WELLS FARGO FUNDS TRUST, N-1A/A, 1999-05-17

WELLS FARGO FUNDS TRUST
N-1A/A, 1999-05-17

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<PAGE>

As filed with the Securities and Exchange Commission
on May 17, 1999
Registration No. 333-74295; 811-09253

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_]
Pre-Effective Amendment No. 1 [X]
Post-Effective Amendment No. ___ [_]

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [_]
Amendment No. 1 [X]

_________________________

WELLS FARGO FUNDS TRUST
(Exact Name of Registrant as specified in Charter)
111 Center Street
Little Rock, Arkansas 72201
(Address of Principal Executive Offices, including Zip Code)

_________________________

Registrant's Telephone Number, including Area Code: (800) 643-9691
Richard H. Blank, Jr.
c/o Stephens Inc.
111 Center Street
Little Rock, Arkansas 72201
(Name and Address of Agent for Service)
With a copy to:
Robert M. Kurucza, Esq.
Marco E. Adelfio, Esq.
Morrison & Foerster LLP
2000 Pennsylvania Ave., N.W.
Washington, D.C. 20006

It is proposed that this filing will become effective (check appropriate box):

[_] Immediately upon filing pursuant to Rule 485(b), or

[_] on _________ pursuant to Rule 485(b)

[_] 60 days after filing pursuant to Rule 485(a)(1), or

[_] on _________ pursuant to Rule 485(a)(1)

[_] 75 days after filing pursuant to Rule 485(a)(2), or

[_] on ___________pursuant to Rule 485(a)(2)

If appropriate, check the following box:

[_] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

Pursuant to Regulation 270.24f-2 under the Investment Company Act of 1940, the
Registrant hereby elects to register an indefinite number of units of its
beneficial interests.

The Registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this registration statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
<PAGE>

EXPLANATORY NOTE
----------------

This Pre-Effective Amendment No. 1 to the Registration Statement of
Wells Fargo Funds Trust hereby incorporates by reference all of the information
set forth in Parts B and C of the initial registration statement, which was
filed on March 12, 1999. This Pre-Effective Amendment is being filed to respond
to comments to the initial registration received from the staff.

<PAGE>

Wells Fargo Funds Trust

PROSPECTUS

Asset Allocation Fund

Growth Fund

Income Equity Fund

Small Cap Fund

Income Fund

Intermediate Government Income Fund

Limited Term Government Income Fund

Tax-Free Income Fund

Money Market Fund

National Tax-Free Money Market Fund

U.S. Government Money Market Fund

Class A, Class B and Class C

Please read this prospectus and keep it for future reference. It is designed
to provide you with important information and to help you decide if a Fund's
goals match your own.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION ("SEC") NOR HAS THE SEC PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

FUND SHARES ARE NOT DEPOSITS OF WELLS FARGO BANK, N.A. ("WELLS FARGO BANK") OR
ANY OF ITS AFFILIATES. FUND SHARES ARE NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION ("FDIC") OR ANY OTHER GOVERNMENT AGENCY.
AN INVESTMENT IN A FUND INVOLVES CERTAIN RISKS, INCLUDING POSSIBLE LOSS OF
PRINCIPAL.

May 25, 1999

1
<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
Page
----
<S> <C>
OVERVIEW
This section contains important summary information about the Funds.
Objectives and Principal Strategies................................. 3
Important Risks..................................................... 5
Summary of Expenses................................................. 7
THE FUNDS
This section contains important information about the individual
Funds.
Asset Allocation Fund............................................... 11
Growth Fund......................................................... 12
Income Equity Fund.................................................. 12
Small Cap Fund...................................................... 14
Income Fund......................................................... 15
Intermediate Government Income Fund................................. 16
Limited Term Government Income Fund................................. 17
Tax-Free Income Fund................................................ 18
Money Market Fund................................................... 19
National Tax-Free Money Market Fund................................. 20
U.S. Government Money Market Fund................................... 20
General Investment Risks............................................ 21
Organization and Management of the Funds............................ 26
YOUR INVESTMENT
Turn to this section for information on your investments including
how to buy and sell Fund shares.
A Choice of Share Classes........................................... 28
Reduced Sales Charges............................................... 31
Exchanges........................................................... 33
Your Account........................................................ 35
How to Buy Shares................................................... 36
Selling Shares...................................................... 38
Additional Services................................................. 40
Other Information................................................... 40
Table of Predecessors............................................... 42
GLOSSARY.............................................................. 43
</TABLE>

2
<PAGE>

WELLS FARGO FUNDS OVERVIEW

<TABLE>
<CAPTION>
Equity and
Allocation Funds Objective Principal Strategy
---------------- --------- ------------------
<C> <C> <S>
Asset Allocation Fund Seeks long-term total We allocate and reallocate
return, consistent assets among common stocks, U.S.
with reasonable risk. Treasury bonds and money market
instruments. We invest in asset
classes that we believe are
under-valued in order to achieve
better long-term, risk-adjusted
returns.

Growth Fund Seeks long-term We invest in equity securities
capital appreciation. of domestic and foreign
companies whose market
capitalization falls within the
range of the Russell 1000 Index,
which is considered a mid- to
large-capitalization index. We
buy stocks of companies that
have a strong earnings growth
trend and above-average
prospects for future growth, or
that we believe are undervalued.

Income Equity Fund Seeks long-term We invest in the common stocks
capital appreciation of large, high quality domestic
and above-average companies with above-average
dividend income. return potential and above-
average dividend income. We
consider "large" companies to be
those whose market
capitalization is greater than
the median of the companies in
the Russell 1000 Index, which is
considered a mid- to large-
capitalization index.

Small Cap Fund Seeks long-term We invest in equity securities
capital appreciation. of domestic and foreign
companies whose market
capitalization falls within the
range of the Russell 2000 Index,
which is considered a small
capitalization index. We buy
stocks that we believe have
above-average prospects for
capital growth, or that may be
involved in new or innovative
products, services and
processes.
</TABLE>

3
<PAGE>

WELLS FARGO FUNDS OVERVIEW

Intermediate Seeks current income, We invest in investment-grade,
Government Income consistent with intermediate-term (3-10 years)
Fund safety of principal. U.S. Government securities, and
also in certain debt securities
that are not U.S. Government
securities. We invest up to 50%
of our assets in mortgage-backed
securities, and up to 25% of our
assets in other asset-backed
securities.

Limited Term Seeks current income We invest in investment-grade,
Government Income and safety of short-term (1-5 years).
Fund capital.

<CAPTION>
Tax-Free Income Funds Objective Principal Strategy
--------------------- --------- ------------------
<C> <C> <S>
Tax-Free Income Fund Seeks current income We invest in investment-grade
exempt from federal municipal securities with
income taxes. average maturities of
10-20 years and with interest
that is exempt from federal
income taxes, though some of our
holdings may be subject to the
alternative minimum tax ("AMT").

<CAPTION>
Money Market Funds Objective Principal Strategy
------------------ --------- ------------------
<C> <C> <S>
Money Market Fund Seeks high current We invest in high-quality,
income, while short-term money market
preserving capital instruments.
and liquidity.

National Tax-Free Seeks high current We invest in high-quality,
Money Market Fund income exempt from short-term federally tax-exempt
federal income taxes, instruments, whose income may be
while preserving subject to the federal AMT. We
capital and may invest up to 35% of the
liquidity. Fund's assets in issuers in a
single state.

U.S. Government Money Seeks high current We invest in high-quality,
Market Fund income, while short-term U.S. Government
preserving capital obligations and in repurchase
and liquidity. agreements collateralized by
such obligations.
</TABLE>

4
<PAGE>

IMPORTANT RISKS

This section summarizes important risks that are common to all of the Funds
described in this Prospectus, and important risks that relate specifically to
particular Funds. Both are important to your investment choice. Additional
information about these and other risks is included in the individual Fund
Descriptions later in this Prospectus, under General Investment Risks
beginning on page , and in the Fund's statement of additional information.
An investment in a Fund is not a deposit of Wells Fargo Bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. Although the money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose money by
investing in these funds.

Common Risks for the Funds

Equity Securities. The equity and allocation funds invest in equity
securities, which are subject to equity market risk. This is the risk that
stock prices will fluctuate and can decline and reduce the value of a Fund's
portfolio. Certain types of stock and certain individual stocks selected for a
Fund's portfolio may underperform or decline in value more than the overall
market. As of the date of this Prospectus, the equity markets, as measured by
the S&P 500 Index and other commonly used indexes, are trading at or close to
record levels. There can be no guarantee that these levels will continue. The
Funds that invest in smaller companies, in foreign companies (including
investments made through American Depositary Receipts and similar
instruments), and in emerging markets are subject to additional risks,
including less liquidity and greater price volatility. A Fund's investments in
foreign companies and emerging markets are also subject to special risks
associated with international investing, including currency, political,
regulatory and diplomatic risks.

Debt Securities. The Asset Allocation Fund, the income funds and the money
market funds invest in debt securities, such as notes and bonds, which are
subject to credit risk and interest rate risk. Credit risk is the possibility
that an issuer of an instrument will be unable to make interest payments or
repay principal. Changes in the financial strength of an issuer or changes in
the credit rating of a security may affect its value. Interest rate risk is
the risk that interest rates may increase, which will reduce the resale value
of securities in a Fund's investments, including U.S. Government obligations.
Debt securities with longer maturities are generally more sensitive to
interest rate changes than those with shorter maturities. Changes in market
interest rates do not affect the rate payable on debt securities held in a
Fund, unless the securities have adjustable or variable rate features, which
can reduce interest rate risk. Changes in market interest rates may also
extend or shorten the duration of certain types of instruments, such as asset-
backed securities, and affect their value and the return on your investment.
The equity funds may invest some of their assets in debt securities.

5
<PAGE>

<TABLE>
<CAPTION>
Equity and Allocation Funds Specific Risks
--------------------------- --------------

These Funds are primarily subject to the equity securities risks described
in the Common Risks section above. The Asset Allocation Fund is also subject
to the debt securities risks described above.

Growth Fund The advisor selects growth stocks based on
prospects for future earnings, which may not
grow as expected. In addition, at times, the
overall market or the market for value stocks
may outperform growth stocks.

Income Equity Fund Stocks selected for their high dividend income
may be more sensitive to interest rate changes
than other stocks. This Fund is primarily
subject to the equity securities risks described
in the Common Risks section, above.

Small Cap Fund This Fund may invest in companies that pay low
or no dividends, have smaller market
capitalizations, have less market liquidity,
have no or relatively short operating histories,
or are newly public companies. Some of these
companies have aggressive capital structures,
including high debt levels, or are involved in
rapidly growing or changing industries and/or
new technologies. Because the Fund may invest in
such aggressive securities, share prices may
rise and fall more than the share prices of
other funds. In addition, our active trading
investment strategy may result in a higher-than-
average portfolio turnover ratio, increased
trading expenses, and higher short-term capital
gains. The advisor selects growth stocks based
on prospects for future earnings, which may not
grow as expected. In addition, at times, the
overall market or the market for value stocks
may outperform growth stocks.

<CAPTION>
Income Funds Specific Risks
------------ --------------
<C> <S>
Income Fund This Fund is primarily subject to the debt
securities risks described in the Common Risks
section above.

Intermediate Government The U.S. Government does not guarantee the
Income Fund market value or current yield of its
obligations. Not all U.S. Government obligations
are backed by the full faith and credit of the
U.S. Government. Mortgage-backed securities are
subject to prepayment risk and to extension
risk, either of which can reduce the rate of
return on the portfolio.

Limited Term Government The U.S. Government does not guarantee the
Income Fund market value or U.S. current yield of its
obligations. Not all U.S. Government obligations
are backed by the full faith and credit of the
U.S. Government. Mortgage-backed securities are
subject to prepayment risk and to extension
risk, either of which can reduce the rate of
return on the portfolio.
</TABLE>

6
<PAGE>

<TABLE>
<CAPTION>
Income Funds Specific Risks
- ------------ --------------
<S> <C>
Tax-Free Income Fund Some of this Fund's investments are subject to federal
income and AMT taxes, so you may incur a tax liability on an
investment in this Fund. Municipal obligations backed by tax
revenues of the issuer's jurisdiction could be adversely
affected if the issuer cannot raise adequate revenues to
meet its obligations.
<CAPTION>
Money Market Funds Specific Risks
- ------------------ --------------
<S> <C>
Money Market Fund Although each of these Funds seeks to maintain a stable net
asset value of $1.00 per share, there is no assurance it
will be able to do so.
National Tax-Free
Money Market Fund

U.S. Government
Money Market Fund
</TABLE>

SUMMARY OF EXPENSES

Shareholder Fees

These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in a Fund.

<TABLE>
<CAPTION>
Equity and Money
Allocation Income Market All All
Funds Funds Funds Funds Funds
---------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Class A Class A Class A Class B(3) Class C
Maximum sales charge (load)
imposed on purchases as a
percentage of offering price... 5.75% 4.50% None None None
Maximum deferred sales charge
(load) as a percentage of the
lower of the NAV at purchase or
the NAV at redemption.......... None None None 5.00% 1.00%
</TABLE>

7
<PAGE>

ANNUAL FUND OPERATING EXPENSES(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

<TABLE>
<CAPTION>
Asset Allocation Fund Growth Fund Income Equity Fund Small Cap Fund
Equity and ----------------------- --------------- ----------------------- -----------------------
Allocation Funds Class A Class B Class C Class A Class B Class A Class B Class C Class A Class B Class C
- ---------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees......... .80 .80 .80 .75 .75 .75 .75 .75 .90 .90 .90
Distribution (12b-1)
Fees................... .00 .75 .75 .00 .75 .00 .75 .75 .00 .75 .75
Other Expenses(1)....... .53 .53 .53 .53 .53 .53 .53 .53 .53 .53 .53
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Annual Fund
Operating Expenses..... 1.33 2.08 2.08 1.28 2.03 1.28 2.03 2.03 1.43 2.18 2.18
==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

<TABLE>
<CAPTION>
Limited Term
Intermediate Government Government
Income Fund Income Fund Income Fund Tax-Free Income Fund
--------------- ----------------------- --------------- -----------------------
Income Funds Class A Class B Class A Class B Class C Class A Class B Class A Class B Class C
- ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees......... .50 .50 .50 .50 .50 .50 .50 .40 .40 .40
Distribution (12b-1)
Fees................... .00 .75 .00 .75 .75 .00 .75 .00 .75 .75
Other Expenses(1)....... .53 .53 .53 .53 .53 .53 .53 .63 .63 .63
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Annual Fund
Operating Expenses..... 1.03 1.78 1.03 1.78 1.78 1.03 1.78 1.03 1.78 1.78
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

<TABLE>
<CAPTION>
National
Tax-Free U.S. Government
Money Market Money Market Money Market
Fund Fund Fund
--------------- ------------ ---------------
Money Market Funds Class A Class B Class A Class A
- ------------------ ------- ------- ------------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees......... .40 .40 .25 .35
Distribution (12b-1)
Fees................... .00 .75 .00 .00
Other Expenses(1)....... .53 .53 .53 .53
--- ---- --- ---
Total Annual Fund
Operating Expenses..... .93 1.68 .78 .88
=== ==== === ===
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

(3) If you exchange Class B shares of a Fund for Money Market Fund Class B
shares, and then redeem your Money Market Fund shares, you will be
assessed the CDSC applicable to the exchanged shares. Exchange privileges
are not available, and CDSCs do not apply, to Money Market Fund Class B
shareholders in certain accounts.

8
<PAGE>

Example of Expenses

These examples are intended to help you compare the cost of investing in a
Fund with the cost of investing in other mutual funds.

You would pay the following expenses on a $10,000 investment assuming a 5%
annual return and that you redeem your shares at the end of each period:

<TABLE>
<CAPTION>
Asset Allocation Fund Growth Fund Income Equity Fund Small Cap Fund
Equity and Allocation ----------------------- ----------------------- ----------------------- ---------------
Funds Class A Class B Class C Class A Class B Class A Class B Class C Class A Class B Class C
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year..................
3 Years.................
</TABLE>

<TABLE>
<CAPTION>
Intermediate Limited Term
Government Government Tax-Free
Income Fund Income Fund Income Fund Income Fund
--------------- ----------------------- --------------- -----------------------
Income Funds Class A Class B Class A Class B Class C Class A Class B Class A Class B Class C
- ------------ ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year..................
3 Years.................
</TABLE>

<TABLE>
<CAPTION>
Money Market National Tax-Free U.S. Government
Fund Money Market Fund Money Market Fund
--------------- ----------------- -----------------
Money Market Funds Class A Class B Class A Class A
- ------------------ ------- ------- ------- -------
<S> <C> <C> <C> <C>
1 Year......................
3 Years.....................
</TABLE>

9
<PAGE>

The summary information on the previous pages is designed to provide you
with an overview of each Fund. The sections that follow provide more detailed
information about the investments and management of each Fund.

Important information you should look for:

Investment Objective and Investment Policies

What is the Fund trying to achieve? How do we intend to invest your money?
What makes a Fund different from the other Funds offered in this Prospectus?

Permitted Investments

A summary of the Fund's key permitted investments and practices.

Important Risk Factors

What are key risk factors for the Fund? They include the factors described
in "General Investment Risks" together with any special risk factors for each
Fund.

WORDS APPEARING IN ITALICIZED PRINT AND HIGHLIGHTED IN COLOR ARE DEFINED IN
THE GLOSSARY.

10
<PAGE>

ASSET ALLOCATION FUND

Investment Objective

The Asset Allocation Fund seeks long-term total return, consistent with
reasonable risk.

Investment Policies

We allocate and reallocate assets among common stocks, U.S. Treasury Bonds
and money market instruments. This strategy is based on the premise that asset
classes are at times undervalued or overvalued in comparison to one another
and that investing in undervalued asset classes offers better long-term, risk-
adjusted returns.

Permitted Investments

The asset classes we invest in are:

. Stock Investments--We invest in common stocks to replicate the S&P 500
Index. We do not individually select common stocks on the basis of
traditional investment analysis. Instead, we invest in each company
comprising the S&P 500 Index in proportion to its weighting in the
S&P 500 Index;

. Bond Investments--We invest in U.S. Treasury Bonds to replicate the
holdings of the Lehman Brothers 20+ Bond Index. Bonds in this Index have
remaining maturities of twenty years or more; and

. Money Market Investments--We invest this portion of the Fund in high-
quality money market instruments, including U.S. Government obligations,
obligations of foreign and domestic banks, short-term corporate debt
instruments and repurchase agreements.

In addition, under normal market conditions, we may invest:

. In call and put options on stock indexes, stock index futures, options on
stock index futures, and interest rate futures contracts as a substitute
for a comparable market position in stocks or bonds;

. In interest rate and index swaps; and

. Up to 25% of total assets in foreign obligations qualifying as money
market investments.

We manage the allocation of investments in the Fund's portfolio assuming a
"normal" allocation of 60% stocks and 40% bonds. This is not a "target"
allocation but rather is a design feature that is intended to set a level of
risk tolerance for the Fund.

We are not required to keep a minimum investment in any of the three asset
classes described above, nor are we prohibited from investing substantially
all of our assets in a single class. The allocation may shift at any time.

Important Risk Factors

Foreign obligations may entail additional risks, such as currency,
political, regulatory and diplomatic risks, which are described in more detail
in the General Investment Risks section below. The value of investments in
options on stock indexes and stock index futures is affected by price
movements for the stocks in a particular index, rather than price movements
for an individual security.

You should consider the Common Risks on page , the General Investment
Risks beginning on page and the specific risks listed here. They are all
important to your investment choice.

Portfolio Management

The Fund is managed by a team of investment professionals who, using the
allocation model, jointly make allocation decisions for the Fund.

11
<PAGE>

GROWTH FUND

Investment Objective

The Growth Fund seeks long-term capital appreciation.

Investment Policies

We seek long-term capital appreciation by investing primarily in common
stocks and other equity securities and we look for companies that have a
strong earnings growth trend that we believe have above-average prospects for
future growth. We focus our investment strategy on larger capitalization
stocks.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in equity securities, including common
and preferred stocks, and securities convertible into common stocks;

. the majority of our total assets in issues of companies with market
capitalization that falls within, but towards the higher end of, the
range of the Russell 1000 Index, an index comprised of the 1,000 largest
U.S. companies based on total market capitalization that is considered a
mid-capitalization index. (As of March 31, 1999, this range was from
$2.0 million to $452 billion. The range is expected to change
frequently.);

. up to 25% of our total assets in foreign companies through American
Depositary Receipts and similar instruments; and

. up to 15% of our total assets in emerging markets.

Important Risk Factors

This Fund is primarily subject to the risks associated with equity
securities, including foreign equity and mid-capitalization equity securities,
described in the Common Risks section. The advisor selects growth stocks based
on prospects for future earnings, which may not grow as expected. In addition,
at times, the overall market or the market for value stocks may outperform
growth stocks.

You should consider the Common Risks on page , and the General Investment
Risks beginning on page . They are all important to your investment choice.

Portfolio Manager

. Kelli Hill
Principal--Core Equity Team Leader

Will manage the Growth Fund upon inception, and has been with Wells
Fargo/Wells Capital Management ("WCM") since 1987. Ms. Hill is the Core
Equity Team Leader, providing portfolio management and fundamental
security analysis for the team. She has over twelve years of equity
investment management experience.

INCOME EQUITY FUND

Investment Objective

The Income Equity Fund seeks long-term capital appreciation and above-
average dividend income.

Investment Policies

12
<PAGE>

yields and below industry average price-to-earnings, price-to-book and price-
to-sales ratios. We consider large companies to be those whose market
capitalization is greater than the median of the Russell 1000 Index.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in equity securities; and

. in issues of companies with market capitalization greater than the median
of the Russell 1000 Index (as of March 31, 1999, this median was
approximately $3.7 billion; the median is expected to change frequently).

We may invest in preferred stocks, convertible securities, and securities of
foreign companies. We will normally limit our investment in a single issuer to
10% or less of our total assets.

Important Risk Factors

Stocks selected for their high dividend yields may be more sensitive to
interest rate changes than other stocks. There can be no assurance that the
stocks that the advisor believes are undervalued will appreciate in value.
Stocks of foreign companies selected for the Fund may be more volatile and
less liquid than other securities.

You should consider the Common Risks on page , the General Investment
Risks beginning on page and the specific risks listed here. They are all
important to your investment choice.

Core/Gateway Arrangement

The Income Equity Fund is a "gateway" fund in a "core/gateway" arrangement.
In this arrangement, a "gateway" fund invests all of its assets in a "core"
portfolio that has a substantially identical investment objective and
substantially similar policies as the gateway fund. Gateway funds investing in
the same core portfolio can enhance their investment opportunities and reduce
their expense ratios through sharing the costs of managing a large pool of
assets. References to the investment activities of the Income Equity Fund also
refer to the core portfolio.

Portfolio Managers

. David L. Roberts, CFA

Will manage the Income Equity Fund upon inception. Mr. Roberts joins WCM
from Norwest Investment Management, Inc. ("NIM") where he had managed
portfolios for NIM or its affiliates since 1972. He has over twenty-six
years of investment management experience.

. Gary J. Dunn, CFA

Will co-manage the Income Equity Fund upon inception. Mr. Dunn joins WCM
from NIM, where he had managed portfolios for NIM or its affiliates since
1979. He has approximately twenty years of investment management
experience.

13
<PAGE>

SMALL CAP FUND

Investment Objective

The Small Cap Fund seeks long-term capital appreciation.

Investment Policies

We actively manage a diversified portfolio of common stocks issued by
companies whose market capitalization falls within the range of the Russell
2000 Index. As of March 31, 1999, the range was $3.8 million to $8.55 billion,
but it is expected to change frequently. We will sell the stock of any company
whose market capitalization exceeds the range of this index for sixty
consecutive days.

We invest in the common stocks of domestic and foreign companies we believe
have above-average prospects for capital growth, or that may be involved in
new or innovative products, services and processes.

Permitted Investments

Under normal market conditions, we invest:

. in an actively managed, broadly diversified portfolio of growth-oriented
common stocks;

. in at least 20 common stock issues spread across multiple industry groups
and sectors of the economy;

. up to 40% of our assets in initial public offerings or recent start-ups
and newer issues; and

. no more than 25% of our assets in foreign companies through American
Depositary Receipts or similar issues.

Important Risk Factors

This Fund is designed for investors willing to assume above-average risk. We
may invest in companies that:

. pay low or no dividends;

. have smaller market capitalization;

. have less market liquidity;

. have no or relatively short operating histories, or are new public
companies or are initial public offerings whose stocks are typically more
volatile than stocks of more seasoned companies;

. have aggressive capital structures including high debt levels; or

. are involved in rapidly growing or changing industries and/or new
technologies.

Because we may invest in such aggressive securities, share prices may rise
and fall more than the share prices of other funds. In addition, our active
trading investment strategy may result in a higher-than-average portfolio
turnover ratio, increased trading expenses, and higher short-term capital
gains. Stocks of foreign companies, whether purchased directly or through
American Depositary Receipts, may be more volatile and less liquid than other
comparable securities.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed here. They are all
important to your investment choice.

14
<PAGE>

Portfolio Managers

. Kenneth Lee

Will manage the Small Cap Fund, as lead manager, upon inception, and has
been with Wells Fargo/Wells Capital Management since 1993. Mr. Lee has
seven years of experience in the investment industry, and has managed
equity investment portfolios since 1995.

. Thomas Zeifang, CFA

Will co-manage the Small Cap Fund upon inception, and has been with Wells
Fargo/Wells Capital Management since 1995. Mr. Zeifang provided
fundamental security analysis for Fleet Investment Advisors for three
years prior to joining Wells Fargo. He has over five years of equity
investment management experience.

INCOME FUND

Investment Objective

The Income Fund seeks current income and total return.

Investment Policies

We invest in a diversified portfolio of debt and variable-rate debt
securities issued by domestic and foreign issuers. We invest in a broad
spectrum of U.S. issues, including U.S. Government obligations, mortgage- and
other asset-backed securities, and the debt securities of financial
institutions, corporations, and others. We target average portfolio duration
in a range based around the average portfolio duration of the mutual funds
included in the Lipper Corporate A-Rated Debt Average (which is currently
about 5-6 years, but is expected to change frequently). We attempt to enhance
the Fund's performance by adjusting the average duration within the range to
benefit from the effect of various economic factors, such as inflation, or
growth cycles.

Permitted Investments

Under normal market conditions, we invest:

. up to 70% of our total assets in corporate debt securities such as bonds,
debentures and notes, including debt securities that can be converted
into or exchanged for common stocks;

. at least 30% of our total assets in U.S. Government obligations;

. up to 50% of our total assets in mortgage-backed securities and up to 25%
of our assets in asset-backed securities; and

. at least 80% of our total assets in investment-grade debt securities. The
Fund may invest up to 20% of its total assets in below investment-grade
debt securities rated, at the time of purchase, in the fifth highest
long-term rating category assigned by an NRSRO or unrated and determined
by us to be of comparable quality.

We may also invest in zero coupon securities and enter into dollar roll
transactions. We invest primarily in securities with maturities (or average
life in the case of mortgage-backed and similar securities) ranging from
overnight to 40 years. It is anticipated that the Fund's portfolio will have
an average dollar-weighted maturity of between 3 and 15 years.

Important Risk Factors

Mortgage- and asset-backed securities may not be guaranteed by the U.S.
Treasury. Mortgage- and asset-backed securities are subject to prepayment
acceleration and extension risk,

15
<PAGE>

either of which can lower the rate of return on the portfolio. The Income Fund
may invest in lower rated securities, which tend to be more sensitive to
economic conditions and involve greater credit risk than higher rated
securities.

You should consider the Common Risks on page , and the General Investment
Risks beginning on page . They are all important to your investment choice.

Portfolio Manager

. Marjorie H. Grace, CFA

Will manage the Income Fund upon inception. Ms. Grace joins WCM from NIM,
where she was Director of Taxable Fixed-Income investments. She had
managed portfolios for NIM or its affiliates since 1992. She has over
eighteen years of investment management experience.

INTERMEDIATE GOVERNMENT INCOME FUND

Investment Objective

The Intermediate Government Income Fund seeks current income, consistent with
safety of principal.

Investment Policies

We invest primarily in fixed and variable rate U.S. Government obligations.
Under normal circumstances, we invest at least 65% of our total assets in U.S.
Government obligations and may invest up to 35% of our total assets in debt
securities that are not U.S. Government obligations. We target the average
portfolio duration in a range based on the average duration of 5-year U.S.
Treasury securities. As a result, the dollar-weighted average maturity of the
Fund, which was approximately 6.4 years as of May 1, 1999, generally ranges
from four to eight years. We emphasize the use of intermediate maturity
securities to manage interest rate risk and use mortgage-backed securities to
enhance yield.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in U.S. Government obligations;

. up to 50% of our total assets in mortgage-backed securities, and up to
25% of our total assets in asset-backed securities; and

. up to 10% of our total assets in zero coupon securities.

As part of our mortgage-backed securities investments, we may enter into
dollar rolls. We may not invest more than 25% of our total assets in securities
issued or guaranteed by any single agency or instrumentality of the U.S.
Government, except the U.S. Treasury.

We will purchase only securities that are rated, at the time of purchase,
within the two highest rating categories assigned by an NRRO or, if unrated,
are determined by us to be of comparable quality.

Important Risk Factors

Mortgage- and asset-backed securities may not be guaranteed by the U.S.
Treasury. Mortgage- and asset-backed securities are subject to prepayment
acceleration and extension risk,

16
<PAGE>

either of which can reduce the rate of return on the portfolio. Asset-backed
securities are subject to risk of default on the underlying assets,
particularly during periods of economic downturn. Zero coupon securities are
sensitive to changes in interest rates, and tend to lose value in a rising
interest rate environment. Zero coupon securities also generate ordinary
income, which must be distributed to shareholders, even when they do not
generate funds to pay such distributions.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed here. They are all
important to your investment choice.

Portfolio Managers

. Marjorie H. Grace, CFA

Will manage the Intermediate Government Income Fund upon inception. Ms.
Grace joins WCM from NIM, where she was Director of Taxable Fixed-Income
investments. She had managed portfolios for NIM or its affiliates since
1992. She has over eighteen years of investment management experience.

LIMITED TERM GOVERNMENT INCOME FUND

Investment Objective

The Limited Term Government Income Fund seeks current income, while
preserving capital.

Investment Policies

We seek current income by actively managing a diversified portfolio
consisting primarily of short- to intermediate-term U.S. Government
obligations. We may invest in securities of any maturity. Under ordinary
circumstances, we expect to maintain a dollar-weighted average maturity of
between 2 and 5 years. We seek to preserve capital by shortening average
maturity when we expect interest rates to increase and to increase total
return by lengthening maturity when we expect interest rates to fall.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in U.S. Government obligations or
repurchase agreements collateralized by U.S. Government obligations;

. in investment grade corporate debt securities including asset-backed
securities;

. no more than 5% of our total assets in securities downgraded below
investment-grade after we acquired them;

. up to 25% of assets in dollar-denominated debt of U.S. branches of
foreign banks or foreign branches of U.S. banks; and

. in stripped Treasury securities, adjustable-rate mortgage securities, and
adjustable portions of collateralized mortgage obligations ("CMOs").

Important Risk Factors

Mortgage- and asset-backed securities and CMOs may not be guaranteed by the
U.S. Treasury. Mortgage- and asset-backed securities and CMOs are subject to
prepayment acceleration and extension risk, either of which can reduce the
rate of return on the portfolio. Asset-backed securities are subject to risk
of default on the underlying assets, particularly during periods of

17
<PAGE>

economic downturn. Securities of U.S. branches of foreign banks and foreign
branches of U.S. banks are subject to additional risks, such as political
turmoil, the imposition of foreign withholding taxes, and the establishment of
exchange controls or the adoption of other foreign governmental restrictions
that may affect the payment of principal and or interest on these securities.

Stripped Treasury securities have greater interest rate risk than
traditional government securities with identical credit ratings and like
maturities.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

Portfolio Managers

. Paul C. Single
Principal

Will manage the Limited Term Government Income Fund upon inception, and
has been with Wells Fargo/Wells Capital Management since 1989. Mr. Single
has over 16 years of investment management experience.

. Jacqueline A. Flippin
Principal

Will co-manage the Limited Term Government Income Fund upon inception, and
has been with Wells Fargo/Wells Capital Management since 1998. Before
joining the firm, Ms. Flippin was a short-term debt securities trader and
portfolio manager for McMorgan & Company, an investment advisor, since
1994. Ms. Flippin has over ten years of investment management experience.

TAX-FREE INCOME FUND

Investment Objective

The Tax-Free Income Fund seeks current income exempt from federal income
taxes.

Investment Policies

We invest primarily in a portfolio of investment grade municipal securities.
We invest at least 80% of our total assets in municipal securities paying
interest exempt from federal income taxes, including the federal AMT.

Permitted Investments

Under normal market conditions, we invest:

. at least 80% of our total assets in municipal obligations that pay
interest exempt from federal income tax;

. up to 20% of our total assets in securities whose income is subject to
the federal AMT; and

. in municipal obligations rated in the four highest credit categories by
nationally recognized rating organizations.

The average dollar-weighted maturity of the Fund's assets normally will be
between 10 and 20 years, but may vary depending on market conditions. In
general, the longer the maturity of a

18
<PAGE>

municipal security, the higher the rate of interest it pays. However, a longer
maturity security is generally subject to greater interest rate risk and price
volatility. We emphasize investments in municipal securities that produce
interest income rather than stability of the Fund's net asset value.

Important Risk Factors

Municipal obligations rely on the creditworthiness or revenue production of
their issuers. Municipal obligations may be difficult to obtain because of
limited supply, which may increase the cost of such securities and effectively
reduce the portfolio's yield. Typically, less information is available about a
municipal issuer than is available for other types of securities issuers.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

Portfolio Manager

. William T. Jackson, CFA

Will manage the Tax-Free Income Fund upon inception. Mr. Jackson joins WCM
from NIM, where he was Managing Director of Tax-Exempt Fixed-Income
investing. He had managed portfolios for NIM or its affiliates since 1993.
He has over fourteen years of investment management experience.

MONEY MARKET FUND

Investment Objective

The Money Market Fund seeks high current income, while preserving capital
and liquidity.

Investment Policies

We actively manage a portfolio of U.S. dollar-denominated high-quality money
market instruments, including debt obligations with remaining maturities of
397 days or less. We maintain an overall dollar-weighted average maturity of
90 days or less. We may also make certain other investments including, for
example, repurchase agreements.

Permitted Investments

Under normal market conditions, we invest in:

. commercial paper rated at the date of purchase as "P-1" by Moody's or "A-
1+" or "A-1" by S&P;

. negotiable certificates of deposit and banker's acceptances;

. repurchase agreements;

. U.S. Government obligations;

. short-term, U.S. dollar-denominated debt obligations of U.S. branches of
foreign banks and foreign branches of U.S. banks;

. municipal obligations; and

. shares of other money market funds.

19
<PAGE>

Important Risk Factors

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

Typically, less information is available about a municipal issuer than is
available for other types of securities issuers. Investing in shares of other
money market funds will subject the Fund to the fees charged by the other
funds, which will reduce returns from these investments.

NATIONAL TAX-FREE MONEY MARKET FUND

Investment Objective

The National Tax-Free Money Market Fund seeks high current income exempt
from federal income taxes, while preserving capital and liquidity.

Investment Policies

We invest 100% of our assets in short-term municipal instruments, including
leases. These investments may have fixed, variable, or floating rates of
interest and may be zero coupon securities. We normally will invest at least
80% of our total assets in federally tax-exempt instruments, and up to 20% of
our total assets in securities that pay interest income subject to the federal
AMT.

Permitted Investments

Under normal market conditions, we invest:

. at least 80% of our assets in federally tax-exempt instruments;

. up to 20% of our assets in instruments whose income may be subject to the
federal AMT; and

. up to 35% of our assets in issuers located in a single state.

We may invest more than 25% of our total assets in industrial development
bonds and in participation interests in these securities.

Important Risk Factors

Although we seek to maintain a $1.00 per share net asset value, there is no
guarantee that we will be able to do so. Generally, short-term funds do not
earn as high a level of income as funds that invest in longer-term
instruments. Increased investment in the securities of issuers in a single
state increases the Fund's exposure to risks associated with economic
downturns or legislative or regulatory changes in the state.

Please remember that some securities in the portfolio may be subject to the
federal alternative minimum tax.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

20
<PAGE>

U.S. GOVERNMENT MONEY MARKET FUND

Investment Objective

The U.S. Government Money Market Fund seeks high current income, while
preserving capital and liquidity.

Investment Policies

We actively manage a portfolio composed principally of U.S. Government
obligations, or repurchase agreements collateralized by such obligations. We
buy obligations with remaining maturities of 397 days or less.

Permitted Investments

Under normal market conditions, we invest substantially all of our assets:

. in U.S. Government obligations; and

. in repurchase agreements collateralized by U.S. Government obligations.

Important Risk Factors

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

GENERAL INVESTMENT RISKS

Understanding the risks involved in mutual fund investing will help you make
an informed decision that takes into account your risk tolerance and
preferences. You should carefully consider the risks common to investing in
all mutual funds, including the Wells Fargo Funds. Certain common risks are
identified in the Summary of Important Risks on page . Other risks of
mutual fund investing include the following:

. Unlike bank deposits such as CDs or savings accounts, mutual funds are
not insured by the FDIC.

. We cannot guarantee that we will meet our investment objectives.

. We do not guarantee the performance of a Fund, nor can we assure you that
the market value of your investment will not decline. We will not "make
good" any investment loss you may suffer, nor can anyone we contract with
to provide certain services, such as selling agents or investment
advisors, offer or promise to make good any such losses.

. Share prices--and therefore the value of your investment--will increase
and decrease with changes in the value of the underlying securities and
other investments.

. Investing in any mutual fund, including those deemed conservative,
involves risk, including the possible loss of any money you invest.

. An investment in a single Fund, by itself, does not constitute a complete
investment plan.

. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government does
not guarantee the market value or

21
<PAGE>

current yield of those obligations. Not all U.S. Government obligations
are backed by the full faith and credit of the U.S. Treasury, and the U.S.
Government's guarantee does not extend to the Funds themselves.

. The Funds may use certain derivative instruments, such as options or
futures contracts. The term "derivatives" covers a wide number of
investments, but in general it refers to any financial instrument whose
value is derived, at least in part, from the price of another security or
a specified index, asset or rate. Some derivatives may be more sensitive
to interest rate changes or market moves, and some may be susceptible to
changes in yields or values due to their structure or contract terms.

. The Funds may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, shares of other
mutual funds and repurchase agreements, or make other short-term
investments, either to maintain liquidity or for short-term defensive
purposes when we believe it is in the best interests of shareholders to
do so. Except with respect to the Money Market Funds, to the extent a
Fund's assets are so invested, they may cause a Fund not to achieve its
investment objective. This practice is expected to have limited, if any,
effect on the Fund's pursuit of their objectives over the long term.

. The Asset Allocation Fund and the taxable income funds invest a portion
of their assets in U.S. Government obligations, such as securities issued
or guaranteed by the Government National Mortgage Association ("GNMAs"),
the Federal National Mortgage Association ("FNMAs") and the Federal Home
Loan Mortgage Corporation ("FHLMCs"). Each are mortgage-backed securities
representing partial ownership of a pool of residential mortgage loans. A
"pool" or group of such mortgages is assembled and, after being approved
by the issuing or guaranteeing entity, is offered to investors through
securities dealers. Mortgage-backed securities are subject to prepayment
risk, which can alter the maturity of the securities and also reduce the
rate of return on the portfolio. Collateralized mortgage obligations
("CMOs") typically represent principal-only and interest-only portions of
such securities that are subject to increased interest-rate and credit
risk.

. The market value of lower-rated debt securities and unrated securities of
comparable quality that the Income Fund may invest in tends to reflect
individual developments affecting the issuer to a greater extent than the
market value of higher-rated securities, which react primarily to
fluctuations in the general level of interest rates. Lower-rated
securities also tend to be more sensitive to economic conditions than
higher-rated securities. These lower-rated debt securities are considered
by the rating agencies, on balance, to be predominantly speculative with
respect to the issuer's capacity to pay interest and repay principal.
These securities generally involve more credit risk than securities in
higher-rating categories. Even securities rated "BBB" by S&P or by
Moody's ratings which are considered investment-grade, possess some
speculative characteristics.

Investment practices and risk levels are carefully monitored. Every attempt
is made to ensure that the risk exposure for each Fund remains within the
parameters of its objective.

What follows is a general list of the types of risks (some of which are
described above) that may apply to a given Fund and a table showing some of
the additional investment practices that each Fund may use and the risks
associated with them. Additional information about these practices is
available in the Statement of Additional Information.

Counter-Party Risk--The risk that the other party in a repurchase agreement
or other transaction will not fulfill its contract obligation.

Credit Risk--The risk that the issuer of a debt security will be unable to
make interest payments or repay principal on schedule. If an issuer does
default, the affected security could lose

22
<PAGE>

all of its value, or be renegotiated at a lower interest rate or principal
amount. Affected securities might also lose liquidity. Credit risk also
includes the risk that a party in a transaction may not be able to complete
the transaction as agreed.

Currency Risk--The risk that a change in the exchange rate between U.S.
dollars and a foreign currency may reduce the value of an investment made in a
security denominated in that foreign currency.

Diplomatic Risk--The risk that an adverse change in the diplomatic relations
between the United States and another country might reduce the value or
liquidity of investments in either country.

Experience Risk--The risk presented by a new or innovative security. The
risk is that insufficient experience exists to forecast how the security's
value might be affected by various economic conditions.

Information Risk--The risk that information about a security is either
unavailable, incomplete or is inaccurate.

Interest Rate Risk--The risk that changes in interest rates can reduce the
value of an existing security. Generally, when interest rates increase, the
value of a debt security decreases. The effect is usually more pronounced for
securities with longer maturities.

Leverage Risk--The risk that an investment practice, such as lending
portfolio securities or engaging in forward commitment or when-issued
securities transactions, may increase a Fund's exposure to market risk,
interest rate risk or other risks by, in effect, increasing assets available
for investment.

Liquidity Risk--The risk that a security cannot be sold, or cannot be sold
without adversely affecting the price.

Market Risk--The risk that the value of a stock, bond or other security will
be reduced by market activity. This is a basic risk associated with all
securities.

Political Risk--The risk that political actions, events or instability may
be unfavorable for investments made in a particular nation's or region's
industry, government or markets.

Prepayment Risk--The risk that consumers will accelerate or extend their
prepayment of mortgage loans or other receivables, which can shorten or
lengthen the maturity of a mortgage-backed or other asset-backed security, and
reduce a portfolio's return.

Regulatory Risk--The risk that changes in government regulations will
adversely affect the value of a security. Also the risk that an insufficiently
regulated market might permit inappropriate trading practices.

Year 2000 Risk--The Funds' principal service providers have advised the
Funds that they are working on the necessary changes to their computer systems
to avoid any system failure based on an inability to distinguish the year 2000
from the year 1900, and that they expect their systems to be adapted in time.
There can, of course, be no assurance of success. In addition, the companies
or entities in which the Funds invest also could be adversely impacted by the
Year 2000 issue, especially foreign entities, which may be less prepared for
Year 2000. The extent of such impact cannot be predicted.

23
<PAGE>

Investment Practice/Risk

The following table lists some of the additional investment practices of the
Funds, including some not disclosed in the Investment Objective and Investment
Policies sections of the Prospectus. The risks indicated after the description
of the practice are NOT the only potential risks associated with that practice,
but are among the more prominent. Market risk is assumed for each. See the
Investment Objective and Investment Policies for each Fund or the Statement of
Additional Information for more information on these practices.

These Investment Practices and Risks are Common to all the Funds:

<TABLE>
<CAPTION>
Investment Practice Risk
------------------- ----
<C> <S>
Floating and Variable Rate Debt
Instruments with interest rates that are adjusted either on Interest Rate and
a schedule or when an index or benchmark changes. Credit Risk

Repurchase Agreements
A transaction in which the seller of a security agrees to Credit and
buy back a security at an agreed upon time and price, Counter-Party Risk
usually with interest.

Other Mutual Funds
The temporary investment in shares of another mutual fund. A Market Risk
pro rata portion of the other fund's expenses, in addition
to the expenses paid by the Funds, will be borne by Fund
shareholders.

Foreign Securities
Securities issued by a non-U.S. company or debt of a foreign Information, Political,
government in the form of an American Depositary Receipt or Regulatory, Diplomatic,
similar instrument. Liquidity and Currency Risk

Privately Issued Securities
Securities that are not publicly traded but which may or may Liquidity Risk
not be resold in accordance with Rule 144A of the Securities
Act of 1933.

Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers and Credit, Counter-Party
financial institutions to increase return on those and Leverage Risk
securities. Loans may be made up to 1940 Act limits
(currently 33 1/3% of total assets).

Borrowing Policies
The ability to borrow from banks for temporary purposes to Leverage Risk
meet shareholder redemptions.

Illiquid Securities
A security that cannot be readily sold, or cannot be readily Liquidity Risk
sold without negatively affecting its fair price. Limited to
15% of total assets (10% for money market funds).
</TABLE>

24
<PAGE>

These Investment Practices and Risks are Common to the Equity and Allocation
Funds:

<TABLE>
<CAPTION>
Investment Practice Risk
------------------- ----
<C> <S>
Options
The right or obligation to receive or deliver a security or Credit, Information
cash payment depending on the security's price or the and Liquidity Risk
performance of an index or benchmark. Types of options used
may include: options on securities, options on a stock index,
stock index futures and options on stock index futures to
protect liquidity and portfolio value.

These Investment Practices and Risks are Common to the Income Funds:

<CAPTION>
Investment Practice Risk
------------------- ----
<C> <S>
Forward Commitments, When-Issued Securities Delayed Delivery
Transactions
Securities bought or sold for delivery at a later date or Interest Rate,
bought or sold for a fixed price at a fixed date. Leverage, Credit and
Experience Risk

Mortgage- and Asset-Backed Securities
Securities consisting of an undivided fractional interests in Interest Rate,
pools of consumer loans, such as mortgage loans, car loans, Credit, Prepayment and
credit card debt, or receivables held in trust. Experience Risk

High Yield Securities
Debt securities of lower quality that produce generally Interest Rate and
higher rates of return. These securities, also known as "junk Credit Risk
bonds," tend to be more sensitive to economic conditions and
during sustained periods of rising interest rates, may
experience interest and/or principal defaults.

Stripped Obligations
Securities that give ownership to either future payments of Interest Rate Risk
interest or a future payment of principal, but not both.
These securities tend to have greater interest rate
sensitivity than conventional debt obligations.

Loan Participations
Debt obligations that represent a portion of a larger loan Credit Risk
made by a bank. Generally sold without guarantee or recourse,
some participations sell at a discount because of the
borrower's credit problems.
</TABLE>

25
<PAGE>

ORGANIZATION AND MANAGEMENT OF THE FUNDS

A number of different entities provide services to the Funds. This section
shows how the Funds are organized, lists the entities that perform different
services, and explains how these service providers are compensated. Further
information is available in the Statement of Additional Information for the
Funds.

About Wells Fargo Funds Trust

Wells Fargo Funds Trust (the "Trust") was organized as a Delaware business
trust on March 10, 1999. The Board of Trustees of the Trust supervises each
Fund's activities, monitors its contractual arrangements with various service
providers and decides upon matters of general policy.

The Trust was created to succeed to the assets and operations of the various
mutual funds in the Stagecoach Family of Funds and the Norwest Advantage
Family of Funds. The holding company of Wells Fargo Bank, the investment
advisor to the Stagecoach Family of Funds, and the holding company of Norwest
Investment Management, Inc., the investment advisor to the Norwest Advantage
Family of Funds, merged in November 1998. Each of the Funds described in this
prospectus is intended to succeed to the assets and operations of one or more
Stagecoach and/or Norwest Advantage Funds. One of these predecessor funds is
expected to be the "accounting survivor," which means that its performance and
financial statement history will be assumed by the Wells Fargo Funds Trust
Fund. The succession transactions are conditioned on shareholder approval by
the shareholders of the various Stagecoach and Norwest Advantage Funds. The
Table on page identifies the expected accounting survivors.

In the following sections, the percentages shown are the percentages of the
average daily net assets of each Fund class paid on an annual basis for the
services described.

BOARD OF TRUSTEES
-----------------
Supervises the Funds' activities

<TABLE>
<CAPTION>
INVESTMENT ADVISOR CUSTODIANS
------------------ ----------
<C> <S>
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th St. & Marquette, Minneapolis, MN
(All Funds except Asset Allocation Fund)
Barclays Global Investors, N.A.
45 Fremont St., San Francisco, CA
(Asset Allocation Fund only)
Manages the Funds' investment
activities Provide safekeeping for the Funds' assets

INVESTMENT SUB-ADVISORS
-----------------------

Wells Capital Management, Inc. Barclays Global Fund Advisors
525 Market Street 45 Fremont Street
San Francisco, CA San Francisco, CA
(All Funds except Asset Allocation (Asset Allocation Fund only)
Fund)
</TABLE>

<TABLE>
<CAPTION>
SHAREHOLDER
DISTRIBUTOR ADMINISTRATOR FOR TRANSFER AGENT SERVICING AGENTS
- ----------- ----------------- -------------- ----------------
<S> <C> <C> <C>
Stephens Inc. Wells Fargo Bank, N.A. BFDS Various Agents
111 Center St. 525 Market St. Two Heritage Drive
Little Rock, AR San Francisco, CA Quincy, MA
Markets the Funds and Manages the Funds' Maintains records of Provide services to
distributes shares business activities shares and supervises customers
the paying of
dividends
</TABLE>

FINANCIAL SERVICES FIRMS AND SELLING AGENTS
-------------------------------------------

Advise current and prospective shareholders on their Fund investments

SHAREHOLDERS
------------

26
<PAGE>

The Investment Advisor

Wells Fargo Bank provides portfolio management and fundamental security
analysis services as the advisor for each of the Funds. Wells Fargo Bank,
founded in 1852, is the oldest bank in the western United States and is one of
the largest banks in the United States. Wells Fargo Bank is a wholly owned
subsidiary of Wells Fargo & Company, a national bank holding company. As of
March 31, 1999, Wells Fargo Bank and its affiliates provided advisory services
for over [$63] billion in assets.

For providing these services, Wells Fargo Bank is entitled to receive the
following fees:

<TABLE>
<CAPTION>
Equity and Allocation Funds
---------------------------
<S> <C>
Asset Allocation Fund.................................................... .80
Growth Fund.............................................................. .75
Income Equity Fund....................................................... .75
Small Cap Fund........................................................... .90
Income Funds
------------
Income Fund.............................................................. .50
Intermediate Government Income Fund...................................... .50
Limited Term Government Income Fund...................................... .50
Tax-Free Income Fund..................................................... .40
Money Market Funds
------------------
Money Market Fund........................................................ .40
National Tax-Free Money Market Fund...................................... .25
U.S. Government Money Market Fund........................................ .35
</TABLE>

The Sub-Advisors

Wells Capital Management ("WCM"), a wholly owned subsidiary of Wells Fargo
Bank N.A., is the sub-advisor for the Growth, Small Cap, Limited Term
Government Income and Money Market Funds. In this capacity, it is responsible
for the day-to-day investment management activities of the Funds. As of March
31, 1999, WCM provided advisory services for over [$32] billion in assets.

Barclays Global Fund Advisors ("BGFA"), a wholly owned subsidiary of
Barclays Global Investors, N.A. and an indirect subsidiary of Barclays Bank
PLC, is the sub-advisor for the Asset Allocation Fund. In this capacity, it is
responsible for the model that is used to manage the investment portfolio and
the selection of securities for the portfolio. BGFA was created from the
reorganization of Wells Fargo Nikko Investment Advisors, a former affiliate of
Wells Fargo Bank, and is one of the largest providers of index portfolio
management services. As of March 31, 1999, BGFA provided investment advisory
services for [$575] billion in assets.

The Administrator

Wells Fargo Bank provides the Funds with administrative services, including
general supervision of each Fund's operation, coordination of the other
services provided to each Fund, compilation of information for reports to the
SEC and state securities commissions, preparation of proxy statements and
shareholder reports, and general supervision of data compilation in connection
with preparing periodic reports to the Trust's Trustees and officers. Wells
Fargo Bank also furnishes office space and certain facilities to conduct each
Fund's business. For providing these services, Wells Fargo Bank is entitled to
receive a fee of .15% of the average annual net assets of each Fund.

27
<PAGE>

Shareholder Servicing Plan

We have a shareholder servicing plan for each Fund. Under this plan, we have
engaged various shareholder servicing agents to process purchase and
redemption requests, to service shareholder accounts, and to provide other
related services. For these services, each Fund pays shareholder servicing
agents up to 0.25% of its average annual net assets.

A Choice of Share Classes

After choosing a Fund, your next most important choice is which share class
to buy. The following classes of shares are available through this Prospectus:

. Class A Shares--with a front-end sales charge, volume reductions and
lower on-going expenses than Class B and Class C shares.

. Class B Shares--with a contingent deferred sales charge ("CDSC") payable
upon redemption that diminishes over time, and higher on-going expenses
than Class A shares.

. Class C Shares--with a 1.00% CDSC on redemptions made within one year of
purchase, and higher on-going expenses than Class A shares.

The choice between share classes is largely a matter of preference. You
should consider, among other things, the different fees and sales loads
assessed on each share class and the length of time you anticipate holding
your investment. If you prefer to pay sales charges up front, wish to avoid
higher on-going expenses, or, more importantly, you think you may qualify for
volume discounts based on the amount of your investment, then Class A shares
may be the choice for you.

You may prefer instead to see "every dollar working" from the moment you
invest. If so, then consider Class B or Class C shares. Please note that Class
B shares convert to Class A shares after seven years to avoid the higher on-
going expenses assessed against Class B shares.

Class C shares are available for the Asset Allocation, Income Equity, Small
Cap, Intermediate Government Income and Tax-Free Income Funds only. They are
similar to Class B shares, with some important differences. Unlike Class B
shares, Class C shares do not convert to Class A shares. The higher on-going
expenses will be assessed as long as you hold the shares. The choice between
Class B and Class C shares may depend on how long you intend to hold Fund
shares before redeeming them.

Please see the expenses listed for each Fund and the following sales charge
schedules before making your decision. You should also review the "Reduced
Sales Charges" section of the Prospectus. You may wish to discuss this choice
with your financial consultant.

Class A Share Sales Charge Schedule

If you choose to buy Class A shares, you will pay the Public Offering Price
(POP) which is the Net Asset Value (NAV) plus the applicable sales charge. The
money market funds listed in this prospectus do not impose sales charges on
the purchase of Class A shares. Since sales charges are reduced for Class A
share purchases above certain dollar amounts, known as "breakpoint levels",
the POP is lower for these purchases.

28
<PAGE>

Class A Shares of the Equity and Allocation Funds Listed in this Prospectus
have the Following Sales Charge Schedule:

<TABLE>
<CAPTION>
Front-End
Sales Dealer
Front-End Sales Charge as Allowance as
Charge as % of % of % of
Public Offering Net Amount Public Offering
Amount of Purchase Price Invest Price
------------------ --------------- ---------- ---------------
<S> <C> <C> <C>
Less than $50,000................. 5.75% 6.10% 5.00%
$50,000 to $99,999................ 4.75% 4.99% 4.00%
$100,000 to $249,999.............. 3.75% 3.90% 3.00%
$250,000 to $499,999.............. 2.75% 2.83% 2.25%
$500,000 to $999,999.............. 2.00% 2.04% 1.75%
$1,000,000 and over(1)............ 0.00% 0.00% 1.00%
</TABLE>
- --------
(1) We will assess Class A shares purchases of $1,000,000 or more a 1.00% CDSC
if they are redeemed within one year from the date of purchase. Charges
are based on the lower of the NAV on the date of purchase or the date of
redemption.

Class A Shares of the Equity and Allocation Funds Listed in this Prospectus
have the Following Sales Charge Schedule:

<TABLE>
<CAPTION>
Front-End
Sales Dealer
Front-End Sales Charge as Allowance as
Charge as % of % of % of
Public Offering Net Amount Public Offering
Amount of Purchase Price Invest Price
------------------ --------------- ---------- ---------------
<S> <C> <C> <C>
Less than $50,000................. 4.50% 4.71% 4.00%
$50,000 to $99,999................ 4.00% 4.17% 3.50%
$100,000 to $249,999.............. 3.50% 3.63% 3.00%
$250,000 to $499,999.............. 2.50% 2.56% 2.25%
$500,000 to $999,999.............. 2.00% 2.04% 1.75%
$1,000,000 and over(1)............ 0.00% 0.00% 1.00%
</TABLE>
- --------
(1) We will assess Class A shares purchases of $1,000,000 or more a 1.00% CDSC
if they are redeemed within one year from the date of purchase. Charges
are based on the lower of the NAV on the date of purchase or the date of
redemption.

Class B Share CDSC Schedule

If you choose Class B shares, you buy them at NAV and agree that if you
redeem your shares within six years of the purchase date, you will pay a CDSC
based on how long you have held your shares. Certain exceptions apply (see
"Class B and Class C Share CDSC Reductions" and "Waivers for Certain
Parties"). The CDSC schedule is as follows:

Class B Shares Listed in this Prospectus have the Following Sales Charge
Schedule:

<TABLE>
<CAPTION>
Redemption 1
within Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years
- ---------- ----- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
5.00% 4.00% 3.00% 3.00% 2.00% 1.00% 0.00%
</TABLE>

The CDSC percentage you pay is based on the lower of the NAV of the shares
on the date of the original purchase, or the NAV of the shares on the date of
redemption.

29
<PAGE>

We always process partial redemptions so that the least expensive shares are
redeemed first in order to reduce your sales charges. After shares are held
for six years, the CDSC expires. After shares are held for seven years, the
Class B shares are converted to Class A shares to reduce your future on-going
expenses.

Class B shares received in the reorganization of the Stagecoach Funds are
subject to the above CDSC schedule based on the purchase date(s) of the
Stagecoach shares, and such shares convert to Class A shares automatically
after six years.

Class B shares exchanged by shareholders of former Stagecoach Fund shares
that were purchased prior to March 3, 1997 are subject to a CDSC if they are
redeemed within four years of the original purchase. The CDSC Schedule for
these shares is below:

<TABLE>
<CAPTION>
Redemption within 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years
- ----------------- ------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
CDSC............................. 3.00% 2.00% 1.00% 1.00% 0.00% 0.00%
</TABLE>

Class B shares received in the reorganization of the Norwest Advantage Funds
are subject to the following sales charge schedules on the exchanged shares:

Norwest Advantage Equity Funds

<TABLE>
<CAPTION>
Redemption
within Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years
- ---------- ---- ------- ------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 0.0% A Shares
</TABLE>

Norwest Advantage Income Funds

<TABLE>
<CAPTION>
Redemption
within Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years
- ---------- ---- ------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
3.0% 2.0% 2.0% 1.0% 0.0% 0.0% A Shares
</TABLE>

The above-described schedules for shares of the former Stagecoach Funds and
Norwest Advantage Funds do not apply for any new shares purchased. If you
exchange the Class B shares received in the reorganization for Class B shares
of another Fund, you will retain these CDSC schedules on your exchanged
shares. Additional shares purchased will age at the higher CDSC schedule.

Class C Share CDSC Schedule

If you choose Class C shares, you buy them at NAV and agree that if you
redeem your shares within one year of the purchase date, you will pay a CDSC
of 1.00%.

The CDSC percentage you pay is based on the lower of the NAV on the date of
the original purchase, or the NAV on the date of redemption. The distributor
pays sales commissions of up to 1.00% of the purchase price of Class C shares
to selling agents at the time of the sale, and up to 1.00% annually
thereafter.

We always process partial redemptions so that the least expensive shares are
redeemed first in order to reduce your sales charges. Class C shares do not
convert to Class A shares, and therefore continue to pay the higher on-going
expenses.

Reduced Sales Charges

Generally, we offer more sales charge reductions for Class A shares than for
Class B and Class C shares, particularly if you intend to invest greater
amounts. You should consider whether you are eligible for any of the potential
reductions when you are deciding which share class to buy.

30
<PAGE>

Class A Share Reductions:

. You pay no sales charges on Fund shares you buy with reinvested
distributions.

. You pay a lower sales charge if you are investing an amount over a
breakpoint level. See the "Class A Share Sales Charge Schedule" above.

. By signing a Letter of Intent (LOI), you pay a lower sales charge now in
exchange for promising to invest an amount over a specified breakpoint
within the next 13 months. We will hold in escrow shares equal to
approximately 5% of the amount you intend to buy. If you do not invest
the amount specified in the LOI before the expiration date, we will
redeem enough escrowed shares to pay the difference between the reduced
sales load you paid and the sales load you should have paid. Otherwise,
we will release the escrowed shares when you have invested the agreed
amount.

. Rights of Accumulation (ROA) allow you to combine the amount you invest
with the total NAV of shares you own in other Wells Fargo front-end load
Funds in order to reach breakpoint levels for a reduced load. We give you
a discount on the entire amount of the investment that puts you over the
breakpoint level.

. If you are reinvesting the proceeds of a Wells Fargo Fund redemption for
shares on which you have already paid a front-end sales charge, you have
120 days to reinvest the proceeds of that redemption with no sales charge
into a Fund that charges the same or a lower front-end sales charge. If
you use such a redemption to purchase shares of a Fund with a higher
front-end sales charge, you will have to pay the difference between the
lower and higher charge.

. You may reinvest into a Wells Fargo Fund with no sales charge a required
distribution from a pension, retirement, benefits, or similar plan for
which Wells Fargo Bank acts as trustee provided the distribution occurred
within the 30 days prior to your reinvestment.

If you believe you are eligible for any of these reductions, it is up to you
to ask the selling agent or the shareholder servicing agent for the reduction
and to provide appropriate proof of eligibility.

You, or your fiduciary or trustee, may also tell us to extend volume
discounts, including the reductions offered for rights of accumulation and
letters of intent, to include purchases made by:

. a family unit, consisting of a husband and wife and children under the
age of twenty-one or single trust estate;

. a trustee or fiduciary purchasing for a single fiduciary relationship; or

. the members of a "qualified group" which consists of a "company" (as
defined in the Investment Company Act of 1940 ("1940 Act")), and related
parties of such a "Company," which has been in existence for at least six
months and which has a primary purpose other than acquiring Fund shares
at a discount.

How a Letter of Intent Can Save You Money!

If you plan to invest, for example, $100,000 in a Wells Fargo Fund in
installments over the next year, by signing a letter of intent you would pay
only a 3.75% sales load on the entire purchase. Otherwise, you might pay 5.75%
on the first $50,000, then 4.75% on the next $49,999!

31
<PAGE>

Class B and Class C Share CDSC Reductions:

. You pay no CDSC on Funds shares you purchase with reinvested
distributions.

. We waive the CDSC for all redemptions made because of scheduled or
mandatory distributions for certain retirement plans. (See your
retirement plan disclosure for details.)

. We waive the CDSC for redemptions made in the event of the shareholder's
death or for a disability suffered after purchasing shares. ("Disability"
is defined by the Internal Revenue Code of 1986.)

. We waive the CDSC for redemptions made at the direction of Wells Fargo in
order to, for example, complete a merger or close an account whose value
has fallen below the minimum balance.

. We waive Class C share CDSC for certain types of accounts.

For Class B shares purchased outside of an IRA or other qualified plan after
May 18, 1999 for former Norwest Advantage Fund shareholders, after July 17,
1999 for former Stagecoach Funds shareholders, and after September 17, 1999
for all other shareholders, no CDSC is imposed on withdrawals that occur under
the following circumstances:

. Withdrawals are made by participating in the Systematic Withdrawal Plan;

. Withdrawals may not exceed 10% of your fund assets annually based on your
anniversary date in the Systematic Withdrawal Plan; and

. You must participate in the dividend and capital gain reinvestment
program.

Waiver for Certain Parties

If you are eligible for certain waivers, we will sell you Class A shares so
you can avoid higher on-going expenses. The following people can buy Class A
shares at NAV:

. Current and retired employees, directors and officers of:

. Wells Fargo Funds and its affiliates;

. Wells Fargo Bank, Norwest Bank and their affiliates;

. Stephens and its affiliates; and

. Broker-Dealers who act as selling agents.

. The spouses of any of the above, as well as the grandparents, parents,
siblings, children, grandchildren, aunts, uncles, nieces, nephews,
fathers-in-law, mothers-in-law, brothers-in-law and sisters-in-law of
either the spouse or the current or retired employee, director or
officer.

You may also buy Class A Fund shares at NAV if they are to be included in
certain retirement, benefits, pension or investment "wrap accounts" with whom
Wells Fargo Funds has reached an agreement, or through an omnibus account
maintained with a Fund by a broker/dealer.

We reserve the right to enter into agreements that reduce or eliminate sales
charges for groups or classes of shareholders, or for Fund shares included in
other investment plans such as "wrap accounts." If you own Fund shares as part
of another account or package such as an IRA or a sweep account, you must read
the directions for that account. These directions may supersede the terms and
conditions discussed here.

32
<PAGE>

Distribution Plan

We have adopted a Distribution Plan pursuant to Rule 12b-1 for the Class B
and Class C shares each class of the Funds. The plan authorizes the payment of
all or part of the cost of preparing and distributing prospectuses and
distribution-related services including ongoing compensation to selling
agents. The plan also provides that, if and to the extent any shareholder
servicing payments are recharacterized as payments for distribution-related
services, they are approved and payable under the distribution plan.

The fees paid under these plans are as follows:

<TABLE>
<CAPTION>
Fund Class B Class C
---- ------- -------
<S> <C> <C>
Asset Allocation Fund........................................ .75% .75%
Growth Fund.................................................. .75% N/A
Income Equity Fund........................................... .75% .75%
Small Cap Fund............................................... .75% .75%
Income Fund.................................................. .75% N/A
Intermediate Government Income Fund.......................... .75% .75%
Limited Term Government Income Fund.......................... .75% N/A
Tax-Free Income Fund......................................... .75% .75%
Money Market Fund............................................ .75% N/A
National Tax-Free Money Market Fund.......................... N/A N/A
U.S. Government Money Market Fund............................ N/A N/A
</TABLE>

These fees are paid out of the Funds' assets on an on-going basis. Over
time, these fees will increase the cost of your investment and may cost you
more than paying other types of sales charges.

Exchanges

Exchanges between Wells Fargo Funds are two transactions: a sale of shares
of one Fund and the purchase of shares of another. In general, the same rules
and procedures that apply to sales and purchases apply to exchanges. There
are, however, additional factors you should keep in mind while making or
considering an exchange:

. You should carefully read the Prospectus for the Fund into which you wish
to exchange.

. Every exchange involves selling Fund shares and that sale may produce a
capital gain or loss for federal income tax purposes.

. If you are making an initial investment into a new Fund through an
exchange, you must exchange at least the minimum first purchase amount of
the Fund you are redeeming, unless your balance has fallen below that
amount due to market conditions.

. Any exchange between Funds you already own must meet the minimum
redemption and subsequent purchase amounts for the Funds involved.

. Exchanges between Class B shares, between Class C shares or between
either Class B or Class C shares and a Wells Fargo money market fund will
not trigger the CDSC. The new shares will continue to age according to
their original schedule while in the new Fund and will be charged the
CDSC applicable to the original shares upon redemption.

. Exchanges from any share class to a money market fund can only be
reexchanged for the original share class.

33
<PAGE>

. In order to discourage excessive Fund transaction expenses that must be
borne by other shareholders, we reserve the right to limit or reject
exchange orders. Generally, we will notify you 60 days in advance of any
changes in your exchange privileges.

. You may make exchanges between like share classes. You may also exchange
from Class A, Class B or Class C shares and non-institutional class
shares to a non-institutional money market fund.

. Exchanges into Money Market Fund Class B shares are subject to certain
restrictions in addition to those described above.

34
<PAGE>

YOUR ACCOUNT

This section tells you how Fund shares are priced, how to open an account
and how to buy and sell Fund shares once your account is open.

Pricing Fund Shares:

. As with all mutual fund investments, the price you pay to purchase shares
or the price you receive when you redeem shares is not determined until
after a request has been received in proper form.

. We determine the Net Asset Value ("NAV") of each class of the Funds'
shares each business day as of the close of regular trading on the NYSE.
We determine the NAV by subtracting the Fund class's liabilities from its
total assets, and then dividing the result by the total number of
outstanding shares of that class. Each non-money market Fund's assets are
generally valued at current market prices. Each money market Fund uses
the amortized cost method to value portfolio securities pursuant to Rule
2a-7 under the 1940 Act. See the Statement of Additional Information for
further disclosure.

. We process requests to buy or sell shares of the non-money market funds
each business day as of the close of regular trading on the New York
Stock Exchange ("NYSE"), which is usually 1:00 p.m. (Pacific time)/3:00
p.m. (Central time). The Money Market Fund calculates NAV at 12:00 noon
(Pacific time)/2:00 p.m. (Central time), and the other money market funds
calculate NAV at 2:00 p.m. (Pacific time)/4:00 p.m. (central time). If
the markets close early, the Funds may close early and may value their
shares at earlier times under these circumstances. Any request we receive
in proper form before these times is processed the same day. Requests we
receive after the cutoff times are processed the next business day.

. The non-money market Funds are open for business on each day the NYSE is
open for business. NYSE holidays include New Year's Day, Martin Luther
King, Jr. Day, President's Day, Good Friday, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day and Christmas Day. When any holiday
falls on a weekend, the NYSE typically is closed on the weekday
immediately before or after such holiday.

. The money market Funds are open for business each day Wells Fargo Bank is
open for business and are closed generally on federal bank holidays.

You Can Buy Fund Shares:

. By opening an account directly with the Fund (simply complete and return
a Wells Fargo Funds Trust application with proper payment);

. Through a brokerage account with an approved selling agent; or

. Through certain retirement, benefits and pension plans, or through
certain packaged investment products (please see the providers of the
plan for instructions).

Minimum Investments:

. $1,000 per Fund minimum initial investment(1); or

. $100 per Fund if you use the Systematic Purchase Program; and

. $100 per Fund for all investments after your first.

- --------
(1) Purchases of Class B shares in amounts of $250,000 or more require the
prior approval of your selling agent.

35
<PAGE>

We may waive the minimum for Funds you purchase through certain retirement,
benefit and pension plans, through certain packaged investment products, or
for certain classes of shareholders as permitted by the SEC. Check the
specific disclosure statements and applications for the program through which
you intend to invest.

How to Buy Shares

The following section explains how you can buy shares directly from Wells
Fargo Funds. For Funds held through brokerage and other types of accounts,
please consult your Selling Agent.

By Mail

If you are buying shares for the first time:

. Complete a Wells Fargo Funds application. Be sure to indicate the Fund
name and the share class into which you intend to invest. Failure to
complete an application properly may result in a delay in processing your
request.

. Enclose a check for at least $1,000 made out in the full name and share
class of the Fund. For example, "Growth Fund, Class B."

. You may start your account with $100 if you elect the Systematic Purchase
Plan option on the application.

Mail to:

Wells Fargo Funds Trust

PO Box 8266

Boston, MA 02266-8266

If you are buying additional shares:

. Make a check payable to the full name and share class of your Fund for at
least $100. Be sure to write your account number on the check as well.

. Enclose the payment stub/card from your statement if available.

Mail to:

Wells Fargo Funds Trust

PO Box 8266

Boston, MA 02266-8266

36
<PAGE>

By Wire

If you are buying shares for the first time:

. If you do not currently have an account, complete a Wells Fargo Funds
application. You must wire at least $1,000. Be sure to indicate the Fund
name and the share class into which you intend to invest.

. Mail the completed application.

. You may also fax the completed application (with original to follow). You
must first call BFDS at 1-800-222-8222 to notify them of an incoming wire
trade.

Mail application to:

Wells Fargo Funds Trust
c/o BFDS
PO Box
Quincy, MA 02171

or Fax application to:

1-617-483-5765

Wire money to:

Wells Fargo Funds Trust

c/o State Street Bank & Trust

Boston, MA

Bank Routing Number:

ABA 011000028

Wire Purchase Account Number:

9905-437-1

Attention:

Wells Fargo Funds

(Name of Fund and Share Class)

Account Name:

(Registration Name Indicated on Application)

If you are buying additional shares:

. Instruct your wiring bank to transmit at least $100 according to the
instructions given to the right. Be sure to have the wiring bank include
your current account number and the name your account is registered in.

Wire money to:

Wells Fargo Funds Trust

c/o State Street Bank & Trust

Boston, MA

Bank Routing Number:

ABA 011000028

Wire Purchase Account Number:

9905-437-1

Attention:

Wells Fargo Funds
(Name of Fund and Share Class)

Account Name:

(Registration Name Indicated on Application)

37
<PAGE>

By Phone

If you are buying shares for the first time:

. You can only make your first purchase of a Fund by phone if you already
have an existing Wells Fargo Funds Trust Account.

. Call Investor Services and instruct the representative to either:

. transfer at least $1,000 from a linked settlement account, or

. exchange at least $1,000 worth of shares from an existing Wells Fargo
Fund. Please see "Exchanges" for special rules.

Call:

1-800-222-8222

If you are buying additional shares:

. Call Investor Services and instruct the representative to either:

. transfer at least $100 from a linked settlement account, or

. exchange at least $100 worth of shares from another Wells Fargo Fund.

Call:

1-800-222-8222

Selling Shares:

The following section explains how you can sell shares held directly through
an account with Wells Fargo Funds by mail or telephone. For Fund shares held
through brokerage and other types of accounts, please consult your Selling
Agent.

By Mail

If you are selling shares for the first time:

. Write a letter stating your account registration, your account number,
the Fund you wish to redeem and the dollar amount ($100 or more) of the
redemption you wish to receive (or write "Full Redemption").

. Make sure all the account owners sign the request.

. You may request that redemption proceeds be sent to you by check, by ACH
transfer into a bank account, or by wire. Please call Investor Services
regarding requirements for linking bank accounts or for wiring funds. We
reserve the right to charge a fee for wiring funds although it is not
currently our practice to do so.

. Signature Guarantees are required for mailed redemption requests over
$5,000. You can get a signature guarantee at financial institutions such
as a bank or brokerage house. We do not accept notarized signatures.

Mail to:

Wells Fargo Funds Trust

PO Box 8266

Boston, MA 02266-8266

38
<PAGE>

By Phone

. Call Investor Services to request a redemption of at least $100. Be
prepared to provide your account number and Taxpayer Identification
Number.

. Unless you have instructed us otherwise, only one account owner needs to
call in redemption requests.

. You may request that redemption proceeds be sent to you by check, by
transfer into an ACH-linked bank account, or by wire. Please call
Investor Services regarding requirements for linking bank accounts or for
wiring funds. We reserve the right to charge a fee for wiring funds
although it is not currently our practice to do so.

. Telephone privileges are automatically made available to you unless you
specifically decline them on your application or subsequently in writing.

. Phone privileges allow us to accept transaction instructions by anyone
representing themselves as the shareholder and who provides reasonable
confirmation of their identity, such as providing the Taxpayer
Identification Number on the account. We will not be liable for any
losses incurred if we follow telephone instructions we reasonably believe
to be genuine.

. Telephone requests are not accepted if the address on your account was
changed by phone in the last 15 days.

Call:

1-800-222-8222

General Notes for Selling Shares

We determine the NAV of non-money market funds each day as of the close of
regular trading on the NYSE, which is generally 1:00 PM (Pacific time)/3:00
P.M. (Central time). We determine the NAV of the Money Market Fund at 12:00
noon (Pacific time)/2:00 P.M. (Central time) and we determine the NAV of the
other money market funds each day as of 2:00 P.M. (Pacific time)/ 4:00 P.M.
(Central time). If any of the markets for the Funds close early, the Funds may
close early, and may value their shares at earlier times under these
circumstances.

Your redemptions are net of any applicable CDSC.

We will process requests to sell shares at the first NAV calculated after a
request in proper form is received. Requests received before the cutoff times
are processed on the same business day.

If your purchased shares through a packaged investment product or retirement
plan, read the directions for selling shares provided by the product or plan.
There maybe special requirements that supersede the directions in this
Prospectus.

We reserve the right to delay payment of a redemption so that we may be
reasonably certain that investments made by check or Systematic Purchase Plan
have been collected. Payments of redemptions also may be delayed under
extraordinary circumstances or as permitted by the SEC in order to protect
remaining shareholders.

Generally, we pay redemption requests in cash, unless the redemption request
is for more than $250,000 or 1% of the net assets of the Fund by a single
shareholder over any ninety-day period. If a request for a redemption is over
these limits, it may be to the detriment of existing shareholders to pay such
redemption in cash. Therefore, we may pay all or part of the redemption in
securities of equal value.

39
<PAGE>

Additional Services and Other Information

Automatic Programs:

These programs help you conveniently purchase and/or redeem shares each
month. Call Investor Services 1-800-222-8222 for more information.

. Systematic Purchase Plan--With this program, you can regularly purchase
shares of a Wells Fargo Fund with money automatically transferred from a
linked bank account. Simply select the Fund you would like to purchase,
specify an amount of at least $100, and tell us the day of the month you
would like the money invested. If you do not specify a date, we will
transfer the money and invest in shares of the Fund you select on or
about the 25th day of the month.

. Systematic Exchange Plan--With this program, you can regularly exchange
shares of a Wells Fargo Fund you own for shares of another Wells Fargo
Fund. The exchange amount must be at least $100, and the exchange will
take place on or about the 25th of each month. See the "Exchanges"
section of this prospectus for the conditions that apply to your shares.
This feature may not be available for certain types of accounts.

. Systematic Withdrawal Plan--With this program, you can regularly redeem
shares and receive the proceeds by check or by transfer to a linked bank
account. Simply specify an amount of at least $100 and we will sell your
shares equal to that amount on or about the 25th of each month. To
participate in this program, you:

. must have a Fund account value at $10,000 or more;

. must have your distributions reinvested; and

. may not simultaneously participate in the Systematic Purchase Plan.

It generally takes about ten days to establish a plan once we have received
your instructions. It generally takes about five days to change or cancel
participation in a plan. We automatically cancel your program if the linked
bank account your specified is closed.

Dividend and Capital Gain Distributions Options

The Funds in this Prospectus pay dividends periodically and make capital
gains distributions annually. The equity funds, except the Small Cap Fund, pay
any dividends quarterly. The Small Cap Fund pays any dividends annually. The
income and money market funds pay any dividends monthly.

We offer the following distribution options:

. Automatic Reinvestment Option--Lets you buy new shares of the same class
of the Fund that generated the distributions. The new shares are
purchased at NAV generally on the day the income is paid. This option is
automatically assigned to your account unless you specify another plan.

. Check Payment Option--Allows you to receive checks for distributions
mailed to your address of record or to another name and address which you
have specified in written, signature guaranteed instructions. If checks
remain uncashed for six months or are undeliverable by the Post Office,
we will reinvest the distributions at the earliest date possible.

40
<PAGE>

Two Things To Keep in Mind About Distributions

Remember, distributions have the effect of reducing the NAV per share by the
amount distributed. Also, distributions on new shares shortly after purchase
would be in effect a return of capital, although the distribution may still be
taxable to you.

Taxes

The following discussion regarding taxes is based on laws that were in
effect as of the date of this Prospectus. The discussion summarizes only some
of the important tax considerations that affect the Funds and you as a
shareholder. It is not intended as a substitute for careful tax planning. You
should consult your tax advisor about your specific tax situation. Federal
income tax considerations are discussed further in the Statement of Additional
Information.

Dividends distributed from the Tax-Free Income Fund and Municipal Money
Market Fund attributable to their net interest income from tax-exempt
securities will not be subject to federal income tax. Dividends distributed
from these and the other Funds attributable to their income from other
investments and net short-term capital gain (generally, the excess of net
short-term capital gains over net long-term capital losses) will be taxable to
you as ordinary income. Corporate shareholders may be able to deduct a portion
of their dividends when determining their taxable income.

We will pass on to you any net capital gain (generally the excess of net
long- term capital gains over net short-term capital losses) earned by a Fund
as a capital gain distribution. In general, these distributions will be
taxable to you as long-term capital gains which may qualify for taxation at
preferential rates in the hands of non-corporate shareholders. Any
distribution that is not from net investment income, short term capital gains,
or net capital gain may be characterized as a return of capital to
shareholders.

In general, all distributions will be taxable to you when paid even if they
are paid in additional Fund shares. However, distributions declared in
October, November and December are distributed by the following January will
be taxable as if they were paid on December 31 of the year in which they were
declared. We will notify you annually as to the status of your Fund
distributions.

If you buy shares of a Fund shortly before any distribution, your
distribution from the Fund will, in effect, be a taxable return of part of
your investment. Similarly, if you buy shares of a Fund that holds appreciated
securities in its portfolio, you will receive a taxable return of part of your
investment is and when the Fund sells the appreciated securities and realizes
the gain. Some of the Funds have built up, or have the potential to build up,
high levels of unrealized appreciation.

Except in the case of Money Market Funds, your redemptions (including
redemptions in-kind) and exchanges of Fund shares will ordinarily result in a
taxable capital gain or loss, depending on the amount you receive for your
shares (or are deemed to receive in the case of exchanges) and the amount you
paid (or are deemed to have paid) for them. As long as a Money Market Fund
continually maintains a $1.00 NAV, you ordinarily will not recognize taxable
gain or loss on the redemption or exchange of such Fund shares.

Foreign shareholders may be subject to different tax treatment, including
withholding taxes. In certain circumstances, U.S. residents may also be
subject to backup withholding at a 13% rate on distributions from and
redemption proceeds paid by a Fund.

41
<PAGE>

TABLE OF PREDECESSORS

The Funds described in this Prospectus were created as part of the
reorganization of the Stagecoach Family of Funds, advised by Wells Fargo Bank,
N.A., and the Norwest Advantage Family of Funds, advised by Norwest Investment
Management, Inc., into a single mutual fund complex. The reorganization
followed the merger of the advisors' parent companies.

The chart below indicates the Stagecoach and Norwest Advantage portfolios
that are expected to be the accounting survivors.

<TABLE>
<CAPTION>
Wells Fargo Funds Trust Accounting Survivor
----------------------- -------------------

<S> <C>
Equity and Allocation Funds
Asset Allocation Fund Stagecoach Asset Allocation Fund
Growth Fund Stagecoach Growth Fund
Income Equity Fund Norwest Advantage Income Equity Fund
Small Cap Fund Stagecoach Small Cap Fund

Income Funds
Income Fund Norwest Advantage Income Fund
Intermediate Government Norwest Advantage Intermediate Government
Income Fund Income Fund
Limited Term Government Stagecoach Short-Intermediate U.S. Government
Income Fund Income Fund
Tax-Free Income Fund Norwest Advantage Tax-Free Income Fund

Money Market Funds
Money Market Fund Stagecoach Money Market Fund
National Tax-Free Money Norwest Advantage Municipal Money
Market Fund Market Fund
U.S. Government Money Market Fund Norwest Advantage U.S. Government Fund
</TABLE>

42
<PAGE>

GLOSSARY

We provide the following definitions to assist you in reading this
prospectus. For a more complete understanding of these terms you should
consult your financial adviser.

ACH

Refers to the "Automated Clearing House" system maintained by the Federal
Reserve Bank which allows banks to process checks, transfer funds and perform
other tasks.

American Depositary Receipts ("ADRS")

Receipts for non-U.S. company stocks. The stocks underlying ADRs are
typically held in bank vaults. The ADR's owner is entitled to any capital
gains or dividends. ADRs are one way of owning an equity interest in foreign
companies.

Annual and Semi-Annual Report
A document that provides certain financial and other important information
for the most recent reporting period and each Fund's portfolio of investments.

Asset-Backed Securities

Securities consisting of an undivided fractional interest in pools of
consumer loans, such as car loans or credit card debt, or receivables held in
trust.

Below Investment-Grade

Securities rated BBB or lower by S&P or Baa or lower by Moody's Investor
Services, or that may be unrated securities or securities considered to be
"high risk."

Business Day

Any day the New York Stock Exchange is open is a business day for the Funds.

Capital Appreciation, Capital Growth

The increase in the value of a security. See also "total return."

Capitalization

When referring to the size of a company, capitalization means the total
number of a company's outstanding shares of stock multiplied by the price per
share. This is an accepted method of determining a company's size and is
sometimes referred to as "market capitalization."

Capital Structure

Refers to how a company has raised money to operate. Can include, for
example, borrowing or selling stock.

Collateralized Mortgage Obligation ("CMOs")

Securities collateralized by portfolios of mortgage pass-through securities.
CMOs are structured into multiple classes, and are paid according to class
maturity, shortest maturities paid first.

43
<PAGE>

Commercial Paper

Debt instruments issued by banks, corporations and other issuers to finance
short-term credit needs. Commercial paper typically is of high credit quality
and offers below market interest rates.

Convertible Debt Securities

Bonds or notes that are exchangeable for equity securities at a set price on
a set date or at the election of the holder.

Current Income

Earnings in the form of dividends or interest as opposed to capital growth.
See also "total return."

Debt Securities

Generally, a promise to pay interest and repay principal by an individual or
group of individuals sold as a security. The owner of the security is entitled
to receive any such payments. Examples include bonds and mortgage- and other
asset-backed securities and can include securities in which the right to
receive interest and principal repayment have been sold separately.

Derivatives

Securities whose values are derived in part from the value of another
security or index. An example is a stock option.

Distributions

Dividends and/or capital gains paid by a Fund on its shares.

Diversified

A diversified fund, as defined by the Investment Company Act of 1940, is one
that invests in cash, Government securities, other investment companies and no
more than 5% of its total assets in a single issuer. These policies must apply
to 75% of the Funds' total assets.

Dollar-Denominated

Securities issued by foreign banks, companies or governments in U.S.
dollars.

Dollar Rolls

Similar to a reverse Repurchase Agreement, dollar rolls are simultaneous
agreements to sell a security held in a portfolio and to purchase a similar
security at a future date at an agreed-upon price.

Duration

A measure of a security's or portfolio's sensitivity to changes in interest
rates. Duration is usually expressed in years, with longer durations typically
more sensitive to interest rate changes than shorter durations.

44
<PAGE>

FDIC

The Federal Deposit Insurance Corporation. This is the company that provides
federally sponsored insurance covering bank deposits such as savings accounts
and CDs. Mutual funds are not FDIC insured.

FHLMC

FHLMC securities are commonly known as "Freddie Mac" and are issued by the
Federal Home Loan Mortgage Corporation.

FNMA

FNMA securities are known as "Fannie Maes" are issued by the Federal
National Mortgage Association, and FHLMC securities as "Freddie Mac" and are
issued by the Federal Home Loan Mortgage Corporation.

GNMA

GNMA securities, commonly known as "Ginnie Maes," are mortgage pass-through
securities issued by the Government National Mortgage Association and
guaranteed by the U.S. Government.

Hedge

Strategy used to offset investment risk. A perfect hedge is one eliminating
the possibility of future gain or loss.

Illiquid Security

A security which cannot be readily sold, or cannot be readily sold without
negatively affecting its fair price.

Initial Public Offering

The first time a company's stock is offered for sale to the public.

Investment-Grade Debt

A type of bond rated in the top four investment categories by a nationally
recognized ratings organization. Generally these are bonds whose issuers are
considered to have a strong ability to pay interest and repay principal,
although some investment-grade bonds may have some speculative
characteristics.

Lehman Brothers 20+ Bond Index

An unmanaged index composed of U.S. Treasury bonds with 20 years or longer
dates-to-maturity.

Liquidity

The ability to readily sell a security at a fair price.

45
<PAGE>

Money Market Instruments

High-quality short-term instruments meeting the requirements of Rule 2a-7 of
the 1940 Act, such as bankers' acceptances, commercial paper, repurchase
agreements and government obligations. In a money market fund, average
portfolio maturity does not exceed 90 days, and all investments have
maturities of 397 days or less at the time of purchase.

Moody's

A nationally recognized ratings organization.

Nationally Recognized Rating Organization (NRRO)

A company that examines the ability of a bond issuer to meet its obligations
and which rates the bonds accordingly.

Net Asset Value (NAV)

The value of a single fund share. It is determined by adding together all of
a Fund's assets, subtracting accrued expenses and other liabilities, then
dividing by the total number of shares. The NAV is calculated separately for
each class of the Fund, and is determined as of the close of regular trading
on each business day the NYSE is open, typically 1:00 P.M. (Pacific time).

Options

An option is the right to buy or sell a security based on an agreed upon
price for at a specified time. For example, an option may give the holder of a
stock the right to sell the stock to another party, allowing the seller to
profit if the price has fallen below the agreed price. Options may also be
based on the movement of an index such as the S&P 500.

Preservation of Capital

The attempt by a fund's manager to reduce drops in the net asset value of
fund shares in order to preserve the initial investment.

Principal Stability

The degree to which share prices for a fund remain steady. Money market
funds attempt to achieve the highest degree of principal stability by
maintaining a $1.00 per share net asset value. More aggressive funds may not
consider principal stability an objective.

Public Offering Price (POP)

The NAV with the sales load added.

Price-to-Earnings Ratio

The ratio between a stock's price and its historical, current or anticipated
earnings. Low ratios typically indicate a high yield. High ratios are
characteristic of growth stocks which generally have low current yields.

Repurchase Agreement

An agreement between a buyer and seller of a security in which the seller
agrees to repurchase the security at an agreed upon price and time.

46
<PAGE>

Russell 1000 Index

An index comprised of the 1000 largest firms listed on the Russell 3000
Index. The Russell 3000 Index is a listing of 3000 corporations maintained by
the Frank Russell Company that is intended to be representative of the U.S.
economy. The Russell 1000 is considered a "large cap" index.

Russell 2000 Index

An index comprised of the 2000 smallest firms listed on the Russell 3000
Index. The Russell 3000 Index is a listing of 3000 corporations maintained by
the Frank Russell Company that is intended to be representative of the U.S.
economy. The Russell 2000 is considered a "small cap" index.

Selling Agent

A person who has an agreement with the Funds' distributors that allows them
to sell a Fund's shares.

Shareholder Servicing Agent

Anyone appointed by the Fund to maintain shareholder accounts and records,
assist and provide information to shareholders or perform similar functions.

Signature Guarantee

A guarantee given by a financial institution that has verified the identity
of the maker of the signature.

S&P, S&P 500 Index

Standard and Poors, a nationally recognized ratings organization. S&P's also
publishes various indexes or lists of companies representative of sectors of
the U.S. economy.

Statement of Additional Information

A document that supplements the disclosure made in the Prospectus.

Stripped Treasury Securities

Debt obligations in which the interest payments and the repayment of
principal are separated and sold as securities.

Taxpayer Identification Number

Usually the social security number for an individual or the Employer
Identification Number for a corporation.

Total Return

The total value of capital growth and the value of all distributions,
assuming that distributions were used to purchase additional shares of the
Funds.

47
<PAGE>

Turnover Ratio

The percentage of the securities held in a Fund's portfolio, other than
short-term securities, that were bought or sold within a year.

Undervalued

Describes a stock that is believed to be worth more than its current price.

U.S. Government Obligations

Obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities.

Value Strategy

A strategy of investing which tries to identify and buy undervalued stocks
under the assumption that the stock will eventually rise to its "fair market"
value.

Warrants

The right to buy a stock at a set price for a set time.

Weighted-Average Maturity

The average maturity for the debt securities in a portfolio on a dollar-for-
dollar basis.

Zero Coupon Bonds

Bonds that make no periodic interest payments and which are usually sold at
a discount to their face value. Zero coupon bonds are subject to interest rate
and credit risk.

48
<PAGE>

WELLS FARGO FUNDS TRUST

You may wish to review the following document:

A Statement of Additional Information supplements the disclosures made by
this Prospectus. The Statement of Additional Information has been filed with
the SEC and is incorporated by reference into this Prospectus and is legally
part of this Prospectus.

This document is available free of charge:

Call 1-800-222-8222, or
Write to: Wells Fargo Funds Trust
PO Box 7066
San Francisco, CA 94120-7066

Visit the SEC's web site: http://www.sec.gov, or

Request copies for a fee by writing to:

SEC Public Reference Room, Washington, DC 20549-6009
(call: 1-800-SEC-0330 for details)

49
<PAGE>

Wells Fargo Funds Trust

PROSPECTUS

Asset Allocation Fund
Growth Fund
Income Equity Fund
Small Cap Fund
Income Fund
Intermediate Government Income Fund

Limited Term Government Income Fund
Tax-Free Income Fund

Cash Investment Money Market Fund

National Tax-Free Institutional
Money Market Fund

Treasury Plus Institutional Money Market Fund
U.S. Government Money Market Fund

Service Class and Institutional Class

Please read this prospectus and keep it for future reference. It is designed
to provide you with important information and to help you decide if a Fund's
goals match your own.

FUND SHARES ARE NOT DEPOSITS OF WELLS FARGO BANK, N.A. ("WELLS FARGO BANK"),
OR ANY OF ITS AFFILIATES. FUND SHARES ARE NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION ("FDIC"), OR ANY OTHER GOVERNMENT
AGENCY. AN INVESTMENT IN A FUND INVOLVES CERTAIN RISKS, INCLUDING POSSIBLE
LOSS OF PRINCIPAL.

May 25, 1999

1
<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
Page
----
<S> <C>
OVERVIEW
This section contains important summary information about the Funds.
Objectives and Principal Strategies..................................... 3
Important Risks......................................................... 5
Summary of Expenses..................................................... 7
THE FUNDS
This section contains important information about the individual Funds.
Asset Allocation Fund................................................... 11
Growth Fund............................................................. 12
Income Equity Fund...................................................... 13
Small Cap Fund.......................................................... 14
Income Fund............................................................. 15
Intermediate Government Income Fund..................................... 16
Limited Term Government Income Fund .................................... 17
Tax-Free Income Fund.................................................... 18
Cash Investment Money Market Fund....................................... 19
National Tax-Free Institutional Money Market Fund....................... 20
Treasury Plus Institutional Money Market Fund........................... 20
U.S. Government Money Market Fund....................................... 21
General Investment Risks................................................ 22
Organization and Management of the Funds................................ 27
YOUR INVESTMENT
Turn to this section for information on your investments including how
to buy and sell Fund shares.
Your Account............................................................ 29
How to Buy Shares....................................................... 30
How to Sell Shares...................................................... 30
Exchanges............................................................... 31
Other Information....................................................... 32
Table of Predecessors................................................... 33
GLOSSARY.................................................................. 34
</TABLE>

2
<PAGE>

WELLS FARGO FUNDS OVERVIEW

<TABLE>
<CAPTION>
Equity and
Allocation Funds Objective Principal Strategy
---------------- --------- ------------------
<C> <C> <S>
Asset Allocation Seeks long-term total We allocate and reallocate assets
Fund return, consistent among common stocks, U.S. Treasury
with reasonable risk. bonds and money market
instruments. We invest in asset
classes that we believe are under-
valued in order to achieve better
long-term, risk-adjusted returns.
Growth Fund Seeks long-term We invest in equity securities of
capital appreciation. domestic and foreign companies
whose market capitalization falls
within the range of the Russell
1000 Index, which is considered a
mid- to large-capitalization
index. We buy stocks of companies
that have a strong earnings growth
trend and above-average prospects
for future growth, or that we
believe are undervalued.
Income Equity Fund Seeks long-term We invest in the common stocks of
capital appreciation large, high quality domestic
and above-average companies with above-average
dividend income. return potential and above-average
dividend income. We consider
"large" companies to be those
whose market capitalization is
greater than the median of the
companies in the Russell 1000
Index, which is considered a mid-
to large-capitalization index.
Small Cap Fund Seeks long-term We invest in equity securities of
capital appreciation. domestic and foreign companies
whose market capitalization falls
within the range of the Russell
2000 Index, which is considered a
small capitalization index. We buy
stocks that we believe have above-
average prospects for capital
growth, or that may be involved in
new or innovative products,
services and processes.
</TABLE>

3
<PAGE>

WELLS FARGO FUNDS OVERVIEW

<TABLE>
<CAPTION>
Taxable Income Funds Objective Principal Strategy
-------------------- --------- ------------------
<C> <C> <S>
Income Fund Seeks current income We invest in corporate, mortgage-
and total return. backed, asset-backed, and U.S.
Government debt securities
primarily of investment-grade
quality or better. We maintain the
average dollar-weighted maturity
of the portfolio between 3 and 15
years, and apply fundamental
economic, credit and market
analysis to increase portfolio
performance.
Intermediate Seeks current income, We invest in investment-grade,
Government Income consistent with intermediate-term (3-10 years)
Fund safety of principal. U.S. Government securities, and
also in certain debt securities
that are not U.S. Government
securities. We invest up to 50% of
our assets in mortgage-backed
securities, and up to 25% of our
assets in other asset-backed
securities.
Limited Term Seeks current income We invest in investment-grade,
Government Income and safety of short-term (1-5 years).
Fund capital.
<CAPTION>
Tax-Free Income
Funds Objective Principal Strategy
--------------- --------- ------------------
<C> <C> <S>
Tax-Free Income Fund Seeks current income We invest in investment-grade
exempt from federal municipal securities with average
income taxes. maturities of 10-20 years and with
interest that is exempt from
federal income taxes, though some
of our holdings may be subject to
the alternative minimum tax
("AMT").
<CAPTION>
Money Market Funds Objective Principal Strategy
------------------ --------- ------------------
<C> <C> <S>
Cash Investment Seeks high current We invest in high-quality, short-
Money Market Fund income, preservation term money market instruments.
of capital and
liquidity.
National Tax-Free Seeks high current We invest in high-quality, short-
Institutional Money income exempt from term federally tax-exempt
Market Fund federal income taxes, instruments, whose income may be
while preserving subject to the federal AMT. We may
capital and invest up to 35% of the Fund's
liquidity. assets in issuers in a single
state.
Treasury Plus Seeks current income We invest in obligations issued or
Institutional Money and stability of guaranteed by the U.S. Treasury,
Market Fund principal. and in notes, bonds and repurchase
agreements which are
collateralized or secured by
Treasury obligations.
U.S. Government Seeks high current We invest in high-quality, short-
Money Market Fund income, while term U.S. Government obligations
preserving capital and in repurchase agreements
and liquidity. collateralized by such
obligations.
</TABLE>

4
<PAGE>

IMPORTANT RISKS

This section summarizes important risks that are common to all of the Funds
described in this Prospectus, and important risks that relate specifically to
particular Funds. Both are important to your investment choice. Additional
information about these and other risks is included in the individual Fund
Descriptions later in this Prospectus and under General Investment Risks
beginning on page . An investment in a Fund is not a deposit of Wells Fargo
Bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although the money market funds
seek to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in these funds.

Common Risks for the Funds

Debt Securities. The Asset Allocation Fund, the income funds, and money
market funds invest in debt securities, such as notes and bonds, which are
subject to credit risk and interest rate risk. Credit risk is the possibility
that an issuer of an instrument will be unable to make interest payments or
repay principal. Changes in the financial strength of an issuer or changes in
the credit rating of a security may affect its value. Interest rate risk is
the risk that interest rates may increase, which will reduce the resale value
of securities in a Fund's investments, including U.S. Government obligations.
Debt securities with longer maturities are generally more sensitive to
interest rate changes than those with shorter maturities. Changes in market
interest rates do not affect the rate payable on debt securities held in a
Fund, unless the have adjustable or variable rate features, which can reduce
interest rate risk. Changes in market interest rates may also extend or
shorten the duration of certain types of instruments, such as asset-backed
securities, and affect their value and the return on your investment. The
equity funds may invest some of their assets in debt securities.

<TABLE>
<CAPTION>
Equity and Allocation Funds Specific Risks
--------------------------- --------------
These Funds are primarily subject to the equity securities risks described in
the Common Risks section above. The Asset Allocation Fund is also subject to
the debt securities risks described above.

<C> <S>
Asset Allocation Fund This Fund uses an investment model that seeks
undervalued asset classes. There is no guarantee
that the model will make accurate determinations
or that an asset class we believe is undervalued
will perform as expected.
Growth Fund The advisor selects growth stocks based on
prospects for future earnings, which may not
grow as expected. In addition, at times, the
overall market or the market for value stocks
may outperform growth stocks.
Income Equity Fund Stocks selected for their high dividend income
may be more sensitive to interest rate changes
than other stocks. This Fund is primarily
subject to the equity Risks section, above.
</TABLE>

5
<PAGE>

<TABLE>
<CAPTION>
Equity and Allocation Funds Specific Risks
--------------------------- --------------
<C> <S>
Small Cap Fund This Fund may invest in companies that pay low
or no dividends, have smaller market
capitalizations, have less market liquidity,
have no or relatively short operating histories,
or are newly public companies. Some of these
companies have aggressive capital structures,
including high debt levels, or are involved in
rapidly growing or changing industries and/or
new technologies. Because the Fund may invest in
such aggressive securities, share prices may
rise and fall more than the share prices other
funds. In addition, our active trading
investment strategy may result in a higher-than-
average portfolio turnover ratio, increased
trading expenses, and high short-term capital
gains. The advisor selects growth stocks based
on prospects for future earnings, which may not
grow as expected. In addition, at times, the
overall market or the market for value stocks
may outperform growth stocks.
<CAPTION>
Income Funds Specific Risks
------------ --------------
<C> <S>
Income Fund This Fund is primarily subject to the debt
securities risks described in the Common Risks
section above.
Intermediate Government The U.S. Government does not guarantee the
Income Fund market value or GOVERNMENT current yield of its
obligations. Not all U.S. Government obligations
are backed by the full faith and credit of the
U.S. Government. Mortgage-backed securities are
subject to prepayment risk which can reduce the
rate of return on the portfolio.
Limited Term Government The U.S. Government does not guarantee the
Income Fund market value or U.S. current yield of its
obligations. Not all Government obligations are
backed by the full faith and credit of the
U.S. Government. Mortgage-backed securities are
subject to prepayment risk which can reduce the
rate of return on the portfolio.
Tax-Free Income Fund Some of this Fund's investments are subject to
federal income and AMT taxes, so you may incur a
tax liability on an investment in this Fund.
Municipal obligations backed by tax revenues of
the issuer's jurisdiction affected if the issuer
cannot raise adequate revenues to meet its
obligations.
<CAPTION>
Money Market Funds Specific Risks
------------------ --------------
<C> <S>
Cash Investment Money Market Although each of these Funds seeks to maintain a
Fund stable net asset value of $1.00 per share, there
is no assurance it will be able to do so.
National Tax-Free
Institutional Money Market
Fund
Treasury Plus Institutional
Money Market Fund
U.S. Government Money Market
Fund
</TABLE>

6
<PAGE>

SUMMARY OF EXPENSES

Shareholder Fees

These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in a Fund.

<TABLE>
<CAPTION>
All Funds
--------------
Service Class,
Inst. Class
--------------
<S> <C>
Maximum sales charge (load) imposed on purchases as a
percentage of offering price ............................... None
Maximum deferred sales charge (load) as a percentage of the
lower of the NAV at purchase or the NAV at redemption ...... None
</TABLE>

ANNUAL FUND OPERATING EXPENSES

(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

<TABLE>
<CAPTION>
Asset
Allocation Income Equity Small Cap
Fund Growth Fund Fund Fund
Equity and Allocation Institutional Institutional Institutional Institutional
Funds Class Class Class Class
--------------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Management Fees......... .80 .75 .75 .90
Distribution (12b-1)
Fees................... .00 .00 .00 .00
Other Expenses(1)....... .28 .28 .28 .28
---- ---- ---- ----
Total Annual Fund
Operating Expenses .... 1.08 1.03 1.03 1.18
==== ==== ==== ====
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

<TABLE>
<CAPTION>
Intermediate Limited Term
Government Government Tax-Free
Income Fund Income Fund Income Fund Income Fund
Institutional Institutional Institutional Institutional
Income Funds Class Class Class Class
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Management Fees......... .50 .50 .50 .40
Distribution (12b-1)
Fees................... .00 .00 .00 .00
Other Expenses(1)....... .28 .28 .28 .28
--- --- --- ---
Total Annual Fund
Operating Expenses..... .78 .78 .78 .68
=== === === ===
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

7
<PAGE>

<TABLE>
<CAPTION>
National
Cash Tax-Free Treasury Plus U.S.
Investment Institutional Institutional Government
Money Market Money Money Money
Fund Market Fund Market Fund Market Fund
------------- ------------- ------------- -------------
Service Inst. Service Inst. Service Inst.
Money Market Funds Class Class Class Class Class Class Service Class
------------------ ------- ----- ------- ----- ------- ----- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Management Fees......... .40 .40 .10 .10 .10 .10 .35
Distribution (12b-1)
Fees................... .00 .00 .00 .00 .00 .00 .00
Other Expenses(1)....... .53 .28 .53 .28 .53 .28 .28
--- --- --- --- --- --- ---
Total Annual Fund
Operating Expenses..... .93 .63 .63 .38 .63 .38 .63
=== === === === === === ===
Fee Waivers(2)..........
Net Expenses............
</TABLE>
- --------

(1) Other expenses are based on estimated amounts for the current fiscal year.

(2) Fee waivers are contractual and apply for one year from the date of this
prospectus. After this time, the advisor, with Board approval, may reduce
or eliminate the waivers.

8
<PAGE>

Example of Expenses

These examples are intended to help you compare the cost of investing in a
Fund with the cost of investing in other mutual funds.

You would pay the following expenses on a $10,000 investment assuming a 5%
annual return and that you redeem your shares at the end of each period:

<TABLE>
<CAPTION>
Asset
Allocation
Fund Growth Fund
Equity and Institutional Institutional Income Equity Fund Small Cap Fund
Allocation Funds Class Class Institutional Class Institutional Class
---------------- ------------- ------------- ------------------- -------------------
<S> <C> <C> <C> <C>
1 Year..................
3 Years.................
<CAPTION>
Intermediate
Government Limited Term
Income Fund Income Fund Government Tax-Free Income
Institutional Institutional Income Fund Fund
Income Funds Class Class Institutional Class Institutional Class
------------ ------------- ------------- ------------------- -------------------
<S> <C> <C> <C> <C>
1 Year..................
3 Years.................
</TABLE>

<TABLE>
<CAPTION>
National Treasury
Cash Tax-Free Plus
Investment Institutional Institutional U.S. Government
Money Market Money Market Money Money Market
Fund Fund Market Fund Fund
------------- ------------- ------------- ---------------
Service Inst. Service Inst. Service Inst.
Money Market Funds Class Class Class Class Class Class Service Class
------------------ ------- ----- ------- ----- ------- ----- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Year............
3 Years...........
</TABLE>

9
<PAGE>

Important information you should look for:

Investment Objective and Investment Policies

What is the Fund trying to achieve? How do we intend to invest your money?
What makes a Fund different from the other Funds offered in this Prospectus?

Permitted Investments

A summary of the Fund's key permitted investments and practices.

Important Risk Factors

What are key risk factors for the Fund? They include the factors described
in "General Investment Risks" together with any special risk factors for each
Fund.

WORDS APPEARING IN ITALICIZED PRINT ARE DEFINED IN THE GLOSSARY.

10
<PAGE>

ASSET ALLOCATION FUND

Investment Objective

The Asset Allocation Fund seeks long-term total return, consistent with
reasonable risk.

Investment Policies

Permitted Investments

The asset classes we invest in are:

. Bond Investments--We invest in U.S. Treasury Bonds to replicate the
holdings of the Lehman Brothers 20+ Bond Index. Bonds in this Index have
remaining maturities of twenty years or more; and

In addition, under normal market conditions, we may invest:

. In interest rate and index swaps; and

. Up to 25% of total assets in foreign obligations qualifying as money
market investments.

Important Risk Factors

You should consider the Common Risks on page , the General Investment
Risks beginning on page and the specific risks listed here. They are all
important to your investment choice.

11
<PAGE>

GROWTH FUND

Investment Objective

The Growth Fund seeks long-term capital appreciation.

Investment Policies

We seek long-term capital appreciation by investing primarily in common
stocks and other equity securities and we look for companies that have a strong
earnings growth trend that we believe have above-average prospects for future
growth. We focus our investment strategy on larger capitalization stocks.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in equity securities, including common
and preferred stocks, and securities convertible into common stocks;

. the majority of our total assets in issues of companies with market
capitalization that falls within, but towards the higher end of, the
range of the Russell 1000 Index, an index comprised of the 1,000 largest
U.S. companies based on total market capitalization that is considered a
mid-capitalization index. (As of March 31, 1999, this range was from
$20 million to $452 billion. The range is expected to change
frequently.);

. up to 25% of our total assets in foreign companies through American
Depositary Receipts and similar instruments; and

. up to 15% of our total assets in emerging markets.

Important Risk Factors

This Fund is primarily subject to the risks associated with equity
securities, including foreign equity and mid-capitalization equity securities
described in the Common Risks section. The advisor selects growth stocks based
on prospects for future earnings, which may not grow as expected. In addition,
at times, the overall market or the market for value stocks may outperform
growth stocks.

You should consider the Common Risks on page , and the General Investment
Risks beginning on page . They are all important to your investment choice.

Portfolio Manager

. Kelli Hill
Principal--Core Equity Team Leader

12
<PAGE>

INCOME EQUITY FUND

Investment Objective

The Income Equity Fund seeks long-term capital appreciation and above-
average dividend income.

Investment Policies

We invest primarily in the common stock of large, high-quality domestic
companies that have above-average return potential based on current market
valuations. We primarily emphasize investments in securities of companies iwth
above-average dividend income. We use various valuation measures when
selecting securities for the portfolio, including above-average dividend
yields and below industry average price-to-earnings, price-to-book and price-
to-sales ratios. We consider large companies to be those whose market
capitalization is greater than the median of the Russell 1000 Index.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in equity securities; and

We may invest in preferred stock, convertible securities, and securities of
foreign companies. We will normally limit our investment in a single issuer to
10% or less of our total assets.

Important Risk Factors

You should consider the Common Risks on page , the General Investment
Risks beginning on page and the specific risks listed here. They are all
important to your investment choice.

Core/Gateway Arrangement

Portfolio Managers

. David L. Roberts, CFA

Will manage the Income Equity Fund upon inception. Mr. Roberts joins WCM
from Norwest Investment Management, Inc. ("NIM"), where he had managed
portfolios for NIM or its affiliates since 1972. He has over twenty-six
years of investment management experience.

. Gary J. Dunn, CFA

Will co-manage the Income Equity Fund upon inception. Mr. Dunn joins WCM
from NIM, where he had managed portfolios for NIM or its affiliates since
1979. He has over twenty years of investment management experience.

13
<PAGE>

SMALL CAP FUND

Investment Objective

The Small Cap Fund seeks long-term capital appreciation.

Investment Policies

Permitted Investments

Under normal market conditions, we invest:

. in an actively managed, broadly diversified portfolio of growth-oriented
common stocks;

. in at least 20 common stock issues spread across multiple industry groups
and sectors of the economy;

. up to 40% of our assets in initial public offerings or recent start-ups
and newer issues; and

. no more than 25% of our assets in foreign companies through American
Depositary Receipts or similar issues.

Important Risk Factors

This Fund is designed for investors willing to assume above-average risk. We
may invest in companies that:

. pay low or no dividends;

. have smaller market capitalization;

. have less market liquidity;

. have no or relatively short operating histories, or are new public
companies or are initial public offerings whose stocks are typically more
volatile than stocks of more seasoned companies;

. have aggressive capital structures including high debt levels; or

. are involved in rapidly growing or changing industries and/or new
technologies.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed here. They are all
important to your investment choice.

14
<PAGE>

Portfolio Managers

.Kenneth Lee

.Thomas Zeifang, CFA

INCOME FUND

Investment Objective

The Income Fund seeks current income and total return.

Investment Policies

We invest in a diversified portfolio of debt and variable rate debt
securities issued by domestic and foreign issuers. We invest in a broad
spectrum of U.S. issues, including U.S. Government obligations, mortgage- and
other asset-backed securities, and the debt securities of financial
institutions, corporations, and others. We target average portfolio duration
in a range based on the average portfolio duration of the mutual funds
included in the Lipper Corporate A-Rated Debt Average (a peer group comparison
of funds with similar objectives and policies). The published average duration
of these funds is currently about 5.6 years, but is expected to change over
time. We attempt to enhance the Fund's performance by adjusting the average
duration within the range to benefit from the effect of various economic
factors, such as inflation, or growth cycles.

Permitted Investments

Under normal market conditions, we invest:

. up to 70% of our total assets in corporate debt securities such as bonds,
debentures and notes, including debt securities that can be converted
into or exchanged for common stocks;

. at least 30% of our total assets in U.S. Government obligations;

. up to 50% of our total assets in mortgage-backed securities and up to 25%
of our assets in asset-backed securities; and

Important Risk Factors

Mortgage- and asset-backed securities may not be guaranteed by the U.S.
Treasury. Mortgage- and asset-backed securities are subject to prepayment
acceleration and extension risk,

15
<PAGE>

either of which can reduce the rate of return on the portfolio. The Income
Fund may invest in lower-rated securities, which tend to be more sensitive to
economic conditions and involve greater credit risk than higher-rated
securities.

You should consider the Common Risks on page , and the General Investment
Risks beginning on page . They are all important to your investment choice.

Portfolio Manager

. Marjorie H. Grace, CFA

INTERMEDIATE GOVERNMENT INCOME FUND

Investment Objective

The Intermediate Government Income Fund seeks current income, consistent
with safety of principal.

Investment Policies

We invest primarily in fixed and variable rate U.S. Government obligations.
Under normal circumstances, we invest at least 65% of our total assets in U.S.
Government obligations and may invest up to 35% of our total assets in debt
securities that are not U.S. Government obligations. We target average
portfolio duration in a range based on the average duration of 5-year U.S.
Treasury securities. Average portfolio maturity tends to be between four and
eight years. We emphasize the use of intermediate maturity securities to
manage interest rate risk and use mortgage-backed securities to enhance yield.

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in U.S. Government obligations;

. up to 50% of our total assets in mortgage-backed securities, and up to
25% of our total assets in asset-backed securities; and

. up to 10% of our total assets in zero coupon securities.

As part of our mortgage-backed securities investments, we may enter into
dollar rolls. We may not invest more than 25% of our total assets in
securities issued or guaranteed by any single agency or instrumentality of the
U.S. Government, except the U.S. Treasury.

Important Risk Factors

Mortgage- and asset-backed securities may not be guaranteed by the U.S.
Treasury. Mortgage- and asset-backed securities are subject to prepayment
acceleration and extension risk, either of which can reduce the rate of return
on the portfolio. Asset-backed securities are subject to risk of default on
the underlying assets, particularly during periods of economic downturn. Zero
coupon securities are sensitive to changes in interest rates, and tend to lose
value in a rising interest rate environment. Zero coupon securities also
generate ordinary income, which must be distributed to shareholders, even when
they do not generate funds to pay such distributions.

16
<PAGE>

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed here. They are all
important to your investment choice.

Portfolio Managers

. Marjorie H. Grace, CFA

LIMITED TERM GOVERNMENT INCOME FUND

Investment Objective

The Limited Term Government Income Fund seeks current income, while
preserving capital.

Investment Policies

Permitted Investments

Under normal market conditions, we invest:

. at least 65% of our total assets in U.S. Government obligations or
repurchase agreements collateralized by U.S. Government obligations;

. in investment grade corporate debt securities including asset-backed
securities;

. no more than 5% of our total assets in securities downgraded below
investment-grade after we acquired them;

. up to 25% of assets in dollar-denominated debt of U.S. branches of
foreign banks or foreign branches of U.S. banks; and

. in stripped Treasury securities, adjustable-rate mortgage securities, and
adjustable portions of collateralized mortgage obligations ("CMOs").

Important Risk Factors

Mortgage- and asset-backed securities and CMOs may not be guaranteed by the
U.S. Treasury. Mortgage-backed securities, asset-backed securities and CMOs
are subject to prepayment risk, which can reduce the rate of return on such
securities. Asset-backed securities are subject to risk of default on the
underlying assets, particularly during periods of economic downturn.
Securities of U.S. branches of foreign banks and foreign branches of
U.S. banks are subject to additional risks, such as political turmoil, the
imposition of foreign withholding taxes, and the establishment of exchange
controls or the adoption of other foreign governmental restrictions that may
affect the payment of principal and or interest on these securities.

Stripped Treasury securities have greater interest rate risk than
traditional government securities with identical credit ratings and like
maturities.

17
<PAGE>

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

Portfolio Managers

. Paul C. Single
Principal

Will manage the Short-Intermediate U.S. Government Income Fund upon
inception, and has been with Wells Fargo/Wells Capital Management since
1989. Mr. Single has over 16 years of investment management experience.

. Jacqueline A. Flippin
Principal

Will co-manage the Short-Intermediate U.S. Government Income Fund upon
inception, and has been with Wells Fargo/Wells Capital Management since
1998. Prior to joining the firm, Ms. Flippin was a short-term debt
securities trader and portfolio manager for McMorgan & Company, an
investment advisor, since 1994. Ms. Flippin has over ten years of
investment management experience.

TAX-FREE INCOME FUND

Investment Objective

The Tax-Free Income Fund seeks current income exempt from federal income
taxes.

Investment Policies

Permitted Investments

Under normal market conditions, we invest:

. at least 80% of our total assets in municipal obligations that pay
interest exempt from federal income tax;

. up to 20% of our total assets in securities whose income is subject to
the federal AMT; and

. in municipal obligations rated in the four highest credit categories by
nationally recognized rating organizations.

The average dollar-weighted maturity of the Fund's assets normally will be
between 10 and 20 years, but may vary depending on market conditions. In
general, the longer the maturity of a municipal security, the higher the rate
of interest it pays. However, a longer maturity security is generally subject
to greater interest rate risk and price volatility. We emphasize investments
in municipal securities that produce interest income rather than stability of
the Fund's net asset value.

Important Risk Factors

18
<PAGE>

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

Portfolio Manager

. William T. Jackson, CFA

Will manage of the Tax-Free Income Fund upon its inception. Mr. Jackson
joins WCM from NIM, where he was Managing Director of Tax-Exempt Fixed-
Income investing. He had managed portfolios for NIM or its affiliates
since 1993. He has over fourteen years of investment management
experience.

CASH INVESTMENT MONEY MARKET FUND

Investment Objective

The Cash Investment Fund seeks high current income, preservation of capital
and liquidity.

Investment Policies

We invest in a broad spectrum of high quality money market instruments.
These include commercial paper, negotiable certificates of deposit, bank
notes, bankers' acceptances and time deposits of U.S. banks (including savings
banks and savings associations), foreign branches of U.S. banks, foreign banks
and their non-U.S. branches, U.S. branches and agencies of foreign banks, and
wholly owned banking-related subsidiaries of foreign banks. We limit our
investments in obligations of financial institutions to institutions that at
the time of investment have total assets in excess of $1 billion, or the
equivalent in other currencies.

Permitted Investments

Under normal market conditions, we invest:

. at least 80% of our assets in high-quality, short-term instruments of
domestic and foreign issuers;

. up to 25% of our assets in foreign obligations; and

. not more than 25% of our assets in any single industry, subject to
certain exceptions (see Statement of Additional Information for details).

Important Risk Factors

Although we seek to maintain a $1.00 per share net asset value, there is no
guarantee that we will be able to do so. Generally, short-term funds do not
earn as high a level of income as funds that invest in longer-term
instruments. Securities of U.S. branches of foreign banks and foreign branches
of U.S. banks are subject to additional risks, such as political turmoil, the
imposition of foreign withholding taxes, and the establishment of exchange
controls or the adoption of other foreign governmental restrictions that may
affect the payment of principal and or interest on these securities.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

19
<PAGE>

NATIONAL TAX-FREE INSTITUTIONAL MONEY MARKET FUND

Investment Objective

The National Tax-Free Institutional Money Market Fund seeks high current
income exempt from federal income taxes, while preserving capital and
liquidity.

Investment Policies

Permitted Investments

Under normal market conditions, we invest:

. at least 80% of our assets in federally tax-exempt instruments;

. up to 20% of our assets in instruments whose income may be subject to the
federal AMT; and

. up to 35% of our assets in issuers located in a single state.

We may invest more than 25% of our total assets in industrial development
bonds and in participation interests in these securities.

Important Risk Factors

Although we seek to maintain a $1.00 per share net asset value, there is no
guarantee that we will be able to do so. Generally, short-term funds do not
earn as high a level of income as funds that invest in longer-term
instruments. Increased investment in the securities of issuers in a single
state increases the Fund's exposure to risks associated with economic down
turns or legislative or regulatory changes in the state.

Please remember that some securities in the portfolio may be subject to the
federal alternative minimum tax.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

TREASURY PLUS INSTITUTIONAL MONEY MARKET FUND

Investment Objective

The Treasury Plus Institutional Money Market Fund seeks current income and
stability of principal.

Investment Policies

We invest in obligations issued or guaranteed by the U.S. Treasury, "plus"
we also invest in repurchase agreements and other instruments collateralized
or secured by Treasury obligations. We buy obligations with remaining
maturities of 397 days or less.

Permitted Investments

Under normal market conditions, we invest substantially all of our assets:

. in U.S. Treasury obligations; and

. in repurchase agreements collateralized by U.S. Treasury obligations.

20
<PAGE>

Important Risk Factors

Although we seek to maintain a $1.00 per share net asset value, there is no
guarantee that we will be able to do so. Generally, short-term funds do not
earn as high a level of income as funds that invest in longer-term
instruments. Investing in shares of other money market funds with
substantially similar objectives and investment policies will subject the Fund
to the fees charged by the other funds, which will reduce returns from these
investments.

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

U.S. GOVERNMENT MONEY MARKET FUND

Investment Objective

The U.S. Government Money Market Fund seeks high current income, while
preserving capital and liquidity.

Investment Policies

We invest in U.S. Government obligations, or repurchase agreements
collateralized by such obligations. We buy obligations with remaining
maturities of 397 days or less.

Permitted Investments

Under normal market conditions, we invest substantially all of our assets:

. in U.S. Government obligations; and

. in repurchase agreements collateralized by U.S. Government obligations.

Important Risk Factors

You should consider the Common Risks on page , the General Investment
Risks beginning on page , and the specific risks listed above. They are all
important to your investment choice.

21
<PAGE>

GENERAL INVESTMENT RISKS

. Unlike bank deposits such as CDs or savings accounts, mutual funds are
not insured by the FDIC.

. We cannot guarantee that we will meet our investment objectives.

. Share prices--and therefore the value of your investment--will increase
and decrease with changes in the value of the underlying securities and
other investments.

. Investing in any mutual fund, including those deemed conservative,
involves risk, including the possible loss of any money you invest.

. An investment in a single Fund, by itself, does not constitute a complete
investment plan.

. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government does
not guarantee the market value or current yield of those obligations. Not
all U.S. Government obligations are backed by the full faith and credit
of the U.S. Treasury, and the U.S. Government's guarantee does not extend
to the Funds themselves.

. The Funds may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, shares of other
mutual funds and repurchase agreements, or make other short-term
investments, either to maintain liquidity or for short-term defensive
purposes when we believe it is in the best interests of shareholders to
do so. Except with respect to the money market Funds, to the extent a
Fund's assets are so invested, they may cause a Fund not to achieve its
investment objective. This practice is expected to have limited, if any,
effect on the Funds' pursuit of their objectives over the long term.

. The Asset Allocation Fund and the taxable income funds invest a portion
of their assets in U.S. Government obligations, such as securities issued
or guaranteed by the Government National Mortgage Association ("GNMAs"),
the Federal National Mortgage Association ("FNMAs") and the Federal Home
Loan Mortgage Corporation ("FHLMCs"). Each are mortgage-backed securities
representing partial ownership of a pool of residential mortgage loans. A
"pool" or group of such mortgages is assembled and, after being approved
by the issuing or guaranteeing entity, is offered to investors through
securities dealers. Mortgage-backed securities are subject to prepayment
acceleration and extension risk, either of which can alter the maturity
of the securities and also reduce the rate of return on the portfolio.
Collateralized mortgage obligations ("CMOs") typically represent
principal-only and interest-only portions of such securities that are
subject to increased interest-rate and credit risk.

22
<PAGE>

which react primarily to fluctuations in the general level of interest
rates. Lower-rated securities also tend to be more sensitive to economic
conditions than higher-rated securities. These lower-rated debt securities
are considered by the rating agencies, on balance, to be predominantly
speculative with respect to the issuer's capacity to pay interest and
repay principal. These securities generally involve more credit risk than
securities in higher-rating categories. Even securities rated "BBB" by S&P
or by Moody's ratings which are considered investment-grade, possess some
speculative characteristics.

Investment practices and risk levels are carefully monitored. Every attempt
is made to ensure that the risk exposure for each Fund remains within the
parameters of its objective.

Counter-Party Risk--The risk that the other party in a repurchase agreement
or other transaction will not fulfill its contract obligation.

Credit Risk--The risk that the issuer of a debt security will be unable to
make interest payments or repay principal on schedule. If an issuer does
default, the affected security could lose all of its value, or be renegotiated
at a lower interest rate or principal amount. Affected securities might also
lose liquidity. Credit risk also includes the risk that a party in a
transaction may not be able to complete the transaction as agreed.

Currency Risk--The risk that a change in the exchange rate between U.S.
dollars and a foreign currency may reduce the value of an investment made in a
security denominated in that foreign currency.

Diplomatic Risk--The risk that an adverse change in the diplomatic relations
between the United States and another country might reduce the value or
liquidity of investments in either country.

Information Risk--The risk that information about a security is either
unavailable, incomplete or is inaccurate.

Liquidity Risk--The risk that a security cannot be sold, or cannot be sold
without adversely affecting the price.

Market Risk--The risk that the value of a stock, bond or other security will
be reduced by market activity. This is a basic risk associated with all
securities.

23
<PAGE>

Political Risk--The risk that political actions, events or instability may
be unfavorable for investments made in a particular nation's or region's
industry, government or markets.

24
<PAGE>

Investment Practice/Risk

These Investment Practices and Risks are Common to all the Funds:

<TABLE>
<CAPTION>
Investment Practice Risk
------------------- ----
<C> <S>
Floating and Variable Rate Debt
Instruments with interest rates that are adjusted either Interest Rate and
on a schedule or when an index or benchmark changes. Credit Risk

Repurchase Agreements
A transaction in which the seller of a security agrees to Credit and
buy back a security at an agreed upon time and price, Counter-Party Risk
usually with interest.

Other Mutual Funds
The temporary investment in shares of another mutual Market Risk
fund. A pro rata portion of the other fund's expenses, in
addition to the expenses paid by the Funds, will be borne
by Fund shareholders.

Foreign Securities
Information, Political,
Securities issued by a non-U.S. company or debt of a Regulatory, Diplomatic,
foreign government in the form of an American Depositary Liquidity and Currency
Receipt or similar instrument. Risk

Privately Issued Securities
Securities that are not publicly traded but which may or Liquidity Risk
may not be resold in accordance with Rule 144A of the
Securities Act of 1933.

Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers Credit, Counter-Party
and financial institutions to increase return on those and Leverage Risk
securities. Loans may be made up to 1940 Act limits
(currently 33 1/3% of total assets).

Borrowing Policies
The ability to borrow from banks for temporary purposes Leverage Risk
to meet shareholder redemptions.

Illiquid Securities
A security that cannot be readily sold, or cannot be Liquidity Risk
readily sold without negatively affecting its fair price.
Limited to 15% of total assets (10% for money market
funds).
</TABLE>

25
<PAGE>

These Investment Practices and Risks are Common to the Equity and Allocation
Funds:

<TABLE>
<CAPTION>
Investment Practice Risk
------------------- ----
<C> <S>
Options
The right or obligation to receive or deliver a security or Credit, Information
cash payment depending on the security's price or the and Liquidity Risk
performance of an index or benchmark. Types of options used
may include: options on securities, options on stock index,
stock index futures and options on stock index futures to
protect liquidity and portfolio value.

These Investment Practices and Risks are Common to the Income Funds:

26
<PAGE>

ORGANIZATION AND MANAGEMENT OF THE FUNDS

About Wells Fargo Funds Trust

In the following sections, the percentages shown are the percentages of the
average daily net assets of each Fund class paid on an annual basis for the
services described.

BOARD OF TRUSTEES
-----------------
Supervises the Funds' activities

<TABLE>
<CAPTION>
INVESTMENT ADVISOR CUSTODIANS
------------------ ----------
<C> <S>
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
6th St. & Marquette, Minneapolis,
525 Market St., San Francisco, CA MN
(All Funds except Asset Allocation
Fund)
Barclays Global Investors, N.A.
45 Fremont St., San Francisco, CA
(Asset Allocation Fund only)
Provide safekeeping for the Funds'
Manages the Funds' investment activities assets
<CAPTION>
INVESTMENT SUB-ADVISORS
-----------------------
<C> <S>
Wells Capital Management, Inc. Barclays Global Fund Advisors
525 Market Street 45 Fremont Street
San Francisco, CA San Francisco, CA
(All Funds except Asset (Asset Allocation Fund only)
Allocation Fund)
</TABLE>

FINANCIAL SERVICES FIRMS AND SELLING AGENTS
-------------------------------------------
Advise current and prospective shareholders on their Fund investments

SHAREHOLDERS
------------

27
<PAGE>

The Investment Advisor

For providing these services, Wells Fargo Bank is entitled to receive the
following fees:

Income Funds
------------
Income Fund.............................................................. .50
Intermediate Government Income Fund...................................... .50
Limited Term Government Income Fund...................................... .50
Tax-Free Income Fund..................................................... .40

Money Market Funds
------------------
Cash Investment Money Market Fund........................................ .10
National Tax-Free Institutional Money Market Fund........................ .10
Treasury Plus Institutional Money Market Fund............................ .10
U.S. Government Money Market Fund........................................ .35
</TABLE>

The Sub-Advisors

Wells Capital Management ("WCM"), a wholly owned subsidiary of Wells Fargo
Bank N.A., is the sub-advisor for all of the Funds except the Asset Allocation
Fund. In this capacity, it is responsible for the day-to-day investment
management activities of the Funds. As of March 31, 1999, WCM provided
advisory services for over [$32] billion in assets.

The Administrator

28
<PAGE>

these services, Wells Fargo Bank is entitled to receive a fee of .15% of the
average annual net assets of each Fund.

Shareholder Servicing Plan

We have a shareholder servicing plan for the Service Class and Institutional
Class shares of certain Funds as shown in the chart below. Under this plan, we
have engaged various shareholder servicing agents to process purchase and
redemption requests, to service shareholder accounts, and to provide other
related services.

For these services relevant Classes pay shareholder servicing agents as
follows:

<TABLE>
<CAPTION>
Service Inst.
Fund Class Class
---- ------- -----
<S> <C> <C>
Small Cap Fund................................................. N/A .10%
Cash Investment Money Market Fund.............................. .25% N/A
National Tax-Free Institutional Money Market Fund.............. .25% N/A
Treasury Plus Institutional Money Market Fund.................. .25% N/A
</TABLE>

YOUR ACCOUNT

This section tells you how Fund shares are priced, how to open an account
and how to buy and sell Fund shares once your account is open.

Pricing Fund Shares:

. As with all mutual fund investments, the price you pay to purchase shares
or the price you receive when you redeem shares is not determined until
after a request has been received in proper form.

. We process requests to buy or sell shares of the non-money market funds
each business day as of the close of regular trading on the New York
Stock Exchange ("NYSE"), which is usually 1:00 p.m. (Pacific time)/3:00
p.m. (Central time). The money market funds calculate NAV at 2:00 p.m.
(Pacific time)/4:00 p.m. (Central time). If the markets close early, the
Funds may close early and may value their shares at earlier times under
these circumstances. Any request we receive in proper form before the
close of regular trading on the NYSE is processed the same day. Requests
we receive after the cut off are processed the next business day.

29
<PAGE>

. The money market funds are open for business each day Wells Fargo Bank is
open for business and are closed generally on federal bank holidays.

Typically, Institutional Class shares are bought and held on your behalf by
the Institution through which you are investing. Check with your customer
account representative or your Customer Account Agreement for the rules
governing your investment.

Minimum Investments:

. Minimum, initial and subsequent investment amounts are determined by your
Customer Account Agreement with your Institution, and are generally:

. $1,000,000 per Fund minimum initial investment.

. $25,000 per Fund for all investments after your first.

How to Buy Shares

You can open a Fund account and buy Fund shares through an Institution
through which you have established a Customer Account. Investors interested in
purchasing Institutional shares of the Funds should contact an account
representative at their Institution and should understand the following:

. Share purchases are made through a Customer Account at an Institution in
accordance with the terms of the Customer Account involved;

. Institutions are usually the holders of record of Institutional shares
held through Customer Accounts and maintain records reflecting their
customers' beneficial ownership of the shares;

. Institutions are responsible for transmitting their customers' purchase
and redemption orders to the Funds and for delivering required payment on
a timely basis;

. The exercise of voting rights and the delivery of shareholder
communications from the Funds is governed by the terms of the Customer
Account involved; and

. Institutions may charge their customers account fees and may receive fees
from us with respect to investments their customers have made with the
Funds. See "Organization and Management of the Funds" for further details
about these fees.

How to Sell Shares

Institutional shares must be redeemed in accordance with the account
agreement governing your Customer Account at the Institution. Please read the
Customer Account agreement with your Institution for rules governing selling
shares.

General Notes for Selling Shares

. We process requests we receive from an Institution in proper form before
the close of the NYSE, usually 1:00 P.M. Pacific time, at the NAV
determined on the same business day. Requests we receive after this time
are processed on the next business day.

. Redemption proceeds are usually wired to the redeeming Institution the
following business day.

. We reserve the right to delay payment of a redemption for up to 15 days
so that we may be reasonably certain that investments made by check have
been collected. Payments of

30
<PAGE>

redemptions also may be delayed under extraordinary circumstances or as
permitted by the SEC in order to protect remaining shareholders. Payments
of redemptions also may be delayed up to seven days under normal
circumstances, although it is not our policy to delay such payments.

. Generally, we pay redemption requests in cash, unless the redemption
requests is for more than $250,000 or 1% of the net assets of the Fund by
a single shareholder over a ninety-day period. If a request for a
redemption is over these limits it may be to the detriment of existing
shareholders. Therefore, we may pay the redemption in part on in whole in
securities of equal value.

Exchanges

Exchanges between Wells Fargo Funds are two transactions: a sale of one Fund
and the purchase of another. In general, the same rules and procedures that
apply to sales and purchases apply to exchanges. There are, however,
additional factors you should keep in mind while making or considering an
exchange:

. You should carefully read the Prospectus for the Fund into which you wish
to exchange.

. Every exchange involves selling Fund shares and that sale may produce a
capital gain or loss for federal income tax purposes.

. Any exchange between Funds you already own must meet the minimum
redemption and subsequent purchase amounts for the Funds involved.

. You may make exchanges only between like share classes.

31
<PAGE>

OTHER INFORMATION

Dividend and Capital Gain Distributions

Distributions paid by a Fund are automatically reinvested to purchase new
shares of the Funds. The new shares are purchased at NAV, generally on the day
distributions are paid.

Taxes

If you buy shares of a Fund shortly before it makes a distribution, your
distribution from the Fund will, in effect, be a taxable return of part of
your investment. Similarly, if you buy shares of a Fund that holds appreciated
securities in its portfolio, you will receive a taxable return of part of your
investment if and when the Fund sells the appreciated securities and realizes
the gain. Some of the Funds have built up, or have the potential to build up,
high levels of unrealized appreciation.

Except in the case of Money Market Funds, your redemptions (including
redemptions in-kind) and exchanges of Fund shares will ordinarily result in a
taxable capital gain or loss, depending on the amount you receive for your
shares (or are deemed to have paid) for them. As long as a money market fund
continually maintains a $1.00 NAV, you ordinarily will not recognize taxable
gain or loss on the redemption or exchange of such Fund shares.

Foreign shareholders may be subject to different tax treatment, including
withholding taxes. In certain circumstances, U.S. residents may also be
subject to backup withholding at a 31% rate on distributions from and
redemption proceeds paid by a Fund.

32
<PAGE>

TABLE OF PREDECESSORS

The chart below indicates the Stagecoach and Norwest Advantage portfolios
that are expected to be the accounting survivors.

<TABLE>
<CAPTION>
Wells Fargo Funds Trust Accounting Survivor
----------------------- -------------------
<C> <S>
Equity and Allocation Funds
Asset Allocation Fund Stagecoach Asset Allocation Fund
Growth Fund Stagecoach Growth Fund
Income Equity Fund Norwest Advantage Income Equity Fund
Small Cap Fund Stagecoach Small Cap Fund

Income Funds
Income Fund Norwest Advantage Income Fund
Intermediate Government Norwest Advantage Intermediate
Income Fund Government Income Fund
Limited Term Government Stagecoach Short-Intermediate U.S.
Income Fund Government Income Fund
Tax-Free Income Fund Norwest Advantage Tax-Free Income Fund

Money Market Funds
Cash Investment
Money Market Fund Norwest Advantage Cash Investment Fund
National Tax-Free Institutional Norwest Advantage Municipal
Money Market Fund Money Market Fund
Treasury Plus Institutional
Money Market Fund Stagecoach Treasury Plus Money Market
U.S. Government
Money Market Fund Norwest Advantage U.S. Government Fund
</TABLE>

33
<PAGE>

GLOSSARY

We provide the following definitions to assist you in reading this
prospectus. For a more complete understanding of these terms you should
consult your financial adviser.

ACH

Refers to the "Automated Clearing House" system maintained by the Federal
Reserve Bank which allows banks to process checks, transfer funds and perform
other tasks.

American Depositary Receipts ("ADRS")

Annual and Semi-Annual Report

A document that provides certain financial and other important information
for the most recent reporting period and each Fund's portfolio of investments.

Asset-Backed Securities

Securities consisting of an undivided fractional interest in pools of
consumer loans, such as car loans or credit card debt, or receivables held in
trust.

Below Investment-Grade

Securities rated BBB or lower by S&P or Baa or lower by Moody's Investor
Services, or that may be unrated securities or securities considered to be
"high risk."

Business Day

Any day the New York Stock Exchange is open is a business day for the Funds.

Capital Appreciation, Capital Growth

The increase in the value of a security. See also "total return."

Capitalization

Capital Structure

Refers to how a company has raised money to operate. Can include, for
example, borrowing or selling stock.

Collateralized Mortgage Obligation ("CMOs")

Securities collateralized by portfolios of mortgage pass-through securities.
CMOs are structured into multiple classes, and are paid according to class
maturity, shortest maturities paid first.

34
<PAGE>

Commercial Paper

Debt instruments issued by banks, corporations and other issuers to finance
short-term credit needs. Commercial paper typically is of high credit quality
and offers below market interest rates.

Convertible Debt Securities

Bonds or notes that are exchangeable for equity securities at a set price on
a set date or at the election of the holder.

Current Income

Earnings in the form of dividends or interest as opposed to capital growth.
See also "total return."

Debt Securities

Derivatives

Securities whose values are derived in part from the value of another
security or index. An example is a stock option.

Distributions

Dividends and/or capital gains paid by a Fund on its shares.

Diversified

Dollar-Denominated

Securities issued by foreign banks, companies or governments in U.S.
dollars.

Dollar Rolls

Similar to a reverse Repurchase Agreement, dollar rolls are simultaneous
agreements to sell a security held in a portfolio and to purchase a similar
security at a future date at an agreed-upon price.

Duration

35
<PAGE>

FDIC

The Federal Deposit Insurance Corporation. This is the company that provides
federally sponsored insurance covering bank deposits such as savings accounts
and CDs. Mutual funds are not FDIC insured.

FHLMC

FHLMC securities are commonly known as "Freddie Mac" and are issued by the
Federal Home Loan Mortgage Corporation.

FNMA

FNMA securities are known as "Fannie Maes" are issued by the Federal
National Mortgage Association, and FHLMC securities as "Freddie Mac" and are
issued by the Federal Home Loan Mortgage Corporation.

GNMA

GNMA securities, commonly known as "Ginnie Maes," are mortgage pass-through
securities issued by the Government National Mortgage Association and
guaranteed by the U.S. Government.

Hedge

Strategy used to offset investment risk. A perfect hedge is one eliminating
the possibility of future gain or loss.

Illiquid Security

A security which cannot be readily sold, or cannot be readily sold without
negatively affecting its fair price.

Initial Public Offering

The first time a company's stock is offered for sale to the public.

Investment-Grade Debt

Lehman Brothers 20+ Bond Index

An unmanaged index composed of U.S. Treasury bonds with 20 years or longer
dates-to-maturity.

Liquidity

The ability to readily sell a security at a fair price.

Money Market Instruments

Moody's

A nationally recognized ratings organization.

36
<PAGE>

Nationally Recognized Rating Organization (NRRO)

A company that examines the ability of a bond issuer to meet its obligations
and which rates the bonds accordingly.

Net Asset Value (NAV)

Options

Preservation of Capital

The attempt by a fund's manager to reduce drops in the net asset value of
fund shares in order to preserve the initial investment.

Principal Stability

Public Offering Price (POP)

The NAV with the sales load added.

Price-to-Earnings Ratio

Repurchase Agreement

An agreement between a buyer and seller of a security in which the seller
agrees to repurchase the security at an agreed upon price and time.

Russell 1000 Index

Russell 2000 Index

37
<PAGE>

Selling Agent

A person who has an agreement with the Funds' distributors that allows them
to sell a Fund's shares.

Shareholder Servicing Agent

Anyone appointed by the Fund to maintain shareholder accounts and records,
assist and provide information to shareholders or perform similar functions.

Signature Guarantee

A guarantee given by a financial institution that has verified the identity
of the maker of the signature.

S&PTM, S&P 500 Index

Standard and Poors, a nationally recognized ratings organization. S&P's also
publishes various indexes or lists of companies representative of sectors of
the U.S. economy.

Statement of Additional Information

A document that supplements the disclosure made in the Prospectus.

Stripped Treasury Securities

Debt obligations in which the interest payments and the repayment of
principal are separated and sold as securities.

Taxpayer Identification Number

Usually the social security number for an individual or the Employer
Identification Number for a corporation.

Total Return

The total value of capital growth and the value of all distributions,
assuming that distributions were used to purchase additional shares of the
Funds.

Turnover Ratio

The percentage of the securities held in a Fund's portfolio, other than
short-term securities, that were bought or sold within a year.

Undervalued

Describes a stock that is believed to be worth more than its current price.

U.S. Government Obligations

Obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities.

Value Strategy

A strategy of investing which tries to identify and buy undervalued stocks
under the assumption that the stock will eventually rise to its "fair market"
value.

38
<PAGE>

Warrants

The right to buy a stock at a set price for a set time.

Weighted-Average Maturity

The average maturity for the debt securities in a portfolio on a dollar-for-
dollar basis.

Zero Coupon Bonds

Bonds that make no periodic interest payments and which are usually sold at
a discount of their face value. Zero coupon bonds are subject to interest rate
and credit risk.

39
<PAGE>

WELLS FARGO FUNDS TRUST

You may wish to review the following document:

This document is available free of charge:

Call 1-800-222-8222, or
Write to: Wells Fargo Funds Trust
PO Box 7066
San Francisco, CA 94120-7066

Visit the SEC'S web site: http://www.sec.gov, or

Request copies for a fee by writing to:

SEC Public Reference Room, Washington, DC 20549-6009
(call: 1-800-SEC-0330 for details)

40
<PAGE>
SIGNATURES
----------

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this Amendment
to the Registration Statement on Form N-1A to be signed on its behalf by the
undersigned, thereto duly authorized in the City of Little Rock, State of
Arkansas on the 17th day of May, 1999.

WELLS FARGO FUNDS TRUST

By /s/ Richard H. Blank, Jr.
--------------------------------
Richard H. Blank, Jr.
Secretary and Treasurer
(Principal Financial Officer)

Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement on Form N-1A has been signed below by
the following persons in the capacities and on the date indicated:

Signature Title Date
--------- ----- ----

* Trustee
-----------------------
Robert C. Brown

* Trustee
-----------------------
Donald H. Burkhardt

* Trustee
-----------------------
Jack S. Euphrat

* Trustee
-----------------------
Thomas S. Goho

* Trustee
-----------------------
Peter G. Gordon

* Trustee
-----------------------
W. Rodney Hughes

* Trustee
-----------------------
Richard M. Leach

* Trustee
-----------------------
J. Tucker Morse

* Trustee
-----------------------
Timothy J. Penny

/s/Richard H. Blank, Jr. Secretary and Treasurer 5/17/99
-----------------------
Richard H. Blank, Jr. (Principal Financial Officer)

*By /s/Richard H. Blank, Jr.
---------------------------
Richard H. Blank, Jr.
As Attorney-in-Fact
May 17, 1999
<PAGE>

SIGNATURES
----------

Pursuant to the requirements of the Investment Company Act of 1940,
the Registrant has duly caused this Amendment to its Registration Statement on
Form N-1A to be signed on its behalf by the undersigned, thereto duly
authorized, in the City of Little Rock, State of Arkansas on the 17th day of
May, 1999.

WELLS FARGO CORE TRUST

By /s/ Richard H. Blank, Jr.
--------------------------------
Richard H. Blank, Jr.
Secretary and Treasurer
(Principal Financial Officer)

Signature Title Date
--------- ----- ----

* Trustee
-----------------------
(Robert C. Brown)

/s/ Richard H. Blank, Jr. Secretary and Treasurer 5/17/99
----------------------- (Principal Financial Officer)
(Richard H. Blank, Jr.)

* Trustee
-----------------------
(Jack S. Euphrat)

* Trustee
-----------------------
(Thomas S. Goho)

* Trustee
-----------------------
(W. Rodney Hughes)

* Trustee
-----------------------
(J. Tucker Morse)

* Trustee
-----------------------
(Donald H. Burkhardt)

* Trustee
-----------------------
(Richard M. Leach)

* Trustee
-----------------------
(Timothy J. Penny)

*By /s/ Richard H. Blank, Jr.
---------------------------
Richard H. Blank, Jr.
As Attorney-in-Fact
May 17, 1999