Fund<br>

------

Class/Ticker: Class A - EMGAX - Class C - EMGCX <u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to fundliterature@allspring-global.com. The current prospectus ("Prospectus") and statement of additional information ("SAI"), dated March 1, 2023, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.*

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses**

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in "Share Class Features" and "Reductions and Waivers of Sales Charges" on pages 34 and 35 of the Prospectus and "Additional Purchase and Redemption Information" on page 92 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 52 for further information.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees (fees paid directly from your investment)** |  |  |
|  | **Class A** | **Class C** |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of offering price) | None<sup>1</sup> | 1.00% |

---

1. Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** |
|  | **Class A** | **Class C** |
| &nbsp;&nbsp; Management Fees | 1.01% | 1.01% |
| &nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% | 0.75% |
| &nbsp;&nbsp; Other Expenses | 0.53% | 0.53% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | 0.00% | 0.00% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | **1.54%** | **2.29%** |
| &nbsp;&nbsp; Fee Waivers | (0.10)% | (0.10)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waivers<sup>2</sup>** | **1.44%** | **2.19%** |

---

1. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses.

2. The Manager has contractually committed through February 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 1.44% for Class A and 2.19% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

------

**Example of Expenses**

The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming No Redemption** |
| &nbsp;&nbsp; **After:** | **Class A** | **Class C** | **Class C** |
| &nbsp;&nbsp; 1 Year | $714 | $323 | $223 |
| &nbsp;&nbsp; 3 Years | $1027 | $709 | $709 |
| &nbsp;&nbsp; 5 Years | $1362 | $1221 | $1221 |
| &nbsp;&nbsp; 10 Years | $2306 | $2628 | $2628 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Fund's net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We may use futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors.

Utilizing a bottom-up, research driven stock selection process, we seek to invest in quality companies at prices below their intrinsic value. From the available stock universe we focus only on those quality companies that are able to sustain high profitability over a long period of time for reasons we can understand. We believe that quality companies create value for investors from profitable investment of retained earnings and dividend payout and preserve value in adversity. We further believe that quality companies that embrace sustainable environmental, social and governance (ESG) policies are more likely to avoid permanent loss of capital than companies that do not. Among the characteristics we seek in high-quality companies are strong competitive position, demonstrable financial strength and profitability, favorable ESG attributes, quality management dedicated to public shareholders' interest, and favorable growth prospect supported by major long-term trends. ESG information and research are integral to the investment process for the specific purpose of increasing our knowledge of companies, identifying and evaluating risks and opportunities, and engaging with companies to influence corporate behaviors, all of which can impact the team's assessment of a company's quality and long term intrinsic value. ESG factors represent broad categories, and the team's ESG research is pragmatic and driven by bottom-up, company-specific issues that are important to individual companies in our pool of quality investments. In general, ESG research and engagement are broad and cover environmental, social, and governance issues as appropriate for each company, such as the environmental impact of a proposed project, employee protections in a supply chain, or composition of the board of directors. We also focus on understanding each company's intrinsic value and will only invest when a company's stock trades at a meaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, but instead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below our assessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and our decisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when there is a material deterioration in the fundamentals of the company.

------

**Principal Investment Risks**

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

**Market Risk.** The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.

**Equity Securities Risk.** The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

**Foreign Investment Risk.** Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.

**Emerging Markets Risk.** Emerging market securities typically present even greater exposure to the risks described under "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

**Derivatives Risk.** The use of derivatives, such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

**Futures Contracts Risk.** A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

**Growth/Value Investing Risk.** Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.

**Management Risk.** Investment decisions, techniques, analyses or models implemented by a Fund's manager or sub-adviser in seeking to achieve the Fund's investment objective may not produce expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

**Smaller Company Securities Risk.** Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

------

**Performance**

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's website at www.allspringglobal.com.

---

| | | |
|:---|:---|:---|
| **Calendar Year Total Returns for Class A as of 12/31 each year**<br>**(returns do not reflect sales charges and would be lower if they did)** | **Calendar Year Total Returns for Class A as of 12/31 each year**<br>**(returns do not reflect sales charges and would be lower if they did)** | **Calendar Year Total Returns for Class A as of 12/31 each year**<br>**(returns do not reflect sales charges and would be lower if they did)** |
| .![](su9768img003.jpg) | &nbsp;&nbsp;&nbsp; **Highest Quarter:** <br>June 30, 2020 | +23.72% |
| .![](su9768img003.jpg) | &nbsp;&nbsp;&nbsp; **Lowest Quarter:** <br>March 31, 2020 | -23.80% |
| .![](su9768img003.jpg) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended 12/31/2022 (returns reflect applicable sales charges)** | **Average Annual Total Returns for the periods ended 12/31/2022 (returns reflect applicable sales charges)** | **Average Annual Total Returns for the periods ended 12/31/2022 (returns reflect applicable sales charges)** | **Average Annual Total Returns for the periods ended 12/31/2022 (returns reflect applicable sales charges)** | **Average Annual Total Returns for the periods ended 12/31/2022 (returns reflect applicable sales charges)** |
|  | **Inception Date of Share Class** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp; Class A (before taxes) | 9/6/1994 | -24.37% | -2.98% | 0.31% |
| &nbsp;&nbsp; Class A (after taxes on distributions) | 9/6/1994 | -24.33% | -2.92% | 0.35% |
| &nbsp;&nbsp; Class A (after taxes on distributions and the sale of Fund Shares) | 9/6/1994 | -14.14% | -2.08% | 0.37% |
| &nbsp;&nbsp; Class C (before taxes) | 9/6/1994 | -21.36% | -2.53% | 0.32% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (Net) (USD) (reflects no deduction for fees, expenses, or taxes) |  | -20.09% | -1.40% | 1.44% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

------

**Fund Management**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Manager** | &nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp; Allspring Funds Management, LLC | &nbsp;&nbsp; Allspring Global Investments, LLC | &nbsp;&nbsp; **Derrick Irwin, CFA,** Portfolio Manager/2011<br>**Richard Peck, CFA,** Portfolio Manager/2014<br>**Yi (Jerry) Zhang, Ph.D., CFA,** Portfolio Manager/2006 |

---

**Purchase and Sale of Fund Shares**

In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Minimum Investments** | &nbsp;&nbsp; **To Buy or Sell Shares** |
| &nbsp;&nbsp; **Minimum Initial Investment**<br>Regular Accounts: $1,000<br>IRAs, IRA Rollovers, Roth IRAs: $250<br>UGMA/UTMA Accounts: $50<br>Employer Sponsored Retirement Plans: No Minimum<br>**Minimum Additional Investment**<br>Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100<br>UGMA/UTMA Accounts: $50<br>Employer Sponsored Retirement Plans: No Minimum | &nbsp;&nbsp; **Mail:** Allspring Funds<br>P.O. Box 219967<br>Kansas City, MO 64121-9967<br>**Online:** allspringglobal.com<br>**Phone or Wire:** 1-800-222-8222<br>**Contact your financial professional.** |

---

**Tax Information**

Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, subsequent withdrawals from such a tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.

**Payments to Intermediaries**

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information.

<u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

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| | |
|:---|:---|
| .![](su9768img002.jpg) |©2023 Allspring Global Investments Holdings, LLC. All rights reserved.<br>SUM0663 03-23 |

---

---

| | |
|:---|:---|
| .![](su9777img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary Prospectus<br>March 1, 2023 |

---

Allspring Emerging Markets Equity Fund<br>

------

Class/Ticker: Class R6 - EMGDX <u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to fundliterature@allspring-global.com. The current prospectus ("Prospectus") and statement of additional information ("SAI"), dated March 1, 2023, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.*

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses**

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.

---

| |
|:---|
| **Shareholder Fees (fees paid directly from your investment)** |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of offering price) |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** |
| &nbsp;&nbsp; Management Fees | 1.01% |
| &nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% |
| &nbsp;&nbsp; Other Expenses | 0.10% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | 0.00% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | **1.11%** |
| &nbsp;&nbsp; Fee Waivers | (0.10)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waivers<sup>2</sup>** | **1.01%** |

---

1. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses.

2. The Manager has contractually committed through February 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.01% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

**Example of Expenses**

The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **After:** |  |
| &nbsp;&nbsp; 1 Year | $104 |
| &nbsp;&nbsp; 3 Years | $346 |
| &nbsp;&nbsp; 5 Years | $607 |
| &nbsp;&nbsp; 10 Years | $1354 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Fund's net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We may use futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors.

Utilizing a bottom-up, research driven stock selection process, we seek to invest in quality companies at prices below their intrinsic value. From the available stock universe we focus only on those quality companies that are able to sustain high profitability over a long period of time for reasons we can understand. We believe that quality companies create value for investors from profitable investment of retained earnings and dividend payout and preserve value in adversity. We further believe that quality companies that embrace sustainable environmental, social and governance (ESG) policies are more likely to avoid permanent loss of capital than companies that do not. Among the characteristics we seek in high-quality companies are strong competitive position, demonstrable financial strength and profitability, favorable ESG attributes, quality management dedicated to public shareholders' interest, and favorable growth prospect supported by major long-term trends. ESG information and research are integral to the investment process for the specific purpose of increasing our knowledge of companies, identifying and evaluating risks and opportunities, and engaging with companies to influence corporate behaviors, all of which can impact the team's assessment of a company's quality and long term intrinsic value. ESG factors represent broad categories, and the team's ESG research is pragmatic and driven by bottom-up, company-specific issues that are important to individual companies in our pool of quality investments. In general, ESG research and engagement are broad and cover environmental, social, and governance issues as appropriate for each company, such as the environmental impact of a proposed project, employee protections in a supply chain, or composition of the board of directors. We also focus on understanding each company's intrinsic value and will only invest when a company's stock trades at a meaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, but instead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below our assessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and our decisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when there is a material deterioration in the fundamentals of the company.

**Principal Investment Risks**

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

**Market Risk.** The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.

**Equity Securities Risk.** The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political

------

conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

**Foreign Investment Risk.** Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.

**Emerging Markets Risk.** Emerging market securities typically present even greater exposure to the risks described under "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

**Derivatives Risk.** The use of derivatives, such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

**Futures Contracts Risk.** A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

**Growth/Value Investing Risk.** Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.

**Management Risk.** Investment decisions, techniques, analyses or models implemented by a Fund's manager or sub-adviser in seeking to achieve the Fund's investment objective may not produce expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

**Smaller Company Securities Risk.** Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

**Performance**

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's website at www.allspringglobal.com.

---

| | | |
|:---|:---|:---|
| **Calendar Year Total Returns for Class R6 as of 12/31 each year<sup>1</sup>** | **Calendar Year Total Returns for Class R6 as of 12/31 each year<sup>1</sup>** | **Calendar Year Total Returns for Class R6 as of 12/31 each year<sup>1</sup>** |
| .![](su9777img003.jpg) | &nbsp;&nbsp;&nbsp; **Highest Quarter:** <br>June 30, 2020 | +23.85% |
| .![](su9777img003.jpg) | &nbsp;&nbsp;&nbsp; **Lowest Quarter:** <br>March 31, 2020 | -23.70% |
| .![](su9777img003.jpg) |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended 12/31/2022<sup>1</sup>** | **Average Annual Total Returns for the periods ended 12/31/2022<sup>1</sup>** | **Average Annual Total Returns for the periods ended 12/31/2022<sup>1</sup>** | **Average Annual Total Returns for the periods ended 12/31/2022<sup>1</sup>** | **Average Annual Total Returns for the periods ended 12/31/2022<sup>1</sup>** |
|  | **Inception Date of Share Class** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp; Class R6 | 6/28/2013 | -19.38% | -1.40% | 1.36% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (Net) (USD) (reflects no deduction for fees, expenses, or taxes) |  | -20.09% | -1.40% | 1.44% |

---

1. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

**Fund Management**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Manager** | &nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp; Allspring Funds Management, LLC | &nbsp;&nbsp; Allspring Global Investments, LLC | &nbsp;&nbsp; **Derrick Irwin, CFA,** Portfolio Manager/2011<br>**Richard Peck, CFA,** Portfolio Manager/2014<br>**Yi (Jerry) Zhang, Ph.D., CFA,** Portfolio Manager/2006 |

---

**Purchase and Sale of Fund Shares**

Class R6 shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans, target benefit plans, and non-qualified deferred compensation plans. Class R6 shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class R6 shares also are available to funds of funds including those managed by Allspring Funds Management. Class R6 shares generally are not available to retail accounts but may be offered through intermediaries for the accounts of their customers to certain institutional and fee-based investors, and in each case, only if a dealer agreement is in place with Allspring Funds Distributor, LLC to offer Class R6 shares.

---

| |
|:---|
| &nbsp;&nbsp; **Institutions Purchasing Fund Shares** |
| &nbsp;&nbsp; **Minimum Initial Investment**<br>Class R6: Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimum investment amounts)<br>**Minimum Additional Investment**<br>Class R6: None (intermediaries may require different minimum additional investment amounts) |

---

**Tax Information**

By investing in a Fund through a tax-deferred retirement account, you will not be subject to tax on dividends and capital gains distributions from the Fund or the sale of Fund shares if those amounts remain in the tax-deferred account.

Distributions taken from retirement plan accounts generally are taxable as ordinary income. For special rules concerning tax-deferred retirement accounts, including applications, restrictions, tax advantages, and potential sales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriate for you and to obtain further information, consult your tax adviser.

<u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

---

| | |
|:---|:---|
| .![](su9777img002.jpg) |©2023 Allspring Global Investments Holdings, LLC. All rights reserved.<br>SUM4660 03-23 |

---

---

| | |
|:---|:---|
| .![](su9781img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary Prospectus<br>March 1, 2023 |

---

Allspring Emerging Markets Equity Fund<br>

------

Class/Ticker: Administrator Class - EMGYX <u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to fundliterature@allspring-global.com. The current prospectus ("Prospectus") and statement of additional information ("SAI"), dated March 1, 2023, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.*

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses**

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.

---

| |
|:---|
| **Shareholder Fees (fees paid directly from your investment)** |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of offering price) |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** |
| &nbsp;&nbsp; Management Fees | 1.01% |
| &nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% |
| &nbsp;&nbsp; Other Expenses | 0.45% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | 0.00% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | **1.46%** |
| &nbsp;&nbsp; Fee Waivers | (0.10)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waivers<sup>2</sup>** | **1.36%** |

---

1. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses.

2. The Manager has contractually committed through February 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.36% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

**Example of Expenses**

The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **After:** |  |
| &nbsp;&nbsp; 1 Year | $139 |
| &nbsp;&nbsp; 3 Years | $455 |
| &nbsp;&nbsp; 5 Years | $793 |
| &nbsp;&nbsp; 10 Years | $1749 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Fund's net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We may use futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors.

Utilizing a bottom-up, research driven stock selection process, we seek to invest in quality companies at prices below their intrinsic value. From the available stock universe we focus only on those quality companies that are able to sustain high profitability over a long period of time for reasons we can understand. We believe that quality companies create value for investors from profitable investment of retained earnings and dividend payout and preserve value in adversity. We further believe that quality companies that embrace sustainable environmental, social and governance (ESG) policies are more likely to avoid permanent loss of capital than companies that do not. Among the characteristics we seek in high-quality companies are strong competitive position, demonstrable financial strength and profitability, favorable ESG attributes, quality management dedicated to public shareholders' interest, and favorable growth prospect supported by major long-term trends. ESG information and research are integral to the investment process for the specific purpose of increasing our knowledge of companies, identifying and evaluating risks and opportunities, and engaging with companies to influence corporate behaviors, all of which can impact the team's assessment of a company's quality and long term intrinsic value. ESG factors represent broad categories, and the team's ESG research is pragmatic and driven by bottom-up, company-specific issues that are important to individual companies in our pool of quality investments. In general, ESG research and engagement are broad and cover environmental, social, and governance issues as appropriate for each company, such as the environmental impact of a proposed project, employee protections in a supply chain, or composition of the board of directors. We also focus on understanding each company's intrinsic value and will only invest when a company's stock trades at a meaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, but instead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below our assessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and our decisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when there is a material deterioration in the fundamentals of the company.

------

**Principal Investment Risks**

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

**Market Risk.** The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.

**Equity Securities Risk.** The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

**Foreign Investment Risk.** Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.

**Emerging Markets Risk.** Emerging market securities typically present even greater exposure to the risks described under "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

**Derivatives Risk.** The use of derivatives, such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

**Futures Contracts Risk.** A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

**Growth/Value Investing Risk.** Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.

**Management Risk.** Investment decisions, techniques, analyses or models implemented by a Fund's manager or sub-adviser in seeking to achieve the Fund's investment objective may not produce expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

**Smaller Company Securities Risk.** Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

------

**Performance**

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's website at www.allspringglobal.com.

---

| | | |
|:---|:---|:---|
| **Calendar Year Total Returns for Administrator Class as of 12/31 each year** | **Calendar Year Total Returns for Administrator Class as of 12/31 each year** | **Calendar Year Total Returns for Administrator Class as of 12/31 each year** |
| .![](su9781img003.jpg) | &nbsp;&nbsp;&nbsp; **Highest Quarter:** <br>June 30, 2020 | +23.80% |
| .![](su9781img003.jpg) | &nbsp;&nbsp;&nbsp; **Lowest Quarter:** <br>March 31, 2020 | -23.78% |
| .![](su9781img003.jpg) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** |
|  | **Inception Date of Share Class** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp; Administrator Class (before taxes) | 9/6/1994 | -19.64% | -1.52% | 1.13% |
| &nbsp;&nbsp; Administrator Class (after taxes on distributions) | 9/6/1994 | -19.61% | -1.49% | 1.14% |
| &nbsp;&nbsp; Administrator Class (after taxes on distributions and the sale of Fund Shares) | 9/6/1994 | -11.31% | -0.99% | 1.01% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (Net) (USD) (reflects no deduction for fees, expenses, or taxes) |  | -20.09% | -1.40% | 1.44% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.

------

**Fund Management**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Manager** | &nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp; Allspring Funds Management, LLC | &nbsp;&nbsp; Allspring Global Investments, LLC | &nbsp;&nbsp; **Derrick Irwin, CFA,** Portfolio Manager/2011<br>**Richard Peck, CFA,** Portfolio Manager/2014<br>**Yi (Jerry) Zhang, Ph.D., CFA,** Portfolio Manager/2006 |

---

**Purchase and Sale of Fund Shares**

Administrator shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by Allspring Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire, on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Minimum Investments** | &nbsp;&nbsp; **To Buy or Sell Shares** |
| &nbsp;&nbsp; **Minimum Initial Investment**<br>Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors)<br>**Minimum Additional Investment**<br>Administrator Class: None | &nbsp;&nbsp; **Mail:** Allspring Funds<br>P.O. Box 219967<br>Kansas City, MO 64121-9967<br>**Online:** www.allspringglobal.com<br>**Phone or Wire:** 1-800-222-8222<br>**Contact your financial professional.** |

---

**Tax Information**

Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, subsequent withdrawals from such a tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.

**Payments to Intermediaries**

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information.

<u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

------

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---

| | |
|:---|:---|
| .![](su9781img002.jpg) |©2023 Allspring Global Investments Holdings, LLC. All rights reserved.<br>SUM0763 03-23 |

---

---

| | |
|:---|:---|
| .![](su9787img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary Prospectus<br>March 1, 2023 |

---

Allspring Emerging Markets Equity Fund<br>

------

Class/Ticker: Institutional Class - EMGNX <u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to fundliterature@allspring-global.com. The current prospectus ("Prospectus") and statement of additional information ("SAI"), dated March 1, 2023, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.*

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses**

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.

---

| |
|:---|
| **Shareholder Fees (fees paid directly from your investment)** |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of offering price) |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup>** |
| &nbsp;&nbsp; Management Fees | 1.01% |
| &nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% |
| &nbsp;&nbsp; Other Expenses | 0.20% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | 0.00% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | **1.21%** |
| &nbsp;&nbsp; Fee Waivers | (0.10)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waivers<sup>2</sup>** | **1.11%** |

---

1. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses.

2. The Manager has contractually committed through February 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.11% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

**Example of Expenses**

The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **After:** |  |
| &nbsp;&nbsp; 1 Year | $114 |
| &nbsp;&nbsp; 3 Years | $377 |
| &nbsp;&nbsp; 5 Years | $661 |
| &nbsp;&nbsp; 10 Years | $1468 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Fund's net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We may use futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors.

Utilizing a bottom-up, research driven stock selection process, we seek to invest in quality companies at prices below their intrinsic value. From the available stock universe we focus only on those quality companies that are able to sustain high profitability over a long period of time for reasons we can understand. We believe that quality companies create value for investors from profitable investment of retained earnings and dividend payout and preserve value in adversity. We further believe that quality companies that embrace sustainable environmental, social and governance (ESG) policies are more likely to avoid permanent loss of capital than companies that do not. Among the characteristics we seek in high-quality companies are strong competitive position, demonstrable financial strength and profitability, favorable ESG attributes, quality management dedicated to public shareholders' interest, and favorable growth prospect supported by major long-term trends. ESG information and research are integral to the investment process for the specific purpose of increasing our knowledge of companies, identifying and evaluating risks and opportunities, and engaging with companies to influence corporate behaviors, all of which can impact the team's assessment of a company's quality and long term intrinsic value. ESG factors represent broad categories, and the team's ESG research is pragmatic and driven by bottom-up, company-specific issues that are important to individual companies in our pool of quality investments. In general, ESG research and engagement are broad and cover environmental, social, and governance issues as appropriate for each company, such as the environmental impact of a proposed project, employee protections in a supply chain, or composition of the board of directors. We also focus on understanding each company's intrinsic value and will only invest when a company's stock trades at a meaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, but instead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below our assessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and our decisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when there is a material deterioration in the fundamentals of the company.

------

**Principal Investment Risks**

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

**Market Risk.** The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.

**Equity Securities Risk.** The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

**Foreign Investment Risk.** Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.

**Emerging Markets Risk.** Emerging market securities typically present even greater exposure to the risks described under "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

**Derivatives Risk.** The use of derivatives, such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

**Futures Contracts Risk.** A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

**Growth/Value Investing Risk.** Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.

**Management Risk.** Investment decisions, techniques, analyses or models implemented by a Fund's manager or sub-adviser in seeking to achieve the Fund's investment objective may not produce expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

**Smaller Company Securities Risk.** Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

------

**Performance**

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's website at www.allspringglobal.com.

---

| | | |
|:---|:---|:---|
| **Calendar Year Total Returns for Institutional Class as of 12/31 each year** | **Calendar Year Total Returns for Institutional Class as of 12/31 each year** | **Calendar Year Total Returns for Institutional Class as of 12/31 each year** |
| .![](su9787img003.jpg) | &nbsp;&nbsp;&nbsp; **Highest Quarter:** <br>June 30, 2020 | +23.86% |
| .![](su9787img003.jpg) | &nbsp;&nbsp;&nbsp; **Lowest Quarter:** <br>March 31, 2020 | -23.74% |
| .![](su9787img003.jpg) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** | **Average Annual Total Returns for the periods ended 12/31/2022** |
|  | **Inception Date of Share Class** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp; Institutional Class (before taxes) | 7/30/2010 | -19.47% | -1.47% | 1.29% |
| &nbsp;&nbsp; Institutional Class (after taxes on distributions) | 7/30/2010 | -19.50% | -1.50% | 1.22% |
| &nbsp;&nbsp; Institutional Class (after taxes on distributions and the sale of Fund Shares) | 7/30/2010 | -11.18% | -0.94% | 1.13% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (Net) (USD) (reflects no deduction for fees, expenses, or taxes) |  | -20.09% | -1.40% | 1.44% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.

------

**Fund Management**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Manager** | &nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp; Allspring Funds Management, LLC | &nbsp;&nbsp; Allspring Global Investments, LLC | &nbsp;&nbsp; **Derrick Irwin, CFA,** Portfolio Manager/2011<br>**Richard Peck, CFA,** Portfolio Manager/2014<br>**Yi (Jerry) Zhang, Ph.D., CFA,** Portfolio Manager/2006 |

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**Purchase and Sale of Fund Shares**

Institutional shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by Allspring Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire, on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.

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| &nbsp;&nbsp; **Minimum Investments** | &nbsp;&nbsp; **To Buy or Sell Shares** |
| &nbsp;&nbsp; **Minimum Initial Investment**<br>Institutional Class: $1 million (this amount may be reduced or eliminated for certain eligible investors)<br>**Minimum Additional Investment**<br>Institutional Class: None | &nbsp;&nbsp; **Mail:** Allspring Funds<br>P.O. Box 219967<br>Kansas City, MO 64121-9967<br>**Online:** www.allspringglobal.com<br>**Phone or Wire:** 1-800-222-8222<br>**Contact your financial professional.** |

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**Tax Information**

Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, subsequent withdrawals from such a tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.

**Payments to Intermediaries**

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information.

<u>*Link to Prospectus*</u> <u>*Link to SAI*</u>

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| .![](su9787img002.jpg) |©2023 Allspring Global Investments Holdings, LLC. All rights reserved.<br>SUM4146 03-23 |

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