WELLS FARGO FUNDS TRUST, 485BPOS, 1999-11-08

WELLS FARGO FUNDS TRUST
485BPOS, 1999-11-08

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<PAGE>

As filed with the Securities and Exchange Commission
on November 8, 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. ___ [_]
Post-Effective Amendment No. 6 [X]

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [_]
Amendment No. 7 [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):

[X] 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.

<PAGE>

WELLS FARGO FUNDS TRUST
-----------------------
Cross Reference Sheet
---------------------

Form N-1A Item Number
- ---------------------

Part A Prospectus Captions
- ------ -------------------

1 Front and Back Cover Pages
2 Objectives and Principal Strategies
Summary of Important Risks
3 Summary of Expenses
4 See Individual Fund Summaries
Objectives and Principal Strategies
Important Risk Factors
General Investment Risks
5 Not Applicable
6 Organization and Management of the Funds
7 Your Account
How to Buy Shares
Selling Shares
8 A Choice of Share Classes
Reduced Sales Charges
Exchanges
Distribution Plan
9 See Individual Fund Summaries

Part B Statement of Additional Information Captions
- ------ --------------------------------------------

10 Cover Page and Table of Contents
11 Historical Fund Information
12 Investment Policies
Additional Permitted Investment Activities
and Associated Risks
13 Management
14 Capital Stock
15 Management
16 Portfolio Transactions
17 Capital Stock
18 Determination of Net Asset Value
Additional Purchase and Redemption Information
19 Federal Income Taxes
20 Management
21 Performance Calculations
22 Financial Information

Part C Other Information
- ------ -----------------

23-30 Information required to be included in Part C is set forth under
the appropriate Item, so numbered, in Part C of this Document.
<PAGE>

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

This Post-effective Amendment No. 6 to the Registration Statement of Wells
Fargo Funds Trust (the "Trust") is being filed to register the definitive forms
of prospectuses and statements of additional information for all Funds of the
Trust, and to make certain other non-material changes to the prospectuses and
statements of additional information for the Funds.
<PAGE>

WELLS FARGO MONEY MARKET FUNDS

PROSPECTUS

California Tax-Free Money Market Fund

Government Money Market Fund

Minnesota Money Market Fund

Money Market Fund

National Tax-Free Money Market Fund

Treasury Plus Money Market Fund

100% Treasury Money Market Fund

Class A, Class B

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.

Federal law requires us to update this Prospectus annually. Federal law does not
allow us to satisfy Prospectus delivery requirements by sending one Prospectus
for all accounts and people within a household. Therefore, if you own the same
Fund in more than one account or if several people in your household own the
same Fund, you will receive multiple Prospectuses.

These securities have not been approved or disapproved by the U.S. 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 or other obligations of, or issued, endorsed or
guaranteed by Wells Fargo Bank, N.A. ("Wells Fargo Bank") or any of its
affiliates. Fund shares are NOT insured or guaranteed by the U.S. Government,
the Federal Deposit Insurance Corporation ("FDIC") or any other governmental
agency. AN INVESTMENT IN A FUND INVOLVES CERTAIN RISKS, INCLUDING POSSIBLE LOSS
OF PRINCIPAL.

NOVEMBER 8
1999
<PAGE>

<PAGE>

<TABLE>
<CAPTION>
Table of Contents Money Market Funds
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Overview Objectives and Principal Strategies 4

This section contains important Summary of Important Risks 6
summary information about the Performance History 8
Funds. Summary of Expenses 12
Key Information 15

- ------------------------------------------------------------------------------------------------------------
The Funds California Tax-Free Money Market Fund 16

This section contains important Government Money Market Fund 20
information about the individual Minnesota Money Market Fund 22
Funds. Money Market Fund 24
National Tax-Free Money Market Fund 28
Treasury Plus Money Market Fund 30
100% Treasury Money Market Fund 32
General Investment Risks 34
Organization and Management
of the Funds 38

- ------------------------------------------------------------------------------------------------------------
Your Investment Your Account 40

Turn to this section for How to Buy Shares 41
information on how to open an How to Sell Shares 44
account and how to buy, sell and How to Exchange Shares 46
exchange Fund shares.

- ------------------------------------------------------------------------------------------------------------
Reference Additional Services and
Other Information 47
Look here for additional Table of Predecessors 49
information and term definitions. Glossary 50
</TABLE>
<PAGE>

Money Market Funds Overview
- --------------------------------------------------------------------------------
See the individual Fund descriptions in the Prospectus for further details.

FUND OBJECTIVE

California Tax-Free Seeks current income exempt from federal
Money Market Fund income tax and California personal income
tax, while preserving capital and
liquidity.

Government Money Seeks current income, while preserving
Market Fund capital and liquidity.

Minnesota Money Seeks current income exempt from federal
Market Fund income tax and Minnesota personal income
tax, while preserving capital and
liquidity.

Money Market Fund Seeks current income, while preserving
capital and liquidity.

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

Treasury Plus Money Seeks current income, while preserving
Market Fund capital and liquidity.

100% Treasury Money Seeks current income that is exempt from
Market Fund most state and local personal income
taxes, while preserving capital and
liquidity.

4 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

PRINCIPAL STRATEGY

We invest in high-quality, short-term California municipal securities.

We invest in short-term U.S. Government obligations, including repurchase
agreements.

We invest primarily in high quality, short-term Minnesota municipal securities.

We invest primarily in high-quality money market instruments.

We invest primarily in high quality, short-term municipal securities.

We invest primarily in obligations issued or guaranteed by the
U.S. Treasury, including repurchase agreements.

We invest only in obligations issued or guaranteed by the U.S. Treasury.

Money Market Funds Prospectus 5
<PAGE>

Summary of 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 the "General Investment Risks"section beginning on page 34; and

. in the Funds' 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 each of the Funds seeks to maintain a stable Net
Asset Value ("NAV") of $1.00 per share, there is no assurance it will be able to
do so, and it is possible to lose money by investing in a Fund.

The 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.

FUND-SPECIFIC RISKS

California Tax-Free Money Market Fund
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, California
exports a significant portion of its economic production to various Pacific rim
countries. The current economic crisis in Asia, while recovering, may have a
disproportionate impact on California municipal obligations. In addition, we may
invest up to 25% or more of our assets in California municipal obligations that
are related in such a way that political, economic or business developments
affecting one obligation would affect the others. For example, we may own
different obligations that pay interest based on the revenue of similar
projects

Minnesota Money Market Fund
Since we invest heavily in Minnesota municipal obligations, events in Minnesota
are likely to affect the Fund's investments. For example, the state's economy
relies significantly on its agriculture and forestry natural resources. Adverse
conditions affecting these sectors could have a disproportionate impact on
Minnesota municipal obligations. In addition, we may invest up to 25% or more of
our assets in Minnesota municipal obligations that are related in such a way
that political, economic or business development affecting one obligation would
affect the others. For example, we may own different obligations that pay
interest based on the revenue of similar projects.

6 Money Market Funds Prospectus
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- --------------------------------------------------------------------------------

<PAGE>

Performance History
- --------------------------------------------------------------------------------

The information on the following pages shows you how each Fund has
performed and illustrates the variability of a Fund's returns over time.
Each Fund's average annual returns from inception, one-, five- and ten-year
periods (as applicable) are compared to the performance of an appropriate
broad-based index.

Please remember that past performance is no guarantee of future results.

The Class A Shares for the Government Money Market Fund, Minnesota Money
Market Fund and 100% Treasury Money Market Fund in this Prospectus are a
new class of shares, so performance history is not available.

California Tax-Free Money Market Fund Class A Calendar Year Returns (%)*

[GRAPH APPEARS HERE]

92 93 94 95 96 97 98
2.81 1.89 2.28 3.23 2.76 2.92 2.61

Best Qtr.: Q2 `95 . 0.85% Worst Qtr.: Q1 `94 . 0.43%

* The Fund's year-to-date performance through September 30, 1999 was
1.73%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)
Since
for the period ended 12/31/98 1 year 5 years Inception

Class A (Incept. 1/1/92) 2.61 2.76 2.64

IBC Retail Tax-Free Money Market
Funds Average 2.90 3.07 2.92

8 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Money Market Fund Class A Calendar Year Returns (%)*

[GRAPH APPEARS HERE]

93 94 95 96 97 98
2.70 3.74 5.34 4.78 5.00 4.95

Best Qtr.: Q2 `95 . 1.35% Worst Qtr.: Q2 `93 . 0.65%

* The Fund's year-to-date performance through September 30, 1999 was
3.32%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)
Since
for the period ended 12/31/98 1 year 5 years Inception/2/

Class A (Incept. 7/1/92) 4.95 4.76 4.31

Class B (Incept. 5/25/95)1 4.25 4.00 3.56

IBC Retail Taxable Money Market
Funds Average 4.94 4.73 4.29

1. Performance shown for periods prior to the inception of this Class
reflects the performance of the Class A shares adjusted to reflect this
Class's fees and expenses.
2. July 1, 1992.

Money Market Funds Prospectus 9
<PAGE>

Performance History
- --------------------------------------------------------------------------------

National Tax-Free Money Market Fund Class A Calendar Year Returns (%)*

[GRAPH APPEARS HERE]

89 90 91 92 93 94 95 96 97 98
5.93 5.48 4.07 2.51 2.00 2.51 3.53 3.07 3.20 2.99

Best Qtr.: Q2 `89 . 1.58% Worst Qtr.: Q1 `93 . 0.47%

* The Fund's year-to-date performance through September 30, 1999 was
1.94%.
To obtain a current 7-day yield for the Fund, call toll free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/98 1 year 5 years 10 years

Class A (Incept. 1/7/88) 2.99 3.06 3.52

IBC Retail Tax-Free Money
Market Funds Average 2.90 3.07 2.92

10 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Treasury Plus Money Market Fund Class A Calendar Year Returns (%)*

[GRAPH APPEARS HERE]

89 90 91 92 93 94 95 96 97 98
8.57 7.54 5.44 3.11 2.60 3.63 5.38 4.92 5.03 4.81

Best Qtr.: Q4 `95 . 1.32% Worst Qtr.: Q4 `98 . 1.08%

* The Fund's year-to-date performance through September 30, 1999 was
3.18%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/98 1 year 5 years 10 years

Class A (Incept. 10/1/95)1 4.81 4.75 5.09

IBC Retail Taxable Money Market
Funds Average 4.94 4.73 5.24

1. Performance shown for periods prior to the inception of this Class
shares reflects the performance of the Service Class shares adjusted to
reflect this Class's fees and expenses.

Money Market Funds Prospectus 11
<PAGE>

Money Market Funds
- --------------------------------------------------------------------------------

These tables are intended to help you understand the various costs and expenses
you will pay as a shareholder in a Fund. These tables do not reflect charges
that may be imposed in connection with an account through which you hold Fund
shares.

SHAREHOLDER FEES

<TABLE>
<CAPTION>
All Money Market
Funds Fund
----------------------------------
CLASS A CLASS B
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Maximum sales charge (load)
imposed on purchases (as a percentage of offering price) None None

Maximum deferred sales charge (load) (as a percentage of the lower of
the NAV at purchase or the NAV at redemption) None 5.00%/1/
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
California Tax-Free Government Minnesota
Money Market Fund Money Market Fund Money Market Fund
----------------------------------------------------------------------------------
CLASS A CLASS A CLASS A
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.30% 0.35% 0.30%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/2/ 0.48% 0.54% 0.53%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.78% 0.89% 0.83%
- ------------------------------------------------------------------------------------------------------------------------------------
Fee Waivers/3/ 0.13% 0.14% 0.03%
- ------------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES 0.65% 0.75% 0.80%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ 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.
/2/ Other expenses are based on estimated amounts for the current fiscal year.
/3/ Fee waivers are contractual and apply for one year from the closing date of
the reorganization. After this time, the Advisor, with Board approval, may
reduce or eliminate such waivers.

12 Money Market Funds Prospectus
<PAGE>

Summary of Expenses
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Money National Tax-Free Treasury Plus 100% Treasury
Market Fund Money Market Fund Money Market Fund Money Market Fund
- -----------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS A CLASS A CLASS A
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.40% 0.40% 0.25% 0.35% 0.35%
0.00% 0.75% 0.00% 0.00% 0.00%
0.53% 0.53% 0.83% 0.46% 0.54%
- -----------------------------------------------------------------------------------------------
0.93% 1.68% 1.08% 0.81% 0.89%
- -----------------------------------------------------------------------------------------------
0.17% 0.17% 0.43% 0.46% 0.24%
- -----------------------------------------------------------------------------------------------
0.76% 1.51% 0.65% 0.65% 0.65%
- -----------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 13
<PAGE>

Money Market Funds Summary of Expenses
- --------------------------------------------------------------------------------

EXAMPLE OF EXPENSES

This example is intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The examples assume a fixed
rate of return and that fund operating expenses remain the same. Your actual
costs may be higher or lower than those shown.

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:

- --------------------------------------------------------------------------------
California Tax-Free Government Minnesota
Money Market Fund Money Market Fund Money Market Fund
---------------------------------------------------------------
CLASS A CLASS A CLASS A
- --------------------------------------------------------------------------------
1 YEAR $ 66 $ 77 $ 82
3 YEARS $236 $ 270 $ 262
5 YEARS $420 $ 479 $ 458
10 YEARS $954 $1,083 $1,023
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Money National Tax-Free Treasury Plus
Market Fund Money Market Fund Money Market Fund
---------------------------------------------------------------
CLASS A CLASS B CLASS A CLASS A
- --------------------------------------------------------------------------------
1 YEAR $ 78 $ 154 $ 66 $ 66
3 YEARS $ 279 $ 519 $ 301 $243
5 YEARS $ 498 $ 922 $ 554 $434
10 YEARS $1,127 $2,119 $1,278 $987
- --------------------------------------------------------------------------------

- --------------------------------------
100% Treasury
Money Market Fund
- --------------------------------------
1 YEAR $ 66
3 YEARS $ 260
5 YEARS $ 470
10 YEARS $1,074
- --------------------------------------

14 Money Market Funds Prospectus
<PAGE>

Key Information
- --------------------------------------------------------------------------------

Important information you should look for as you decide to invest in a
Fund:
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.

---------------------------------------------------------------------------

Investment Objective and Investment Strategies
The investment objective of each Fund in this Prospectus is
non-fundamental, that is, it can be changed by a vote of the Board of
Trustees alone. The objectives and strategies descriptions for each Fund
tell you:

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. 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
Describes the key risk factors for the Fund, and includes risks described
in the "Summary of Important Risks" and "General Investment Risks"
sections.

Words appearing in italicized print and highlighted in color are defined in
the Glossary.

Money Market Funds Prospectus 15
<PAGE>

California Tax-Free Money Market Fund
- --------------------------------------------------------------------------------

Investment Objective
The California Tax-Free Money Market Fund seeks a high level of income
exempt from federal income tax and California personal income tax, while
preserving capital and liquidity.

---------------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio of bonds, notes and commercial paper issued
by or on behalf of the state of California, its cities, municipalities,
political subdivisions and other public authorities. The Fund invests in
high-quality, short-term, U.S. dollar-denominated money market instruments,
primarily municipal obligations.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of net assets in municipal obligations that provide
income exempt from federal income tax and federal alternative minimum
tax ("AMT"); and

. at least 65% of total assets in municipal obligations that pay
interest exempt from California personal income taxes, although it is
our intention to invest substantially all of our assets in such
obligations.

---------------------------------------------------------------------------

Important Risk Factors
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example,
California exports a significant portion of its economic production to
various Pacific rim countries. The current economic crisis in Asia, while
recovering, may have a disproportionate impact on California municipal
obligations. In addition, we may invest up to 25% or more of our assets in
California municipal obligations that are related in such a way that
political, economic or business developments affecting one obligation would
affect the others. For example, we may own different obligations that pay
interest based on the revenue of similar projects.

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.

There is no guarantee that we will be able to maintain a $1.00 per share
NAV. Generally, short-term funds do not earn as high a level of income as
funds that invest in longer-term instruments.

No government agency either directly or indirectly insures or guarantees
the performance of the Fund.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 34; and the specific
risks listed here. They are all important to your investment choice.

16 Money Market Funds Prospectus
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- --------------------------------------------------------------------------------

<PAGE>

California Tax-Free Money Market Fund
- ------------------------------------------------------------------------------

<TABLE>
<CAPTION>
FOR A SHARE OUTSTANDING

CLASS A SHARES--COMMENCED
ON JANUARY 1,1992
-------------------------
March 31,
For the period ended: 1999
------------------------
<S> <C>
Net asset value beginning of period $ 1.00

Income from investment operations:
Net investment income (loss) 0.02
Net realized gain (loss) on investments 0.00

Total from investment operations 0.02

Less distributions:
Dividends from net investment income (0.02)
Distributions from net realized gain 0.00

Total from distributions (0.02)

Net asset value, end of period $ 1.00

Total return (not annualized) 2.49%

Ratios/supplemental data:
Net assets, end of period (000s) $2,246,123

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65%
Ratio of net investment income (loss) to
average net assets 2.46%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized) 1.03%

Ratio of net investment income (loss) to average net
assets prior to waived fees and reimbursed expenses
(annualized) 2.08%
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed its fiscal year-end from December 31 to September 30.

18 Money Market Funds Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
March 31, March 31, Sept.30, Dec.31, Dec.31,
1998 1997/1/ 1996/2/ 1995 1994

- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.03 0.01 0.02 0.03 0.02
0.00 0.00 0.00 0.00 0.00

0.03 0.01 0.02 0.03 0.02

(0.03) (0.01) (0.02) (0.03) (0.02)
0.00 0.00 0.00 0.00 0.00

(0.03) (0.01) (0.02) (0.03) (0.02)

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

2.91% 1.36% 2.04% 3.23% 2.28%

$2,118,881 $1,384,310 $1,161,431 $1,031,004 $869,745

0.65% 0.65% 0.65% 0.65% 0.62%

2.85% 2.72% 2.69% 3.18% 2.26%

1.05% 1.03% 1.02% 1.01% 1.08%

2.45% 2.34% 2.32% 2.82% 1.80%
</TABLE>

Money Market Funds Prospectus 19
<PAGE>

Government Money Market Fund
- --------------------------------------------------------------------------------

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

---------------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio composed principally of U.S. Government
obligations, or repurchase agreements collateralized by such obligations.

---------------------------------------------------------------------------

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.

---------------------------------------------------------------------------

Financial Highlights
The A Share Class for the Fund is a new class of shares, so financial
highlight information is not available.

20 Money Market Funds Prospectus
<PAGE>

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- --------------------------------------------------------------------------------

<PAGE>

Minnesota Money Market Fund*
- --------------------------------------------------------------------------------

Investment Objective
The Minnesota Money Market Fund seeks to provide a high level of income
exempt from federal income tax, but not the federal AMT, and Minnesota
state income tax, while preserving capital and liquidity.

---------------------------------------------------------------------------

Investment Strategies
We invest primarily in short-term Minnesota municipal securities, and may
also invest a portion of Fund assets in the securities of other states, and
in the territories and possessions of the U.S., or its political
subdivisions and financing authorities, but which provide income exempt
from federal personal income tax and the personal income taxes imposed by
the state of Minnesota consistent with stability of principal.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 65% of total assets in short-term municipal obligations that pay
interest exempt from Minnesota personal income taxes, although it is our
intention to invest substantially all of our assets in such obligations.

We may invest any amount of Fund assets in securities subject to the
federal AMT.

---------------------------------------------------------------------------

Important Risk Factors
Since we invest heavily in Minnesota municipal obligations, events in
Minnesota are likely to affect the Fund's investments. For example, the
state's economy relies significantly on its agriculture and forestry
natural resources. Adverse conditions affecting these sectors could have a
disproportionate impact on Minnesota municipal obligations. In addition, we
may invest up to 25% or more of our assets in Minnesota municipal
obligations that are related in such a way that political, economic or
business developments affecting one obligation would affect the others. For
example, we may own different obligations that pay interest based on the
revenue of similar projects.

There is no guarantee that we will be able to maintain a $1.00 per share
NAV. Generally, short-term funds do not earn as high a level of income as
funds that invest in longer-term instruments. No government agency either
directly or indirectly insures or guarantees the performance of the Fund.

---------------------------------------------------------------------------

Financial Highlights
The Minnesota Money Market Fund is a new fund, so financial highlight
information is not available.

* As of the date of this Prospectus, this Fund has not commenced
operations.

22 Money Market Funds Prospectus
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- --------------------------------------------------------------------------------

<PAGE>

Money Market Fund
- --------------------------------------------------------------------------------

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

---------------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio of U.S. dollar-denominated high-quality
money market instruments, including debt obligations. 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.

---------------------------------------------------------------------------

24 Money Market Funds Prospectus
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- --------------------------------------------------------------------------------

<PAGE>

Money Market Fund
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
------------------------
CLASS A SHARES--COMMENCED
ON JULY 1, 1992
-----------------------
March 31,
For the period ended: 1999
-----------------------
<S> <C>
Net asset value beginning of period $ 1.00

Income from investment operations:
Net investment income (loss) 0.05
Net realized gain (loss) on investments 0.00

Total from investment operations 0.05

Less distributions:
Dividends from net investment income (0.05)
Distributions from net realized gain 0.00

Total from distributions (0.05)

Net asset value, end of period $ 1.00

Total return (not annualized) 4.79%

Ratios/supplemental data:
Net assets, end of period (000s) $9,137,812

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.75%
Ratio of net investment income (loss) to
average net assets 4.67%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized) 0.93%

Ratio of net investment income (loss) to average net
assets prior to waived fees and reimbursed expenses
(annualized) 4.49%
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed its fiscal year-end from December 31 to September 30.

26 Market Funds Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
March 31, March 31, Sept.30, Dec.31, Dec.31,
1998 1997/1/ 1996/2/ 1995 1994
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.05 0.02 0.03 0.05 0.04
0.00 0.00 0.00 0.00 0.00

0.05 0.02 0.03 0.05 0.04

(0.05) (0.02) (0.03) (0.05) (0.04)
0.00 0.00 0.00 0.00 0.00

(0.05) (0.02) (0.03) (0.05) (0.04)

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

5.07% 2.36% 3.55% 5.34% 3.74%

$6,711,584 $4,640,148 $3,799,908 $2,892,621 $2,343,942

0.75% 0.75% 0.75% 0.75% 0.69%

4.95% 4.71% 4.66% 5.13% 4.12%

0.93% 0.90% 0.88% 0.83% 0.89%

4.77% 4.56% 4.53% 5.05% 3.92%
</TABLE>

Money Market Funds Prospectus 27
<PAGE>

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 Strategies
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 invest at least 80% of net
assets in instruments with interest exempt from federal income tax and the
federal AMT, and up to 20% of net assets in instruments with interest
income subject to federal income and federal AMT.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of net assets in instruments with interest exempt from
federal income tax and the federal AMT;

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

. up to 35% of total 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 NAV, 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
federal taxes.

28 Money Market Funds Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON JANUARY 7, 1988
----------------------------------------------------------------
May 31, May 31, May 31, May 31, May 31,
For the period ended: 1999 1998 1997 1996 1995
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.027 0.031 0.030 0.033 0.031
Net realized and unrealized gain (loss)
on investments 0.000 0.000 0.000 0.000 (0.004)

Total from investment operations 0.027 0.031 0.030 0.033 0.027

Less distributions:
Dividends from net investment income (0.027) (0.031) (0.030) (0.033) (0.031)
Capital contribution from advisor 0.000 0.000 0.000 0.000 0.004

Total from distributions (0.027) (0.031) (0.030) (0.033) (0.027)

Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Total return (not annualized) 2.76% 3.18% 3.08% 3.31% 3.13%/1/

Ratios/supplemental data:
Net assets, end of period (000s) $41,174 $44,070 $54,616 $57,021 $47,424

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income (loss) to
average net assets 2.72% 3.13% 3.01% 3.25% 3.10%

Ratios of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/2/ 0.86% 0.83% 0.87% 0.88% 0.93%

Ratio of net investment income (loss) to average
net assets prior to waived fees and reimbursed
expenses (annualized) 2.51% 2.95% 2.79% 3.02% 2.82%
</TABLE>

/1/ The total return for 1995 includes the effect of a capital contribution
from the Advisor. Without the capital contribution, the total return would
have been 2.59% for the Fund.

/2/ During each period, various fees and expenses were waived and reimbursed.
The ratio of expenses to average net assets reflects the expense ratio in
the absence of any waivers and reimbursements.

Money Market Funds Prospectus 29
<PAGE>

Treasury Plus Money Market Fund
- --------------------------------------------------------------------------------

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

---------------------------------------------------------------------------

Investment Strategies
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 U.S. Treasury obligations.

---------------------------------------------------------------------------

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.

---------------------------------------------------------------------------

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, 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. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. 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.

30 Money Market Funds Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

These tables are intended to help you understand the Fund's financial
performance for the past 5 years (or since inception, if shorter). KPMG LLP
audited this information subsequent to September 30, 1995, which, along with
their report and the Fund's financial statements, is available upon request in
the Fund's annual report.

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON OCTOBER 1, 1995
---------------------------------------------------------
March 31, March 31, March 31, Sept. 30,
For the period ended: 1999 1998 1997/1/ 1996
---------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.05 0.05 0.02 0.05
Net realized gain (loss) on investments 0.00 0.00 0.00 0.00

Total from investment operations 0.05 0.05 0.02 0.05

Less distributions:
Dividends from net investment income (0.05) (0.05) (0.02) (0.05)
Distributions from net realized gain 0.00 0.00 0.00 0.00

Total from distributions (0.05) (0.05) (0.02) (0.05)

Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00

Total return (not annualized) 4.62% 5.06% 2.42% 4.95%

Ratios/supplemental data:
Net assets, end of period (000s) $543,903 $381,594 $66,486 $53,706

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65% 0.62% 0.55% 0.55%
Ratio of net investment income (loss) to
average net assets 4.50% 4.93% 4.81% 4.96%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized) 0.79% 0.85% 0.75% 0.67%

Ratio of net investment income (loss) to
average net assets prior to waived fees
and reimbursed expenses (annualized) 4.36% 4.70% 4.61% 4.84%
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.

Money Market Funds Prospectus 31
<PAGE>

100% Treasury Money Market Fund
- --------------------------------------------------------------------------------

Investment Objective
The 100% Treasury Money Market Fund seeks stability of principal and
current income that is exempt from most state and local personal income
taxes.

---------------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio exclusively composed of obligations issued
or guaranteed by the U.S. Treasury.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. 100% of our assets in U.S. Treasury obligations.

---------------------------------------------------------------------------

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, 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. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. Treasury obligations have historically involved
little risk of loss of principal if held to maturity. However, fluctuations
in market interest rates may cause the market value of Treasury obligations
in the Fund's portfolio to fluctuate.

Any capital gains realized by the Fund generally will not be exempt from
state and local taxes. For more information, see "Taxes" on page 48, and
the Statement of Additional Information.

---------------------------------------------------------------------------

Financial Highlights
The A Share Class for the Fund is a new class of shares, so financial
highlight information is not available.

32 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------

<PAGE>

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" section on page 6. 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. In
particular, we cannot guarantee that we will be able to maintain a
$1.00 per share NAV.

. 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.

. 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 also 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.

What follows is a general list of the types of risks (some of which are
described previously) 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 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.

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.

34 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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 dates to maturity.

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 at the time
desired, 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 their prepayment
of mortgage loans or other receivables, which can shorten the maturity of a
mortgage-backed or other asset-backed security and reduce a portfolio's
rate of 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.

In addition to the general risks discussed above, you should carefully
consider and evaluate any special risks that may apply to investing in a
particular Fund. See the "Important Risk Factors" in the summary for each
Fund. You should also see the Statement of Additional Information for
additional information about the investment practices and risks particular
to each Fund.

Money Market Funds Prospectus 35
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

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
Strategies 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 Strategies for each Fund or the
Statement of Additional Information for more information on these practices.

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

Remember, each Fund is designed to meet different investment needs and
objectives.

<TABLE>
<CAPTION>
CALIFORNIA NATIONAL
TAX - MONEY TAX - TREASURY 100%
FREE GOVERNMENT MINNESOTA MARKET FREE PLUS TREASURY
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from Leverage Risk . . . . . . .
banks for temporary purposes
to meet shareholder redemptions.

Floating and Variable Rate Debt
Instruments with interest rates that Interest Rate and . . . . . .
are adjusted either on a schedule Credit Risk
or when an index or benchmark changes.

Foreign Securities
Dollar-denominated debt Information, Liquidity,
obligations of foreign branches of Political, Regulatory . . .
U.S. banks or U.S. branches of foreign and Diplomatic Risk
banks.

Illiquid Securities
A security that cannot be readily Liquidity Risk . . . . . .
sold, or cannot be readily sold
without negatively affecting its
fair price. Illiquid securities
are limited to 10% of assets.

Loans of Portfolio Securities
The practice of loaning securities to Credit,
brokers, and financial institutions to Counter-Party and . . . . . . .
increase return on those securities. Leverage Risk
Loans may be made in accordance with
existing Investment Strategies.

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

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

36 Money Market Funds Prospectus
<PAGE>

This Page intentionally left blank
- --------------------------------------------------------------------------------
<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
has succeeded to the assets and operations of one or more corresponding Funds of
Stagecoach or Norwest Advantage Funds. The performance and financial statement
history of each Fund's designated predecessor Fund has been assumed by the Wells
Fargo Funds Trust Fund. The succession transactions were approved by the
shareholders of the Stagecoach and Norwest Advantage Funds. The Table on page 49
identifies the Stagecoach or Norwest Advantage Fund predecessors to the Funds.

The Board of Trustees of Wells Fargo Funds Trust supervises the Funds'
activities and approves the selection of various companies hired to manage the
Funds' operation. The major service providers are described in the diagram
below. Except for the advisors, which require shareholder vote to change, if the
Board believes that it is in the best interests of the shareholders, it may make
a change in one of these companies.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD OF TRUSTEES

Supervises the Funds' activities
- ------------------------------------------------------------------------------------------------------------------------------------
.

- ------------------------------------------------------------------------------------------------------------------------------------
.

INVESTMENT SUB-ADVISOR

Wells Capital Management, Incorporated
525 Market Street
San Francisco, CA
Manages the Funds' investment activities
- ------------------------------------------------------------------------------------------------------------------------------------
.

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS

Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

Markets the Funds Manages the Maintains records Provide
and distributes Funds' business of shares and services to
Fund shares activities supervises the paying customers
of dividends
- ------------------------------------------------------------------------------------------------------------------------------------
.

FINANCIAL SERVICES FIRMS AND SELLING AGENTS

Advise current and prospective shareholders on their Fund investments
- ------------------------------------------------------------------------------------------------------------------------------------
.

SHAREHOLDERS
</TABLE>

38 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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.

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 June 30, 1999, Wells Fargo Bank and its affiliates managed over $131
billion in assets. For providing these services, Wells Fargo Bank is
entitled to receive fees as shown in the table of Annual Fund Operating
Expenses under "Management Fees" in the front of this Prospectus.

The Sub-Advisor
Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of
Wells Fargo Bank, is the sub-advisor for each of the Funds. As of June 30,
1999, WCM provided investment advice for assets aggregating in excess of
$42 billion.

The Administrator
Wells Fargo Bank provides the Funds with administration 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 the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the 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 0.15% of the average
annual net assets of each Fund.

Shareholder Servicing Plan
We have a shareholder servicing plan for each Fund. Under this plan, we
have agreements with 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 0.25% of
its average net assets.

The Transfer Agent
Boston Financial Data Services, Inc. ("BFDS") provides transfer agency and
dividend disbursing services to the Funds. For providing these services,
BFDS receives an annual fee, certain transaction-related fees, and is
reimbursed for out-of-pocket expenses incurred on behalf of the Funds.

Distribution Plan
We have adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 of the
1940 Act for the Class B shares of the Money Market Fund. 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. For these services the Class B shares of the
Money Market Fund pay 0.75% of its average net assets.

These fees are paid out of the Money Market Fund's assets attributable to
the Class B shares on an ongoing basis. Over time, these fees will increase
the cost of your investment and may cost you more than paying other types
of sales charges.

Money Market Fund Class B shares are available only through certain Class B
share exchanges and for direct purchase in certain accounts.

Money Market Funds Prospectus 39
<PAGE>

Your Account
- --------------------------------------------------------------------------------

This section tells you how Fund shares are priced, how to open an
account, and how to buy, sell or exchange 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 funds each business
day. Requests we receive in proper form for the Government Money
Market and Money Market Funds before 3:00 p.m. (ET) generally are
processed on the same day. Requests we receive in proper form for the
Treasury Plus Money Market Funds before 3:00 p.m. (ET) generally are
processed on the same day. Requests we receive in proper form for the
National Tax-Free Money Market Fund before 12:00 noon (ET) generally
are processed on the same day. For certain institutions with automated
arrangements in place, requests we receive in proper form for the
Treasury Plus Money Market Fund before 5:00 p.m. (ET) and for the
National Tax-Free Money Market Fund before 2:00 p.m. (ET) generally
are processed on the same day. Requests we receive in proper form for
the 100% Treasury Money Market Fund before 1:00 p.m. (ET) generally
are processed on the same day. Requests we receive in proper form for
the remaining money market Funds before 12:00 noon (ET) generally are
processed on the same day. Earlier purchase and redemption cutoff
times may be established by your institution. 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 or via the automated voice response system by
4:00 p.m. (ET) are processed the next business day.

. We determine the NAV of each Fund's shares each business day. The
Funds are open Monday through Friday, and generally are closed on
federal bank holidays. We determine the NAV by subtracting the Fund
class's liabilities from its total assets, and then dividing the
results by the total number of outstanding shares of that class. We
determine the NAV of the Government Money Market and Money Market
Funds at 3:00 p.m. (ET), of the Treasury Plus Money Market Fund at
5:00 p.m. (ET), of the National Tax-Free Money Market Fund at 2:00
p.m. (ET), of the 100% Treasury Money Market Fund at 1:00 p.m. (ET),
and of all other funds at 12:00 noon (ET). Each Fund's assets are
valued using the amortized cost method, in accordance with Rule 2a-7
of the Investment Company Act of 1940. See the Statement of Additional
Information for further disclosure.

You Can Buy Fund Shares
. By opening an account directly with the Fund (simply complete and
return a Wells Fargo Funds 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; or

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

. $100 per Fund for all investments after your initial investment.

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.

40 Money Market Funds Prospectus
<PAGE>

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 (If no choice
is indicated, Class A shares will be designated). Your account will be
credited on the business day that the transfer agent receives you
application in proper order. 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, "Wells Fargo Treasury Plus Money
Market Fund, Class A."

. You may start your account with $100 if you elect the Systematic
Purchase plan option on the Application.
<TABLE>
<S> <C>
. Mail to: Wells Fargo Funds Overnight Mail Only: Wells Fargo Funds
Attn: CCSU-Boston Financial Attn: CCSU-Boston Financial
PO Box 8266 66 Brooks Drive
Boston, MA 02266-8266 Braintree, MA 02184
</TABLE>

----------------------------------------------------------------------------
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
Attn: CCSU-Boston Financial
PO Box 8266
Boston, MA 02266-8266

Money Market Funds Prospectus 41
<PAGE>

Your Account
- --------------------------------------------------------------------------------

BY WIRE

IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
----------------------------------------------------------------------------

. You must first call Shareholder Services at 1-800-222-8222 to notify
them of an incoming wire trade.

. 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. Your account will be credited on the
business day that the transfer agent receives your application in
proper order.

. Overnight Application to: Wells Fargo Funds
ATTN:CCSU-Boston Financial
66 Brooks Drive
Braintree, MA 02184

<TABLE>
<S> <C>
. Wire money to: State Street Bank & Trust Attention:
Boston, MA Wells Fargo Funds (Name
of Fund and Share Class)
Bank Routing Number:
ABA 011-000028 Account Name:
(Registration Name
Wire Purchase Account Number: Indicated on Application)
9905-437-1
</TABLE>

----------------------------------------------------------------------------
IF YOU ARE BUYING ADDITIONAL SHARES:
----------------------------------------------------------------------------

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

<TABLE>
<S> <C>
. Wire money to: State Street Bank & Trust Attention:
Boston, MA Wells Fargo Funds (Name
of Fund and Share Class)
Bank Routing Number:
ABA 011 000028 Account Name:
(Registration Name
Wire Purchase Account Number: Indicated on Account)
9905-437-1
</TABLE>

42 Money Market Funds Prospectus
<PAGE>

How to Buy Shares
- --------------------------------------------------------------------------------

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 Account.

Call Shareholder 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 the "How to Exchange Shares" section for special rules.

. Call: 1-800-222-8222

-----------------------------------------------------------------------------
IF YOU ARE BUYING ADDITIONAL SHARES:
---------------------------------------------------------------------------

Call Shareholder 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

Money Market Funds Prospectus 43
<PAGE>

Your Account
- --------------------------------------------------------------------------------

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 of Instruction" stating your name, 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 exactly as their
names appear on the account application.

. You may request that redemption proceeds be sent to you by check, by
ACH transfer into a bank account, or by wire. Please call Shareholder
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
$50,000, or if the address on your account was changed within the last
60 days. 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
Attn: CCSU-Boston Financial
PO Box 8266
Boston, MA 02266-8266

BY PHONE

. Call Shareholder 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
Shareholder 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.

. Telephone 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 30 days.

Call: 1-800-222-8222

44 Money Market Funds Prospectus
<PAGE>

How to Sell Shares
- --------------------------------------------------------------------------------

BY CHECK

. Checking-writing privileges are available to clients of certain
broker/dealers with shareholder servicing agreements. State Street Bank
and Trust Company (the "Bank") will provide shareholders of Class A
shares upon request, with forms of checks drawn on the Bank. Checks
may be payable in any amount not less than $500. Shareholders wishing to
avail themselves of this redemption by check privilege must so elect on
their Account Application Form and must execute signature cards (for
additional information, see the reverse side of the signature card).
Additional documentation will be required from corporations,
partnerships, fiduciaries or other institutional investors. All checks
must be signed by the shareholder(s) of record exactly as the account is
registered before the Bank will honor them. The shareholders of joint
accounts may authorize each shareholder to redeem by check. Shareholders
who purchase shares by check (including certified checks or cashiers
checks) may write checks against those shares only after they have been
on the Fund's books for 15 days. When such a check is presented to the
Bank for payment, a sufficient number of full and fractional shares will
be redeemed to cover the amount of the check. If the amount of the check
is greater than the value of the shares held in the shareholders'
account, the check will be returned unpaid, and the shareholder may be
subject to extra charges. The check may not draw on month-to-date
dividends which have been declared but not distributed. Checks should
not be used to close a Fund account because when the check is written,
the shareholder will not know the exact total value of the account on
the day the check clears. There is presently no charge to the
shareholder for the maintenance of this special checking account or for
the clearance of any checks, but the Trust reserves the right to impose
such charges or to modify or terminate the redemption by check privilege
at any time.

. Call: 1-800-222-8222 to order checks.

GENERAL NOTES FOR SELLING SHARES

. 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 listed in the "Pricing Fund Shares" section are processed
on the same business day.

. Your redemptions of Money Market Fund Class B shares are net of any
applicable CDSC.

. If you purchased shares through a packaged investment product or
retirement plan, read the directions for selling shares provided by the
product or plan. There may be 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, through ACH 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.

Money Market Funds Prospectus 45
<PAGE>

Your Account How to Exchange Shares
- -------------------------------------------------------------------------------

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.

. If you exchange between a money market fund and a Fund with a sales
load, you will buy shares at the Public Offering Price ("POP") of the
new Fund and a sales load may be assessed.

. 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 from any share class to a money market fund can only be re-
exchanged for the original share class.

. 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 exchange shares of the Funds for Class A, Class B or Class C
shares of a non-money market fund.

. Exchanges between Class B shares and the Wells Fargo Money Market Fund
Class B shares 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 into Money Market Fund Class B shares are subject
to certain restrictions in addition to those described above.

46 Money Market Funds Prospectus
<PAGE>

Additional Services and Other Information
- -------------------------------------------------------------------------------

Automatic Programs
These programs help you conveniently purchase and/or redeem shares each
month. Once you select a Plan, tell us the day of the month you would like
the transaction to occur. If you do not specify a date, we will process the
transaction on or about the 25th day of the month. Systematic withdrawal
may only be processed on or about the 25th day of the month. Call
Shareholder Services at 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, and specify an amount of at least $100.

. 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. 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. To participate in
this program, you:

. must have a Fund account valued 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 you specified is closed.

Dividend and Capital Gain Distributions
The Funds in this Prospectus declare dividends daily, pay dividends monthly
and make capital gains distributions at least annually.

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
option.

. 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.

. Bank Account Payment Option--Allows you to receive distributions
directly in a checking or savings account through ACH. The bank account
must be linked to your Wells Fargo Fund account. In order to establish a
new linked bank account, you must send a written signature guaranteed
instruction along with a copy of a voided check or deposit slip. Any
distribution returned to us due to an invalid banking instruction will
be sent to your address of record by check at the earliest date
possible, and future distributions will be automatically
re-invested.

Money Market Funds Prospectus 47
<PAGE>

Additional Services and Other Information
- --------------------------------------------------------------------------------

. Directed Distribution Purchase Option--Lets you buy shares of a
different Wells Fargo Fund of the same share class. The new shares are
purchased at NAV generally on the day the income is paid. In order to
establish this option, you need to identify the Fund and account the
distributions are coming from, and the Fund and account to which the
distributions are being directed. You must meet any required minimum
purchases in both Funds prior to establishing this option.

Class B Share CDSC Reductions
Deferred sales charges may be reduced or waived under certain circumstances
and for certain groups. Information about reductions and waivers of
deferred sales charges is included in the SAI. Please consult your
financial advisor or Wells Fargo Funds for assistance.

Taxes
The following discussion regarding federal and state income 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, including the federal, state, local and
foreign tax consequences to you of an investment in a Fund. Federal income
tax considerations are discussed further in the Statement of Additional
Information.

We will pass on to you substantially all of a Fund's net investment income
and capital gains. Distributions of the California Tax-Free Money Market,
Minnesota Money Market and National Tax-Free Money Market Funds' net
interest income from tax-exempt securities will not be subject to federal
income tax, although a portion of such distributions could be subject to
the federal alternative minimum tax. Distributions of the California Tax-
Free Money Market Fund's net interest income from California state and
municipal tax-exempt securities will not be subject to California personal
tax, although a portion of such distributions could be subject to the
California alternative minimum tax. Distributions of the Minnesota Money
Market Funds net interest income from Minnesota state and municipal tax-
exempt securities will not be subject to Minnesota state income tax,
although a portion of such distributions could be subject to the Minnesota
alternative minimum tax. Distributions of the Funds' net investment income
from other sources and short-term capital gain will be taxable to you as
ordinary income. Distributions of the Funds' net long-term capital gain
generally will be taxable to you as net capital gain. Corporate
shareholders will not be above to deduct any distributions when determining
their taxable income. Distributions from the 100% Treasury Money Market
Fund's in most jurisdictions from state and local personal income taxes,
but may not be exempt from state and local corporate income and/or
franchise taxes.

Any taxable distributions from a Fund normally will be taxable to you when
paid, whether you take the distributions in cash or automatically reinvest
them in additional Fund shares. However, distributions declared in
October, November and December of one year and paid in January of the
following year will be taxable to you as if they were paid on December 31
of the first year. At the end of every year, we will notify you of the
status of your distributions for the year.

Foreign shareholders may be subject to different tax treatment, including
withholding taxes. In certain circumstances, U.S. residents will be subject
to back-up withholding taxes.

As long as a Fund continually maintains a $1.00 NAV, you ordinarily will
not recognize taxable gain or loss on the redemption or exchange of your
Fund Shares.

48 Money Market Funds Prospectus
<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.

Each Fund is an accounting survivor of a former Stagecoach Funds, Inc.or
Norwest Advantage Funds fund, as indicated in the Table of Predecessors
below. The performance histories and financial highlights of each Fund are
the performance histories and financial highlights of the predecessor fund.

<TABLE>
<CAPTION>
Wells Fargo Funds Trust Predecessor Fund
<S> <C>
California Tax-Free Money Market Fund Stagecoach California Tax-Free Money Market Fund
Government Money Market Fund Norwest Advantage U.S. Government Fund
Minnesota Money Market Fund N/A
Money Market Fund Stagecoach Money Market Fund
National Tax-Free Money Market Fund Norwest Advantage Municipal Money Market Fund
Treasury Plus Money Market Fund Stagecoach Treasury Plus Money Market Fund
100% Treasury Money Market Fund Norwest Advantage Treasury Fund
</TABLE>

Money Markets Fund Prospectus 49
<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.

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.

Business Day
Generally, Monday through Friday with the exception of any federal bank holiday.

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.

Current Income
Earnings in the form of dividends or interest as opposed to capital growth.

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 mortgage-backed security.

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

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

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" and are issued by the Federal
National Mortgage Association.

50 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

GNMA
GNMA securities are commonly known as "Ginnie Maes" and are issued by the
Government National Mortgage Association.

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

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

Money Market Instruments
High-quality short-term instruments meeting the requirements of Rule 2a-7 of the
Investment Company Act of 1940,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.

Municipal Obligations
Debt obligations of a state or local government entity. The funds may support
general governmental needs or special projects. Virtually all municipal
obligations are exempt from federal income taxes and most are exempt from state
and local income taxes, at least in the state of issue.

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.

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

Principal Stability
The degree to which shares 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.

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.

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.

Money Market Funds Prospectus 51
<PAGE>

Glossary
- --------------------------------------------------------------------------------
S&P
Standard and Poor's, a nationally recognized ratings organization. S&P 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.

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

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

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

Zero Coupon Securities
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.

52 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------

<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------

<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENT:

STATEMENT OF ADDITIONAL INFORMATION
supplements the disclosures made by this Prospectus. The Statement of Additional
Information has been filed with the SEC and 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

WRITE TO:
Wells Fargo Funds
PO Box 8266
Boston, MA 02266-8266; or

Visit the SEC's website at http://www.sec.gov

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room
Washington, DC 20549-6009
Call: 1-800-SEC-0330 for details

-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------

<PAGE>

Institutional Class

WELLS FARGO MONEY
MARKET FUNDS

PROSPECTUS

Cash Investment Money Market Fund

National Tax-Free Institutional Money Market Fund

Treasury Plus Institutional Money Market Fund

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.

NOVEMBER 8
1999
<PAGE>

<PAGE>

<TABLE>
<CAPTION>
Table of Contents Money Market Funds
- --------------------------------------------------------------------------------
<S> <C>
Overview Objectives and Principal Strategies 4

This section contains important Summary of Important Risks 6
summary information about Performance History 7
the Funds. Summary of Expenses 8
Key Information 10

- --------------------------------------------------------------------------------

The Funds Cash Investment Money Market Fund 12

This section contains important National Tax-Free Institutional
information about the individual Money Market Fund 13
Funds. Treasury Plus Institutional
Money Market Fund 14
General Investment Risks 16
Organization and Management
of the Funds 20

- --------------------------------------------------------------------------------

Your Investment Your Account 22

Turn to this section for How to Buy Shares 23
information on how to open an How to Sell Shares 24
account and how to buy, sell and How to Exchange Shares 25
exchange Fund shares.

- --------------------------------------------------------------------------------

Reference Other Information 26

Look here for additional Table of Predecessors 27
information and term Glossary 28
definitions.
</TABLE>
<PAGE>

Money Market Funds Overview
- --------------------------------------------------------------------------------
See the individual Fund descriptions in this Prospectus for further details.

FUND OBJECTIVE

Cash Investment Money Seeks current income, while preserving
Market Fund capital and liquidity.

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

Treasury Plus Institutional
Money Market Fund Seeks current income,while preserving capital
and liquidity.

4 Money Market Funds Prospectus
<PAGE>

PRINCIPAL STRATEGY

We invest primarily in high-quality money market instruments.

We invest primarily in high-quality, short-term municipal securities.

We invest primarily in obligations issued or guaranteed by the
U.S. Treasury, including repurchase agreements.

Money Market Funds Prospectus 5
<PAGE>

Summary of Important Risks
- --------------------------------------------------------------------------------

. the individual Fund Descriptions later in this Prospectus;
. under the "General Investment Risks" section beginning on page 16; and
. in the Funds' Statement of Additional Information.

6 Money Market Funds Prospectus

<PAGE>

Performance History
- --------------------------------------------------------------------------------

The information on the following pages shows you how each Fund has
performed and illustrates the variability of a Fund's returns over
time. Each Fund's average annual returns for one-, five- and ten-year
periods are compared to the performance of an appropriate broad-based index
(or indexes).

Please remember that past performance is no guarantee of future results.

The Cash Investment Money Market and National Tax-Free Institutional Money
Market Funds have been in operation less than a calendar year, so return
information is not reported for these Funds.

Treasury Plus Institutional Money Market Fund Institutional Class Calendar
Year Returns (%)*

Best Qtr.: Q4 `95 . 1.40% Worst Qtr.: Q4 `98 . 1.18%

* The Fund's year-to-date performance through
September 30, 1999 was 3.48%.
To obtain a current 7-day yield for the Fund,
call toll-free 1-800-222-8222.

Average annual total return (%)

<TABLE>
<CAPTION>
for the period ended 12/31/98 1 year 5 year 10 year
<S> <C> <C> <C>
Institutional Class (Incept.8/11/95)/1/ 5.23 5.03 5.33

IBC Institutional Taxable 5.24 5.58 5.63
Money Market Funds Average
</TABLE>

1. Performance shown for periods prior to the inception of the
Institutional Class shares reflects the performance of the Class A
shares, which incepted October 1, 1985.

Money Market Funds Prospectus 7
<PAGE>

Money Market Funds
- --------------------------------------------------------------------------------

These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in a Fund. These tables do not reflect
charges that may be imposed in connection with an account through which you
hold Fund shares.

SHAREHOLDER FEES

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
All Funds
- -----------------------------------------------------------------------------------------------------------
<S> <C>
Maximum sales charge (load) imposed on purchases None
(as a percentage of offering price)

Maximum deferred sales charge (load) (as a percentage of the lower of None
the NAV at purchase or the NAV at redemption)
- -----------------------------------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
National Tax-Free Treasury Plus
Cash Investment Institutional Money Institutional Money
Money Market Fund Market Fund Market Fund
------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.10% 0.10% 0.10%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/1/ 0.19% 0.22% 0.22%
- -----------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.29% 0.32% 0.32%
- -----------------------------------------------------------------------------------------------------------
Fee Waivers/2/ 0.04% 0.02% 0.07%
- -----------------------------------------------------------------------------------------------------------
NET EXPENSES 0.25% 0.30% 0.25%
- -----------------------------------------------------------------------------------------------------------
</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 closing date of
the reorganization. After this time, the Advisor, with Board approval, may
reduce or eliminate such waivers.

8 Money Market Funds Prospectus
<PAGE>

Summary of Expenses
- --------------------------------------------------------------------------------

EXAMPLE OF EXPENSES

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:

Money Market Funds Prospectus 9
<PAGE>

Key Information
- --------------------------------------------------------------------------------

---------------------------------------------------------------------------

Investment Objective and Investment Strategies
The investment objective of each Fund in this Prospectus is non-
fundamental, that is, it can be changed by a vote of the Board of Trustees
alone. The objectives and strategies descriptions for each Fund tell you:

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. 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
Describes the key risk factors for the Fund, and includes risks described
in the "Summary of Important Risks" and "General Investment Risks"
sections.

Words appearing in italicized print and highlighted in color are defined in
the Glossary.

10 Money Market Funds Prospectus
<PAGE>

This Page intentionally left blank
- --------------------------------------------------------------------------------

<PAGE>

Cash Investment Money Market Fund
- --------------------------------------------------------------------------------

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

---------------------------------------------------------------------------
Investment Strategies
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 total assets in high-quality,short-term instruments of
domestic and foreign issuers;

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

. no more than 25% of total assets in any single industry, subject to
certain exceptions. Please refer to the Statement of Additional
Information for details.

---------------------------------------------------------------------------

Important Risk Factors

Although we seek to maintain a $1.00 per share NAV,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 "Summary of Important Risks" section on page 6;the
"General Investment Risks" section beginning on page 16; and the specific
risks listed here. They are all important to your investment choice.

---------------------------------------------------------------------------

Financial Highlights
The Institutional Class for the Cash Investment Money Market Fund is a new
class of shares, so financial highlight information is not available.

12 Money Market Funds Prospectus
<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
We invest 100% of our assets in short-term municipal obligations,including
leases. These investments may have fixed, variable,or floating rates of
interest and may be zero coupon securities. We invest at least 80% of net
assets in instruments with interest exempt from federal income tax and the
federal AMT. We may invest up to 20% of net assets in securities that pay
interest income subject to federal income tax and the federal AMT.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of net assets in instruments with interest exempt from
federal income tax and the federal AMT; and

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

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

We may invest more than 25% of 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 NAV,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.

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.

Please remember that some securities in the portfolio may be subject to
federal taxes.

---------------------------------------------------------------------------

Financial Highlights
The Institutional Class for the National Tax-Free Institutional Money
Market Fund is a new class of shares, so financial highlight information is
not available.

Money Market Funds Prospectus 13
<PAGE>

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 U.S. Treasury obligations.

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.

---------------------------------------------------------------------------

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, 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. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. 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 "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 16; and the specific
risks listed here. They are all important to your investment choice.

14 Money Market Funds Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

This table is intended to help you understand the Fund`s financial performance
for the past 5 years (or since inception, if shorter). KPMG LLP audited this
information subsequent to September 30, 1995, which, along with their report and
the Fund`s financial statements, is available upon request in the Fund`s annual
report.

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------------------------------------------------
March 31, March 31, March 31, Sept.30, Sept.30,
For the period ended: 1999 1998 1997/1/ 1996 1995/2/
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.05 0.05 0.03 0.05 0.01
Net realized and unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.05 0.05 0.03 0.05 0.01

Less distributions:
Dividends from net investment income (0.05) (0.05) (0.03) (0.05) (0.01)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.05) (0.05) (0.03) (0.05) (0.01)

Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Total return (not annualized) 5.04% 5.41% 2.58% 5.26% 5.51%

Ratios/supplemental data:
Net assets, end of period (000s) $493,987 $501,494 $449,647 $540,689 $36,443

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.25% 0.25% 0.25% 0.25% 0.26%
Ratio of net investment income (loss) to
average net assets 4.92% 5.28% 5.11% 5.21% 5.42%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized) 0.41% 0.40% 0.39% 0.59% 0.69%

Ratio of net investment income (loss) to average
net assetsprior to waived fees and reimbursed
expenses (annualized) 4.76% 5.13% 4.97% 4.87% 4.99%
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ This class of shares commenced operations on August 11, 1995.

Money Market Funds Prospectus 15
<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. In
particular, we cannot guarantee that we will be able to maintain a
$1.00 per share NAV.

. 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.

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

16 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Diplomatic Risk--The risk that an adverse change in the diplomatic
relations between the United States and another country might reduce the
value of 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 at the time
desired, 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.

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.

In addition to the general risks discussed above, you should carefully
consider and evaluate any special risks that may apply to investing in a
particular Fund. See the "Important Risk Factors" section in the summary
for each Fund. You should also see the Statement of Additional Information
for additional information about the investment practices and risks
particular to each Fund.

Money Market Funds Prospectus 17
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

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
Strategies 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 Strategies for each Fund or the Statement of
Additional Information for more information on these practices.

Investment practices and risk levels are carefully monitored. We attempt to
ensure that the risk exposure for each Fund remains within the parameters of its
objective. Remember, each Fund is designed to meet different investment needs
and objectives.

<TABLE>
<CAPTION>
CASH NATIONAL TAX-FREE TREASURY PLUS
RISK INVESTMENT INSTITUTIONAL INSTITUTIONAL
<S> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk . . .
purposes to meet shareholder redemptions.

Floating and Variable Rate Debt
Instruments with interest rates that are adjusted Interest Rate and . . .
either on a schedule or when an index or benchmark Credit Risk
changes.

Foreign Securities
Dollar-denominated debt obligations of foreign Information, Liquidity, Political, .
branches of U.S. banks or U.S. branches of foreign Regulatory and Diplomatic Risk
banks.

Illiquid Securities
A security that cannot be readily sold, or cannot Liquidity Risk
be readily sold without negatively affecting its . . .
fair price. Illiquid securities are limited to 10%
of assets.

Loans of Portfolio Securities
The practice of loaning securities to brokers, Credit,Counter-Party and
dealers and financial institutions to increase Leverage Risk . . .
return on those securities. Loans may be made in
accordance with existing investment strategies.

Other Mutual Funds
The temporary investment in shares of another Market Risk
money market 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.

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

18 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------

<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

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
has succeeded to the assets and operations of one or more corresponding Funds of
Stagecoach or Norwest Advantage Funds. The performance and financial statement
history of each Fund's designated predecessor Fund has been assumed by the Wells
Fargo Funds Trust Fund. The succession transactions were approved by the
shareholders of the Stagecoach and Norwest Advantage Funds. The Table on page 27
identifies the Stagecoach or Norwest Advantage Fund predecessors to the Funds.

<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD OF TRUSTEES

Supervises the Funds' activities
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
.

INVESTMENT ADVISOR CUSTODIAN

Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds' investment activities Provides safekeeping for the Funds' assets
- ------------------------------------------------------------------------------------------------------------------------------------
.

INVESTMENT SUB-ADVISOR
Wells Capital Management, Incorporated
525 Market St.
San Francisco, CA
Manages the Funds' investment activities
- ------------------------------------------------------------------------------------------------------------------------------------
.

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS

Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA
Markets the Funds Manages the Maintains records Provide
and distributes Funds' business of shares and supervises services to
Fund shares activities the payment of dividends customers
- ------------------------------------------------------------------------------------------------------------------------------------
.

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

SHAREHOLDERS
</TABLE>

20 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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.

The Sub-Advisor
Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of
Wells Fargo Bank, is the sub-advisor for each of the Funds. As of June
30, 1999, WCM provided investment advice for assets aggregating in excess
of $42 billion.

The Administrator
Wells Fargo Bank provides the Funds with administration 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 the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the 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 0.15% of the
average annual net assets of each Fund.

Money Market Funds Prospectus 21
<PAGE>

Your Account
- --------------------------------------------------------------------------------

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

. We process requests to buy or sell shares of the funds each business
day. Requests we receive in proper form for the Cash Investment Money
Market and Treasury Plus Institutional Money Market Funds before 3:00
p.m. (ET) generally are processed on the same day. For certain
institutions with automated arrangements in place, requests we receive
in proper form for the Cash Investment Money Market and Treasury Plus
Institutional Money Market Funds before 5:00 p.m. (ET) generally are
processed on the same day. Requests we receive in proper form for the
National Tax-Free Institutional Money Market Fund before 12:00 noon
(ET) generally are processed on the same day. Earlier purchase and
redemption cutoff times may be established by your institution. 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 or via the automated voice
response system by 4:00 p.m. (ET) are processed the next business day.

. We determine the NAV of each Fund's shares each business day. The
Funds are open Monday through Friday, and generally are closed on
federal bank holidays. We determine the NAV by subtracting the Fund
class's liabilities from its total assets, and then dividing the
results by the total number of outstanding shares of that class. We
determine the NAV of the Cash Investment Money Market and Treasury
Plus Institutional Money Market Funds at 5:00 p.m. (ET), and of the
National Tax-Free Institutional Money Market Fund at 12:00 noon (ET).
Each Fund's assets are valued using the amortized cost method, in
accordance with Rule 2a-7 of the Investment Company Act of 1940. See
the Statement of Additional Information for further disclosure.

Minimum Investments
Institutions are required to make a minimum initial investment of
$5,000,000 per Fund. There are no minimum subsequent investment
requirements so long as your Institution maintains account balances at or
above the minimum initial investment amount.

22 Money Market Funds Prospectus
<PAGE>

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 Fund 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.

Money Market Funds Prospectus 23
<PAGE>

Your Account 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 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 listed in the "Pricing Fund Shares" section are
processed on the same business day. Redemption proceeds are usually
wired to the redeeming Institution the following business day.

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

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

. 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.

24 Money Market Funds Prospectus
<PAGE>

How to Exchange Shares
- --------------------------------------------------------------------------------

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.

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

. 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.

. Institutional Class shares may be exchanged for other Institutional
Class shares, or for Class A shares in certain qualified accounts.
Contact your account representative for further details.

Money Market Funds Prospectus 25
<PAGE>

Other Information
- --------------------------------------------------------------------------------

Dividend and Capital Gain Distributions
The Funds in this Prospectus declare dividends daily, pay dividends
monthly, and make capital gains distributions at least annually.

Taxes
The following discussion regarding federal income 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, including the federal, state, local and foreign tax
consequences to you of an investment in a Fund. Federal income tax
considerations are discussed further in the Statement of Additional
Information.

We will pass on to you substantially all of a Fund's net investment income
and capital gains. Distributions of the National Tax-Free Institutional
Money Market Fund's net interest income from tax-exempt securities will not
be subject to federal income tax, although a portion of such distributions
could be subject to the federal alternative minimum tax. Distributions of
the National Tax-Free Institutional Money Market Fund's and the other
Funds' net investment income from other sources and short-term capital gain
will be taxable to you as ordinary income.

Distributions of the Funds' net long-term capital gain generally will be
taxable to you as net capital gain. Corporate shareholders will not be able
to deduce any distributions when determining their taxable income.

Taxable distributions from the Funds normally will be taxable to you when
paid, whether you take the distributions in cash or automatically reinvest
them in additional Fund shares. However, distributions declared in
October, November and December of one year and paid in January of the
following year will be taxable to you as if they were paid on December 31
of the first year. At the end of every year, we will notify you of the
status of your distributions for the year.

Foreign shareholders may be subject to different tax treatment,including
withholding taxes. In certain circumstances, U.S. residents will be subject
to back-up withholding taxes.

As long as each Fund continually maintains a $1.00 NAV, you ordinarily will
not recognize taxable gain or loss on the redemption or exchange of your
Fund Shares.

26 Money Market Funds Prospectus
<PAGE>

Table of Predecessors
- --------------------------------------------------------------------------------

Each Fund is an accounting survivor of a former Stagecoach Funds, Inc. or
Norwest Advantage Funds fund, as indicated in the Table of Predecessors
below. The performance histories and financial highlights of each Fund are
the performance histories and financial highlights of the predecessor fund.

<TABLE>
Wells Fargo Funds Trust Predecessor Funds
<S> <C>
Cash Investment Money Market Fund Norwest Advantage Cash Investment Fund

National Tax-Free Institutional Money Market Fund Norwest Advantage Municipal Money Market Fund

Treasury Plus Institutional Money Market Fund Stagecoach Treasury Plus Money Market Fund
</TABLE>

Money Market Funds Prospectus 27
<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 advisor.

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.

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.

Business Day
Generally, Monday through Friday with the exception of any federal bank holiday.

Current Income
Earnings in the form of dividends or interest as opposed to capital growth.

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 mortgage-backed security.

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

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

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" and are issued by the Federal
National Mortgage Association.

GNMA
GNMA securities are commonly known as "Ginnie Maes" and are issued by the
Government National Mortgage Association.

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

Institution
An affiliate, franchise or correspondent bank of Wells Fargo & Company and other
institutions.

28 Money Market Funds Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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

Money Market Instruments
High-quality short-term instruments meeting the requirements of Rule 2a-7 of the
Investment Company Act of 1940, 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.

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.

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.

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

Stability of Principal
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.

Statement of Additional Information
A document that supplements the disclosure made in the Prospectus.

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

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

Zero Coupon Securities
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.

Money Market Funds Prospectus 29
<PAGE>

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- --------------------------------------------------------------------------------

<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENT:

THIS DOCUMENT IS AVAILABLE FREE OF CHARGE:

Call: 1-800-222-8222

write to:
Wells Fargo Funds
PO Box 8266
Boston, MA 02266-8266; or

Visit the SEC's website at http://www.sec.gov

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room
Washington, DC 20549-6009
Call: 1-800-SEC-0330 for details

P010
ICA Reg.No.
811-09253 NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

<PAGE>

Trust

WELLS FARGO MONEY
MARKET TRUST FUNDS

PROSPECTUS

California Tax-Free Money Market Trust

Money Market Trust

National Tax-Free Money Market Trust

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.

NOVEMBER 8
1999
<PAGE>

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- --------------------------------------------------------------------------------

PAGE]2
<PAGE>

<TABLE>
<CAPTION>
Table of Contents Money Market Trusts
- --------------------------------------------------------------------------------
<S> <C> <C>
Overview Objectives and Principal
Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 8
Funds. Summary of Expenses 12
Key Information 14

- --------------------------------------------------------------------------------
The Funds California Tax-Free Money Market Trust 16

This section contains Money Market Trust 18
important information about the National Tax-Free Money Market Trust 20
individual Funds. General Investment Risks 22
Organization and Management
of the Funds 26

- --------------------------------------------------------------------------------
Your Investment Your Account 28

Turn to this section for How to Buy Shares 29
information on how to open an How to Sell Shares 29
account and how to buy and sell
Fund shares.

- --------------------------------------------------------------------------------
Reference Other Information 30

Look here for additional Table of Predecessors 31
information and term Glossary 32
definitions.
</TABLE>
<PAGE>

Wells Fargo Money Market Trusts Overview
- --------------------------------------------------------------------------------
See the individual Funds descriptions in this Prospectus for further details.

FUND OBJECTIVE

California Tax-Free Money Seeks current income exempt from federal
Market Trust income tax and California personal income
tax, while preserving capital and liquidity.

Money Market Trust Seeks current income, while preserving
capital and liquidity.

National Tax-Free Money Seeks current income exempt from federal
Market Trust income tax, while preserving capital and
liquidity.

4 Money Market Trusts Prospectus
<PAGE>

PRINCIPAL STRATEGY

We invest in high-quality, short-term California Municipal Securities.

We invest primarily in high-quality money market instruments.

We invest primarily in high-quality, short-term municipal securities.

Money Markey Trusts Prospectus 5
<PAGE>

Summary of 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 the "General Investment Risks" section beginning on page 22; and
. in the Funds'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 each of the Funds seeks to maintain a
stable Net Asset Value ("NAV") of $1.00 per share, there is no assurance it
will be able to do so, and it is possible to lose money by investing in a
Fund.

The 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.

6 Money Market Trusts Prospectus
<PAGE>

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- --------------------------------------------------------------------------------

PAGE]7
<PAGE>

Performance History
- --------------------------------------------------------------------------------

The information on the following pages shows you how each Fund has
performed and illustrates the variability of a Fund's returns over time.
Each Fund's average annual returns from inception, one- and five-year
periods (as applicable) are compared to the performance of an appropriate
broad-based index.

Please remember that past performance is no guarantee of future results.

California Tax-Free Money Market Trust Calendar Year Returns (%)*

Best Qtr.: Q4 `97 . 0.86% Worst Qtr.: Q3 `98 . 0.71%

* The Trust's year-to-date performance through
September 30, 1999 was 2.04%.
To obtain a current 7-day yield for the Trust,
call toll-free 1-800-222-8222.

Average annual total return (%)

<TABLE>
<CAPTION> Since
for the period ended 12/31/98 1 year Inception
<S> <C> <C>
California Tax-Free Money Market Trust (Incept. 5/5/97) 3.03 3.17

IBC Institutional Tax-Free Money Market Funds Average 3.16 3.25
</TABLE>

8 Money Market Trusts Prospectus
<PAGE>

Money Market Trust Calendar Year Returns (%)*

Best Qtr.: Q1 `91 . 1.54% Worst Qtr.: Q2 `93 . 0.68%

* The Trust's year-to-date performance through
September 30, 1999 was 3.74%.
To obtain a current 7-day yield for the Trust,
call toll-free 1-800-222-8222.

Average annual total return (%)

<TABLE>
<CAPTION> Since
for the period ended 12/31/98 1 year 5 years Inception
<S> <C> <C> <C>
Money Market Trust (Incept.9/17/90) 5.51 5.30 4.84
IBC Institutional Taxable 5.24 5.58 5.79
Money Market Funds Average
</TABLE>

Money Market Trusts Prospectus 9
<PAGE>

Performance History
- --------------------------------------------------------------------------------

National Tax-Free Money Market Trust Calendar Year Returns (%)*

Best Qtr.: Q2 `98 . 0.87% Worst Qtr.: Q4 `98 . 0.78%

* The Trust's year-to-date performance through
September 30, 1999 was 2.22%.
To obtain a current 7-day yield for the Trust,
call toll-free 1-800-222-8222.

Average annual total return (%)

<TABLE>
<CAPTION>
Since
for the period ended 12/31/98 1 year Inception
<S> <C> <C>
National Tax-Free Money Market Trust (Incept.11/10/97) 3.29 3.38
IBC Institutional Tax-Free Money Market Funds Average 3.16 3.18
</TABLE>

10 Money Market Trusts Prospectus
<PAGE>

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- --------------------------------------------------------------------------------

PAGE]11
<PAGE>

Money Market Trusts
- --------------------------------------------------------------------------------

SHAREHOLDER FEES

- --------------------------------------------------------------------------------
All Funds

- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------

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

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
California Tax-Free National Tax-Free
Money Market Trust Money Market Trust Money Market Trust
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.00% 0.00% 0.00%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/1/ 0.24% 0.20% 0.26%
- ---------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.24% 0.20% 0.26%
- ---------------------------------------------------------------------------------------------------------
Fee Waivers/2/ 0.04% 0.00% 0.06%
- ---------------------------------------------------------------------------------------------------------
NET EXPENSES 0.20% 0.20% 0.20%
- ---------------------------------------------------------------------------------------------------------
</TABLE>

12 Money Market Trusts Prospectus
<PAGE>

Summary of Expenses
- --------------------------------------------------------------------------------

EXAMPLE OF EXPENSES

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:

Money Market Trusts Prospectus 13
<PAGE>

Key Information
- --------------------------------------------------------------------------------

---------------------------------------------------------------------------

Investment Objective and Investment Strategies
The investment objective of each Fund in this Prospectus is non-
fundamental,that is, it can be changed by a vote of the Board of Trustees
alone.The objectives and strategies descriptions for each Fund tell you:

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. 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
Describes the key risk factors for the Fund, and includes risks described
in the "Summary of Important Risks" and "General Investment Risks"
sections.

Words appearing in italicized print and highlighted in color are defined in
the Glossary.

14 Money Market Trusts Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------

PAGE]15
<PAGE>

California Tax-Free Money Market Trust
- --------------------------------------------------------------------------------

Investment Objective
The California Tax-Free Money Market Trust seeks a high level of income
exempt from federal income tax and California personal income tax, while
preserving capital and liquidity.

---------------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio of Bonds, notes and commercial paper issued
by or on behalf of the State of California, its
cities,municipalities, political subdivisions and other public
authorities. The Fund invests in high-quality, short-term U.S. dollar-
denominated money market instruments, primarily municipal obligations.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of net assets in municipal obligations that provide income
exempt from federal income tax and federal alternative minimum tax
("AMT"); and
. at least 65% of total assets in municipal obligations that pay interest
exempt from California personal income taxes, although it is our
intention to invest substantially all of our assets in such obligations.

---------------------------------------------------------------------------

Important Risk Factors
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example,
California exports a significant portion of its economic production to
various Pacific rim countries. The current economic crisis in Asia, while
recovering, may have a disproportionate impact on California municipal
obligations. In addition,we may invest up to 25% or more of our assets in
California municipal obligations that are related in such a way that
political, economic or business developments affecting one obligation would
affect the others. For example, we may own different obligations that pay
interest based on the revenue of similar projects.

There is no guarantee that we will be able to maintain a $1.00 per share
NAV. Generally, short-term funds do not earn as high a level of income as
funds that invest in longer-term instruments.No government agency either
directly or indirectly insures or guarantees the performance of the Fund.

You should consider the "Summary of Important Risks" section of page 6; the
"General Investment Risks" section beginning on page 22; and the specific
risks listed here. They are all important to your investment choice.

16 Money Markey Trusts Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------
This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception,if shorter). KPMG LLP audited this
information which, along with their report and the Fund's financial statements,
is available upon request in the Fund's annual report.

<TABLE>
<CAPTION>
FOR A SHARE OUTSTANDING
COMMENCED ON MAY 5,1997
-------------------------------

March 31, March 31,
For the period ended: 1999 1998
-------------------------------
<S> <C> <C>
Net asset value,beginning of period $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.03 0.03
Less distributions:
Dividends from net investment income (0.03) (0.03)

Net asset value,end of period $ 1.00 $ 1.00

Total return (not annualized) 2.93% 2.94%

Ratios/supplemental data:
Net assets, end of period (000s) $549,289 $636,441

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.20% 0.20%
Ratio of net investment income (loss) to
average net assets 2.91% 3.18%

Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses (annualized) 0.91% 0.85%

Ratio of net investment income (loss) to average net assets
prior to waived fees and reimbursed expenses (annualized) 2.20% 2.53%
</TABLE>

Money Market Trust Prospectus 17
<PAGE>

Money Market Trust
- --------------------------------------------------------------------------------

Investment Objective
The Money Market Trust seeks current income and stability of principal.

---------------------------------------------------------------------------

Investment Strategies
The Fund pursues its objectives by investing in high-quality U.S.
dollar-denominated money market instruments.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest all of our assets in:

. short-term U.S. Government obligations;

. obligations of domestic and foreign banks;

. commercial paper;

. repurchase agreements;and

. variable- and floating-rate instruments.

---------------------------------------------------------------------------

Important Risk Factors
There is no guarantee that we will be able to maintain a $1.00 per share
net asset value. Generally, short-term funds do not earn as high a level of
income as funds that invest in longer-term instruments. No government
agency either directly or indirectly insures or guarantees the performance
of the Fund.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 22; and the specific
risks listed here. They are all important to your investment choice.

18 Money Market Trusts Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
COMMENCED ON SEPTEMBER 17,1990
------------------------------------------------------------------------------------
March 31, March 31, March 31, Sept.30, Sept.30, May 31, May 31,
For the period ended: 1999 1998 1997/1/ 1996 1995/2/ 1995 1994
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.05 0.05 0.03 0.05 0.02 0.05 0.03

Less distributions:
Dividends from net investment income (0.05) (0.05) (0.03) (0.05) (0.02) (0.05) (0.03)

Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Total return (not annualized) 5.35% 5.62% 2.66% 5.43% 5.70%/1/ 5.05% 3.21%

Ratios/supplemental data:
Net assets, end of period (000s) $471,923 $630,770 $807,003 $1,143,767 $286,863 $290,483 $300,894

Ratios to average net assets (annualized):
Ratio of expenses to
average net assets 0.20% 0.20% 0.20% 0.18% 0.19% 0.17% 0.18%
Ratio of net investment income (loss)
to average net assets 5.20% 5.46% 5.28% 5.33% 5.70% 5.06% 3.21%

Ratio of expenses to average net assets
prior to waived fees and
reimbursed expenses (annualized) 0.61% 0.61% 0.61% 0.55% 1.11% 1.07% 1.02%

Ratio of net investment income (loss) to
average net assets prior to waived fees
and reimbursed expenses (annualized) 4.79% 5.05% 4.87% 4.96% 4.78% 4.16% 2.37%
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed its fiscal year-end from May 31 to September 30.

Money Market Trusts Prospectus 19
<PAGE>

National Tax-Free Money Market Trust
- --------------------------------------------------------------------------------

Investment Objective
The National Tax-Free Money Market Trust seeks a high level of income
exempt from federal income tax, while preserving capital and liquidity.

---------------------------------------------------------------------------

Investment Strategies
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 invest at least 80% of net
assets in instruments with interest exempt from federal income tax and the
federal AMT, and up to 20% of net assets in instruments with interest
income subject to federal income and federal AMT.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions,we invest:

. at least 80% of net assets in instruments with interest exempt from
federal income tax and the federal AMT;
. up to 20% of net assets in instruments whose income may be subject to
federal income tax and the federal AMT; and
. up to 35% of total assets in issuers located in a single state.

We may also invest up to 25% of 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 NAV, 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.

Up to 25% or more of our assets invested in municipal obligations may be
related in such a way that political,economic or business developments
affecting one obligation would affect the others. For example, we may own
different obligations that pay interest based on the revenue of similar
projects.

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.

Please remember that some securities in the portfolio may be subject to
federal taxes.

You should consider the "Summary of Important Risks" section on page 6;the
"General Investment Risks" section beginning on page 22; and the specific
risks listed here. They are all important to your investment choice.

20 Money Market Trusts Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
COMMENCED ON NOVEMBER 10, 1997
------------------------------------
March 31, March 31,
For the period ended: 1999 1998
------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.03 0.01

Less distributions:
Dividends from net investment income (0.03) (0.01)

Net asset value, end of period $ 1.00 $ 1.00

Total return (not annualized) 3.16% 1.30%

Ratios/supplemental data:
Net assets, end of period (000s) $233,546 $229,447

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.20% 0.20%
Ratio of net investment income (loss) to
average net assets 3.09% 3.32%

Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses (annualized) 0.68% 0.63%

Ratio of net investment income (loss) to average net assets
prior to waived fees and reimbursed expenses (annualized) 2.61% 2.89%
</TABLE>

Money Market Trusts Prospectus 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. In
particular, we cannot guarantee that we will be able to maintain a $1.00
per share NAV.

. 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.

. 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 also 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.

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

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

22 Money Market Trusts Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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

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 at the time
desired, 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.

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.

In addition to the general risks discussed above,you should carefully
consider and evaluate any special risks that may apply to investing in a
particular Fund. See the "Important Risk Factors" in the summary for each
Fund. You should also see the Statement of Additional Information for
additional information about the investment practices and risks particular
to each Fund.

Money Market Prospectus 23
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

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
Strategies 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 Strategies for each Fund or the Statement of
Additional Information for more information on these practices.

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

Remember, each Fund is designed to meet different investment needs and
objectives.

CALIFORNIA MONEY NATIONAL
INVESTMENT PRACTICE RISK TAX- FREE MARKET TAX-FREE
<S> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk . . .
purposes to meet shareholder redemptions.

Floating and Variable Rate Debt
Instruments with interest rates that are Interest Rate and . . .
adjusted either on a schedule or when an index Credit Risk
or benchmark changes.

Foreign Securities
Dollar-denominated debt obligations of foreign Information, Liquidity, Political, .
branches of U.S. banks or U.S. branches of foreign Regulatory and Diplomatic Risk
banks.

Illiquid Securities
A security that cannot be readily sold, or Liquidity Risk . . .
cannot be readily sold without negatively affecting
its fair price. Illiquid securities are limited to
10% of assets.

Loans of Portfolio Securities
The practice of loaning securities to brokers, Credit, Counter-Party and . . .
dealers and financial institutions to increase Leverage Risk
return on those securities. Loans may be made
in accordance with existing Investment Strategies.

Other Mutual Funds
The temporary investment in shares of another money Market Risk . . .
market 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.

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

24 Money Market Trusts Prospectus
<PAGE>

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- --------------------------------------------------------------------------------

PAGE]25
<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

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
has succeeded to the assets and operations of one Stagecoach Fund. The
performance and financial statement history of each Fund's designated
predecessor Fund has been assumed by the Wells Fargo Funds Trust Fund. The
succession transactions were approved by the shareholders of the Stagecoach
Funds. The Table on page 31 identifies the Stagecoach Fund predecessors to the
Funds.

<TABLE>
<CAPTION>
BOARD OF TRUSTEES

Supervises the Funds' activities
- ---------------------------------------------------------------------------------------------------------
.
<S> <C>
INVESTMENT ADVISOR CUSTODIAN
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds' investment activities Provides safekeeping for the Funds' assets
- ---------------------------------------------------------------------------------------------------------
.

INVESTMENT SUB-ADVISOR
Wells Capital
Management, Incorporated
525 Market St.
San Francisco, CA
Manages the Funds' investment activities
- ---------------------------------------------------------------------------------------------------------
.

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS

Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

Markets the Funds Manages the Maintains records Provide
and distributes Funds' business of shares and services to
Fund shares activities supervises the payment customers
of dividends
- ---------------------------------------------------------------------------------------------------------
.

SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------------
</TABLE>

26 Money Market Trusts Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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.

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 June 30, 1999, Wells Fargo Bank and its affiliates managed over $131
billion in assets. Wells Fargo Bank does not receive a fee for providing
these services.

The Sub-Advisor
Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of
Wells Fargo Bank, is the sub-advisor for each of the Funds. As of June
30,1999, WCM provided investment advice for assets aggregating in excess of
$42 billion.

The Administrator
Wells Fargo Bank provides the Funds with administration 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 the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the 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 0.15% of the
average annual net assets of each Fund.

Money Market Trusts Prospectus 27
<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.

. We determine the NAV of each Fund's shares each business day. The
Funds are open Monday through Friday, and generally are closed on
federal bank holidays. 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. We
determine the NAV for the Money Market Trust at 12:00 noon (Pacific
time)/2:00 p.m. (Central time), and for the other Funds at 9:00 a.m.
(Pacific time)/11:00 a.m. (Central time). Each Fund's assets are
valued using the amortized cost method, in accordance with Rule 2a-7
of the Investment Company Act of 1940. See the Statement of Additional
Information for further disclosure.

. We process requests to buy or sell shares of the funds each business
day. Requests we receive in proper form for each Fund except the Money
Market Trust generally are processed at 9:00 a.m. (Pacific time)/11:00
a.m. (Central time) on the same day. Requests we receive in proper
form for the Money Market Trust generally are processed at 12:00 noon
(Pacific time)/2:00 p.m.(Central time), on the same day. Earlier
purchase and redemption cut off times may be established by your
Institution. 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.

Minimum Investments
. Trust shares have no minimum initial or subsequent investment
requirement, but must be purchased only within certain trust accounts.

28 Money Market Trusts Prospectus
<PAGE>

- --------------------------------------------------------------------------------

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 Fund 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.

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 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 listed in the "Pricing Fund Shares" section are
processed on the same business day. Redemption proceeds are usually
wired to the redeeming Institution the following business day.

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

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

. 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.

Money Market Trusts Prospectus 29
<PAGE>

Other Information
- --------------------------------------------------------------------------------

Dividend and Capital Gain Distributions
The Funds in this Prospectus declare dividends daily, pay dividends
monthly, and make capital gains distributions at least annually.

Taxes
The following discussion regarding federal income and California personal
income 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, including the federal,
state, local and foreign tax consequences to you of an investment in a
Fund. Federal and California personal income tax considerations are
discussed further in the Statement of Additional Information.

We will pass on to you substantially all of a Fund's net investment income
and capital gains. Distributions of the California Tax-Free Money Market
and National Tax-Free Money Market Trusts' net interest income from tax
exempt securities will not be subject to federal income tax, although a
portion of such distributions could be subject to the federal alternative
minimum tax. Distributions of the California Tax-Free Money Market Trust's
net interest income from California state and municipal tax-exempt
securities will not be subject to California personal tax, although a
portion of such distributions could be subject to the California
alternative minimum tax. Distributions of a Fund's net investment income
and short-term capital gain generally will be taxable to you as ordinary
income. Distributions of a Fund's net long-term capital gain generally will
be taxable to you as net capital gain. Corporate shareholders will not be
able to deduct any distributions when determining their taxable income.

Distributions from a Fund normally will be taxable to you when paid,
whether you take the distributions in cash or automatically reinvest them
in additional Fund shares. However, distributions declared in October,
November and December of one year and paid in January of the following year
will be taxable to you as if they were paid on December 31 of the first
year. At the end of every year, we will notify you of the status of your
distributions for the year.

Foreign shareholders may be subject to different tax treatment, including
withholding taxes. In certain circumstances, U.S.residents will be subject
to back-up withholding taxes.

As long as the Fund continually maintains a $1.00 NAV, you ordinarily will
not recognize taxable gain or loss on the redemption or exchange of your
Fund Shares.

30 Money Market Trusts Prospectus
<PAGE>

Table of Predecessors
- --------------------------------------------------------------------------------

The Funds 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.

Each Fund is an accounting survivor of a former Stagecoach
Funds, Inc. fund, as indicated in the Table of Predecessors below. The
performance histories and financial highlights of each Fund are the
performance histories and financial highlights of the predecessor fund.

<TABLE>
Wells Fargo Funds Trust Predecessor Funds
<S> <C>
California Tax-Free Money Market Trust Stagecoach California Tax-Free Money Market Trust

Money Market Trust Stagecoach Money Market Trust

National Tax-Free Money Market Trust Stagecoach National Tax-Free Money Market Trust
</TABLE>

Money Market Trusts Prospectus 31
<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 advisor.

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.

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.

Business Day
Generally, Monday through Friday with the exception of any federal bank holiday.

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.