WELLS FARGO FUNDS TRUST, 485APOS, 1999-06-10

WELLS FARGO FUNDS TRUST
485APOS, 1999-06-10

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<PAGE>

As filed with the Securities and Exchange Commission
on June 10, 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. 2 [X]

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [_]
Amendment No. 4 [X]

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

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

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

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

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

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

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

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

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

[X] 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
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 Restrictions
Additional Permitted Investment Policies
Risk Factors
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. 2 the Registration Statement of Wells
Fargo Funds Trust (the "Trust") is being filed to register the Aggressive
Balanced-Equity, Arizona Tax-Free, California Limited Term Tax-Free, California
Tax-Free , California Tax-Free Money Market, California Tax-Free Money Market
Trust, Colorado Tax-Free, Corporate Bond, Disciplined Growth, Diversified Bond,
Diversified Equity, Diversified Small Cap, Equity Index, Equity Value, Growth
Balanced, Growth Equity, Income Plus, Index, Index Allocation, International,
International Equity, Large Company Growth, LifePath Opportunity , LifePath
2010, LifePath 2020, LifePath 2030, LifePath 2040, Minnesota Intermediate Tax-
Free, Minnesota Money Market, Minnesota Tax-Free, Moderate Balanced, Money
Market Trust, National Limited Term Tax-Free, National Tax-Free Money Market
Trust, Oregon Tax-Free, Overland Express Sweep, Prime Investment Money Market,
Small Cap Opportunities, Small Cap Value, Small Company Growth, Stable Income,
Strategic Income, Treasury Plus Money Market, 100% Treasury Money Market,
Variable Rate Government, Wealthbuilder Growth Portfolio, Wealthbuilder Growth
Balanced Portfolio, and Wealthbuilder Growth & Income Portfolio Funds.
<PAGE>

August 24, 1999
Front Cover

Wells Fargo Funds Trust
Equity Funds
Prospectus

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

Equity Index Fund These securities have not been approved
or disapproved by the Securities and
Equity Value Fund Exchange Commission ("SEC"),
nor has the SEC passed upon the
Growth Equity Fund accuracy or adequacy of this Prospectus.
Any representation to the contrary is a
International Equity criminal offense.
Fund
Fund shares are NOT deposits of Wells Fargo
International Fund Bank, N.A. ("Wells Fargo Bank") or any of its
affiliates. Fund shares are NOT insured or
Large Company guaranteed by the U.S. Government, the
Growth Fund Federal Deposit Insurance Corporation
("FDIC") or any other governmental agency.
Small Cap AN INVESTMENT IN A FUND INVOLVES
Opportunities Fund CERTAIN RISKS, INCLUDING POSSIBLE
LOSS OF PRINCIPAL.
Small Cap Value Fund

Class A, Class B,
Class C and Class O
<PAGE>

Inside Front Cover

2
<PAGE>

Table of Contents

Overview Objectives and Principal
Strategies
This section contains Important Risks
important summary Performance History
information about the Summary of Expenses
Funds.

- --------------------------------------------------------------------------------
The Funds Diversified Equity Fund
Diversified Small Cap Fund
This section contains Equity Index Fund
important information Equity Value Fund
about the individual Growth Equity Fund
Funds. International Equity Fund
International Fund
Large Company Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
General Investment Risks
Organization and Management
of the Funds
- --------------------------------------------------------------------------------
Your Account

Turn to this section for A Choice of Share Classes
information on how to Reduced Sales Charges
buy and sell Fund Exchanges
shares. Your Account
How to Buy Shares
Selling Shares

Additional Services and
Other Information

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

3
<PAGE>

WELLS FARGO FUNDS TRUST EQUITY FUNDS OVERVIEW

Diversified Equity Fund

Objective
Seeks long-term capital appreciation while moderating annual return volatility.

Principal Strategy
We invest in five separate equity portfolios with the following styles: index,
income equity, large company, diversified smallcap and international. This
"multi-style" approach is designed to minimize the volatility and risk of
investing in a single investment style.

Diversified Small Cap Fund

Objective
Seeks long-term capital appreciation while moderating annual return volatility.

Principal Strategy
We invest in several (currently 5) styles of small capitalization equity
portfolios. This "multi-style" approach is designed to minimize the volatility
and risks of investing in small capitalization equity securities.

Equity Index Fund

Objective
Seeks to approximate the total rate of return of substantially all common stock
comprising the Standard & Poor's 500 Composite Index.

Principal Strategy
We invest in substantially all of the common stocks listed on the S&P 500 Index.

Equity Value Fund

Objective
Seeks to provide investors with above-average capital appreciation.

Principal Strategy
We invest in equity securities that we believe are undervalued in relation to
the overall stock markets.

Growth Equity Fund

Objective
Seeks long-term capital appreciation with moderating annual return volatility.

Principal Strategy
We invest in three separate equity portfolios with the following styles: large
company growth, diversified small cap, and international. This "multi-style"
approach is designed to reduce the volatility and risk of investing in a single
equity style.

4
<PAGE>

International Equity Fund

Objective
Seeks to earn total return, with an emphasis on capital appreciation, over the
long-term.

Principal Strategy
We invest in equity securities of companies located or operating in developed
foreign countries and emerging markets of the world. We apply a
fundamentals-driven value-oriented analysis to identify companies that we
believe have above-average potential for long-term growth.

International Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in two separate portfolios, an international equity portfolio
investing largely in the common stock of high-quality companies based outside of
the United States, and an international emerging markets portfolio. This
"multi-style" approach is designed to minimize the volatility and risk
associated with investing in the individual international portfolios.

Large Company Growth Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in the common stocks of large, high-quality domestic companies whose
market capitalization is greater than the median of the Russell 1000 Index,
currently about $3.7 billion, with superior growth potential.

Small Cap Opportunities Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in equity securities of small domestic companies that at the time of
purchase have market capitalizations of $1.5 billion or less, we look for
companies with above-average earnings growth.

Small Cap Value Fund

Objective
Seeks capital appreciation by investing primarily in common stocks of smaller
companies.

Principal Strategy
We invest in the common stocks of companies listed on the Russell 2000 Index,
which currently range in market capitalization from $220 million to $1.4
billion, that appear undervalued.

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 General Investment Risks beginning
on page __ 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 FDIC or any other government agency.

Common Risks for the Funds

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

Debt Securities. The Funds may invest some of their assets 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 instruments 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 instruments held in a Fund, unless the instrument has 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, thereby affecting their value and
the return on your investment.

Fund-Specific Risks

Diversified Equity Fund
Stocks selected for their high dividend yields may be more sensitive to
interest rate changes than other stocks. Also, stocks of the smaller and
medium-sized companies purchased for this Fund may be more volatile and less
liquid than larger company stocks.

Diversified Small Cap Fund
Stocks of smaller companies purchased for this Fund may be more volatile and
less liquid than larger company stocks.

Equity Index Fund
We attempt to match as closely as possible the performance of the S&P 500
Index. Therefore, during periods when the S&P 500 Index is losing value, your
investment will also lose value.

6
<PAGE>

Equity Value Fund
There is no guarantee that securities selected as "under-valued" will perform
as expected. Stocks of smaller, medium-sized and foreign companies purchased
using the value approach may be more volatile and less liquid than other
comparable securities.

Growth Equity Fund
The Fund is primarily subject to the equity market risks described in the
Common Risks section above. The advisor selects growth stocks based on
prospects for future earnings, which may not grow as expected. In addition, at
times, the overall market or the market for value stocks may outperform growth
stocks.

International Equity Fund
Foreign company stocks involve special risks, including generally higher
commission rates, political, social and monetary or diplomatic developments
that could effect U.S. investments in foreign countries. Emerging market
countries may experience increased political instability, and are often
dependent on international trade, making them more vulnerable to events in
other countries. They may have less developed financial systems and volatile
currencies and may be more sensitive than more mature markets to a variety of
economic factors. Emerging market securities may also be less liquid than
securities of more developed countries, which may make them more difficult to
sell, particularly during a market downturn. Additionally, dispositions of
foreign securities and dividends and interest payable on those securities may
be subject to foreign taxes.

International Fund
Foreign company stocks involve special risks, including generally higher
commission rates, political, social and monetary or diplomatic developments
that could effect U.S. investments in foreign countries. Additionally,
dispositions of foreign securities and dividends and interest payable on those
securities may be subject to foreign taxes.

Large Company Growth Fund
The Fund is primarily subject to the equity market risks described in the
Common Risks section above. The advisor selects growth stocks based on
prospects for future earnings, which may not grow as expected. In addition, at
times, the overall market or the market for value stocks may outperform growth
stocks. Dividend-producing large company stocks have experienced unprecedented
appreciation in recent years. There is no guarantee such performance levels
will continue.

Small Cap Opportunities Fund
Stocks of smaller companies purchased for this Fund may be more volatile and
less liquid than larger company stocks.

Small Cap Value Fund
There is no guarantee that securities selected as "under-valued" will perform
as expected. Stocks of smaller, medium-sized and foreign companies purchased
using the value approach may be more volatile and less liquid than other
comparable securities.

7
<PAGE>

Summary of Expenses

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

<TABLE>
<CAPTION>
---------------------------------------------------
All Funds All Funds All Funds
---------------------------------------------------
Class A Class B Class C
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Minimum sales charge (load)
imposed on purchases (as a percentage of
offering price) 5.75% None None
- -------------------------------------------------------------------------------------------
Maximum deferred sales charge (load)
(as a percentage of purchase price) None 5.00% 1.00%
- -------------------------------------------------------------------------------------------
</TABLE>

Annual Fund Operating Expenses (Expenses that are deducted from
Fund Assets)

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Diversified
Diversified Equity Small Cap
Fund Fund Equity Index Fund Equity Value Fund
-------------------------------------------------------------------------------
Class Class Class Class Class Class Class Class Class Class Class
A B C A B A B O A B C
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees 0.89% 0.89% 0.89% 0.90% 0.90% 0.25% 0.25% 0.25% 0.75% 0.75% 0.75%
- -------------------------------------------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.75% 0.75% 0.00% 0.75% 0.00% 0.75% 0.00% 0.00% 0.75% 0.75%
- -------------------------------------------------------------------------------------------------
Other Expenses/1/ 0.53% 0.53% 0.53% 0.53% 0.53% 0.53% 0.53% 0.28% 0.53% 0.53% 0.53%
- -------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.42% 2.17% 2.17% 1.43% 2.18% 0.78% 1.53% 0.53% 1.28% 2.03% 2.03%
- -------------------------------------------------------------------------------------------------
Fee Waivers/2/ 0.17% 0.17% 0.17% 0.03% 0.03% 0.07% 0.07% 0.03% 0.03% 0.03% 0.03%
- -------------------------------------------------------------------------------------------------
NET EXPENSES 1.25% 2.00% 2.00% 1.40% 2.15% 0.71% 1.46% 0.50% 1.25% 2.00% 2.00%
- -------------------------------------------------------------------------------------------------
</TABLE>

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

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

8
<PAGE>

Summary of Expenses (Cont'd)

Annual Fund Operating Expenses (Expenses that are deducted from
Fund Assets)

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
International International Large Company
Growth Equity Fund Equity Fund Fund Growth Fund
- -------------------------------------------------------------------------------------------------
Class Class Class Class Class Class Class Class Class Class Class
A B C A B C A B A B C
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees 1.00% 1.00% 1.00% 1.20% 1.20% 1.20% 1.20% 1.20% 0.75% 0.75% 0.75%
- -------------------------------------------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.75% 0.75% 0.00% 0.75% 0.75% 0.00% 0.75% 0.00% 0.75% 0.75%
- -------------------------------------------------------------------------------------------------
Other Expenses/1/ 0.25% 0.28% 0.28% 0.56% 0.56% 0.56% 0.56% 0.56% 0.53% 0.53% 0.53%
- -------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.25% 2.03% 2.03% 1.76% 2.51% 2.51% 1.76% 2.51% 1.28% 2.03% 2.03%
- -------------------------------------------------------------------------------------------------
Fee Waivers/2/ 0.03% 0.03% 0.03% 0.01% 0.01% 0.01% 0.01% 0.01% 0.03% 0.03% 0.03%
- -------------------------------------------------------------------------------------------------
NET EXPENSES 1.28% 2.00% 2.00% 1.75% 2.50% 2.50% 1.75% 2.50% 1.25% 2.00% 2.00%
- -------------------------------------------------------------------------------------------------
</TABLE>

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

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

Annual Fund Operating Expenses (Expenses that are deducted from
Fund Assets)

<TABLE>
<CAPTION>
- ----------------------------------------------------------------
Small Cap
Opportunities Fund Small Cap Value Fund
- ----------------------------------------------------------------
Class Class Class Class
A B A B
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Fees 0.90% 0.90% 0.90% 0.90%
- ----------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.75% 0.00% 0.75%
- ----------------------------------------------------------------
Other Expenses/1/ 0.13% 0.13% 0.13% 0.13%
- ----------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.03% 1.78% 1.03% 1.78%
- ----------------------------------------------------------------
Fee Waivers/2/ 0.03% 0.09% 0.03% 0.09%
- ----------------------------------------------------------------
NET EXPENSES 1.00% 1.69% 1.00% 1.69%
- ----------------------------------------------------------------
</TABLE>

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

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

9
<PAGE>

Summary of Expenses (Cont'd)

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

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

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Diversified Small
Diversified Equity Fund Cap Fund Equity Index Fund Equity Value Fund
- ---------------------------------------------------------------------------------------------------------
Class Class Class Class Class Class Class Class Class Class Class
A B C A B A B O A B C
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- ---------------------------------------------------------------------------------------------------------
3 YEARS
- ---------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------

International Large Company
Growth Equity Fund International Equity Fund Fund Growth Fund
- ---------------------------------------------------------------------------------------------------------
Class Class Class Class Class Class Class Class Class Class Class
A B C A B C A B A B C
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- ---------------------------------------------------------------------------------------------------------
3 YEARS
- ---------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- --------------------------------------------------------------------
Small Cap Opportunities
Fund Small Cap Value Fund
- --------------------------------------------------------------------
Class Class Class Class
A B A B
- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 YEAR
- --------------------------------------------------------------------
3 YEARS
- --------------------------------------------------------------------
</TABLE>

You would pay the following expenses on a $10,000 investment assuming a 5%
annual return and that you do NOT redeem your shares at the end of the periods
shown:

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------

International Large Company
Growth Equity Fund International Equity Fund Fund Growth Fund
- ---------------------------------------------------------------------------------------------------------
Class Class Class Class Class Class Class Class Class Class Class
A B C A B C A B A B C
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
1 YEAR
- ---------------------------------------------------------------------------------------------------------
3 YEARS
- ---------------------------------------------------------------------------------------------------------
</TABLE>

10
<PAGE>

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

Important information you should look for:

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

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

Important Risk Factors
What are key risk factors for the Fund? This will include the factors described
in "General Investment Risks" together with any special risk factors for each
Fund.

Words appearing in italicized print are defined in the Glossary.

11
<PAGE>

Diversified Equity Fund

Investment Objective
The Diversified Equity Fund's investment objective is to provide long-term
capital appreciation with moderate annual return volatility by diversifying its
investments among different equity investment styles.

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in a single investment style. The Fund currently invests
in 11 Portfolios.

Permitted Investments
The Fund's investments combine 5 different equity investment styles -- an index
style, an income equity style, a large company style, a diversified small cap
style, and an international style. The Fund allocates the assets dedicated to
large company investments to 2 Portfolios, the assets allocated to small company
investments to 5 Portfolios, and the assets dedicated to international
investments to 2 Portfolios. Because Diversified Equity Fund blends 5 equity
investment styles, it is anticipated that is price and return volatility will be
less than that of Growth Equity Fund, which blends 3 equity investment styles.

Important Risk Factors
Stocks of foreign companies purchased by this Fund may be subject to political
and economic instability. Also, stocks of the smaller and medium-sized companies
purchased for this Fund may be more volatile and less liquid than larger company
stocks.

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

Core/Gateway Structure
The Fund is a "gateway" fund in a "core/gateway" structure. In this structure,
the "gateway" Diversified Equity Fund invests all of its assets in various
"core" portfolios whose objectives and investment policies are consistent with
the Fund's investment objective. Gateway funds investing in various core
portfolios can enhance their investment opportunities and reduce their expenses
through sharing the costs of managing a large pool of assets. References to the
investment activities of the Fund also refer to the investments of the core
portfolios in which it invests.

Portfolio Managers

[TO BE INSERTED]

12
<PAGE>

Diversified Small Cap Fund

Investment Objective
The Diversified Small Cap Fund's investment objective is to provide long-term
capital appreciation with moderate annual return volatility by diversifying its
investments across different small capitalization equity investment styles.

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in small capitalization equity securities.

Permitted Investments
The Fund invests in several different small capitalization equity styles in
order to reduce the risk of price and return volatility associated with reliance
on a single investment style. The Fund currently invests in 5 Portfolios.

Important Risk Factors
Stocks of smaller companies purchased for the Fund may be more volatile and less
liquid than larger company stocks. Also, short term changes in the demand for
the securities of smaller companies may have a disproportionate effect on their
market price, tending to make the prices of these securities fall more in
response to selling pressure.

Core/Gateway Structure
The Fund is a "gateway" fund in a "core/gateway" structure. In this structure,
the "gateway" Diversified Small Cap Fund invests all of its assets in various
"core" portfolios whose objectives and investment policies are consistent with
the Fund's investment objective. Gateway funds investing in various core
portfolios can enhance their investment opportunities and reduce their expenses
through sharing the costs of managing a large pool of assets. References to the
investment activities of the Fund also refer to the investments of the core
portfolios in which it invests.

Portfolio Managers

[TO BE INSERTED]

13
<PAGE>

Equity Index Fund

Investment Objective
The Equity Index Fund seeks to approximate to the extent practicable the total
rate of return of substantially all common stocks comprising the Standard &
Poor's 500 Composite Stock Index (the "S&P 500 Index").

Investment Policies
We invest in substantially all of the common stocks listed on the S&P 500 Index
and attempt to achieve a 95% correlation between the performance of the S&P 500
Index and our investment results, before expenses. This correlation is sought
regardless of market conditions.

A precise duplication of the performance of the S&P 500 Index would mean that
the net asset value of Fund shares, including dividends and capital gains would
increase or decrease in exact proportion to changes in the S&P 500 Index. Such
a 100% correlation is not feasible. Our ability to track the performance of the
S&P 500 Index may be affected by, among other things, transaction costs and
shareholder purchases and redemptions. We will regularly monitor the
performance and composition of the S&P 500 Index, adjust the Fund's portfolio as
necessary in order to achieve the 95% correlation.

Permitted Investments
Under normal market conditions, we invest:

. in a diversified portfolio of common stocks designed to provide a relative
sample of the stocks listed on the S&P 500 Index;
. in stock index futures and options on stock indexes as a substitute for
comparable position in the underlying securities; and
. in interest-rate futures contracts, options or interest rate swaps and
index swaps.

Important Risk Factors
We attempt to match as closely as possible the performance of the S&P 500 Index.
Therefore, during periods when the S&P 500 Index is losing value, your
investment will also lose value.

14
<PAGE>

Equity Value Fund

Investment Objective
The Equity Value Fund seeks to provide investors with long-term capital
appreciation.

Investment Policies
We seek long-term capital appreciation by investing in a diversified portfolio
composed primarily of equity securities that are trading at low price-to-
earnings ratios, as measured against the stock market as a whole or against the
individual stock's own price history. In addition we look at the price-to-book
value and price-to-cash flow ratios of companies for indications of attractive
valuation. We use both quantitative and qualitative analysis to identify
possible investments. Dividends are a secondary consideration when selecting
stocks. We may purchase particular stocks when we believe that a history of
strong dividends may increase their market value.

Permitted Investments
Under normal market conditions, we invest:

. primarily in common stocks of both large, well-established companies and
smaller companies with market capitalization exceeding $50 million at the
time of purchase;
. in debt instruments that may be converted into the common stock of both
U.S. and foreign companies; and
. up to 25% of our assets in foreign companies through American Depositary
Receipts and similar instruments.

We may also purchase convertible debt securities with the same characteristics
as common stock, as well as in preferred stock and warrants. We may temporarily
hold assets in cash or in money market instruments, including U.S. Government
obligations, shares of other mutual funds and repurchase agreements, or make
short-term investments, either to maintain liquidity or for short-term defensive
purposes when we believe it is in the best interests of shareholders. During
such periods, the Fund may not achieve its objective of long term capital
appreciation.

Important Risk Factors
There is no guarantee that securities selected as "undervalued" will perform as
expected. Stocks of smaller, medium-sized and foreign companies purchased using
the value approach may be more volatile and less liquid than other comparable
securities.

Portfolio Managers
. Rex Wardlaw, CFA
Has managed the Equity Value Fund since January 1997, and has been with
Wells Fargo/Wells Capital Management since 1986. Since 1993, Mr. Wardlaw
has managed investment funds, pension assets, and private accounts for
Wells Fargo Bank/Wells Capital Management. Prior to 1993 he was an
investment analyst specializing in several equity market sectors, including
utilities, transportation, basic industries and Capital goods. Mr. Wardlaw
leads the Value Equity Investment Team, managing portfolios and directing
the research effort. He has over ten years of investment management
experience.

. Allen Wisniewski, CFA
Has co-managed the Equity Value Fund since September 1996, and has been
with Wells Fargo/Wells Capital Management since 1987. Mr. Wisniewski has
over ten years of equity and balanced portfolio investment management
experience.

15
<PAGE>

. Gregg Giboney, CFA
Has co-managed the Equity Value Fund since August 1998, and has been with
Wells Fargo/Wells Capital Management as a member of the Value Equity Team
providing security analysis and portfolio management since 1996. Mr.
Giboney was with First Interstate Capital Management prior to 1996 in
various capacities, including fixed-income trading, derivatives management,
equity analysis, stable value asset management and as a portfolio manager
for personal, institutional and trust accounts.

16
<PAGE>

Growth Equity Fund

Investment Objective
The Growth Equity Fund's investment objective is to provide a high level of
long-term capital appreciation with moderate annual return volatility by
diversifying its investments among different equity investment styles.

Investment Policies
The Fund invests in a "multi-style" approach designed to reduce the volatility
and risk of investing in a single equity style. The Fund currently invests in 8
Portfolios.

Permitted Investments
The Fund's investments combine 3 different equity styles -- a large company
growth style, a diversified small cap style, and an international style. The
Fund allocates the assets dedicated to small company investments to 5 Portfolios
and the assets dedicated to international investments to 2 Portfolios. It is
anticipated that the Fund's price and return volatility will be somewhat greater
than those of Diversified Equity Fund, which blends 5 equity styles.

Important Risk Factors
This Fund is primarily subject to the equity market risks described in the
Common Risks section.

Core/Gateway Structure
The Fund is a "gateway" fund in a "core/gateway" structure. In this structure,
the "gateway" Growth Equity Fund invests all of its assets in various "core"
portfolios whose objectives and investment policies are consistent with the
Fund's investment objective. Gateway funds investing in various core portfolios
can enhance their investment opportunities and reduce their expenses through
sharing the costs of managing a large pool of assets. References to the
investment activities of the Fund also refer to the investments of the core
portfolios in which it invests.

Portfolio Managers

[TO BE INSERTED]

17
<PAGE>

International Equity Fund

Investment Objective
The International Equity Fund seeks to earn total return, with an emphasis on
capital appreciation, over the long-term, by investing primarily in equity
securities of non-U.S. companies.

Investment Policies
We actively manage a diversified portfolio of equity securities of companies
located or operating in developed non-U.S. countries and in emerging markets of
the world. We expect that the securities we hold will be traded on a stock
exchange or other market in the country in which the issuer is based, but they
also may be traded in other countries, including the U.S.

We apply a fundamentals-driven, value-oriented analysis to identify companies
with above-average potential for long-term growth. The financial data we examine
includes both the company's historical performance results and its projected
future earnings. Among other key criteria we consider are a company's local,
regional or global franchise; history of effective management demonstrated by
expanding revenues and earnings growth; prudent financial and accounting
policies and ability to take advantage of a changing business environment.

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of our assets in equity securities of companies located or
operating outside the U.S.;
. in a minimum of five countries exclusive of the U.S.;
. up to 50% of our assets in any one country;
. up to 25% of our portfolio in emerging markets;
. in issuers with an average market capitalization of $10 billion or more,
although we may invest in equity securities of issuers with market
capitalization as low as $250 million; and
. in equity securities including common stocks, and preferred stocks, and in
warrants, convertible debt securities, ADRs, GDRs (and similar instruments)
an shares of other mutual funds.

Although it is not our intention to do so, we reserve the right to hedge the
portfolio's foreign currency exposure by purchasing or selling foreign currency
futures and forward foreign currency contracts.

We may temporarily hold assets in cash or in money market instruments, including
U.S. Government obligations, shares of other mutual funds and repurchase
agreements, or make other short-term investments, either to maintain liquidity
or for short-term defensive purposes when we believe it is in the best interests
of shareholders to do so. We may also, for defensive purposes, invest without
limit in cash, short-term debt and equity securities of U.S. companies when we
believe it is in the best interests of shareholders to do so. During these
periods, the Fund may not achieve its objective of capital appreciation.

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a result
of adverse changes in currency exchange rates or other developments in the
issuer's home country. Concentrated investment in any single country,
especially a less developed country, would make the Fund's value more sensitive
to economic, currency and regulatory changes within that country. Emerging
market countries are often dependent on international trade and are therefore
often vulnerable to events in other countries. They may have less developed
financial systems and volatile currencies and may be more sensitive than more
mature markets to a variety of economic factors. Emerging market securities may
also be less liquid than securities of more developed countries, which may make
them more difficult to sell, particularly during a market downturn.

18
<PAGE>

Portfolio Managers
. Katherine Schapiro, CFA
Has managed the International Equity Fund since it commenced operations in
September 1997, and has been with Wells Fargo/Wells Capital Management as a
portfolio manager since 1992. Ms. Schapiro has over eighteen years of
domestic and international equity investment management experience. She is
President of the Security Analysts of San Francisco.

. Stacey Ho, CFA

Has co-managed the International Equity Fund since it commenced operations
in September 1997, and has been with Wells Capital Management since early
1997. In 1995 and 1996 she was an international equity portfolio manager at
Clemente Capital Management, and from 1990 to 1995 she managed Japanese and
U.S. equity portfolios for Edison International. Ms. Ho has over nine years
of international equity investment management experience,

19
<PAGE>

International Fund

Investment Objective
The International Fund's investment objective is to provide long-term capital
appreciation by investing directly or indirectly in high-quality companies based
outside the United States.

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in international securities.

Permitted Investments
The Fund's investment portfolio combines 2 different investment styles -- an
international equity investment style and an international emerging markets
investment style. The Fund invests in 2 Portfolios.

Core/Gateway Structure
The Fund is a "gateway" fund in a "core/gateway" structure. In this structure,
the "gateway" International Fund invests all of its assets in various "core"
portfolios whose objectives and investment policies are consistent with the
Fund's investment objective. Gateway funds investing in various core portfolios
can enhance their investment opportunities and reduce their expenses through
sharing the costs of managing a large pool of assets. References to the
investment activities of the Fund also refer to the investments of the core
portfolios in which it invests.

Portfolio Managers

[TO BE INSERTED]

20
<PAGE>

Large Company Growth Fund

Investment Objective
The Large Company Growth Fund's investment objective is to provide long-term
capital appreciation by investing primarily in large, high-quality domestic
companies that the Advisor believes have superior growth potential.

Investment Policies
The Fund invests primarily in the common stock of large, high-quality domestic
companies that have superior growth potential.

Permitted Investments
The Advisor considers large companies to be those whose Market Capitalization is
greater than the median of the Russell 1000 Index or approximately $3.7 billion.
In selecting securities for the Fund, the Advisor seeks issuers whose stock is
attractively valued with fundamental characteristics that are significantly
better than the market average and support internal earnings growth capability.
The Fund may invest in the securities of companies whose growth potential is, in
the Advisor's opinion, generally unrecognized or misperceived by the market.
The Fund may not invest more than 10% of its total assets in the securities of a
single issuer.

Important Risk Factors
The Fund may invest up to 20% of its total assets in the securities of foreign
companies and may hedge against currency risk by using foreign currency forward
contracts. Foreign company stocks may lose value or be more difficult to trade
as a result of adverse changes in currency exchange rates or other developments
in the issuer's home country. Concentrated investment in any single country,
especially a less developed country, would make the Fund's value more sensitive
to economic, currency and regulatory changes within that country. Emerging
market countries are often dependent on international trade and are therefore
often vulnerable to events in other countries. They may have less developed
financial systems and volatile currencies and may be more sensitive than more
mature markets to a variety of economic factors. Emerging market securities may
also be less liquid than securities of more developed countries, which may make
them more difficult to sell, particularly during a market downturn.

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

Portfolio Managers

[TO BE INSERTED]

21
<PAGE>

Small Cap Opportunities Fund

Investment Objective
The Small Cap Fund's investment objective is to provide capital appreciation.

Investment Policies
The Fund invests primarily in equity securities of U.S. companies that, at the
time of purchase, have Market Capitalizations of $1.5 billion or less.

The Advisor attempts to identify securities of companies that it believes can
generate above-average earnings growth and sell at favorable prices in relation
to book values and earnings. The Advisor's assessment of a company's
management's competence will be an important consideration. These criteria are
not rigid and the Fund may make other investments to achieve its objective.

Permitted Investments
The Fund will invest principally in equity securities, including common stocks,
securities convertible into common stocks or, subject to special limitations,
rights or warrants to subscribe for or purchase common stocks. The Fund also
may invest to a limited degree in non-convertible debt securities and preferred
stocks.

The Fund may use options and futures contracts to manage risk. The Fund also
may use options to enhance return.

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

. pay low or no dividends;
. have smaller market capitalization;
. have less market liquidity;
. have no or relatively short operating histories, or are new public companies
or are initial public offerings;
. have aggressive capital structures including high debt levels; or
. are involved in rapidly growing or changing industries and/or new
technologies.

Because we may invest in such aggressive securities, share prices may rise and
fall more than the share prices of other funds. In addition, our active trading
investment strategy may result in a higher-than-average portfolio turnover
ratio, increased trading expenses, and higher short-term capital gains.

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

Portfolio Managers

[TO BE INSERTED]

22
<PAGE>

Small Cap Value Fund

Investment Objective
The Small Cap Value Fund's investment objective is to seek capital appreciation
by investing primarily in common stocks of smaller companies.

Investment Policies
The Fund seeks capital appreciation by investing in common stocks of smaller
companies. The Fund will normally invest substantially all of its assets in
securities of companies with Market Capitalizations that reflect the Market
Capitalization of companies included in the Russell 2000 Index, which range from
approximately $220 million to approximately $1.4 billion.

Permitted Investments
The Fund seeks higher growth rates and greater long-term returns by investing
primarily in the common stock of smaller companies that the Advisor believes to
be undervalued and likely to report a level of corporate earnings exceeding the
level expected by investors. The Advisor values companies based upon both the
price-to-earnings ratio of the company and a comparison of the public market
value of the company to a proprietary model that values the company in the
private market. In seeking companies that will report a level of earnings
exceeding that expected by investors, the Advisor uses both quantitative and
fundamental analysis. Among other factors, the Advisor considers changes of
earnings estimates by investment analysts, the recent trend of company earnings
reports, and the fundamental business outlook for the company.

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

. pay low or no dividends;
. have smaller market capitalization;
. have less market liquidity;
. have no or relatively short operating histories, or are new public companies
or are initial public companies
or are initial public offerings;
. have aggressive capital structures including high debt levels; or
. are involved in rapidly growing or changing industries and/or new
technologies.

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

Portfolio Managers

[TO BE INSERTED]

23
<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 on page ___. Other risks of mutual fund investing
include the following:

. Unlike bank deposits, such as CDs or savings accounts, mutual funds are not
in sured by the FDIC.
. We cannot guarantee that we will meet our investment objectives.
. We do not guarantee the performance of a Fund, nor can we assure you that
the market value of your investment will not decline. We will not "make
good" any investment loss you may suffer, nor can anyone we contract with to
provide certain services, such as selling agents or investment advisors,
offer or promise to make good any such losses.
. Share prices -- and therefore the value of your investment -- will increase
and decrease with changes in the value of the underlying securities and
other investments.
. Investing in any mutual fund, including those deemed conservative, involves
risk, including the possible loss of any money you invest.
. An investment in a single Fund, by itself, does not constitute a complete
investment plan.
. The Funds that invest in smaller companies, foreign companies (including
investments made through American Depositary Receipts and similar
instruments), and in emerging markets are subject to additional risks,
including less liquidity and greater price volatility. A Fund's investment
in foreign and emerging markets may also be subject to special risks
associated with international trade, including currency, political,
regulatory and diplomatic risk.
. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government does not
guarantee the market value or current yield of those obligations. Not all
U.S. M Government obligations are backed by the full faith and credit of the
U.S. Treasury, and the U.S. Government's guarantee does not extend to the
Funds themselves.
. The Funds may 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.
. The Funds may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, shares of other mutual
funds and repurchase agreements, or make other short-term investments,
either to maintain liquidity or for short-term defensive purposes when we
believe t is in the best interests of shareholders to do so. Except with
respect to money market Funds, to the extent a Fund's assets are so
invested, they may use a Fund to not achieve its investment objective. This
practice is expected to have limited, if any, effect on the Funds' pursuit
of their objectives over the long term.
. The Funds may invest a portion of their assets in U.S. Government
obligations, such as securities issued or guaranteed by the Government
National Mortgage Association (GNMAs"), the Federal National Mortgage
Association ("FNMAs") and the Federal Home Loan Mortgage Corporation
("FHLMCs"). Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group of such
mortgages is assembled and, after being approved by the issuing or
guaranteeing entity, is offered to investors through securities risk, which
can alter the maturity of the securities and also reduce the rate of return
on the portfolio. Collateralized mortgage obligations ("CMOs") typically
represent principal-only and interest-only portions of such securities and
are subject to increased interest-rate and credit risk.
. The market value of lower-rated debt securities and unrated securities of
comparable quality that the Funds may invest in tends to reflect individual
developments affecting the issuer to a greater extend than the market value
of higher-rated securities, which react primarily to fluctuations in the
general level of interest rates. Lower-rated securities also tend to be more
sensitive to economic conditions than higher-rated securities. These lower-
rated debt securities are considered by the rating agencies, on balance, to
be predominantly speculative with respect to the issuer's capacity to pay
interest and

24
<PAGE>

repay principal. These securities generally involve more credit risk than
securities in higher-rating categories. Even securities rated "BBB" by S&P
or by Moody's rating which are considered investment-grade, possess some
speculative characteristics.

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

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

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

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

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

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

Emerging Market Risk--The risk that the emerging market, as defined in the
glossary, may be more sensitive to certain economic changes. For example,
emerging market countries are often dependent on international trade and are
therefore often vulnerable to recessions in other countries. They may have
obsolete financial systems, have volatile currencies and may be more sensitive
than more mature markets to a variety of economic factors. Emerging market
securities may also be less liquid than securities of more developed countries
and could be difficult to sell, particularly during a market downturn.

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

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

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

25
<PAGE>

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

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

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

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.

26
<PAGE>

General Investment Risks (Cont'd)

Investment Practice/Risk

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

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.

- --------------------------------------------------------------------------------
Investment Practice Risk
- --------------------------------------------------------------------------------
Floating and Variable Rate Debt
Instruments with interest rates that are adjusted Interest Rate and
on a schedule or when an index or benchmark changes. Credit Risk
- --------------------------------------------------------------------------------
Repurchase Agreements
A transaction in which the seller of a security agrees Credit and
to buy back a security at an agreed upon time and Counter-Party Risk
price, usually with interest.
- -------------------------------------------------------------------------------
Other Mutual Funds
The temporary investment in shares of another mutual Market Risk
fund. A pro rata portion of the other fund's expenses,
in addition to the expenses paid by the Funds, will be
borne by Fund shareholders.
- --------------------------------------------------------------------------------
Foreign Securities Information Political,
Securities issued by a non-U.S. company or debt of a Regulatory,
foreign government in the form of an American Diplomatic, Liquidity
Depositary Receipt or similar instrument. and Currency Risk
- --------------------------------------------------------------------------------
Privately Issued Securities
Securities that are not publicly traded but which may Liquidity Risk
or may not be resold in accordance with Rule 144A of
the Securities Act of 1933.
- --------------------------------------------------------------------------------
Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers Credit, Counter Party
and financial institutions to increase return on those and Leverage Risk
securities. Loans may be made up to 1940 Act limits
(currently 33 1/3% of total assets).
- --------------------------------------------------------------------------------

27
<PAGE>

General Investment Risks (Cont'd)

- --------------------------------------------------------------------------------
Investment Practice Risk
- --------------------------------------------------------------------------------
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk
purposes to meet shareholder redemptions.
- --------------------------------------------------------------------------------
Illiquid Securities Liquidity Risk
A security that cannot be readily sold, or cannot be
readily sold without negatively affecting its fair
price. Limited to 15% of total assets.
- --------------------------------------------------------------------------------
Options
The right or obligation to receive or deliver a Credit, Information
security or cash payment depending on the security's and Liquidity Risk
price or the performance of an index or benchmark.
Types of options used may include: options on
securities options on a stock index, stock index
futures and options on stock index futures to protect
liquidity and portfolio value.
- --------------------------------------------------------------------------------
Forward Commitments, When-Issued Securities
Delayed Delivery Transactions Interest Rate,
Securities bought or sold for delivery at a later date Leverage, Credit and
or bought or sold for a fixed price at a fixed date. Experience Risk
- --------------------------------------------------------------------------------
Mortgage- and Asset-Backed Securities
Securities consisting of an undivided fractional Interest Rate,
interests in pools of consumer loans, such as mortgage Credit, Prepayment
loans, car loans, credit card debt, or receivables held and Experience Risk
in trust.
- --------------------------------------------------------------------------------
High Yield Securities
Debt securities of lower quality that produce generally Interest Rate and
higher rates of return. These securities, also known as Credit Risk
"junk bonds", tend to be more sensitive to economic
conditions and during sustained periods of rising
interest rates, may experience interest and/or
principal defaults.
- --------------------------------------------------------------------------------

28
<PAGE>

General Investment Risks (Cont'd)

- -------------------------------------------------------------------------------
Investment Practice Risk
- -------------------------------------------------------------------------------
Stripped Obligations
Securities that give ownership to either future Interest Rate Risk
payments of interest or a future payment of
principal, but not both. These securities tend to
have greater interest rate sensitivity than
conventional debt
- -------------------------------------------------------------------------------
Loan Participations
Debt obligations that represent a portion of a larger Credit Risk
loan made by a bank. Generally sold without
guarantee or recourse, some participations sell at a
discount because of the borrower's credit problems.
- -------------------------------------------------------------------------------

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

FUND BY FUND RISK GRID INSERTED
HERE
-----------------------------------

29
<PAGE>

Organization and Management of the Funds

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

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

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

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

30
<PAGE>

- ------------------------------------------------------------------------------
BOARD OF TRUSTEES
- ------------------------------------------------------------------------------
Supervises the Funds' activities
- ------------------------------------------------------------------------------
.
- ------------------------------------------------------------------------------
INVESTMENT ADVISOR CUSTODIAN
- ------------------------------------------------------------------------------
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A
525 Market St., San Francisco, CA 6th Street & Marquette,
Manages the Funds' investment Minneapolis, MN
activities Provides safekeeping for the
Funds' assets
- ------------------------------------------------------------------------------
.
- ------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
- ------------------------------------------------------------------------------
Wells Capital Management, Inc.
525 Market Street
San Francisco, CA
- ------------------------------------------------------------------------------
.
- ------------------------------------------------------------------------------
SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
- ------------------------------------------------------------------------------

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

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

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

31
<PAGE>

Organization and Management of the Funds (Cont'd)

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 December 31,
1998, Wells Fargo Bank and its affiliates provided advisory services for over
$202 billion in assets. For providing these services, Wells Fargo Bank is
entitled to receive the following fees:

Fund
- ----

Equity Index Fund 0.25%
Equity Value Fund 0.75%
International Equity Fund 1.20%
Large Company Growth Fund 0.75%
Small Cap Opportunities Fund 0.90%
Small Cap Value Fund 0.90%

The International, Large Company Growth, Small Cap Opportunities and Small Cap
Value Funds are gateway Funds that invest in various core portfolios. Wells
Fargo Bank is entitled to receive an investment advisory fee of .25% of each
Fund's average annual net assets for providing services to each Fund including
the determination of the asset allocations of each Fund's investments in the
various core portfolios. Wells Fargo Bank also acts as the Advisor to, and is
entitled to receive a fee from, each core portfolio. The total amount of
investment advisory fees paid to Wells Fargo Bank as a result of a Fund's
investments varies depending on the Fund's allocation of assets among the
various core portfolios. The charts below lists the advisory fees charged at
the core level for each core portfolio in which the Funds invest.

- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

32
<PAGE>

Organization and Management of the Funds (Cont'd)

- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
INTERNATIONAL FUND
- --------------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

33
<PAGE>

The Sub-Advisor
Wells Capital Management ("WCM"), a wholly owned subsidiary of Wells Fargo Bank,
N.A., is the sub-advisor for the Funds. In this capacity, it is responsible for
the day-to-day investment management activities of the Funds. As of December
31, 1998, WCM provided advisory services for over $39 billion in assets.

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 Trust's Trustees and officers. Wells Fargo
Bank also furnishes office space and certain facilities to conduct each Fund's
business. For providing these services, Wells Fargo Bank is entitled to receive
a fee of .15% of the average annual net assets of each Fund.

Shareholder Servicing Plan
We have a shareholder servicing plan for each Fund. Under this plan, we have
engaged various shareholder servicing agents to process purchase and redemption
requests, to service shareholder accounts, and to provide other related
services. For these services, each Fund pays up to 0.25% of its average annual
net assets (except that the Class O shares of the Equity Index Fund pays up to
0.20% of its average annual net assets).

34
<PAGE>

A Choice of Share Classes
After choosing a Fund, your next most important choice is which share class to
buy. The following classes of shares are available through this Prospectus:
. Class A Shares - with a front-end sales charge, volume reductions and lower
on-going expenses than Class B and Class C shares.
. Class B Shares - with a contingent deferred sales charge ("CDSC") payable
upon redemption that diminishes over time, and higher on-going expenses than
Class A shares.
. Class C Shares - with a 1.00% CDSC on redemptions made within one year of
purchase, and higher on-going expenses than Class A shares.
. Class O Shares - have no front-end and contingent deferred sales charges

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

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

Class C shares are available for the Diversified Equity, Equity Value, Growth
Equity, International Equity and Large Company Growth Funds. They are similar
to Class B shares, with some important differences. Unlike Class B hares, Class
C shares do not convert to Class A shares. The higher on-going expenses will be
assessed as long as you hold the shares. The choice between Class B and Class C
shares may depend on how long you intend to hold Fund shares before redeeming
them.

[The Class O shares of the Equity Index Fund is intended for on-line investors.
If you prefer to pay no sales charges and consent to receive all information
about the Fund electronically, then Class O shares might be the choice for you.]

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

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

35
<PAGE>

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
CLASS A SHARES LISTED IN THIS PROSPECTUS
HAVE THE FOLLOWING SALES CHARGE SCHEDULE:
- -----------------------------------------------------------------------------------------------------
FRONT-END SALES FRONT-END SALES DEALER
CHARGE AS % CHARGE AS % ALLOWANCE
AMOUNT OF PUBLIC OF NET AMOUNT AS % OF PUBLIC
OF PURCHASE OFFERING PRICE INVESTED OFFERING PRICE
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Less than $50,000 5.75% 6.10% 5.00%
- -----------------------------------------------------------------------------------------------------
$50,000 to $99,999 4.75% 4.99% 4.00%
- -----------------------------------------------------------------------------------------------------
$100,000 to $249,999 3.75% 3.90% 3.00%
- -----------------------------------------------------------------------------------------------------
$250,000 to $499,999 2.75% 2.83% 2.25%
- -----------------------------------------------------------------------------------------------------
$500,000 to $999,999 2.00% 2.04% 1.75%
- -----------------------------------------------------------------------------------------------------
$1,000,000 and over1 0.00% 0.00% 1.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>

/1/We will assess Class A shares purchases of $1,000,000 or more a 1.00% CDSC if
they are redeemed within one year from the date of purchase. Charges are based
on the lower of the NAV on the date of purchase or the date of redemption.

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

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
CLASS B SHARES LISTED IN THIS PROSPECTUS HAVE
THE FOLLOWING SALES CHARGE SCHEDULE:
- -----------------------------------------------------------------------------------------------------
REDEMPTION WITHIN 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.00% 4.00% 3.00% 3.00% 2.00% 1.00% 0.00% A shares
- -----------------------------------------------------------------------------------------------------
</TABLE>

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

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

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

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

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
CLASS B SHARES RECEIVED IN EXCHANGE FOR STAGECOACH FUND SHARES
PURCHASED PRIOR TO MARCH 3, 1997 HAVE
THE FOLLOWING SALES CHARGE SCHEDULE:
- -----------------------------------------------------------------------------------------------------
REDEMPTION WITHIN 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CDSC 3.00% 2.00% 1.00% 1.00% 0.00% 0.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>

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

36
<PAGE>

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
Norwest Advantage Equity Funds
- -----------------------------------------------------------------------------------------------------
REDEMPTION WITHIN 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 0.0% A Shares
- -----------------------------------------------------------------------------------------------------
</TABLE>

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

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

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

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

37
<PAGE>

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

Class A Share Reductions: [PLEASE CONFIRM]

. You pay no sales charges on Fund shares you buy with reinvested
distributions.
. You pay a lower sales charge if you are investing an amount over a
breakpoint level. See the "Class A Share Sales Charge Schedule" above.
. By signing a Letter of Intent (LOI), you pay a lower sales charge now in
exchange for promising to invest an amount over a specified breakpoint
within the next 13 months. We will hold in escrow shares equal to
approximately 5% of the amount you intend to buy. If you do not invest the
amount specified in the LOI before the expiration date, we will redeem
enough escrowed shares to pay the difference between the reduced sales load
you paid and the sales load you should have paid. Otherwise, we will
release the escrowed shares when you have invested the agreed amount.
. Rights of Accumulation (ROA) allow you to combine the amount you invest
with the total NAV of shares you own in other Wells Fargo front-end load
Funds in order to reach breakpoint levels for a reduced load. We give you a
discount on the entire amount of the investment that puts you over the
breakpoint level.
. If you are reinvesting the proceeds of a Wells Fargo Fund redemption for
shares on which you have already paid a front-end sales charge, you have
[120] days to reinvest the proceeds of that redemption with no sales charge
into a Fund that charges the same or a lower front-end sales charge. If you
use such a redemption to purchase shares of a Fund with a higher front-end
sales charge, you will have to pay the difference between the lower and
higher charge.
. You may reinvest into a Wells Fargo Fund with no sales charge a required
distribution from a pension, retirement, benefits, or similar plan for
which Wells Fargo Bank acts as trustee provided the distribution occurred
within the 30 days prior to your reinvestment.

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

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

. a family unit, consisting of a husband and wife and children under the age
of twenty-one or single trust estate;
. a trustee or fiduciary purchasing for a single fiduciary relationship; or
. the members of a "qualified group" which consists of a "company" (as
defined in the Investment Company Act of 1940 ("1940 Act")), and related
parties of such a "Company," which has been in existence for at least six
months and which has a primary purpose other than acquiring Fund shares at
a discount.

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

Class B and Class C Share CDSC Reductions:
. You pay no CDSC on Funds shares you purchase with reinvested distributions.
. [We waive the CDSC for all redemptions made because of scheduled or
mandatory distributions for certain retirement plans.] (See your retirement
plan disclosure for details.)

38
<PAGE>

Reduced Sales Charges (Cont'd)

. We waive the CDSC for redemptions made in the event of the shareholder's
death or for a disability suffered after purchasing shares. ("Disability"
is defined by the Internal Revenue Code of 1986.)
. We waive the CDSC for redemptions made at the direction of Wells Fargo in
order to, for example, complete a merger or close an account whose value
has fallen below the minimum balance.
. We waive Class C share CDSC for certain types of accounts.

For Class B shares purchased [outside of an IRA] or other qualified plan after
May 18, 1999 for former Norwest Advantage Fund shareholders, after July 17, 1999
for former Stagecoach Funds shareholders, or after September 17, 1999, for all
other shareholders, no CDSC is imposed on withdrawals that meet all of the
following circumstances:
. withdrawals are made by participating in the Systematic Withdrawal Plan;
. withdrawals may not exceed 10% of your fund assets annually based on your
anniversary date in the Systematic Withdrawal Plan; and
. you must participate in the dividend and capital gain reinvestment program.

Waiver for Certain Parties
If you are eligible for certain waivers, we will sell you Class A shares so you
can avoid higher on-going expenses. The following people can buy Class A shares
at NAV:
. Current and retired employees, directors and officers of:
. Wells Fargo Funds and its affiliates;
. Wells Fargo Bank, Norwest Bank and their affiliates;
. Stephens and its affiliates; and
. Broker-Dealers who act as selling agents.
. [The spouses of any of the above, as well as the grandparents, parents,
siblings, children, grandchildren, aunts, uncles, nieces, nephews, fathers-
in-law, mothers-in-law, brothers-in-law and sisters-in-law of either the
spouse or the current or retired employee, director of officer.]

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

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

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

39
<PAGE>

Reduced Sales Charges (Cont'd)

<TABLE>
<CAPTION>
- ----------------------------------------------------------------
FUND Class B Class C
- ----------------------------------------------------------------
<S> <C> <C>
Diversified Equity 0.75% 0.75%
- ----------------------------------------------------------------
Diversified Small Cap 0.75% N/A
- ----------------------------------------------------------------
Equity Index 0.75% N/A
- ----------------------------------------------------------------
Equity Value 0.75% 0.75%
- ----------------------------------------------------------------
Growth Equity 0.75% 0.75%
- ----------------------------------------------------------------
International Equity 0.75% N/A
- ----------------------------------------------------------------
International 0.75% N/A
- ----------------------------------------------------------------
Large Company Growth 0.75% 0.75%
- ----------------------------------------------------------------
Small Cap Opportunities 0.75% N/A
- ----------------------------------------------------------------
Small Cap Value 0.75% N/A
- ----------------------------------------------------------------
</TABLE>

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

Exchanges

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

. You should carefully read the Prospectus for the Fund into which you wish
to exchange.
. Every exchange involves selling Fund shares and that sale may produce a
capital gain or loss for federal income tax purposes.
. If you are making an initial investment into a new Fund through an
exchange, you must exchange at least the minimum first purchase amount of
the Fund you are redeeming, unless your balance has fallen below that
amount due to market conditions.
. Any exchange between Funds you already own must meet the minimum redemption
and subsequent purchase amounts for the Funds involved.
. Exchanges between Class B shares 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.
. 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 make exchanges between like share classes. You may also exchange
from Class A or Class C shares to any non-institutional money market fund.

40
<PAGE>

Your Account

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

Pricing Fund Shares:

. As with all mutual fund investments, the price you pay to purchase shares
or the price you receive when you redeem shares is not determined until
after a request has been received in proper form.
. We determine the Net Asset Value ("NAV") of each class of the Funds' shares
each business day as of the close of regular trading on the NYSE. We
determine the NAV by subtracting the Fund class's liabilities from its
total assets, and then dividing the result by the total number of
outstanding shares of that class. Each Fund's assets are generally valued
at current market prices. See the Statement of Additional Information for
further disclosure.
. We process requests to buy or sell shares of the funds each business day as
of the close of regular trading on the New York Stock Exchange ("NYSE"),
which is usually 1:00 p.m. (Pacific time)/3:00 p.m. (Central time). If the
markets close early, the Funds may close early and may value their shares
at earlier times under these circumstances. Any request we receive in
proper form before these times is processed the same day. Requests we
receive after the cutoff times are processed the next business day.
. The funds are open for business on each day the NYSE is open for business.
NYSE holidays include New Year's Day, Martin Luther King, Jr. Day,
President's Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day. When any holiday falls on a weekend,
the NYSE typically is closed on the weekday immediately before or after
such holiday.

You can buy Fund shares:
. By opening an account directly with the Fund (simply complete and return a
Wells Fargo Funds Trust application with proper payment);
. Through a brokerage account with an approved selling agent; or
. Through certain retirement, benefits and pension plans, or through certain
packaged investment products (please see the providers of the plan for
instructions).

Minimum Investments:
. $1,000 per Fund minimum initial investment;/1/ or
. $100 per Fund if you use the Systematic Purchase Program; and
. $100 per Fund for all investments after your first.

/1/ [Purchases of Class B shares in amounts of $250,000 or more require the
prior approval of your selling agent.]

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.

41
<PAGE>

Your Account (Cont'd)

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.

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

- -------------------------------------------------------------------------------
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 Mail to:
your account number on the check as well. Wells Fargo Funds Trust
PO Box 8266
Boston, MA

- ------------------------------------------------------
Enclose the payment stub/card from your statement if 02266-8266
available.
- -------------------------------------------------------------------------------

42
<PAGE>

<TABLE>
<CAPTION>
Your Account (Cont'd)
- ----------------------------------------------------------------------------------------------------
BY WIRE
- ----------------------------------------------------------------------------------------------------
<S> <C>
IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
- ----------------------------------------------------------------------------------------------------
If you do not currently have an account, complete a Wells Fargo Mail application to:
Funds application. You must wire at least $1,000. Be sure to Wells Fargo Funds Trust
indicate the Fund name and the share class into which you P.O. Box 8266
intend to invest. Boston, MA
02266-8266
- ------------------------------------------------------------------
Mail the completed application. or Fax application to:
- ------------------------------------------------------------------
You may also fax the completed application (with original to 1-617-483-5765
follow). You must first call BFDS at 1-800-222-8222 to notify
them of an incoming wire trade.
- -----------------------------------------------------------------
Wire money to:
Wells Fargo Funds Trust
c/o State Street Bank
& Trust
Boston, MA

Bank Routing Number:
ABA 011 000028

Wire Purchase Account Number:
9905-437-1

Attention:
Wells Fargo Funds (Name
of Fund and Share Class)

Account Name:
(Registration Name Indicated
on Application)
----------------------------------
</TABLE>

43
<PAGE>

<TABLE>
<CAPTION>
Your Account (Cont'd)
- -------------------------------------------------------------------------------------------------
<S> <C>
IF YOU ARE BUYING ADDITIONAL SHARES:
- -------------------------------------------------------------------------------------------------
Instruct your wiring bank to transmit at least $100 according to Wire to:
the instructions given to the right. Be sure to have the Wells Fargo Funds Trust
wiring bank include your current account number and the name c/o State Street Bank
your account is registered in. & Trust
Boston, MA
- -----------------------------------------------------------------

Bank Routing Number:
ABA 011 000028

Wire Purchase Account Number:
9905-437-1

Attention:
Wells Fargo Funds (Name
of Fund and Share Class)

Account Name:
(Registration Name Indicated
on Application)
--------------------------------

</TABLE>

44
<PAGE>

<TABLE>
<CAPTION>
Your Account (Cont'd)
- -------------------------------------------------------------------------------------------------
BY PHONE
- -------------------------------------------------------------------------------------------------
<S> <C>
IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
- -------------------------------------------------------------------------------------------------
You can only make your first purchase of a Fund by phone if you
already have an existing Wells Fargo Funds Trust Account.
Call:
- -----------------------------------------------------------------
Call Investor Services and instruct the representative to either: 1-800-222-8222
. transfer at least $1,000 from a linked settlement account, or
. exchange at least $1,000 worth of shares from an existing
Wells Fargo Fund. Please see "Exchanges" for special rules.
- -------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------
IF YOU ARE BUYING ADDITIONAL SHARES:
- -------------------------------------------------------------------------------------------------
Call Investor Services and instruct the representative to either: Call:
. transfer at least $100 from a linked settlement account, or 1-800-222-8222
. exchange at least $100 worth of shares from another Wells
Fargo Fund.
- -------------------------------------------------------------------------------------------------

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

- -------------------------------------------------------------------------------------------------
BY MAIL
- -------------------------------------------------------------------------------------------------
IF YOU ARE SELLING SHARES FOR THE FIRST TIME:
- -------------------------------------------------------------------------------------------------
Write a letter stating your account registration, your account
number, the Fund you wish to redeem and the dollar amount ($100
or more) of the redemption you wish to receive (or write "Full
Redemption").
- -----------------------------------------------------------------
Make sure all the account owners sign the request.
- -----------------------------------------------------------------
You may request that redemption proceeds be sent to you by Mail to:
check, by ACH transfer into a bank account, or by wire. Please Wells Fargo Funds Trust
call Investor Services regarding requirements for linking bank PO Box 8266
accounts or for wiring funds. We reserve the right to charge a Boston, MA
fee for wiring funds although it is not currently our practice 02266-8266
to do so.
- -----------------------------------------------------------------
Signature Guarantees are required for mailed redemption requests
over $5,000. You can get a signature guarantee at financial
institutions such as a bank or brokerage house. We do not
accept notarized signatures.
- -------------------------------------------------------------------------------------------------
</TABLE>

45
<PAGE>

Your Account (Cont'd)
- ------------------------------------------------------------------------------
BY PHONE
- ------------------------------------------------------------------------------
Call Investor Services to request a redemption of at least $100.
Be prepared to provide your account number and Taxpayer
Identification Number.
- -----------------------------------------------------------------
Unless you have instructed us otherwise, only one account owner
needs to call in redemption requests.
- -----------------------------------------------------------------
You may request that redemption proceeds be sent to you by
check, by transfer into an ACH-linked bank account, or by wire.
Please call Investor Services regarding requirements for
linking bank accounts or for wiring funds. We reserve the
right to charge a fee for wiring funds although it is not Call:
currently our practice to do so. 1-800-222-8222
- -----------------------------------------------------------------
Telephone privileges are automatically made available to you
unless you specifically decline them on your application or
subsequently in writing.
- -----------------------------------------------------------------
Phone privileges allow us to accept transaction instructions by
anyone representing themselves as the shareholder and who
provides reasonable confirmation of their identity, such as
providing the Taxpayer Identification Number on the account.
We will not be liable for any losses incurred if we follow
telephone instructions we reasonably believe to be genuine.
- -----------------------------------------------------------------
Telephone requests are not accepted if the address on your
account was changed by phone in the last 15 days.
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
GENERAL NOTES FOR SELLING SHARES
- ------------------------------------------------------------------------------
We determine the NAV of the Funds each day as of the close of regular trading
on the NYSE, which is generally 1:00 PM (Pacific time)/3:00 P.M. (Central
time). If any of the markets for the Funds close early, the Funds may close
early, and may value their shares at earlier times under these circumstances.
- ------------------------------------------------------------------------------
Your redemptions are net of any applicable CDSC.
- ------------------------------------------------------------------------------
We will process requests to sell shares at the first NAV calculated after a
request in proper form is received. Requests received before the cutoff times
are processed on the same business day.
- ------------------------------------------------------------------------------
If your purchased shares through a packaged investment product or retirement
plan, read the directions for selling shares provided by the product or plan.
There maybe special requirements that supersede the directions in this
Prospectus.
- ------------------------------------------------------------------------------
We reserve the right to delay payment of a redemption so that we may be
reasonably certain that investments made by check or Systematic Purchase Plan
have been collected. Payments of redemptions also may be delayed under
extraordinary circumstances or as permitted by the SEC in order to protect
remaining shareholders.
- ------------------------------------------------------------------------------
Generally, we pay redemption requests in cash, unless the redemption request is
for more than $250,000 or 1% of the net assets of the Fund by a single
shareholder over any ninety-day period. If a request for a redemption is over
these limits, it may be to the detriment of existing shareholders to pay such
redemption in cash. Therefore, we may pay all or part of the redemption in
securities of equal value.
- ------------------------------------------------------------------------------

46
<PAGE>

Additional Services and Other Information

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

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

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

. Systematic Withdrawal Plan - With this program, you can regularly redeem
shares and receive the proceeds by check or by transfer to a linked bank
account. Simply specify an amount of at least $100 and we will sell your
shares equal to that amount on or about the 25th of each month. To
participate in this program, you:
. must have a Fund account value at $10,000 or more;
. must have your distributions reinvested; and
. may not simultaneously participate in the Systematic Purchase Plan.

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

Dividend and Capital Gain Distributions Options
The Funds in this Prospectus pay dividends periodically and make capital gains
distributions annually. The Funds pay any dividends quarterly.

We offer the following distribution options:

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

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

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

47
<PAGE>

Additional Services and Other Information (Cont'd)

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

Dividends distributed from the Funds attributable to their income from other
investments and net short-term capital gain (generally, the excess of net short-
term capital gains over net long-term capital losses) will be taxable to you as
ordinary income. Corporate shareholders may be able to deduct a portion of
their dividends when determining their taxable income.

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

TABLE OF PREDECESSORS

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

The chart below indicates the predecessor Stagecoach and Norwest Advantage
Funds.

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Wells Fargo Funds Trust Predecessor Funds
- ---------------------------------------------------------------------------------------------------------
<S> <C>
Diversified Equity Fund Norwest Advantage Diversified Equity Fund
- ---------------------------------------------------------------------------------------------------------
Diversified Small Cap Fund Norwest Advantage Diversified Small Cap Fund
- ---------------------------------------------------------------------------------------------------------
Equity Index Fund Stagecoach Equity Index Fund
- ---------------------------------------------------------------------------------------------------------
Equity Value Fund Stagecoach Equity Value Fund
- ---------------------------------------------------------------------------------------------------------
Growth Equity Fund Norwest Advantage Growth Equity Fund
- ---------------------------------------------------------------------------------------------------------
International Equity Fund Stagecoach International Equity Fund
- ---------------------------------------------------------------------------------------------------------
International Fund Norwest Advantage International Fund
- ---------------------------------------------------------------------------------------------------------
Large Company Growth Fund Norwest Advantage Large Company Growth Fund
- ---------------------------------------------------------------------------------------------------------
Small Cap Opportunities Fund Norwest Advantage Small Cap Opportunities Fund
- ---------------------------------------------------------------------------------------------------------
Small Cap Value Fund Performa Small Cap Value Fund
- ---------------------------------------------------------------------------------------------------------
</TABLE>

48
<PAGE>

Glossary

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

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

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

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

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

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

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

Capital Appreciation, Capital Growth
The increase in the value of a security. See also "total return."

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

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

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

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

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

49
<PAGE>

Glossary (Cont'd)

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

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

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

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

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

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

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

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

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

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

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

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

50
<PAGE>

Glossary (Cont'd)

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

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

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

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
1940 Act, such as bankers' acceptances, commercial paper, repurchase agreements
and government obligations. In a money market fund, average portfolio maturity
does not exceed 90 days, and all investments have maturities of 397 days or less
at the time of purchase.

Moody's
A nationally recognized ratings organization.

Nationally Recognized Rating Organization (NRRO)
A company that examines the ability of a bond issuer to meet its obligations and
which rates the bonds accordingly.

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

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

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

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

51
<PAGE>

Glossary (Cont'd)

Public Offering Price (POP)
The NAV with the sales load added.

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

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

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

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

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

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

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

S&P, S&P 500 Index
Standard and Poors, a nationally recognized ratings organization. S&P's also
publishes various indexes or lists of companies representative of sectors of the
U.S. economy.

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

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

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

52
<PAGE>

Glossary (Cont'd)

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

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

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

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

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

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

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

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

53
<PAGE>

Back Cover

WELLS FARGO FUNDS TRUST

You may wish to review the following documents:

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

Annual/Semi-Annual Report
provides certain financial and other important information,
including a discussion of the market conditions and investment
strategies that significantly affected Fund performance, for the
most recent reporting period.

These documents are available free of charge:
Call 1-800-222-8222, or
Write to:
[Wells Fargo Funds Trust
PO Box 7066
San Francisco, CA 94120-7066]

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

Request copies for a fee by writing to:
SEC Public Reference Room, Washington, DC 20549-6009
(call: 1-800-SEC-0330 for details)

ICA Reg. No. 811-09253 NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
WFFT E P (8/99)

54
<PAGE>

August 24, 1999
Front Cover

Wells Fargo Funds Trust
Equity Funds
Prospectus

Diversified Equity Fund Please read this prospectus and keep it for
future reference. It is designed to provide you
Disciplined Growth Fund with important information and to help you
decide if a Fund's goals match your own.
Diversified Small Cap
Fund These securities have not been approved
or disapproved by the Securities and
Equity Value Fund Exchange Commission ("SEC"),
nor has the SEC passed upon the
Growth Equity Fund accuracy or adequacy of this Prospectus.
Any representation to the contrary is a
Index Fund criminal offense.

International Equity Fund shares are NOT deposits of Wells Fargo
Fund Bank, N.A. ("Wells Fargo Bank") or any of its
affiliates. Fund shares are NOT insured or
International Fund guaranteed by the U.S. Government, the
Federal Deposit Insurance Corporation
Large Company ("FDIC") or any other governmental agency.
Growth Fund AN INVESTMENT IN A FUND INVOLVES
CERTAIN RISKS, INCLUDING POSSIBLE
Small Cap LOSS OF PRINCIPAL.
Opportunities Fund

Small Cap Value Fund

Small Company Growth
Fund

Institutional Class

1
<PAGE>

Inside Front Cover

2
<PAGE>

Table of Contents

Overview Objectives and Principal
Strategies
This section contains Important Risks
important summary Performance History
information about the Summary of Expenses
Funds.
- ------------------------------------------------------------
The Funds Diversified Equity Fund
Disciplined Growth Fund
Diversified Small Cap Fund
This section contains Equity Value Fund
important information Growth Equity Fund
about the individual Index Fund
Funds. International Equity Fund
International Fund
Large Company Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund

General Investment Risks
Organization and Management
of the Funds

- ------------------------------------------------------------
Your Investment

Turn to this section for Your Account
information on how to How to Buy Shares
buy and sell Fund shares Selling Shares
Exchanges

Other Information

Table of Predecessors

- ------------------------------------------------------------
Glossary

3
<PAGE>

WELLS FARGO FUNDS TRUST EQUITY FUNDS OVERVIEW

Diversified Equity Fund

Objective
Seeks long-term capital appreciation while moderating annual return volatility.

Principal Strategy
We invest in five separate equity portfolios with the following styles: index,
income equity, large company, diversified small cap and international. This
"multi-style" approach is designed to minimize the volatility and risk of
investing in a single investment style.

Disciplined Growth Fund

Objective
Seeks capital appreciation by investing primarily in common stock of larger
companies.

Principal Strategy
We invest in the common stock of larger companies that appear to possess above
average potential for growth.

Diversified Small Cap Fund

Objective
Seeks long-term capital appreciation while moderating annual return volatility.

Equity Value Fund

Objective
Seeks to provide investors with above-average capital appreciation.

Principal Strategy
We invest in equity securities that we believe are undervalued in relation to
the overall stock markets. Dividends are a secondary consideration when
selecting stocks.

Growth Equity Fund

Objective
Seeks long-term capital appreciation with moderating annual return volatility.

4
<PAGE>

Index Fund

Objective
Seeks to replicate the return of the S&P 500 Index.

Principal Strategy
We invest in substantially all of common stocks listed in the S&P 500 Index,
and attempt to achieve at least a 95% correlation between the performance of the
S&P 500 Index and our investment results before expenses, regardless of market
conditions.

International Equity Fund

Objective
Seeks to earn total return, with an emphasis on capital appreciation, over the
long-term.

Principal Strategy
We invest in equity securities of companies located or operating in developed
foreign countries and emerging markets of the world. We apply a fundamentals-
driven, value-oriented analysis to identify companies that we believe have
above-average potential for long-term growth.

International Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in two separate portfolios, an international equity portfolio
investing largely in the common stock of high-quality companies based outside of
the United States, and an international emerging markets portfolio. This "multi-
style" approach is designed to minimize the volatility and risk associated with
investing in the individual international portfolios.

Large Company Growth Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in the common stocks of large, high-quality domestic companies whose
market capitalization is greater than the median of the Russell 1000 index,
currently about $3.7 billion, with superior growth potential.

Small Cap Opportunities Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in equity securities of small domestic companies that at the time of
purchase have market captializations of $1.5 billion or less. We look for
companies with above-average growth.

Small Cap Value Fund

Objective
Seeks capital appreciation by investing primarily in common stocks of smaller
companies.

Principal Strategy
We invest in the common stocks of companies listed on the Russell 2000 index,
which currently range in market capitalization from $220 million to $1.4
billion,that appear undervalued.

5
<PAGE>

Small Company Growth Fund

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in the common stocks of small- and medium-sized domestic companies
that are either growing rapidly or are completing a period of significant
change.

6
<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 General Investment Risks beginning
on page __ 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.

Common Risks for the Funds

Fund-Specific Risks

Disciplined Growth Fund
The Fund is primarily subject to the equity market risks described in the
Common Risks section above. The advisor selects growth stocks based on
prospects for future earnings, which may not grow as expected. In addition, at
times, the overall market or the market for value stocks may outperform growth
stocks. Dividend-producing large company stocks have experienced unprecedented
appreciation in recent years. There is no guarantee such performance levels
will continue.

Diversified Small Cap Fund
Stocks of smaller companies purchased for this Fund may be more volatile and
less liquid than larger company stocks.

7
<PAGE>

Equity Value Fund
There is no guarantee that securities selected as "under-valued" will perform
as expected. Stocks of smaller, medium-sized and foreign companies purchased
using the value strategy may be more volatile and less liquid than other
comparable securities.

Index Fund
We attempt to match as closely as possible the performance of the S&P 500
Index. Therefore, during periods when the S&P 500 Index is losing value, your
investment will also lose value.

Small Cap Opportunities Fund
There is no guarantee that securities selected as "under-valued" will perform
as expected. Stocks of smaller, medium-sized and foreign companies purchased
using the value strategy may be more volatile and less liquid than other
comparable securities.

Small Cap Value Fund
Stocks of smaller companies purchased for this Fund may be more volatile and
less liquid than larger company stocks.

Small Company Growth Fund
Stocks of the smaller and medium-sized companies purchased for this Fund may be
more volatile and less liquid than larger company stocks. The advisor selects
growth stocks based on prospects for future earnings, which may not grow as
expected. In addition, at times, the overall market or the market for value
stocks may outperform growth stocks.

Performance History
The Funds in this prospectus will commence operations in September 1999. No
performance information is given for the Funds because they will have been in
operation for less than one year.

8
<PAGE>

Summary of Expenses

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

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

Annual Fund Operating Expenses (Expenses that are deducted from
Fund assets)

<TABLE>
<CAPTION>
--------------------------------------------------------------------

Diversified Disciplined Diversified
Equity Fund Growth Fund Small Cap Fund Equity Value Fund
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------
Management Fees 0.89% 0.75% 0.90% 0.75%
- --------------------------------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------------
Other Expenses/1/ 0.28% 0.28% 0.28% 0.28%
- --------------------------------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.17% 1.03% 1.18% 1.03%
- --------------------------------------------------------------------------------------
Fee Waivers/2/ 0.17% 0.03% 0.03% 0.03%
- --------------------------------------------------------------------------------------
NET EXPENSES 1.00% 1.00% 1.15% 1.00%
- --------------------------------------------------------------------------------------
</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.

9
<PAGE>

Summary of Expenses (Cont'd)

Annual Fund Operating Expenses (Expenses that are deducted from
Fund assets)

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------

Growth Equity International International Large Company
Fund Index Fund Equity Fund Fund Growth Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Management Fees 1.00% 0.15% 1.20% 1.20% 1.00%
- -------------------------------------------------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.00% 0.00% 0.00% 0.00%
- -------------------------------------------------------------------------------------------------------
Other Expenses/1/ 0.03% 0.28% 0.31% 0.31% 0.03%
- -------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.03% 0.43% 1.51% 1.51% 1.03%
- -------------------------------------------------------------------------------------------------------
Fee Waivers/2/ 0.03% 0.18% 0.01% 0.01% 0.03%
- -------------------------------------------------------------------------------------------------------
NET EXPENSES 1.00% 0.25% 1.50% 1.50% 1.00%
- -------------------------------------------------------------------------------------------------------
</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.

<TABLE>
<CAPTION>
-----------------------------------------------------------------
Small Cap Small Company
Opportunities Fund Small Cap Value Fund Growth Fund
-----------------------------------------------------------------
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------
Management Fees 0.90% 0.90% 0.90%
- -----------------------------------------------------------------------------------
Distribution
(12b-1) Fees 0.00% 0.00% 0.00%
- -----------------------------------------------------------------------------------
Other Expenses/1/ 0.28% 0.28% 0.28%
- -----------------------------------------------------------------------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.18% 1.18% 1.18%
- -----------------------------------------------------------------------------------
Fee Waivers/2/ 0.03% 0.03% 0.03%
- -----------------------------------------------------------------------------------
NET EXPENSES 1.15% 1.15% 1.15%
- -----------------------------------------------------------------------------------
</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.

10
<PAGE>

Summary of Expenses (Cont'd)

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

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
Diversified Disciplined Diversified Small
Equity Fund Growth Fund Cap Fund Equity Value Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 YEAR
- ----------------------------------------------------------------------------------------
3 YEARS
- ----------------------------------------------------------------------------------------
</TABLE>

Large
Growth Equity International Company
Fund Index Fund Equity Fund International Fund Growth Fund
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
1 YEAR
- -------------------------------------------------------------------------------------------------------
3 YEARS
- -------------------------------------------------------------------------------------------------------
</TABLE>

Small Cap Small Company Growth
Opportunities Fund Small Cap Value Fund Fund
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>

1 YEAR
3 YEARS
- --------------------------------------------------------------------------------------
</TABLE>

You would pay the following expenses on a $10,000 investment assuming a 5%
annual return and that you do NOT redeem your shares at the end of the periods
shown:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Diversified Disciplined Diversified Small
Equity Fund Growth Fund Cap Fund Equity Value Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 YEAR
- ----------------------------------------------------------------------------------------
3 YEARS
- ----------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Large
Growth Equity International International Company
Fund Index Fund Equity Fund Fund Growth Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 YEAR
- -----------------------------------------------------------------------------------------
3 YEARS
- -----------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------
Small Cap Small Company Growth
Opportunities Fund Small Cap Value Fund Fund
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 YEAR
- --------------------------------------------------------------------------------------
3 YEARS
- --------------------------------------------------------------------------------------
</TABLE>

11
<PAGE>

Important information you should look for:

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

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

Important Risk Factors
What are key risk factors for the Fund? This will include the factors described
in "General Investment Risks" together with any special risk factors for each
Fund.

Words appearing in italicized print are defined in the Glossary.

12
<PAGE>

Diversified Equity Fund

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in a single investment style. The Fund currently invests
in 11 Portfolios.

Important Risk Factors
Stocks of foreign companies purchased by this Fund may be subject to political
and economic instability. Also, stocks of the smaller and medium-sized
companies purchased for this Fund may be more volatile and less liquid than
larger company stocks.

Portfolio Managers

[TO BE INSERTED]

13
<PAGE>

Disciplined Growth Fund

Investment Objective
The Disciplined Growth Fund seeks capital appreciation by investing primarily in
common stocks of larger companies.

Investment Policies
The Fund seeks higher long-term returns by investing primarily in the common
stock of companies that, in the view of the Advisor, possess above average
potential for growth. The Fund invests in companies with average market
capitalizations greater than $5 billion.

Permitted Investments
The Fund seeks to identify growth companies that will report a level of
corporate earnings that exceed the level expected by investors. In seeking
these companies, the Advisor uses both quantitative and fundamental analysis.
The Advisor may consider, among other factors, changes of earnings estimates by
investment analysts, the recent trend of company earnings reports, and an
analysis of the fundamental business outlook for the company. The Advisor uses
a variety of valuation measures to determine whether or not the share price
already reflects any positive fundamentals identified by the Advisor. In
addition to approximately equal weighting of portfolio securities, the Adviser
attempts to constrain the variability of the investment returns by employing
risk control screens for price volatility, financial quality, and valuation.

Important Risk Factors
This Fund is primarily subject to the equity market risks described in the
Common Risks section.

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

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

Portfolio Managers

[TO BE INSERTED]

14
<PAGE>

Diversified Small Cap Fund

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in small capitalization equity securities.

Portfolio Managers

[TO BE INSERTED]

15
<PAGE>

Equity Value Fund

Investment Objective
The Equity Value Fund seeks to provide investors with long-term capital
appreciation.

Permitted Investments
Under normal market conditions, we invest:

. primarily in common stocks of both large, well-established companies and
smaller companies with market capitalization exceeding $50 million at the
time of purchase;

. in debt instruments that may be converted into the common stock of both U.S.
and foreign companies; and

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

Portfolio Managers
. Rex Wardlaw, CFA
Has managed the Equity Value Fund since January 1997, and has been with Wells
Fargo/Wells Capital Management since 1986. Since 1993, Mr. Wardlaw has
managed investment funds, pension assets, and private accounts for Wells
Fargo Bank/Wells Capital Management. Prior to 1993 he was an investment
analyst specializing in several equity market sectors, including utilities,
transportation, basic industries and Capital goods. Mr. Wardlaw leads the
Value Equity Investment Team, managing portfolios and directing the research
effort. He has over ten years of investment management experience.

. Allen Wisniewski, CFA
Has co-managed the Equity Value Fund since September 1996, and has been with
Wells Fargo/Wells Capital Management since 1987. Mr. Wisniewski has over ten
years of equity and balanced portfolio investment management experience.

16
<PAGE>

. Gregg Giboney, CFA
Has co-managed the Equity Value Fund since August 1998, and has been with
Wells Fargo/Wells Capital Management as a member of the Value Equity Team
providing security analysis and portfolio management since 1996. Mr. Giboney
was with First Interstate Capital Management prior to 1996 in various
capacities, including fixed-income trading, derivatives management, equity
analysis, stable value asset management and as a portfolio manager for
personal, institutional and trust accounts.

17
<PAGE>

Growth Equity Fund

Investment Policies
The Fund invests in a "multi-style" approach designed to reduce the volatility
and risk of investing in a single equity style. The Fund currently invests in 8
Portfolios.

Important Risk Factors
This Fund is primarily subject to the equity market risks described in the
Common Risks section.

Portfolio Managers

[TO BE INSERTED]

18
<PAGE>

Index Fund

Investment Objective
The Index Fund seeks to replicate the total rate of return of the Standard &
Poor's 500 Composite Stock Index (the "S&P 500 Index").

A precise duplication of the performance of the S&P 500 Index would mean that
the net asset value of Fund shares, including dividends and capital gains would
increase or decrease in exact proportion to changes in the S&P 500 Index. Such a
100% correlation is not feasible. Our ability to track the performance of the
S&P 500 Index may be affected by, among other things, transaction costs and
shareholder purchases and redemptions. We will regularly monitor the performance
and composition of the S&P 500 Index, adjust the Fund's portfolio as necessary
in order to achieve the 95% correlation.

Permitted Investments
Under normal market conditions, we invest:

Important Risk Factors
We attempt to replicate the performance of the S&P 500 Index. Therefore, during
periods when the S&P 500 Index is losing value, your investment will also lose
value.

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

19
<PAGE>

International Equity Fund

Permitted Investments
Under normal market conditions, we invest:

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a result
of adverse changes in currency exchange rates or other developments in the
issuer's home country. Concentrated investment in any single country, especially
a less developed country, would make the Fund's value more sensitive to
economic, currency and regulatory changes within that country. Emerging market
countries are often dependent on international trade and are therefore often
vulnerable to events in other countries. They may have less developed financial
systems and volatile currencies and may be more sensitive than more mature
markets to a variety of economic factors. Emerging market securities may also be
less liquid than securities of more developed countries, which may make them
more difficult to sell, particularly during a market downturn.

20
<PAGE>

. Stacey Ho, CFA
Has co-managed the International Equity Fund since it commenced operations in
September 1997, and has been with Wells Capital Management since early 1997.
In 1995 and 1996 she was an international equity portfolio manager at
Clemente Capital Management, and from 1990 to 1995 she managed Japanese and
U.S. equity portfolios for Edison International. Ms. Ho has over nine years
of international equity investment management experience,

21
<PAGE>

International Fund

Investment Policies
The Fund invests in a "multi-style" approach designed to minimize the volatility
and risk of investing in international securities.

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a result
of adverse changes in currency exchange rates or other developments in the
issuer's home country. Concentrated investment in any single country, especially
a less developed country, would make the Fund's value more sensitive to
economic, currency and regulatory changes within that country. Emerging market
countries are often dependent on international trade and are therefore often
vulnerable to events in other countries. They may have less developed financial
systems and volatile currencies and may be more sensitive than more mature
markets to a variety of economic factors. Emerging market securities may also be
less liquid than securities of more developed countries, which may make them
more difficult to sell, particularly during a market downturn.

Portfolio Managers

[TO BE INSERTED]

22
<PAGE>

Large Company Growth Fund

Investment Policies
The Fund invests primarily in the common stock of large, high-quality domestic
companies that have superior growth potential.

Portfolio Managers

[TO BE INSERTED]

23
<PAGE>

Small Cap Opportunities Fund

Investment Objective
The Small Cap Fund's investment objective is to provide capital appreciation.

Investment Policies
The Fund invests primarily in equity securities of U.S. companies that, at the
time of purchase, have market capitalizations of $1.5 billion or less.

Permitted Investments
The Fund will invest principally in equity securities, including common stocks,
securities convertible into common stocks or, subject to special limitations,
rights or warrants to subscribe for or purchase common stocks. The Fund also may
invest to a limited degree in non-convertible debt securities and preferred
stocks.

The Fund may use options and futures contracts to manage risk. The Fund also
may use options to enhance return.

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

Portfolio Managers

[TO BE INSERTED]

24
<PAGE>

Small Cap Value Fund

Investment Objective
The Small Cap Value Fund's investment objective is to seek capital appreciation
by investing primarily in common stocks of smaller companies.

Investment Policies
The Fund seeks capital appreciation by investing in common stocks of smaller
companies. The Fund will normally invest substantially all of its assets in
securities of companies with market capitalizations that reflect the market
capitalization of companies included in the Russell 2000 Index, which range from
approximately $220 million to approximately $1.4 billion.

Important Risk Factors
This Fund is designed for investors willing to assume above-average risk. We
may invest in companies that:
. pay low or no dividends;
. have smaller market capitalization;
. have less market liquidity;
. have no or relatively short operating histories, or are new public companies
or are initial public offerings;
. have aggressive capital structures including high debt levels; or
. are involved in rapidly growing or changing industries and/or new
technologies.
Because we may invest in such aggressive securities, share prices may rise and
fall more than the share prices of other funds. In addition, our active trading
investment strategy may result in a higher-than-average portfolio turnover
ratio, increased trading expenses, and higher short-term capital gains.

Portfolio Managers

[TO BE INSERTED]

25
<PAGE>

Small Company Growth Fund

Investment Objective
The Small Company Growth Fund's investment objective is to provide long-term
capital appreciation by investing in smaller domestic companies.

Investment Policies
The Fund invests primarily in the common stock of small and medium-sized
domestic companies that are either growing rapidly or completing a period of
significant change. Small companies are those companies whose market
capitalization is less than the largest stock in the Russell 2000 Index or
approximately $1.4 billion.

Permitted Investments
In selecting securities for the Fund, the Adviser seeks to identify companies
that are rapidly growing (usually with relatively short operating histories) or
that are emerging from a period of investor neglect by undergoing a dramatic
change. These changes may involve a sharp increase in earnings, the hiring of
new management or measures taken to close the gap between share price and
takeover/asset value.

The Fund will invest up to 10% of its total assets in securities of foreign
companies. The Fund will not invest more than 10% of its total assets in the
securities of a single issuer.

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

Portfolio Managers

[TO BE INSERTED]

26
<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.
. We do not guarantee the performance of a Fund, nor can we assure you that the
market value of your investment will not decline. We will not "make good" any
investment loss you may suffer, nor can anyone we contract with to provide
certain services, such as selling agents or investment advisors, offer or
promise to make good any such losses.
. Share prices -- and therefore the value of your investment -- will increase
and decrease with changes in the value of the underlying securities and other
investments.
. Investing in any mutual fund, including those deemed conservative, involves
risk, including the possible loss of any money you invest.
. An investment in a single Fund, by itself, does not constitute a complete
investment plan.
. The Funds that invest in smaller companies, foreign companies (including
investments made through American Depositary Receipts and similar
instruments), and in emerging markets are subject to additional risks,
including less liquidity and greater price volatility. A Fund's investment in
foreign and emerging markets may also be subject to special risks associated
with international trade, including currency, political, regulatory and
diplomatic risk.
. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government does not
guarantee the market value or current yield of those obligations. Not all
U.S. Government obligations are backed by the full faith and credit of the
U.S. Treasury, and the U.S. Government's guarantee does not extend to the
Funds themselves.
. The Funds may 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.
. The Funds may temporarily hold assets in cash or in money market instruments,
including U.S. Government obligations, shares of other mutual funds and
repurchase agreements, or make other short-term investments, either to
maintain liquidity or for short-term defensive purposes when we believe it is
in the best interests of shareholders to do so. Except with respect to money
market funds, to the extent a Fund's assets are so invested, they may use a
Fund to not achieve its investment objective. This practice is expected to
have limited, if any, effect on the Funds' pursuit of their objectives over
the long term.
. The Funds may invest a portion of their assets in U.S. Government
obligations, such as securities issued or guaranteed by the Government
National Mortgage Association (GNMAs"), the Federal National Mortgage
Association ("FNMAs") and the Federal Home Loan Mortgage Corporation
("FHLMCs"). Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group of such
mortgages is assembled and, after being approved by the issuing or
guaranteeing entity, is offered to investors through securities risk, which
can alter the maturity of the securities and also reduce the rate of return
on the portfolio. Collateralized mortgage obligations ("CMOs") typically
represent principal-only and interest-only portions of such securities and
are subject to increased interest-rate and credit risk.
. The market value of lower-rated debt securities and unrated securities of
comparable quality that the Funds may invest in tends to reflect individual
developments affecting the issuer to a greater extend than the market value of
higher-rated securities, which react primarily to fluctuations in the general
level of interest rates. Lower-rated securities also tend to be more sensitive
to economic conditions than higher-rated securities. These lower-rated debt
securities are considered by the rating agencies, on balance, to be
predominantly speculative with respect to the issuer's capacity to pay interest
and repay principal. These

27
<PAGE>

securities generally involve more credit risk than securities in higher-
rating categories. Even securities rated "BBB" by S&P or by Moody's rating
which are considered investment-grade, possess some speculative
characteristics.

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

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

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

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

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

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

Emerging Market Risk--The risk that the emerging market, as defined in the
glossary, may be more sensitive to certain economic changes. For example,
emerging market countries are often dependent on international trade and are
therefore often vulnerable to recessions in other countries. They may have
obsolete financial systems, have volatile currencies and may be more
sensitive than more mature markets to a variety of economic factors. Emerging
market securities may also be less liquid than securities of more developed
countries and could be difficult to sell, particularly during a market
downturn.

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, 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.

28
<PAGE>

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

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

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

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.

29
<PAGE>

General Investment Risks (Cont'd)

Investment Practice/Risk

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.

These investment practices and risks are common to all the Funds:

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
Investment Practice Risk
- ----------------------------------------------------------------------------------
<S> <C>
Floating and Variable Rate Debt
Instruments with interest rates that are adjusted either Interest Rate and
on a schedule or when an index or benchmark changes. Credit Risk
- ----------------------------------------------------------------------------------
Repurchase Agreements
A transaction in which the seller of a security agrees Credit and
to buy back a security at an agreed upon time and price, Counter-Party Risk
usually with interest.
- ----------------------------------------------------------------------------------
Other Mutual Funds
The temporary investment in shares of another mutual Market Risk
fund. A pro rata portion of the other fund's expenses,
in addition to the expenses paid by the Funds, will be
borne by Fund shareholders.
- ----------------------------------------------------------------------------------
Foreign Securities
Securities issued by a non-U.S. company or debt of a Information, Political,
foreign government in the form of an American Regulatory,
Depositary Receipt or similar instrument. Diplomatic, Liquidity
and Currency Risk
- ----------------------------------------------------------------------------------
Privately Issued Securities
Securities that are not publicly traded but which may or Liquidity Risk
may not be resold in accordance with Rule 144A of the
Securities Act of 1933.
- ----------------------------------------------------------------------------------
Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers Credit, Counter-Party
and financial institutions to increase return on those and Leverage Risk
securities. Loans may be made up to 1940 Act limits
(currently 33 1/3% of total assets).
- ----------------------------------------------------------------------------------
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk
purposes to meet shareholder redemptions.
- ----------------------------------------------------------------------------------
</TABLE>

30
<PAGE>

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

These investment practices and risks are common to the Equity and Allocations
Funds:

-------------------------------
FUND BY FUND RISK GRID INSERTED
HERE
-------------------------------

31
<PAGE>

Organization and Management of the Funds

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.

32
<PAGE>

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

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

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

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

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

33
<PAGE>

Organization and Management of the Funds (Cont'd)

Fund
----
Disciplined Growth Fund 0.75%
Equity Value Fund 0.75%
Index Fund 0.15%
International Equity Fund 1.20%
Large Company Growth Fund 1.00%
Small Cap Opportunities Fund 0.90%
Small Cap Value Fund 0.90%
Small Company Growth Fund 0.90%

The Diversified Equity, Diversified Small Cap, Growth Equity and International
Funds are gateway Funds that invest in various core portfolios. Wells Fargo
Bank is entitled to receive an investment advisory fee of .25% of each Fund's
average annual net assets for providing advisory services, including the
determination of the asset allocations of each Fund's investments in various
core portfolios. Wells Fargo Bank also acts as the Advisor to, and is entitled
to receive a fee from, each core portfolio. The total amount of investment
advisory fees paid to Wells Fargo Bank as a result of a Fund's investments
varies depending on the Fund's allocation of assets among the various core
portfolios. The charts below lists the advisory fees charged at the core level
for each core portfolio in which the Funds invest.

<TABLE>
<CAPTION>
-------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
-------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
-------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------------------------

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

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

34
<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
-------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
-------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------------------------

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

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

<TABLE>
<CAPTION>
-------------------------------------------------------------------------
GROWTH EQUITY FUND
-------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
-------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------------------------

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

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

<TABLE>
<CAPTION>
-------------------------------------------------------------------------
INTERNATIONAL FUND
-------------------------------------------------------------------------
Core Portfolio Advisory Fee Sub-Advisor
-------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------------------------

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

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

35
<PAGE>

36
<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 Net Asset Value ("NAV") of each class of the Funds' shares
each business day as of the close of regular trading on the NYSE. We
determine the NAV by subtracting the Fund class's liabilities from its
total assets, and then dividing the result by the total number of
outstanding shares of that class. Each Fund's assets are generally valued
at current market prices. See the Statement of Additional Information for
further disclosure.

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

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

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

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

. $2,000,000 per Fund minimum initial investment.

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

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

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

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

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

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

37
<PAGE>

Your Account (Cont'd)

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.

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

. We reserve the right to delay payment of a redemption for up to 15 days so
that we may be reasonably certain that investments made by check have been
collected. Payments of redemptions also may be delayed under extraordinary
circumstances or as permitted by the SEC in order to protect remaining
shareholders. Payments of redemptions also may be delayed up to seven days
under normal circumstances, although it is not our policy to delay such
payments.

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

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

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

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

. 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.

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

. You may make exchanges only between like share classes.

38
<PAGE>

Additional Services and Other Information

TABLE OF PREDECESSORS

The chart below indicates the predecessor Stagecoach and Norwest Advantage
Funds.

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
Wells Fargo Funds Trust Predecessor Funds
- -----------------------------------------------------------------------------------------------------
<S> <C>
Diversified Equity Fund Norwest Advantage Diversified Equity Fund
- -----------------------------------------------------------------------------------------------------
Disciplined Growth Fund Performa Disciplined Growth Fund
- -----------------------------------------------------------------------------------------------------
Diversified Small Cap Fund Norwest Advantage Diversified Small Cap Fund
- -----------------------------------------------------------------------------------------------------
Equity Value Fund Stagecoach Equity Value Fund
- -----------------------------------------------------------------------------------------------------
Growth Equity Fund Norwest Advantage Growth Equity Fund
- -----------------------------------------------------------------------------------------------------
Index Fund Norwest Advantage Index Fund
- -----------------------------------------------------------------------------------------------------
International Equity Fund Stagecoach International Equity Fund
- -----------------------------------------------------------------------------------------------------
International Fund Norwest Advantage International Fund
- -----------------------------------------------------------------------------------------------------
Large Company Growth Fund Norwest Advantage Large Company Growth Fund
- -----------------------------------------------------------------------------------------------------
Small Cap Opportunities Fund Norwest Advantage Small Cap Opportunities Fund
- -----------------------------------------------------------------------------------------------------
Small Cap Value Fund Performa Small Cap Value Fund
- -----------------------------------------------------------------------------------------------------
Small Company Growth Fund Norwest Advantage Small Company Growth Fund
- -----------------------------------------------------------------------------------------------------
</TABLE>

39
<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.

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

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

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

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

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

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

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

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

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

40
<PAGE>

Glossary (Cont'd)

Emerging Markets
Markets associates with a country that is considered by international financial
organizations, such as the International Finance Corporation and the
International Bank for Reconstruction and Development, and the international
financial community to have an "emerging" stock market. Such markets may be
under-capitalized, have less-developed legal and financial systems or may have
less stable currencies than markets in the developed world.

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

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

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

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

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

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

41
<PAGE>

Glossary (Cont'd)

Moody's
A nationally recognized ratings organization.

Nationally Recognized Rating Organization (NRRO)
A company that examines the ability of a bond issuer to meet its obligations and
which rates the bonds accordingly.

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

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.

42
<PAGE>

Glossary (Cont'd)

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

S&P, S&P 500 Index
Standard and Poors, a nationally recognized ratings organization. S&P also
publishes various indexes or lists of companies representative of sectors of the
U.S. economy.