WELLS FARGO FUNDS TRUST, 485APOS, 2000-05-10

WELLS FARGO FUNDS TRUST
485APOS, 2000-05-10

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<S><C><C>
As filed with the Securities and Exchange Commission
on May 10, 2000
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. 10 x
-----

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
------
Amendment No. 11 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
Example of Expenses
4 Objectives and Principal Strategies
Important Risks
See Individual Fund Summaries
General Investment Risks
5 Not applicable
6 Organization and Management of the Funds
7 Your Account
How to Buy Shares
How to Sell Shares
Exchanges
Dividends and Distributions
Taxes
8 Distribution Plan
Exchanges
9 See Individual Fund Summaries

Part B Statement of Additional Information Captions

10 Cover Page and Table of Contents
11 Historical Fund Information
Cover Page
12 Investment Restrictions
Additional 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. 10 (the "Amendment") to the
Registration Statement of Wells Fargo Funds Trust (the "Trust") is being filed
to register the new Technology, [Nasdaq 100 Tilt], and Nebraska Tax-Free Funds,
and to make certain other non-material changes to the prospectuses and
statements of additional information for these funds.

<PAGE>

42
JULY 24, 2000

Wells Fargo Stock Funds
Prospectus

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

Technology Fund These securities have not been approved
Class A, Class B, or disapproved by the U.S. Securities and
and Class C Exchange Commission ("SEC"),
nor has the SEC passed upon the
accuracy or adequacy of this Prospectus.
Any representation to the contrary is a
criminal offense.

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

<PAGE>

INSIDE FRONT COVER

<PAGE>

TABLE OF CONTENTS

Overview Objective and Principal
Strategies
This section contains Summary of Important Risks
important summary Summary of Expenses
information about the Key Information
Funds.

The Funds Technology Fund
General Investment Risks
This section contains Organization and Management
important information of the Fund
about the individual
Funds.

Your Investment A Choice of Share Classes
Reduced Sales Charges
Turn to this section for Exchanges information on how to Your Account open an
account and how How to Buy Shares to buy, sell and exchange How to Sell Shares
Fund shares.

Additional Services and
Other Information
Glossary

<PAGE>

Wells Fargo Technology Fund Overview

Objective
Seeks long-term capital appreciation.

Principal Strategies
We normally invest at least 65% of the Fund's total assets in domestic and
foreign technology companies. Technology companies are companies with revenues
primarily generated in relation to technology products and services.
Technology-related industries include the computer, software, communications
equipment and services, semi-conductor, healthcare, biotechnology and defense
and aerospace industries.

Summary of Important Risks

This section summarizes important risks that are common to the Fund described
in this Prospectus, and important risks that relate specifically to the Fund.
Both are important to your investment choice. Additional information about
these and other risks is included in:

o the individual Fund Descriptions later in this Prospectus; o under the
"General Investment Risks" section beginning on page 11; and o in the Fund's
Statement of Additional Information.

An investment in a Fund is not a deposit of Wells Fargo Bank and is not
insured or guaranteed by the FDIC or any other government agency. It is
possible to lose money by investing in a Fund.

Common Risks for the Fund

Equity Securities. The Fund invests 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 the Fund's portfolio. Certain types of
stock and certain individual stocks selected for the Fund's portfolio may
underperform or decline in value more than the overall market. The Fund
invests in foreign companies (including investments made through American
Depositary Receipts and similar instruments), which are subject to additional
risks, including less liquidity and greater price volatility. The Fund's
investment in foreign companies is also subject to special risks associated
with international investing, including currency, political, regulatory,
information and diplomatic risks.

Fund-Specific Risks

The Fund invests a relatively high percentage of its assets in a limited
number of issuers and is therefore considered to be non-diversified.
Non-diversified funds are more susceptible to financial, market or economic
events affecting the particular issuers and industry sectors in which it
invests. The Fund invests in domestic and foreign securities of technology
companies. Technology company stocks are highly volatile, and a portfolio
invested in these securities has a higher degree of risk associated with it
than more broadly invested equity funds. Investments in smaller, "start-up"
companies may suffer more significant losses - as well as realize more
substantial growth - than larger or more established issuers. Significant
losses may result from lack of depth of management, inability to generate
funds necessary for growth or potential development, and competition from
larger or more established companies. Smaller or newer companies may have
more limited trading markets, and may be subject to wide price fluctuations.
Foreign company stocks involve special risks, including generally higher
commission rates, and 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.

Performance History

The Fund has been in operation for less than one calendar year, and therefore
the performance information shown represents performance of the Dresdner RCM
Global Technology Fund, an open end management investment company operated by
the Fund's sub-advisor in a substantially identical manner to this Fund.

[BAR CHART]

Total Returns for Period Ended 12/31/991

1996 26.41%
1997 27.08%
1998 61.05%
1999 182.58%

Annualized
--------------------------
4th Qtr Since
1999 1 Yr 3 Yr Inception
Global Technology Fund Class I2 82.82% 182.95% 79.85% 64.43%
Global Technology Fund Class N 82.74% 182.58% 79.50% 64.38%
Lipper Science & Technology Fund Index 57.13% 113.90% 50.22% 40.88%

Performance data quoted represents past performance. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.

<PAGE>

Summary of Expenses

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

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

Technology Technology Fund Technology
Shareholder Fees Fund Fund
--------------- ---------------- --------------
Class A Class B Class C
- --------------------------------------
--------------- ---------------- --------------
Maximum 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 the lower of None 5.00% 1.00%
the Net Asset Value ("NAV") at
purchase or the NAV at redemption)
- -------------------------------------- --------------- ---------------- --------------

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

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

Technology Fund
---------------------------
--------- -------- --------
Class Class Class
A B C
- -----------------------
--------- -------- --------
Management Fees 1.10% 1.10% 1.10%
- ----------------------- --------- -------- --------
- ----------------------- --------- -------- --------
Distribution (12b-1) 0.00% 0.75% 0.75%
Fees
- ----------------------- --------- -------- --------
Other Expenses1 0.96% 0.96% 0.96%
- ----------------------- --------- -------- --------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 2.06% 2.81% 2.81%
- ----------------------- --------- -------- --------
Fee Waivers2 0.31% 0.31% 0.31%
- ----------------------- --------- -------- --------
NET EXPENSES 1.75% 2.50% 2.50%
- ----------------------- --------- -------- --------

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

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

2 Fee waivers are contractual and apply for a minimum of one year from the
commencement of operations of the Fund and remain in effect thereafter until
such time as the Board of Trustees acts to reduce or eliminate such waivers.

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

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

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

===============
Technology Fund
------------------------
------- ------- --------
Class Class Class
A B C
- ---------------
------- ------- --------
1 YEAR $ $ $353
743 753
- --------------- ------- ------- --------
3 YEARS $1,155 $1,142 $842
- --------------- ------- ------- --------

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:

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

Technology Fund
------------------------
------- ------- --------
Class Class Class
A B C
- ---------------
------- ------- --------
1 YEAR $ $253 $253
743
- --------------- ------- ------- --------
3 YEARS $1,155 $842 $842
- --------------- ------- ------- --------

<PAGE>

Key Information

Important information you should look for as you decide to invest in a Fund:
The summary information on the previous pages is designed to provide you with an
overview of the Fund. The sections that follow provide more detailed information
about the investments and management of the Fund.

Investment Objective and Investment Strategies
The investment objective of the Fund in this Prospectus is non-fundamental, that
is, it can be changed by a vote of the Board of Trustees alone. The objectives
and strategies descriptions for the Fund tell you: o what the Fund is trying to
achieve; o how we intend to invest your money; and o what makes a Fund different
from the other Funds offered in this Prospectus.

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

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

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

<PAGE>

Technology Fund

Investment Advisor: Wells Fargo Bank, N.A.

Investment Sub-Advisor: Dresdner RCM Global Investors LLC

Investment Objective
The Technology Fund seeks long term capital appreciation by investing in
domestic and foreign equity securities of technology companies.

Investment Strategies
We actively manage a non-diversified portfolio of equity securities of
technology companies operating (organized or headquartered) in at least three
countries, including the U.S. Technology companies are companies with revenues
primarily generated in relation to technology products and services.
Technology-related industries include the computer, software, communications
equipment and services, semi-conductor, healthcare, biotechnology and defense
and aerospace industries.

We evaluate the fundamental value and prospects for growth of individual
companies and focus on technology companies that we expect will have higher than
average rates of growth and strong potential for capital appreciation. We
develop forecasts of economic growth, inflation, and interest rates that we use
to identify regions and individual countries that are likely to offer the best
investment opportunities.

Permitted Investments
Under normal market conditions, we invest:

o primarily in equity securities of companies operating (organized or
headquartered) in at least three countries, including the U.S.; o up to 50% of
total assets in foreign securities; o up to 25% of total assets in any one
foreign country, although investments in Japan may exceed this limitation; o in
issuers with an average market capitalization of $500 million or more, although
we may invest up to 15% of total assets in
equity securities of issuers with market capitalization below $100 million; and
o in equity securities including common stocks, and preferred stocks, and in
warrants, convertible debt securities, American Depositary Receipts
("ADRs"), Government Depositary Receipts ("GDRs") (and similar
instruments), shares of other mutual funds, and regular shares of foreign
companies traded and settled on U.S. exchanges and over-the-counter
markets.

We may 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 temporary 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 long term capital
appreciation.

Important Risk Factors
The Fund reserves the right to concentrate its investments in a single industry
or industries, typically technology and technology-related companies. In the
past, technology common stocks have experienced extreme price and volume
fluctuations that have often been unrelated to the operating performance of such
companies, and a portfolio invested in these securities has a higher degree of
risk associated with it than more broadly invested equity funds. Non-diversified
funds are more susceptible to financial, market or economic events affecting the
particular issuers and industry sectors in which it invests.

Because the Fund focuses its investments in technology companies, it will be
more susceptible than more diversified funds to market and other conditions
affecting technology companies. In the past, technology common stocks have
experienced extreme price and volume fluctuations that have often been unrelated
to the operating performance of such companies, and a portfolio invested in
these securities has a higher degree of risk associated with it than more
broadly invested equity funds. 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. Larger investments in any
single country would make the Fund's value more sensitive to economic, currency
and regulatory changes within that country.

You should consider the "Summary of Important Risks" section on page 4, the
"General Investment Risks" section beginning on page 11, and the specific risks
listed here. They are all important to your investment choice.

<PAGE>

General Investment Risks

Understanding the risks involved in mutual fund investing will help you make an
informed decision that takes into account your risk tolerance and preferences.
You should carefully consider the risks common to investing in all mutual funds,
including the Wells Fargo Funds. Certain common risks are identified in the
"Summary of Important Risks" section on page 4. Other risks of mutual fund
investing include the following:

o Unlike bank deposits, such as CDs or savings accounts, mutual funds are not
insured by the FDIC. o We cannot guarantee that we will meet our investment
objectives.
o 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.
o 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. This is known as price volatility.
o Investing in any mutual fund, including those deemed conservative, involves
risk, including the possible loss of any money you invest.
o An investment in a single Fund, by itself, does not constitute a complete
investment plan.
o The Technology Fund invests in smaller companies, foreign companies
(including investments made through ADRs and similar instruments) and is
subject to additional risks, including less liquidity and greater price
volatility. A Fund's investment in foreign securities may also be subject
to special risks associated with international trade, including currency,
political, regulatory and diplomatic risk.
o 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.

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

What follows is a general list of the types of risks (some of which are
described previously) that may apply to a given Fund and a table showing some of
the additional investment practices that the 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.

Concentration Risk -- The risk that investing portfolio assets in a single
industry or industries exposes the portfolio to greater loss from adverse
changes affecting the industry.

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.

General Investment Risks (Cont'd)

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 at the time desired, or
cannot be sold without adversely affecting the price.

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

Non-Diversification Risk -- The risk that, because the proportion of a
non-diversified fund's assets that may be invested in the securities of a single
issuer is not limited by the Investment Company Act of 1940 (the "1940 Act"),
greater investment in a single issuer makes a fund more susceptible to
financial, economic or market events impacting the issuer. (A "diversified"
investment company is required by the 1940 Act generally, with respect to 75% of
its total assets, to invest not more than 5% of such assets in the securities of
a single issuer.)

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

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

<PAGE>

General Investment Risks (Cont'd)

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

Investment Practice/Risk

The following table lists some of the additional investment practices of the
Fund, including some not disclosed in the Investment Objective and Investment
Strategies sections of the Prospectus. The risks indicated after the description
of the practice are NOT the only potential risks associated with that practice,
but are among the more prominent. Market risk is assumed for each. See the
Investment Objective and Investment Strategies for the 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 the Fund remains within the parameters of its
objective.

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

---
TECHNOLOGY
- --------------------------------------------------- ------------------ ---
Investment Practice Risk
- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------

<PAGE>

General Investment Risks (Cont'd)

---
TECHNOLOGY
- --------------------------------------------------- ------------------ ---
Investment Practice Risk

- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------ ---
Foreign Securities
Equity securities issued by a non-U.S. company or Information,
debt securities of a non-U.S. company foreign Political, o
government. Foreign securities may also be Regulatory,
emerging market securities, which are subject to Diplomatic,
the same risks, but to a higher degree. Liquidity and
Currency Risk
- --------------------------------------------------- ------------------ ---

<PAGE>

- --------------------------------------------------- ------------------ ---
Forward Commitment, When-Issued and Delayed
Delivery Transactions
Securities bought or sold for delivery at a later Interest Rate, o
date or bought or sold for a fixed price at a Leverage, Credit
fixed date. and
Experience Risk
- --------------------------------------------------- ------------------ ---
- --------------------------------------------------- ------------------ ---
Illiquid Securities
A security that cannot be readily sold, or cannot Liquidity Risk be readily sold
without negatively affecting its o fair price. Limited to 15% of total assets.
---
- --------------------------------------------------- ------------------ ---
Loans of Portfolio Securities
The practice of loaning securities to brokers, Credit, dealers and financial
institutions to increase Counter-Party o return on those securities. Loans may
be made up and Leverage Risk to Investment Company of 1940 limits (currently
one-third of total assets including the value of collateral received).
---
- --------------------------------------------------- ------------------ ---
Options
The right or obligation to receive or deliver a Credit,
security or cash payment depending on the Information o
security's price or the performance of an index and Liquidity
or benchmark. Types of options used may Risk
include: options on securities, options on a
stock index, stock index futures and options on
stock index futures to protect liquidity and
portfolio value.
---
- --------------------------------------------------- ------------------ ---
Other Mutual Funds
A pro rata portion of the other fund's expenses, Market Risk in addition to the
expenses paid by the Fund, may o be borne by Fund shareholders.
- --------------------------------------------------- ------------------ ---

<PAGE>

General Investment Risks (Cont'd)

---
TECHNOLOGY
- --------------------------------------------------- ------------------ ---
Investment Practice Risk

- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------ ---
Repurchase Agreements
A transaction in which the seller of a security Credit and o
agrees to buy back a security at an agreed upon Counter-Party
time and price, usually with interest. Risk
- --------------------------------------------------- ------------------ ---
Privately Issued Securities
Securities that are not publicly traded but which Liquidity Risk may or may not
be resold in accordance with Rule o 144A under the Securities Act of 1933.
- --------------------------------------------------- ------------------ ---
Small Company Securities Market, The risk that investments in small companies
may Experience and o be more volatile than investments in larger Liquidity Risk
companies.
- --------------------------------------------------- ------------------ ---

<PAGE>

Organization and Management of the Fund

A number of different entities provide services to the Fund. This section shows
how the Fund is 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 Fund.

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

<PAGE>

Organization and Management of the Fund (Cont'd)

------------------------------------------------------------------------------------
BOARD OF TRUSTEES
------------------------------------------------------------------------------------
Supervises the Fund's activities
------------------------------------------------------------------------------------

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

------------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
------------------------------------------------------------------------------------
Dresdner RCM Global Investors LLC
Four Embarcadero Center,
San Francisco, CA
Manages the Fund's investment activities

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

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

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
-------------------- ----------------------- ----------------------- ---------------

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

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

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

<PAGE>

Organization and Management of the Fund (Cont'd)

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security analysis
services as the advisor for each of the Fund. Wells Fargo Bank, founded in 1852,
is the oldest bank in the western United States and is one of the largest banks
in the United States. Wells Fargo Bank is a wholly owned subsidiary of Wells
Fargo & Company, a national bank holding company. As of March 31, 2000, Wells
Fargo Bank and its affiliates provided advisory services for over $131 billion
in assets. For providing these services, Wells Fargo Bank is entitled to receive
fees as described in the "Summary of Expenses" section at the front of this
Prospectus.

The Sub-Advisor
Dresdner RCM Global Investors LLC ("Dresdner"), an indirect wholly owned
subsidiary of Dresdner Bank AG, is the sub-advisor for the Technology Fund.
Dresdner provides investment supervisory services to institutional and
individual clients and, as of March 31, 2000, managed over $51 billion in
assets.

The Administrator
Wells Fargo Bank provides the Fund with administration services, including
general supervision of the Fund's operation, coordination of the other services
provided to the 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 the Fund's
business. For providing these services, Wells Fargo Bank is entitled to receive
a fee of 0.15% of the average annual net assets of the Fund.

Shareholder Servicing Plan
We have a shareholder servicing plan for the 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, the Fund pays 0.25% of its average net assets.

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

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

o 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.

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

The choice between share classes of a single fund 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 similar to Class B shares, with some important differences.
Unlike Class B shares, Class C shares do not convert to Class A shares. The
higher on-going expenses will be assessed as long as you hold the shares. The
choice between Class B and Class C shares may depend on how long you intend to
hold Fund shares before redeeming them.

Orders for Class B shares of more than $250,000 are either treated as orders for
Class A shares or they will be refused. For Class C shares, orders of $1,000,000
or more, including purchases made which because of a right of accumulation or
letter of intent would qualify for the purchase of Class A shares without an
initial sales charge, are also either treated as orders for Class A shares or
they will be refused.

Please see the expenses listed for each class of the Technology 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 NAV plus the applicable sales charge. 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.

<PAGE>

- ---------------------------------------------------------------------------------------
CLASS A SHARES LISTED IN THIS PROSPECTUS
HAVE THE FOLLOWING SALES CHARGE SCHEDULE:
- ------------------------------ ---------------------------- ---------------------------
FRONT-END SALES FRONT-END SALES
CHARGE AS % CHARGE AS %
AMOUNT OF PUBLIC OF AMOUNT
OF PURCHASE OFFERING PRICE INVESTED
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------

- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
Less than $50,000 5.75% 6.10%
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
$50,000 to $99,999 4.75% 4.99%
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
$100,000 to $249,999 3.75% 3.90%
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
$250,000 to $499,999 2.75% 2.83%
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
$500,000 to $999,999 2.00% 2.04%
- ------------------------------ ---------------------------- ---------------------------
- ------------------------------ ---------------------------- ---------------------------
$1,000,000 and over1 0.00% 0.00%
- ------------------------------ ---------------------------- ---------------------------

1We 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, unless the dealer of record
waived its commission with the Fund's approval. Charges are based on the lower
of the NAV on the date of purchase or the date of redemption.

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

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

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 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.

<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

o You pay no sales charges on Fund shares you buy with reinvested distributions.
o 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.
o 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.
o 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.
o You pay no sales charges on Fund shares you purchase with the proceeds of a
redemption of either Class A or Class B shares within 120 days of the date
of redemption.
o 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:

o a family unit, consisting of a husband and wife and children under the age of
twenty-one or single trust estate; o a trustee or fiduciary purchasing for a
single fiduciary relationship; or o the members of a "qualified group" which
consists of a "company" (as defined in the Investment Company Act of 1940, as
amended
("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:
o You pay no CDSC on Funds shares you purchase with reinvested distributions.
o We waive the CDSC for all redemptions made because of scheduled (Rule 72T
withdrawal schedule) or mandatory (withdrawals made after age 70 1/2
according to IRS guidelines) distributions for certain retirement plans.
(See your retirement plan disclosure for details.)

Reduced Sales Charges (Cont'd)

o 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.)
o 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.
o We waive the Class B share CDSC for withdrawals made by former Norwest
Advantage Fund shareholders in certain qualified accounts up to certain
units. (See the Statement of Additional Information for further details.)
o We waive Class C share CDSC for certain types of accounts.

For Class B shares purchased 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:
o withdrawals are made by participating in the Systematic Withdrawal Plan;
o withdrawals may not exceed 10% of your fund assets (including "free
shares") annually based on your anniversary date in the Systematic
Withdrawal Plan; and
o you must participate in the dividend and capital gain reinvestment program.

Waivers 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: o Current and retired employees, directors and officers of:
o Wells Fargo Funds and its affiliates; o Wells Fargo Bank, Norwest Bank and
their affiliates; o Stephens and its affiliates; o Broker-Dealers who act as
selling agents; and o Certain service providers to the Wells Fargo Funds. o and
the families of any of the above. Contact your selling agent for further
information.

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 a Distribution Plan ("Plan") pursuant to Rule 12b-1 for the
Class B and Class C shares of the Technology Fund. The Plan authorizes the
payment of all or part of the cost of preparing and distributing Prospectuses
and distribution-related services including ongoing compensation to selling
agents. The Plan also provides that, if and to the extent any shareholder
servicing payments are recharacterized as payments for distribution-related
services, they are approved and payable under the distribution plan. The Class B
and Class C shares each pay 0.75% of average daily net assets on an annual
basis.

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

<PAGE>

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:

o You may make exchanges between like share classes. You may also exchange
from any Class C shares into the Money Market Fund Class A shares.
Exchanged shares retain any applicable CDSC upon redemption.
o You should carefully read the Prospectus for the Fund into which you wish to
exchange.
o Every exchange involves selling Fund shares and such sale may produce a
capital gain or loss for federal income tax purposes. o 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. o Any exchange between Funds you already
own must meet the minimum redemption and subsequent purchase amounts for the
Fund involved. o 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.
o Exchanges from any share class to a money market fund can only be re-exchanged
for the original share class. o In order to discourage excessive exchange
activity that could result in additional expenses and lower returns for the
fund, the
fund may restrict or refuse exchanges from market timers. You may be
considered a market timer if you completed more than one exchange within a
3 month period, or seem to be following a timing pattern.
o 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.

<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
o 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.
o We determine the NAV of each class of the Fund's 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 information.
o We process requests to buy or sell shares of the Fund 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 Fund may close early and may value its 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.
o The Fund is 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
o By opening an account directly with the Fund (simply complete and return a
Wells Fargo Funds Application with proper payment); o Through a brokerage
account with an approved selling agent; or o Through certain retirement,
benefits and pension plans, or through certain packaged investment products
(please see the providers
of the plan for instructions).

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

We may waive the minimum for the Fund 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.

<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.

- -------------------------------------------------------------
--------------------------
IF YOU ARE BUYING ADDITIONAL SHARES:
- ------------------------------------------------------------- --------------------------
Make a check payable to the full name and share class of Mail to:
your Fund for at least $100. Be sure to write your account Wells Fargo Funds
number on the check as well. PO Box 8266
Boston, MA
- -------------------------------------------------------------
Enclose the payment stub/card from your statement if 02266-8266 available.
- ------------------------------------------------------------- --------------------------

<PAGE>

Your Account (Cont'd)

- ----------------------------------------------------------------------------------------
BY WIRE
- ----------------------------------------------------------------------------------------
IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
--------------------------
- -------------------------------------------------------------
If you do not currently have an account, complete a Wells Mail Application to:
Fargo Funds Application. You must wire at least $1,000. Wells Fargo Funds
Be sure to indicate the Fund name and the share class into P.O. Box 8266
which you intend to invest. Boston, MA
02266-8266
- -------------------------------------------------------------
Mail the completed Application.
- -------------------------------------------------------------
You must first call BFDS at 1-800-222-8222 to notify them of an incoming wire
trade.
- -------------------------------------------------------------
Wire money to:
Wells Fargo Funds
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)
--------------------------

<PAGE>

===================================================================================
Your Account (Cont'd)
===================================================================================

- ------------------------------------------------------------- --------------------------
IF YOU ARE BUYING ADDITIONAL SHARES:
- ------------------------------------------------------------- --------------------------
Instruct your wiring bank to transmit at least $100 Wire to:
according to the instructions given to the right. Be sure Wells Fargo Funds
to have the wiring bank include your current account number c/o State Street Bank
and the name 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)
--------------------------

<PAGE>

Your Account (Cont'd)

- ----------------------------------------------------------------------------------------
BY PHONE
- ----------------------------------------------------------------------------------------
IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
--------------------------
- -------------------------------------------------------------
You can only make your first purchase of a Fund by phone if you already have an
existing Wells Fargo Funds Account.
Call:
- -------------------------------------------------------------
Call Investor Services and instruct the representative to 1-800-222-8222
either:
o transfer at least $1,000 from a linked settlement
account, or
o exchange at least $1,000 worth of shares from an existing Wells Fargo Fund.
Please see "How to Exchange Shares" section for special rules.
--------------------------
- -------------------------------------------------------------

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

HOW TO SELL 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. Wells Fargo Funds Please call
Investor Services regarding requirements for PO Box 8266 linking bank accounts
or for wiring funds. We reserve the Boston, MA right to charge a fee for wiring
funds although it is not 02266-8266 currently our practice to do so.
- -------------------------------------------------------------
Signature Guarantees are required for mailed redemption requests over $50,000,
or if the address on your account was changed within the last 60 days. You can
get a signature guarantee at financial institutions such as a bank or brokerage
house. We do not accept notarized signatures.
- ------------------------------------------------------------- --------------------------

<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 Call:
not 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 30 days.
- ------------------------------------------------------------- --------------------------

- ----------------------------------------------------------------------------------------
GENERAL NOTES FOR SELLING SHARES
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
We determine the NAV of the Fund each day as of the close of regular trading on
the NYSE, which is generally 1:00 p.m. (Pacific time)/3:00 p.m. (Central time).
If any of the markets for the Fund close early, the Fund may close early, and
may value its 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 may be special requirements that supersede the directions in this
Prospectus.
- ----------------------------------------------------------------------------------------
We reserve the right to delay payment of a redemption so that we may be
reasonably certain that investments made by check 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.
- ----------------------------------------------------------------------------------------

<PAGE>

Additional Services and Other Information

Automatic Programs
These programs help you conveniently purchase and/or redeem shares each month.
Once you select a Plan, tell us the day of the month you would like the
transaction to occur. If you do not specify a date, we will process the
transaction on or about the 25th day of the month. Call Investor Services at
1-800-222-8222 for more information.

o Systematic Purchase Plan - With this program, you can regularly purchase
shares of a Wells Fargo Fund with money automatically transferred from a
linked bank account. Simply select the Fund you would like to purchase and
specify an amount of at least $100.

o Systematic Exchange Plan - With this program, you can regularly exchange
shares of a Wells Fargo Fund you own for shares of another Wells Fargo
Fund. The exchange amount must be at least $100. See the "Exchanges"
section of this Prospectus for the conditions that apply to your shares.
This feature may not be available for certain types of accounts.

o Systematic Withdrawal Plan - With this program, you can regularly redeem
shares and receive the proceeds by check or by transfer to a linked bank
account. Simply specify an amount of at least $100. To participate in this
program, you:
o must have a Fund account valued at $10,000 or more; o must have your
distributions reinvested; and o may not simultaneously participate in the
Systematic Purchase Plan.

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

Dividend and Capital Gain Distributions
The Fund in this Prospectus pay any dividends and capital gains distributions at
least annually.

We offer the following distribution options:

o 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.

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

Additional Services and Other Information (Cont'd)

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

Remember, distributions have the effect of reducing the NAV per share by the
amount distributed.

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 Fund 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 Fund 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 the 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.

Backup Withholding
The Trust may be required to withhold, subject to certain exemptions, at a
rate of 31% ("backup withholding") on all distributions and redemption
proceeds (including proceeds from exchanges and redemptions in-kind) paid or
credited to an individual Fund shareholder, unless the shareholder certifies
that the "taxpayer identification number" ("TIN") provided is correct and that
the shareholder is not subject to backup withholding, or the IRS notifies the
Trust that the shareholder's TIN is incorrect or that the shareholder is
subject to backup withholding. Such tax withheld does not constitute any
additional tax imposed on the shareholder, and may be claimed as a tax payment
on the shareholder's Federal income tax return. An investor must provide a
valid TIN upon opening or reopening an account. Failure to furnish a valid TIN
to the Trust also could subject the investor to penalties imposed by the IRS.

<PAGE>

Glossary

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

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

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 the 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 BB or lower by S&P or Ba 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 Fund.

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."
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 Fund' total assets.

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

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.

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.

Glossary (Cont'd)

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.

Options
An option is the right to buy or sell a security based on an agreed upon price
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.

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.

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

Glossary (Cont'd)

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 Fund' 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.

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

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

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

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

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.

<PAGE>

WELLS FARGO FUNDS

You may wish to review the following document:

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

This document is available free of charge: Call 1-800-222-8222, or Write to:
Wells Fargo Funds
PO Box 8266
Boston, MA 02266-8266

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)

Additional services questions can be answered by calling your specific product
group at Wells Fargo Bank: Wells Fargo Checking and Savings: 1-800-869-3557
Next Stage IRA or Stagecoach IRA: 1-800-237-8472
Portfolio Advisor - 1-877-689-7882

========================= --------------------------------------------------
ICA Reg. No. 811-09253 NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE WFFT T P (7/00)
--------------------------------------------------

<PAGE>

26
JULY 24, 2000

Wells Fargo Stock Funds
Prospectus

Please read this Prospectus and keep it for future
reference. It is designed to provide you with
important information and to help you decide if the
Funds goals match your own.

Nasdaq 100 Tilt Fund These securities have not been approved
Class O or disapproved by the U.S. Securities and
Exchange Commission ("SEC"),
nor has the SEC passed upon the
accuracy or adequacy of this Prospectus.
Any representation to the contrary is a
criminal offense.

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

<PAGE>

TABLE OF CONTENTS

Overview Objective and Principal
Strategy
This section contains Summary of Important Risks
important summary Summary of Expenses
information about the Key Information
Fund.

The Fund
Nasdaq 100 Tilt Fund
This section contains General Investment Risks
important information Organization and Management
about the Fund. of the Fund

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

Reference Additional Services and
Other Information
Look here for Glossary
additional information
and term definitions

<PAGE>

Nasdaq 100 Tilt Fund Overview

See the individual Fund description in this Prospectus for further details.

Objective
Seeks long-term capital appreciation.

Principal Strategy
We invest in Nasdaq listed securities that are experiencing positive earnings
estimate revisions and price momentum, and that we believe are likely to report
positive earnings above market expectations. We evaluate companies primarily
based on these measures to determine our stock selection and weighting strategy.

<PAGE>

Summary of Important Risks

This section summarizes important risks for the Fund described in this
Prospectus. Additional information about these and other risks is included
in:

o the individual Fund Description later in this Prospectus; o under the "General
Investment Risks" section beginning on page 11; and o in the Fund's Statement of
Additional Information.

An investment in the 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. It is possible to lose money by investing in the
Fund.

Common Risks for the Fund

Fund-Specific Risks

Nasdaq 100 Tilt Fund
The Fund invests a relatively high percentage of its assets in a limited
number of issuers and is therefore considered to be non-diversified. The Fund
invests in securities of technology companies, and concentrates its
investments in a single industry or group of industries within the sector.
Technology company stocks are highly volatile, and a portfolio invested in
these securities has a higher degree of risk associated with it than more
broadly invested equity funds. Non-diversified funds are more susceptible to
financial, market or economic events affecting the particular issuers and
industry sectors in which it invests.

<PAGE>

Performance History

This Fund has been in operation for less than one calendar year, therefore no
performance information is shown.

<PAGE>

Summary of Expenses

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

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

Shareholder Fees Nasdaq 100 Tilt Fund
--------------------------
Class O
- ----------------------------------------------
--------------------------
Maximum sales charge (load)
imposed on purchases (as a percentage of
offering price) None
- ---------------------------------------------- --------------------------
Maximum deferred sales charge (load)
(as a percentage of the lower of the Net None
Asset Value ("NAV") at purchase or the NAV
at redemption)
- ---------------------------------------------- --------------------------

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

Nasdaq 100 Tilt Fund
-----------------------
-----------------------
Class O
- -------------------------------
-----------------------
Management Fee 0.75%
- ------------------------------- -----------------------
- ------------------------------- -----------------------
Distribution (12b-1) Fee 0.00%
- ------------------------------- -----------------------
Other Expenses3 0.83%
- ------------------------------- -----------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.58%
- ------------------------------- -----------------------
Fee Waivers4 0.18%
- ------------------------------- -----------------------
NET EXPENSES 1.40%
- ------------------------------- -----------------------

<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. The examples assume a
fixed rate of return and the fund operating expenses remain the same. Your
actual costs may be higher or lower than those shown.

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

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

Nasdaq 100 Tilt Fund
----------------------------------
----------------------------------
Class O
- -------------------
----------------------------------
1 YEAR $143
- ------------------- ----------------------------------
3 YEARS $481
- ------------------- ----------------------------------

<PAGE>

Key Information

Important information you should look for as you decide to invest in the Fund:
The summary information on the previous pages is designed to provide you with an
overview of the Fund. The sections that follow provide more detailed information
about the investments and management of the Fund.

Investment Objective and Investment Strategies
The investment objective of the Fund in this Prospectus is non-fundamental, that
is, it can be changed by a vote of the Board of Trustees alone. The objective
and strategy descriptions for the Fund tell you: o what the Fund is trying to
achieve; and o how we intend to invest your money.

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

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

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

<PAGE>

Nasdaq 100 Tilt Fund

Investment Adviser: Wells Fargo Bank, N.A.

Investment Sub-Adviser:

Investment Objective

The Nasdaq 100 Tilt Fund seeks long term capital appreciation.

Investment Strategies
We invest our assets in a selection of 70-80 Nasdaq listed common stocks that we
believe represents the best opportunities for optimal performance, and employ an
investment strategy that optimizes a security's representation on the Index
based on performance projections and analysis of fundamental security data. A
majority of our assets will be invested in securities normally found on the
Nasdaq 100 Index.

The Nasdaq 100 Index reflects Nasdaq's largest companies across major industry
groups, primarily from the technology sector, including computer hardware
(38.7%), computer software (33.6%), telecommunications (18.3%), retail/wholesale
trade (3.4%), biotechnology (3.2%), services (1.3%), and healthcare (0.7%).
(These percentages are Nasdaq 100 Index representation as of June 30, 2000.)
Eligibility criteria for the Nasdaq 100 Index includes minimum trading volumes,
trading history on Nasdaq or another exchange, and for foreign securities,
minimum market capitalization requirements. Nasdaq quarterly adjusts the stocks
listed in the Nasdaq 100 Index based on these and other criteria.

Permitted Investments
Under normal market conditions, we invest:

o in a non-diversified portfolio of common stocks selected primarily from
securities listed on the Nasdaq 100 Index; o in stock index futures and options
on stock indexes as a substitute for comparable position in the underlying
securities; and o in index swaps.

Important Risk Factors
The Fund reserves the right to concentrate its investments in a single industry
or industries in which the Nasdaq 100 Index may be concentrated, typically
technology and technology-related companies. In the past, technology common
stocks have experienced extreme price and volume fluctuations that have often
been unrelated to the operating performance of such companies, and a portfolio
invested in these securities has a higher degree of risk associated with it than
more broadly invested equity funds. Non-diversified funds are more susceptible
to financial, market or economic events affecting the particular issuers and
industry sectors in which it invests.

There can be no assurance that our stock selection and investment strategy will
be successful in outperforming the Nasdaq 100 Index. Our ability to outperform
the Nasdaq 100 Index may be affected by, among other things, transaction costs
and shareholder purchases and redemptions.

<PAGE>

General Investment Risks

o Unlike bank deposits, such as CDs or savings accounts, mutual funds are not
insured by the FDIC. o We cannot guarantee that we will meet our investment
objectives.
o We do not guarantee the performance of the 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.
o 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. This is referred to as price volatility.
o Investing in any mutual fund, including those deemed conservative, involves
risk, including the possible loss of any money you invest.
o An investment in a single Fund, by itself, does not constitute a complete
investment plan.
o The Fund 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.

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

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

Concentration Risk -- The risk that investing portfolio assets in a single
industry or industries exposes the portfolio to greater loss from adverse
changes affecting the industry.

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

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.

General Investment Risks (Cont'd)

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

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

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

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

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

<PAGE>

General Investment Risks (Cont'd)

Investment Practice/Risk

The following table lists some of the additional investment practices of the
Fund, including some not already discussed in the Investment Objective and
Investment Strategies sections of the Prospectus. The risks indicated after the
description of the practice are NOT the only potential risks associated with
that practice, but are among the more prominent. Market risk is assumed for
each. See the Investment Objective and Investment Strategies for the 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 the Fund remains within the parameters of its
objective.

---
NASDAQ 100 TILT
- --------------------------------------------------- ------------------ ---
Investment Practice Risk
- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------

- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------ ---
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk o purposes to meet
shareholder redemptions.
- --------------------------------------------------- ------------------ ---
Floating and Variable Rate Debt
Instruments with interest rates that are adjusted Interest Rate o either on a
schedule or when an index or and Credit Risk benchmark changes.
- --------------------------------------------------- ------------------ ---
- --------------------------------------------------- ------------------ ---
Foreign Securities
Equity securities issued by a non-U.S. company or Information,
debt securities of a foreign government in the Political, o
form of an American Depository Receipt or similar Regulatory,
investment. Foreign securities may also be Diplomatic,
emerging market securities, which are subject to Liquidity and
the same risks, but to a higher degree. Currency Risk
- --------------------------------------------------- ------------------ ---

<PAGE>

General Investment Risks (Cont'd)

---
NASDAQ 100 TILT
- --------------------------------------------------- ------------------ ---
Investment Practice Risk

- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------ ---
Illiquid Securities
A security that cannot be readily sold, or cannot Liquidity Risk be readily sold
without negatively affecting its o fair price. Limited to 15% of total assets.
---
- --------------------------------------------------- ------------------ ---
Loans of Portfolio Securities
The practice of loaning securities to brokers, Credit, dealers and financial
institutions to increase Counter-Party o return on those securities. Loans may
be made up and Leverage Risk to Investment Company Act of 1940 limits (currently
one-third of total assets including the value of the collateral received).
---
- --------------------------------------------------- ------------------ ---
Options
The right or obligation to receive or deliver a Credit,
security or cash payment depending on the Information o
security's price or the performance of an index and Liquidity
or benchmark. Types of options used may Risk
include: options on securities, options on a
stock index, stock index futures and options on
stock index futures to protect liquidity and
portfolio value.
---
- --------------------------------------------------- ------------------ ---
Other Mutual Funds
A pro rata portion of the other fund's expenses, Market Risk in addition to the
expenses paid by the Fund, o will be borne by Fund shareholders.
- --------------------------------------------------- ------------------ ---
- --------------------------------------------------- ------------------ ---
Privately Issued Securities
Securities that are not publicly traded but which Credit and o
may or may not be resold in accordance with Rule Counter-Party
144A under the Securities Act of 1933. Risk
- --------------------------------------------------- ------------------ ---
Repurchase Agreements
A transaction in which the seller of a security Liquidity Risk agrees to buy
back a security at an agreed upon o time and price, usually with interest.
- --------------------------------------------------- ------------------ ---

<PAGE>

Organization and Management of the Fund

<PAGE>

Organization and Management of the Fund (Cont'd)

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

------------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
------------------------------------------------------------------------------------
[Barclays Global Fund Advisors
45 Fremont Street, San Francisco, CA]
Manages the Fund's investment
activities
------------------------------------------------------------------------------------

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

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
-------------------- ----------------------- ----------------------- ---------------

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

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

<PAGE>

Organization and Management of the Fund (Cont'd)

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

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security analysis
services as the advisor for the Fund. Wells Fargo Bank, founded in 1852, is the
oldest bank in the western United States and is one of the largest banks in the
United States. Wells Fargo Bank is a wholly owned subsidiary of Wells Fargo &
Company, a national bank holding company. As of June 30, 2000, Wells Fargo Bank
and its affiliates provided advisory services for over [$131] billion in assets.
For providing these services, Wells Fargo Bank is entitled to receive a fee of
0.75% of the average annual net assets of the Fund.

The Sub-Advisor
[Barclays Global Fund Advisors ("BGFA"), a wholly owned subsidiary of Barclays
Global Investors, N.A. ("BGI"), is the sub-advisor for the Nasdaq 100 Tilt Fund.
In this capacity, it is responsible for the model that is used to determine
portfolio weightings and the selection of securities for the portfolio. As of
June 30, 2000, BGI managed or provided investment advice for assets aggregating
in excess of [$738] billion.]

<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
o 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.
o We determine the NAV each business day as of the close of regular trading
on the New York Stock Exchange ("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 the class.
The Fund's assets are generally valued at current market prices. See the
Statement of Additional Information for further information.
o We process requests to buy or sell shares of the Fund each business day as
of the close of regular trading on the 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 its shares at earlier times under these
circumstances. Any request we receive in proper form before this time is
processed the same day. Requests we receive after the cutoff time are
processed the next business day.
o The Fund is 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.

How to Buy Shares

You Can Buy Fund Shares
o Through a brokerage account established with an approved selling agent. o
Through certain retirement, benefits and pension plans, or
o through certain packaged investment products (please see the providers of the
plan for instructions).

Minimum Investments
o $1,000 minimum initial investment; and
o $100 for all subsequent investments.

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 invest.

<PAGE>

How to Sell Shares

Please consult the specific disclosure statements for the account through which
you have purchased Fund shares for additional information on selling Fund
shares.

o 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.

o 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.

How to Exchange Shares

o You may make exchanges between like share classes.
o You should carefully read the Prospectus for the Fund into which you wish to
exchange.
o Every exchange involves selling Fund shares and that sale may produce a
capital gain or loss for federal income tax purposes. o 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. o Any exchange between Funds you already
own must meet the minimum redemption and subsequent purchase amounts for the
Funds
involved.
o 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.
o In order to discourage excessive exchange activity that could result in
additional expenses and lower returns for the Fund, the Fund may restrict
or refuse exchanges from market timers. You may be considered a market
timer if you completed more than one exchange within a 3 month period, or
seem to be following a timing pattern.

<PAGE>

Additional Services and Other Information

Automatic Programs
Automatic programs help you conveniently purchase and/or redeem shares each
month, check with your selling agent for more information.

Dividend and Capital Gain Distributions
The Fund pays any dividends and capital gains distributions at least annually.

Consult with your selling agent regarding distribution options:

Remember, distributions have the effect of reducing the NAV per share by the
amount distributed.

<PAGE>

Dividends distributed from the Fund attributable to its 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.

<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.

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."

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.

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.

Glossary (Cont'd)

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

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

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

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

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

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

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.

Nasdaq 100 Index
Index of the 100 largest companies listed on the Nasdaq Stock Market. The list
is updated quarterly, and companies on this index are typically representative
of technology-related industries such as computer hardware and software
products, telecommunications, biotechnology, services and retail/wholesale
trade.

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

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

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.

<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENT:

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

THIS DOCUMENT IS AVAILABLE FREE OF CHARGE:
Call 1-800-222-8222

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

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

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

Additional services questions can be answered by calling your specific product
group at Wells Fargo Bank: Online Brokerage Services - 1-800-TRADERS (872-3377)
Wells Fargo Checking and Savings: 1-800-869-3557 Next Stage IRA or Stagecoach
IRA: 1-800-237-8472 Portfolio Advisor - 1-877-689-7882

--------------------------------------------------
ICA Reg. No. 811-09253 NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE WFFT OP (7/00)
--------------------------------------------------

<PAGE>

26
JULY 24, 2000

Wells Fargo Tax-Free Funds
Prospectus

Please read this Prospectus and keep it for future
reference. It is designed to provide you with
important information and to help you decide if the
Funds goals match your own.

Nebraska Tax-Free Fund These securities have not been approved
Institutional Class or disapproved by the U.S. Securities and
Exchange Commission ("SEC"),
nor has the SEC passed upon the
accuracy or adequacy of this Prospectus.
Any representation to the contrary is a
criminal offense.

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

<PAGE>

TABLE OF CONTENTS

Overview Objective and Principal
Strategy
This section contains Summary of Important Risks
important summary Summary of Expenses
information about the Key Information
Fund.

The Fund Nebraska Tax-Free Fund
General Investment Risks
This section contains Organization and Management important information of the
Fund about the Fund.

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

Reference Other Information
Glossary
Look here for
additional information
and term definitions

<PAGE>

Nebraska Tax-Free Fund Overview

See the individual Fund description in this Prospectus for further details.

Objective
Seeks current income exempt from federal income tax and Nebraska personal income
tax.

Principal Strategy
We invest primarily in investment grade Nebraska municipal securities of varying
maturities.

<PAGE>

Summary of Important Risks

This section summarizes important risks for the Fund described in this
Prospectus. Additional information about these and other risks is included
in:

o the individual Fund Description later in this Prospectus; o under the "General
Investment Risks" section beginning on page 11; and o in the Fund's Statement of
Additional Information.

The Fund invests in debt instruments, 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 portfolio, 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.

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

Although we strive to invest in municipal obligations and other securities
with interest that is exempt from federal personal income taxes, including
the federal AMT, some income earned by Fund investments may be subject to
such taxes.

Tax-Free Funds take advantage of tax laws that allow the income from certain
investments to be exempted from federal and, in some cases, state personal
income tax. Capital gains, whether declared by the Fund or realized by the
shareholder through the selling of Fund shares, are generally taxable.

The Fund is considered to be non-diversified according to the Investment
Company Act of 1940, as amended ("1940 Act"). The majority of the issuers of
the securities in the Fund's portfolio are located within Nebraska.
Non-diversified, geographically concentrated funds are riskier than similar
funds that are diversified or spread their investments over several
geographic areas. Default by a single security in the portfolio may have a
greater negative affect than a similar default in a diversified portfolio.

Fund-Specific Risks

Since we invest heavily in Nebraska municipal securities, events in Nebraska
are likely to effect the Fund's investments. The Nebraska economy is
primarily based on agriculture and agricultural processing. but has become
increasingly diversified with relatively steady growth in the manufacturing,
services and finance, insurance and real estate industries. While these
recent trends have helped diversify the Nebraska economy, it may still be
significantly impacted by changes in agricultural conditions such as the
weather, fluctuations in commodity markets, world agricultural production,
import and export and decreases in federal agriculture subsidy and support
programs.

The State of Nebraska does not directly issue debt. The obligations issued by
municipalities or political subdivisions which are permitted to issue debt
are not backed by the State's full faith and credit. Accordingly, the Fund
relies on the availability of, and must individually analyze the economic
condition of, securities issued by the various municipalities and public
authorities in Nebraska. We may invest 25% or more of our assets in Nebraska
municipal securities that are related in such a way that political, economic
or business developments effecting one obligation would effect others.

<PAGE>

Performance History

This Fund has been in operation for less than one calendar year, therefore no
performance information is shown.

<PAGE>

Summary of Expenses

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

Shareholder Fees Nebraska Tax-Free Fund
--------------------------
Institutional Class
- ----------------------------------------------
--------------------------
Maximum sales charge (load)
imposed on purchases (as a percentage of
offering price) None
- ---------------------------------------------- --------------------------
Maximum deferred sales charge (load)
(as a percentage of the lower of the Net None
Asset Value ("NAV") at purchase or the NAV
at redemption)
- ---------------------------------------------- --------------------------

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

Nebraska Tax-Free
Fund
-----------------------
-----------------------
Institutional Class
- -------------------------------
-----------------------
Management Fee 0.50%
- ------------------------------- -----------------------
- ------------------------------- -----------------------
Distribution (12b-1) Fee 0.00%
- ------------------------------- -----------------------
Other Expenses5 0.54%
- ------------------------------- -----------------------
TOTAL ANNUAL FUND
OPERATING
EXPENSES 1.04%
- ------------------------------- -----------------------
Fee Waivers6 0.21%
- ------------------------------- -----------------------
NET EXPENSES 0.83%
- ------------------------------- -----------------------

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:

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

Nebraska Tax-Free Fund
----------------------------------
----------------------------------
Institutional Class
- -------------------
----------------------------------
1 YEAR $ 85
- ------------------- ----------------------------------
3 YEARS $310
- ------------------- ----------------------------------

<PAGE>

Key Information

Investment Objective and Investment Strategies
The investment objective of the Fund in this Prospectus is non-fundamental, that
is, it can be changed by a vote of the Board of Trustees alone. The objective
and strategy descriptions for the Fund tell you: o what the Fund is trying to
achieve; and o how we intend to invest your money.

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

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

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

<PAGE>

Nebraska Tax-Free Fund

Portfolio Managers: Mark Walter
Patricia D. Hovanetz, CFA

Investment Objective
The Nebraska Tax-Free Fund seeks current income exempt from federal income taxes
and Nebraska personal income tax.

Investment Strategies
We actively manage a portfolio of municipal securities and we buy municipal
securities of any maturity length. The portfolio's weighted average maturity
will vary depending on market conditions, economic conditions including interest
rates, the differences in yields between obligations of different maturity
lengths and other factors. Generally, we will attempt to capture greater total
return by increasing maturity when we expect interest rates to decline, and
attempt to preserve capital by shortening maturity when interest rates are
expected to increase. We invest primarily in a portfolio of investment grade
municipal securities.

Permitted Investments
Under normal market conditions, we invest:

o at least 80% of net assets in municipal securities that pay interest exempt
from federal income tax; o at least 65% of total assets in municipal securities
that pay interest exempt from Nebraska personal income tax; o up to 20% of net
assets in securities whose income is subject to the federal AMT; and o in
municipal obligations rated in the four highest credit categories by NRROs, and
in securities deemed by the advisor to be of
comparable quality.

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. During these periods, the Fund may not achieve its
objective of current income exempt from federal income taxes and Nebraska
personal income taxes.

Important Risk Factors

Since we invest heavily in Nebraska municipal securities, events in Nebraska are
likely to effect the Fund's investments. The Nebraska economy is primarily based
on agriculture and agricultural processing. but has become increasingly
diversified with relatively steady growth in the manufacturing, services and
finance, insurance and real estate industries. While these recent trends have
helped diversify the Nebraska economy, it may still be significantly impacted by
changes in agricultural conditions such as the weather, fluctuations in
commodity markets, world agricultural production, import and export and
decreases in federal agriculture subsidy and support programs.

The State of Nebraska does not directly issue debt. The obligations issued by
municipalities or political subdivisions which are permitted to issue debt are
not backed by the State's full faith and credit. Accordingly, the Fund relies on
the availability of, and must individually analyze the economic condition of,
securities issued by the various municipalities and public authorities in
Nebraska. We may invest 25% or more of our assets in Nebraska municipal
securities that are related in such a way that political, economic or business
developments effecting one obligation would effect others.

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

Although we strive to invest in municipal securities and other securities with
interest that is exempt from federal personal income taxes, including the
federal AMT, some income earned by Fund investments may be subject to such
taxes.

You should consider the "Summary of Important Risks" section on page 4; the
"General Investment Risks" section beginning on page 9; and the specific risks
listed here. They are all important to your investment choice.

<PAGE>

General Investment Risks

o Unlike bank deposits, such as CDs or savings accounts, mutual funds are not
insured by the FDIC. o We cannot guarantee that we will meet our investment
objective.
o We do not guarantee the performance of the 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.
o 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. This is referred to as price volatility.
o Investing in any mutual fund, including those deemed conservative, involves
risk, including the possible loss of any money you invest.
o An investment in a single Fund, by itself, does not constitute a complete
investment plan.
o The Fund 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.

We carefully monitor investment practices and risk levels and make every attempt
to ensure that the risk exposure for the Fund remains within the parameters of
its objective.

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

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.

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

General Investment Risks (Cont'd)

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

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

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

<PAGE>

General Investment Risks (Cont'd)

Investment Practice/Risk

The following table lists some of the additional investment practices of the
Fund, including some not already described in the Investment Objective and
Investment Strategies sections of the Prospectus. The risks indicated after the
description of the practice are NOT the only potential risks associated with
that practice, but are among the more prominent. Market risk is assumed for
each. See the Investment Objective and Investment Strategies for the 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 the Fund remains within the parameters of its
objective.

---
NEBRASKA TAX-FREE
- --------------------------------------------------- ------------------ ---
Investment Practice Risk
- --------------------------------------------------- ------------------
- --------------------------------------------------- ------------------

<PAGE>

General Investment Risks (Cont'd)

---
NEBRASKA TAX-FREE
- --------------------------------------------------- ------------------ ---
Investment Practice Risk

<PAGE>

Organization and Management of the Fund

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

<PAGE>

Organization and Management of the Fund (Cont'd)

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

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

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

SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
-------------------- ----------------------- ----------------------- ---------------

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

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

<PAGE>

Organization and Management of the Fund (Cont'd)

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

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security analysis
services as the advisor for the Fund. Wells Fargo Bank, founded in 1852, is the
oldest bank in the western United States and is one of the largest banks in the
United States. Wells Fargo Bank is a wholly owned subsidiary of Wells Fargo &
Company, a national bank holding company. As of June 30, 2000, Wells Fargo Bank
and its affiliates provided advisory services for over [$131] billion in assets.
For providing these services to the Fund, Wells Fargo Bank is entitled to
receive a fee of 0.50% of the average annual net assets of the Fund.

The Sub-Advisor
Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of
Wells Fargo Bank, N.A., is the sub-advisor for the Fund. In this capacity, it is
responsible for the day-to-day investment management activities of the Fund. As
of June 30, 2000, WCM provided advisory services for over [$42] billion in
assets.

<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
o 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.
o We determine the NAV each business day as of the close of regular trading
on the New York Stock Exchange ("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 the class.
The Fund's assets are generally valued at current market prices. See the
Statement of Additional Information for further information.
o We process requests to buy or sell shares of the Fund each business day as
of the close of regular trading on the NYSE, which is usually 1:00 p.m.
(Pacific time)/3:00 p.m. (Central time). If the markets close early, the
Fund may close early and may value its shares at earlier times under these
circumstances. Any request we receive in proper form before this time is
processed the same day. Requests we receive after the cutoff time are
processed the next business day.
o The Fund is 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.

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 Fund should contact an account
representative at their Institution and should understand the following:

o Share purchases are made through a Customer Account at an Institution in
accordance with the terms of the Customer Account involved; o Institutions are
usually the holders of record for Institutional shares held through Customer
Accounts and maintain records
reflecting their customers' beneficial ownership of the shares;
o Institutions are responsible for transmitting their customers' purchase and
redemption orders to the Fund and for delivering required payment on a
timely basis;
o The exercise of voting rights and the delivery of shareholder
communications from the Fund is governed by the terms of the Customer
Account involved; and
o Institutions may charge their customers account fees and may receive fees
from us with respect to investments their customers have made with the
Fund.

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

General notes for selling shares
o We process requests we receive from an Institution in proper form before
the close of the NYSE, usually 1:00 p.m. Pacific time, at the NAV
determined on the same business day. Requests we receive after this time
are processed on the next business day.
o Redemption proceeds are usually wired to the redeeming Institution the
following business day.
o 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.
o Generally, we pay redemption requests in cash, unless the redemption
requests of the shareholder are for more than $250,000 or 1% of the net
assets of the Fund within a ninety-day period. If a request for a
redemption is over these limits, in order to protect the other shareholders
we may pay the redemption in part on in whole in portfolio securities of
equal value.

How to Exchange Shares
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:

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

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

o You may make exchanges only between like share classes of non-money market
funds and the Service Class shares of money market Funds.

In order to discourage excessive exchange activity that could result in
additional expenses and lower returns for the fund, the fund may restrict or
refuse exchanges from market timers. You may be considered a market timer if you
completed more than one exchange within a 3 month period, or seem to be
following a timing pattern.

Contact your account representative for further details.

<PAGE>

Other Information

Dividend and Capital Gain Distributions
The Fund pays any dividends monthly and any capital gains distributions at least
annually.

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 Fund 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 Fund attributable to its net interest income from
tax-exempt securities will not be subject to federal income tax. Dividends
distributed 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 net capital gains (generally the excess of net long-term
capital gains over net short-term capital losses) earned by the 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.

<PAGE>

Portfolio Managers

Patricia D. Hovanetz, CFA
Nebraska Tax-Free Fund since 2000
Ms. Hovanetz joined WCM in 1998 as a Principal with the Tax-Exempt Fixed-Income
Team, and simultaneously held the position of Director of Tax-Exempt
Fixed-Income at NIM (since 1997) until WCM and NIM combined investment advisory
services under the WCM name in 1999. Ms. Hovanetz has over 30 years experience
in the municipal bond industry and manages over $300 million in municipal bond
assets for the Wells Fargo Funds. She also manages other national tax-exempt
assets for institutional accounts and has been a portfolio manager at NIM since
1988. Ms. Hovanetz attended St. Cloud State College and the University of
Minnesota.

Mark Walter
Nebraska Tax-Free Fund since 2000
Mr. Walter joined WCM in 1999 as a Portfolio Manager with the Tax-Exempt
Fixed-Income Team, and simultaneously held the position of Assistant Portfolio
Manager at NIM (since 1997) until WCM and NIM combined investment advisory
services under the WCM name in 1999. As an Assistant Portfolio Manager, Mr.
Walter assisted in the management of both taxable and tax-exempt fixed-income
funds. Currently, Mr. Walter also co-manages the Wells Fargo Colorado Tax-Free
Fund and the Wells Fargo National Limited Term Tax-Free Fund. Prior to WCM, he
worked as an Investment Consultant for Kirkpatrick, Petris, a brokerage firm
that is a wholly owned subsidiary of the Mutual of Omaha. In his capacity as an
Investment Consultant, Mr. Walter sold and traded taxable and tax-exempt
fixed-income securities to institutional clients. Mr. Walter received a BS in
France from the University of Colorado at Boulder in 1996.