WELLS FARGO FUNDS TRUST, 485BPOS, 2000-08-01

WELLS FARGO FUNDS TRUST
485BPOS, 2000-08-01

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<PAGE>

As filed with the Securities and Exchange Commission
on July 24, 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. 13 x
------

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ______

Amendment No. 14 x
------
________________________

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

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

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

x Immediately upon filing pursuant to Rule 485(b), or
---

___ on _________ pursuant to Rule 485(b)

___ 60 days after filing pursuant to Rule 485(a)(1), or

___ on _________ pursuant to Rule 485(a)(1)

___ 75 days after filing pursuant to Rule 485(a)(2), or

___ on ___________ pursuant to Rule 485(a)(2)

If appropriate, check the following box:

___ this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
<PAGE>

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

This Post-Effective Amendment No. 13 to the Registration Statement of Wells
Fargo Funds Trust (the "Trust") is being filed to add the audited financial
statements and certain related financial information for the fiscal year ended
March 31, 2000 for the California Tax-Free Money Market Fund, California Tax-
Free Money Market Trust, Cash Investment Money Market Fund, Government Money
Market Fund, Minnesota Money Market Fund, Money Market Fund, Money Market Trust,
National Tax-Free Institutional Money Market Fund, National Tax-Free Money
Market Fund, National Tax-Free Money Market Trust, Overland Express Sweep Fund,
Prime Investment Money Market Fund, Treasury Plus Institutional Money Market
Fund, Treasury Plus Money Market Fund, and the 100% Treasury Money Market Fund,
and to make certain other non-material changes to the prospectuses and statement
of additional information for these funds.
<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>

WELLS
FARGO

FUNDS

WELLS FARGO MONEY MARKET
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.

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

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

California Tax-Free Money Market Fund

Government Money Market Fund

Minnesota Money Market Fund

Money Market Fund

National Tax-Free Money Market Fund

Treasury Plus Money Market Fund

100% Treasury Money Market Fund

Class A, Class B

AUGUST 1
2000
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<PAGE>

Table of Contents Money Market Funds
--------------------------------------------------------------------------------

Overview Objectives and Principal Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 8
Funds. Summary of Expenses 14
Key Information 17

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

The Funds California Tax-Free Money Market Fund 18
This section contains important Government Money Market Fund 22
information about the individual Minnesota Money Market Fund 24
Funds. Money Market Fund 26
National Tax-Free Money Market Fund 32
Treasury Plus Money Market Fund 36
100% Treasury Money Market Fund 38
General Investment Risks 40
Organization and Management
of the Funds 44

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

Your Investment Your Account 46
Turn to this section for How to Buy Shares 47
information on how to open an How to Sell Shares 50
account and how to buy, sell and How to Exchange Shares 52
exchange Fund shares.

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

Reference Additional Services and
Other Information 53
Look here for additional
information and term definitions. Table of Predecessors 55
Glossary 56
<PAGE>

Money Market Funds Overview
--------------------------------------------------------------------------------
See the individual Fund descriptions in the Prospectus for further details.
Words appearing in italicized print and highlighted in color are defined in the
Glossary.

FUND OBJECTIVE

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

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

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

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

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

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

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

4 Money Market Funds Prospectus
<PAGE>

PRINCIPAL STRATEGY

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

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

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

We invest primarily in high-quality money market instruments.

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

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

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

Money Market Funds Prospectus 5
<PAGE>

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

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

. the individual Fund Descriptions later in this Prospectus;

. under the "General Investment Risks" section beginning on page 40; and

. in the Funds'Statement of Additional Information.

An investment in a Fund is not a deposit of Wells Fargo Bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although each of the Funds seeks to maintain a stable Net
Asset Value ("NAV") of $1.00 per share, there is no assurance it will be able to
do so, and it is possible to lose money by investing in a Fund.

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

The California Tax-Free Money Market Fund and the Minnesota Money Market Fund
are considered to be non-diversified according to the Investment Company Act of
1940. The majority of the issuers of the securities in these Funds' portfolios
are located within their respective states. 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 effect than a similar default in a diversified
portfolio. All other Funds in this prospectus are considered to be diversified.

FUND-SPECIFIC RISKS

California Tax-Free Money Market Fund
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, a
significant portion of California's economic production centers around the
technology industry. A downturn in the technology industry may have a
disproportionate impact on California municipal obligations. In addition, we
may invest up to 25% or more of our assets in California municipal
obligations that are related in such a way that political, economic or
business developments affecting one obligation would affect the others. For
example, we may own different obligations that pay interest based on the
revenue of similar projects.

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

6 Money Market Funds Prospectus
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<PAGE>

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

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

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

The Minnesota Money Market Fund has been in operation for less than
one calendar year, therefore no performance history is shown.

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

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

* The Fund's year-to-date performance through March 31, 2000 was 0.61%.
To obtain a current 7-day yield for the Fund, call toll-free 1-800-
222-8222.

Average annual total return (%)
<TABLE>
<CAPTION>
Since
for the period ended 12/31/99 1 year 5 years Inception
<S> <C> <C> <C>
Class A (Incept. 1/1/92) 2.42 2.79 2.62

MFR Tax-Free Retail Money
Market Funds Average 2.64 2.96 2.70
</TABLE>

8 Money Market Funds Prospectus
<PAGE>

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

Best Qtr.: Q2 `90 o 1.87% Worst Qtr.: Q2 `93 o 0.65%

* Performance shown is for the Service Class shares adjusted to reflect the
fees and expenses of Class A shares. The Fund's year-to-date performance
through March 31, 2000 was 1.28%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Class A (Incept. 11/8/99)/1/ 4.46 4.83 4.67

MFR Taxable Retail
Money Market Funds Average 4.51 4.91 4.76

/1/ Performance shown is for the Service Class shares adjusted to reflect
the fees and expenses of Class A shares.

Money Market Funds Prospectus 9
<PAGE>

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

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

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

* The Fund's year-to-date performance through March 31, 2000 was 1.30%. To
obtain a current 7-day yield for the Fund, call toll-free 1-800-222-8222.

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception/2/

Class A (Incept. 7/1/92) 4.60 4.93 4.34

Class B (Incept. 5/25/95)/1/ 3.89 4.17 3.60

MFR Taxable Retail Money Market
Funds Index 4.51 4.91 4.31

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

/2/ July 1, 1992.

10 Money Market Funds Prospectus
<PAGE>

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

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

Best Qtr.: Q4 `90 . 1.38% Worst Qtr.: Q1 `93 . 0.47%

* The Fund's year-to-date performance through March 31, 2000 was 0.73%.
To obtain a current 7-day yield for the Fund, call toll free 1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Class A (Incept. 1/7/88) 2.70 3.10 3.20

MFR Tax-Free Retail Money
Market Funds Average 2.64 2.96 3.12

Money Market Funds Prospectus 11
<PAGE>

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

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

Best Qtr.: Q2 `90 . 1.87% Worst Qtr.: Q2 `93 . 0.64%

* The Fund's year-to-date performance through March 31, 2000 was 1.23%.
To obtain a current 7-day yield for the Fund, call toll-free 1-800-222-8222.

Average annual total return (%)
for the period ended 12/31/99 1 year 5 years 10 years

Class A (Incept. 10/1/95)/1/ 4.36 4.78 4.61

MFR Taxable Retail Money Market
Funds Average 4.51 4.91 4.76

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

12 Money Market Funds Prospectus

<PAGE>

________________________________________________________________________________

100% Treasury Money Market Fund Class A Calendar Year Returns (%)*

Best Qtr.: Q1 `91 . 1.55% Worst Qtr.: Q1 `94 . 0.63%

* Performance shown is for the Service Class shares adjusted to reflect the
fees and expenses of Class A shares. The Fund's year-to-date performance
through March 31, 2000 was 1.22%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception

Class A (Incept. 11/8/99)/1/ 4.23 4.66 4.26

MFR Taxable Retail
Money Market Funds Average 4.51 4.91 4.76

/1/ Performance shown is for the Service Class shares adjusted to reflect the
fees and expenses of Class A shares.

Money Market Funds Prospectus 13

<PAGE>

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

These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in a Fund. A broker/dealer or
financial institution maintaining the account through which you hold Fund
shares may charge separate account, service or transaction fees on the
purchase or sale of Fund shares that would be in addition to the fees and
expenses shown here.

SHAREHOLDER FEES

<TABLE>
<CAPTION>
All Money Market
Funds Fund
-------------- ---------------
CLASS A CLASS B
---------------------------------------------------------------------------------------------------------------
<S> <C> <C>

Maximum sales charge (load)
imposed on purchases (as a percentage of offering None None
price)

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

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

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
California Tax-Free Government Minnesota
Money Market Fund Money Market Fund Money Market Fund
----------------------------------------------------------------------
CLASS A CLASS A CLASS A
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.30% 0.35% 0.30%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/2/ 0.48% 0.46% 0.53%
---------------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.78% 0.81% 0.83%
---------------------------------------------------------------------------------------------------------------------------
Fee Waivers 0.13% 0.06% 0.03%
---------------------------------------------------------------------------------------------------------------------------
NET EXPENSES/3/ 0.65% 0.75% 0.80%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ If you exchange Class B shares of a Fund for Money Market Fund Class B
shares, and then redeem your Money Market Fund shares, you will be assessed
the CDSC applicable to the exchanged shares. Exchange privileges are not
available, and CDSCs do not apply, to Money Market Fund Class B
shareholders in certain accounts.
/2/ Other expenses are based on estimated amounts for fiscal year as a result
of various contract changes that became the current effective on November
8, 1999.
/3/ The Advisor has committed through July 31, 2001 to waive fees and/or
reimburse expenses to the extent necessary to maintain the Fund's net
operating expense ratio shown.

14 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Money National Tax-Free Treasury Plus 100% Treasury
Market Fund Money Market Fund Money Market Fund Money Market Fund
------------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS A CLASS A CLASS A
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.40% 0.40% 0.25% 0.35% 0.35%
0.00% 0.75% 0.00% 0.00% 0.00%
0.58% 0.47% 0.62% 0.46% 0.48%
------------------------------------------------------------------------------------------------------------
0.98% 1.62% 0.87% 0.81% 0.83%
------------------------------------------------------------------------------------------------------------
0.22% 0.11% 0.22% 0.16% 0.18%
------------------------------------------------------------------------------------------------------------
0.76% 1.51% 0.65% 0.65% 0.65%
------------------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 15
<PAGE>

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

EXAMPLE OF EXPENSES

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

-------------------------------------------------------------------------------
California Tax-Free Government Minnesota
Money Market Fund Money Market Fund Money Market Fund
------------------- ----------------- ------------------
CLASS A CLASS A CLASS A
-------------------------------------------------------------------------------
1 YEAR $ 66 $ 77 $ 82
3 YEARS $236 $253 $ 262
5 YEARS $420 $444 $ 458
10 YEARS $954 $996 $1,023
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Money National Tax-Free Treasury Plus
Market Fund Money Market Fund Money Market Fund
------------------- ----------------- -------------------
CLASS A CLASS B CLASS A CLASS A
----------------------------------- ----------------- -------------------
1 YEAR $ 78 $ 654 $ 66 $ 66
3 YEARS $ 290 $ 800 $ 256 $ 243
5 YEARS $ 520 $1,071 $ 461 $ 434
10 YEARS $1,181 $1,846 $1,052 $ 987
-------------------------------------------------------------------------------

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

100% Treasury
Money Market Fund
-----------------------------------
1 YEAR $ 66
3 YEARS $ 247
5 YEARS $ 443
10 YEARS $1,009
-----------------------------------

16 Money Market Funds Prospectus
<PAGE>

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

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

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

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

. what the Fund is trying to achieve;

. how we intend to invest your money;and

. what makes a Fund different from the other Funds offered in this
Prospectus.

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

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

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

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

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

Money Market Funds Prospectus 17
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

Important Risk Factors
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, a
significant portion of California's economic production centers around the
technology industry. A downturn in the technology industry may have a
disproportionate impact on California municipal obligations. In addition,
we may invest up to 25% or more of our assets in California municipal
obligations that are related in such a way that political, economic or
business developments affecting one obligation would affect the others. For
example, we may own different obligations that pay interest based on the
revenue of similar projects.

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

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

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 40; and the specific
risks listed here. They are all important to your investment choice.

18 Money Market Funds Prospectus
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California Tax-Free Money Market Fund
--------------------------------------------------------------------------------

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception, if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the Fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information which, along with their report and the Fund's financial
statements, is available upon request in the Fund's annual report.

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

CLASS A SHARES--COMMENCED
ON JANUARY 1, 1992
-------------------------
March 31,
2000
For the period ended: -------------------------

Net asset value beginning of period $ 1.00

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

Total from investment operations 0.02

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

Total from distributions (0.02)

Net asset value, end of period $ 1.00

Total return (not annualized) 2.51%

Ratios/supplemental data:
Net assets, end of period (000s) $ 2,464,890

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65%
Ratio of net investment income (loss) to
average net assets 2.48%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/3/ 0.96%
--------------------------------------------------------------------------------

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

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

/3/ During each period, various fees and expenses were waived and reimbursed.

20 Money Market Funds Prospectus
<PAGE>

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

--------------------------------------------------------------------------------
March 31, March 31, March 31, Sept. 30, Dec. 31,
1999 1998 1997/1/ 1996/2/ 1995
--------------------------------------------------------------------------------

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.02 0.03 0.01 0.02 0.03
0.00 0.00 0.00 0.00 0.00

0.02 0.03 0.01 0.02 0.03

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

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

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

2.49% 2.91% 1.36% 2.04% 3.23%

$ 2,246,123 $ 2,118,881 $ 1,384,310 $ 1,161,431 $ 1,031,004

0.65% 0.65% 0.65% 0.65% 0.65%

2.46% 2.85% 2.72% 2.69% 3.18%

1.03% 1.05% 1.03% 1.02% 1.01%
--------------------------------------------------------------------------------

Money Market Funds Prospectus 21
<PAGE>

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

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

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

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

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

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

. in U.S.Government obligations; and

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

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

22 Money Market Funds Prospectus
<PAGE>

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

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

CLASS A SHARES--COMMENCED
ON NOVEMBER 8, 1999
-------------------------
March 31,
2000
For the period ended: -------------------------

Net asset value beginning of period $ 1.00

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

Total from investment operations 0.02

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

Total from distributions (0.02)

Net asset value, end of period $ 1.00

Total return (not annualized) 1.99%

Ratios/supplemental data:
Net assets, end of period (000s) $ 58,960

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.75%
Ratio of net investment income (loss) to
average net assets 4.99%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/1/ 0.81%
--------------------------------------------------------------------------------

/1/ During each period, various fees and expenses were waived and reimbursed.

Money Market Funds Prospectus 23
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

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

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

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

You should consider the "Summary of Important Risks" section on page 6;
the "General Investment Risks" section beginning on page 40; and the
specific risks listed here. They are all important to your investment
choice.

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

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

*This fund is expected to commence operations during August, 2000.

24 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

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

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

Investment Strategies
We actively manage a portfolio of U.S. dollar-denominated high-quality
money market instruments, including debt obligations. We may also make
certain other investments including, for example, repurchase
agreements.

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

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of the total assets in high-quality,short-term
obligations of domestic and foreign issuers;

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

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

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

Municipal obligations rely on the creditworthiness or revenue
production of their issuers. Municipal obligations may be difficult to
obtain because of limited supply, which may increase the cost of such
securities and effectively reduce the portfolio's yield. Typically,
less information is available about a municipal issuer than is
available for other types of securities issuers. Investing in shares of
other money market funds will subject the Fund to the fees charged by
the other funds, which will reduce returns from these investments.

You should consider the "Summary of Important Risks" section on page 6;
the "General Investment Risks" section beginning on page 40; and the
specific risks listed here. They are all important to your investment
choice.

26 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON JULY 1, 1992
------------------------------------------------
March 31,
For the period ended: 2000
------------------------------------------------
<S> <C>
Net asset value beginning of period $ 1.00

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

Total from investment operations 0.05

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

Total from distributions (0.05)

Net asset value, end of period $ 1.00

Total return (not annualized) 4.84%

Ratios/supplemental data:
Net assets, end of period (000s) $ 13,441,754

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.75%
Ratio of net investment income (loss) to
average net assets 4.78%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/3/ 1.01%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed its fiscal year-end from December 31 to September 30.
/3/ During each period, various fees and expenses were waived and reimbursed.

28 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
March 31, March 31, March 31, Sept. 30, Dec. 31,
1999 1998 1997/1/ 1996/2/ 1995
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.05 0.05 0.02 0.03 0.05
0.00 0.00 0.00 0.00 0.00

0.05 0.05 0.02 0.03 0.05

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

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

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

4.79% 5.07% 2.36% 3.55% 5.34%

$9,137,812 $6,711,584 $4,640,148 $3,799,908 $2,892,621

0.75% 0.75% 0.75% 0.75% 0.75%

4.67% 4.95% 4.71% 4.66% 5.13%

0.93% 0.93% 0.90% 0.88% 0.83%
---------------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 29
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS B SHARES--COMMENCED
ON MAY 25, 1995/2/
------------------------------------------------
March 31,
For the period ended: 2000
------------------------------------------------
<S> <C>
Net asset value beginning of period $ 1.00

Income from investment operations:
Net investment income (loss) 0.04
Net realized gain (loss) on investments 0.00

Total from investment operations 0.04

Less distributions:
Dividends from net investment income (0.04)
Distributions from net realized gain 0.00

Total from distributions (0.04)

Net asset value, end of period $ 1.00

Total return (not annualized) 4.10%

Ratios/supplemental data:
Net assets, end of period (000s) $ 1,736,843

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.46%
Ratio of net investment income (loss) to
average net assets 4.07%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/4/ 1.64%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed its fiscal year-end from December 31 to September 30.
/3/ This class of shares was redesignated from Class S to Class B on November 8,
1999.
/4/ During each period, various fees and expenses were waived and reimbursed.

30 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
March 31, March 31, March 31, Sept. 30, Dec. 31,
1999 1998 1997/1/ 1996/3/ 1995
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.04 0.04 0.02 0.03 0.03
0.00 0.00 0.00 0.00 0.00

0.04 0.04 0.02 0.03 0.03

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

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

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

4.10% 4.37% 2.02% 3.03% 2.73%

$1,158,589 $951,172 $707,781 $699,231 $618,899

1.42% 1.42% 1.43% 1.42% 1.43%

4.01% 4.28% 4.02% 3.98% 4.40%

1.62% 1.62% 1.56% 1.55% 1.53%
---------------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 31
<PAGE>

National Tax-Free Money Market Fund
--------------------------------------------------------------------------------

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

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

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

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

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

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

You should consider the "Summary of Important Risks" section on page 6;
the "General Investment Risks" section beginning on page 40; and the
specific risks listed here. They are all important to your investment
choice.

32 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

National Tax-Free Money Market Fund
--------------------------------------------------------------------------------

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON JANUARY 7, 1988
------------------------------------------------
March 31,
For the period ended: 2000/1/
------------------------------------------------
<S> <C>
Net asset value beginning of period $ 1.00

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

Total from investment operations 0.03

Less distributions:
Dividends from net investment income (0.03)
Capital contribution from advisor 0.00

Total from distributions (0.03)

Net asset value, end of period $ 1.00

Total return (not annualized) 2.84%

Ratios/supplemental data:
Net assets, end of period (000s) $ 324,452

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65%
Ratio of net investment income (loss) to
average net assets 2.96%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/1/ 0.87%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ During each period, various fees and expenses were waived and reimbursed.
/2/ The Fund changed its fiscal year from May 31 to March 31.

34 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
May 31, May 31, May 31, May 31, May 31,
1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

0.03 0.03 0.03 0.03 0.03
0.00 0.00 0.00 0.00 0.00

0.03 0.03 0.03 0.03 0.03

(0.03) (0.03) (0.03) (0.03) (0.03)
0.00 0.00 0.00 0.00 0.00

(0.03) (0.03) (0.03) (0.03) (0.03)

$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

2.76% 3.18% 3.08% 3.31% 3.13%

$ 41,174 $ 44.070 $ 54,616 $ 57,021 $ 47,424

0.65% 0.65% 0.65% 0.65% 0.65%

2.72% 3.13% 3.01% 3.25% 3.10%

0.86% 0.83% 0.87% 0.88% 0.93%
---------------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 35
<PAGE>

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

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

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

Investment Strategies
We invest in obligations issued or guaranteed by the U.S.
Treasury,"plus" we also invest in repurchase agreements and other
instruments collateralized or secured by U.S. Treasury obligations.

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

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

. in U.S.Treasury obligations;and

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

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

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, there is no
guarantee that we will be able to do so. Generally, short-term funds do
not earn as high a level of income as funds that invest in longer-term
instruments. The U.S. Treasury does not directly or indirectly insure
or guarantee the performance of the Fund. Investing in shares of other
money market funds will subject the Fund to the fees charged by the
other funds, which will reduce returns from these investments.

You should consider the "Summary of Important Risks" section on page 6;
the "General Investment Risks" section beginning on page 40; and the
specific risks listed here. They are all important to your investment
choice.

36 Money Market Funds Prospectus
<PAGE>

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

These tables are intended to help you understand the Fund's financial
performance for the past 5 years (or since inception, if shorter). Total returns
represent the rate that you would have earned (or lost) on an investment in the
Fund (assuming reinvestment of all dividends and distributions). KPMG LLP
audited this information subsequent to September 30, 1995, which, along with
their report and the Fund's financial statements, is available upon request in
the Fund's annual report.

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON OCTOBER 1, 1995/3/
------------------------------------------------------------------
March 31, March 31, March 31, March 31, Sept. 30,
For the period ended: 2000 1999 1998 1997/1/ 1996
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.04 0.05 0.05 0.02 0.05
Net realized gain (loss) on investments 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.04 0.05 0.05 0.02 0.05

Less distributions:
Dividends from net investment income (0.04) (0.05) (0.05) (0.02) (0.05)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.04) (0.05) (0.05) (0.02) (0.05)

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

Total return (not annualized) 4.20% 4.62% 5.06% 2.42% 4.95%

Ratios/supplemental data:
Net assets, end of period (000s) $1,150,181 $543,903 $381,594 $66,486 $53,706

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65% 0.65% 0.62% 0.55% 0.55%
Ratio of net investment income (loss) to
average net assets 4.56% 4.50% 4.93% 4.81% 4.96%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/2/ 0.82% 0.79% 0.85% 0.75% 0.67%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ During each period, various fees and expenses were waived and reimbursed.
/3/ The Fund operated as a portfolio of Pacific American Funds through October
1, 1994, when it was reorganized as the Pacific American U.S. Treasury
Portfolio, a portfolio of Pacifica Funds Trust. In July 1995, the Fund was
renamed the Pacifica Treasury Money Market Fund, and on September 6, 1996,
the Fund was reorganized as a series of Stagecoach Funds, Inc. In
conjunction with the September 6, 1996 reorganization, WFB assumed
investment advisory responsibilities. Prior to April 1, 1996, First
Interstate Capital Management, Inc. (FICM) served as the Fund's adviser. In
connection with the merger of First Interstate Bancorp into Wells Fargo &
Co. on April 1, 1996, FICM was renamed Wells Fargo Investment Management,
Inc., subsequently renamed Wells Capital Management Incorporated.

Money Market Funds Prospectus 37
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, there is no
guarantee that we will be able to do so. Generally, short-term funds do
not earn as high a level of income as funds that invest in longer-term
instruments. The U.S. Treasury does not directly or indirectly insure
or guarantee the performance of the Fund. Treasury obligations have
historically involved little risk of loss of principal if held to
maturity. However, fluctuations in market interest rates may cause the
market value of Treasury obligations in the Fund's portfolio to
fluctuate.

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

You should consider the "Summary of Important Risks" section on page 6;
the "General Investment Risks" section beginning on page 40; and the
specific risks listed here. They are all important to your investment
choice.

38 Money Market Funds Prospectus
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
CLASS A SHARES--COMMENCED
ON NOVEMBER 8, 1999
--------------------------------
March 31,
For the period ended: 2000
--------------------------------
<S> <C>
Net asset value beginning of period $ 1.00

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

Total from investment operations 0.02

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

Total from distributions (0.02)

Net asset value, end of period $ 1.00

Total return (not annualized) 1,89%

Ratios/supplemental data:
Net assets, end of period (000s) $ 2,047

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.65%
Ratio of net investment income (loss) to
average net assets 4.89%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/1/ 0.82%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ During each period, various fees and expenses were waived and reimbursed.

Money Market Funds Prospectus 39
<PAGE>

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

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance
and preferences. You should carefully consider the risks common to
investing in all mutual funds, including the Wells Fargo Funds. Certain
common risks are identified in the "Summary of Important Risks" section
on page 6. Other risks of mutual fund investing include the following:

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

. We cannot guarantee that we will meet our investment objectives.In
particular, we cannot guarantee that we will be able to maintain a
$1.00 per share NAV.

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

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

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

. The Funds may invest a portion of their assets in U.S.Government
obligations, such as securities issued or guaranteed by the
Government National Mortgage Association ("GNMAs"), the Federal
National Mortgage Association ("FNMAs") and the Federal Home Loan
Mortgage Corporation ("FHLMCs"). Each are mortgage-backed
securities representing partial ownership of a pool of residential
mortgage loans. A "pool" or group of such mortgages is assembled
and, after being approved by the issuing or guaranteeing entity, is
offered to investors through securities dealers. Mortgage-backed
securities are subject to prepayment and extension risk, which can
alter the maturity of the securities and also reduce the rate of
return on the portfolio.

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

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

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

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

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

40 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

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

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

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

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

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

Money Market Funds Prospectus 41
<PAGE>

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

Investment Practice/Risk

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

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

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

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

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

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

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

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

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

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

<CAPTION>
NATIONAL
TAX TREASURY 100%
INVESTMENT PRACTICE RISK - FREE PLUS TREASURY
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk . . .
purposes to meet shareholder redemptions.

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

Foreign Securities
Dollar-denominated debt obligations of foreign Information, Liquidity, .
branches of U.S. banks or U.S. branches of foreign banks. Political, Regulatory and
Diplomatic Risk
Illiquid Securities
A security that cannot be readily sold, or cannot be
readily sold without negatively affecting its fair price.
Illiquid securities are limited to 10% of assets. Liquidity Risk . .

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

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

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

42 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

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

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

The Trust was created to succeed to the assets and operations of the various
mutual funds in the Stagecoach Family of Funds and the Norwest Advantage Family
of Funds. The holding company of Wells Fargo Bank, the investment advisor to the
Stagecoach Family of Funds, and the holding company of Norwest Investment
Management, Inc., the investment advisor to the Norwest Advantage Family of
Funds, merged in November 1998. Each of the Funds, with the exception of the
Minnesota Money Market Fund, described in this Prospectus has succeeded to the
assets and operations of one or more corresponding Funds of Stagecoach or
Norwest Advantage Funds. The performance and financial statement history of each
Fund's designated predecessor Fund has been assumed by the Wells Fargo Funds
Trust Fund. The succession transactions were approved by the shareholders of the
Stagecoach and Norwest Advantage Funds. The Table on page 55 identifies the
Stagecoach or Norwest Advantage Fund predecessors to the Funds.

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

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

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

INVESTMENT SUB-ADVISOR
---------------------------------------------------------------------------------------------------------------------
Wells Capital Management, Incorporated
525 Market Street
San Francisco, CA
Manages the Funds' investment activities
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

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

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

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

44 Money Market Funds Prospectus
<PAGE>

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

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

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security
analysis services as the advisor for each of the Funds. Wells Fargo Bank,
founded in 1852, is the oldest bank in the western United States and is one
of the largest banks in the United States. Wells Fargo Bank is a wholly
owned subsidiary of Wells Fargo & Company, a national bank holding company.
As of March 31, 2000, Wells Fargo Bank and its affiliates managed over $168
billion in assets. For providing these services, Wells Fargo Bank is
entitled to receive fees as shown in the table of Annual Fund Operating
Expenses under "Management Fees" in the front of this Prospectus.

The Sub-Advisor
Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of
Wells Fargo Bank, is the sub-advisor for each of the Funds. As of March 31,
2000, WCM provided investment advice for assets aggregating in excess of
$80 billion.

The Administrator
Wells Fargo Bank provides the Funds with administration services, including
general supervision of each Fund's operation, coordination of the other
services provided to each Fund, compilation of information for reports to
the SEC and the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the Trustees
and officers. Wells Fargo Bank also furnishes office space and certain
facilities to conduct each Fund's business. For providing these services
Wells Fargo Bank is entitled to receive a fee of 0.15% of the average
annual net assets of each Fund.

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

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

Distribution Plan
We have adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 of the
1940 Act for the Class B shares of the Money Market Fund. The Plan
authorizes the payment of all or part of the cost of preparing and
distributing Prospectuses and distribution-related services including
ongoing compensation to selling agents. The Plan also provides that, if and
to the extent any shareholder servicing payments are recharacterized as
payments for distribution-related services, they are approved and payable
under the distribution plan. For these services the Class B shares of the
Money Market Fund pay 0.75% of its average net assets.

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

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

Money Market Funds Prospectus 45
<PAGE>

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

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

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

. We process requests to buy or sell shares of the funds each business
day. Requests we receive in proper form for the Government Money Market
and Money Market Funds before 3:00 p.m. (ET) generally are processed on
the same day. Requests we receive in proper form for the Treasury Plus
Money Market Funds before 3:00 p.m. (ET) generally are processed on the
same day. Requests we receive in proper form for the National Tax-Free
Money Market Fund before 12:00 noon (ET) generally are processed on the
same day. For certain institutions with automated arrangements in
place, requests we receive in proper form for the Treasury Plus Money
Market Fund before 5:00 p.m. (ET) and for the National Tax-Free Money
Market Fund before 2:00 p.m. (ET) generally are processed on the same
day. Requests we receive in proper form for the 100% Treasury Money
Market Fund before 1:00 p.m. (ET) generally are processed on the same
day. Requests we receive in proper form for the remaining money market
Funds before 12:00 noon (ET) generally are processed on the same day.
Earlier purchase and redemption cutoff times may be established by your
institution. If the markets close early, the Funds may close early and
may value their shares at earlier times under these circumstances. Any
request we receive in proper form before these times is processed the
same day. Requests we receive after the cutoff times or via the
automated voice response system by 4:00 p.m. (ET) are processed the
next business day.

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

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

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

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

Minimum Investments
. $1,000 per Fund minimum initial investment;or

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

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

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

46 Money Market Funds Prospectus
<PAGE>

How To Buy Shares
--------------------------------------------------------------------------------

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

BY MAIL

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

. Complete a Wells Fargo Funds Application.Be sure to indicate the Fund
name and the share class into which you intend to invest (If no choice
is indicated, Class A shares will be designated). Your account will be
credited on the business day that the transfer agent receives you
application in proper order. Failure to complete an Application
properly may result in a delay in processing your request.

. Enclose a check for at least $1,000 made out in the full name and
share class of the Fund.For example,"Wells Fargo Treasury Plus Money
Market Fund, Class A."

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

<TABLE>
<S> <C>
. Mail to: Wells Fargo Funds Overnight Mail Only: Wells Fargo Funds
Attn: CCSU-Boston Financial Attn: CCSU-Boston Financial
PO Box 8266 66 Brooks Drive
Boston, MA 02266-8266 Braintree, MA 02184
</TABLE>

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

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

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

. Mail to: Wells Fargo Funds
Attn: CCSU-Boston Financial
PO Box 8266
Boston, MA 02266-8266

Money Market Funds Prospectus 47
<PAGE>

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

BY WIRE
IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
---------------------------------------------------------------------------
. You must first call Investor Services at 1-800-222-8222, option 0, to
notify them of an incoming wire trade.

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

. Mail the completed Application. Your account will be credited on the
business day that the transfer agent receives your application and
funding in proper order.

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

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

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

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

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

48 Money Market Funds Prospectus
<PAGE>

How To Buy Shares
--------------------------------------------------------------------------------

BY PHONE

IF YOU ARE BUYING SHARES FOR THE FIRST TIME:
---------------------------------------------------------------------------
. You can only make your first purchase of a Fund by phone if you
already have an existing Wells Fargo Funds Account.

Call Investor Services and instruct the representative to either:

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

. exchange at least $1,000 worth of shares from an existing Wells Fargo
Fund. Please see the "How to Exchange Shares" section for special
rules.

. Call: 1-800-222-8222, option 0

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

Call Investor Services and instruct the representative to either:

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

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

. Call: 1-800-222-8222, option 0

Money Market Funds Prospectus 49
<PAGE>

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

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

BY MAIL

IF YOU ARE SELLING SHARES FOR THE FIRST TIME:
-----------------------------------------------------------------------
. Write a "Letter of Instruction" stating your name, your account
number, the Fund you wish to redeem and the dollar amount ($100
or more) of the redemption you wish to receive (or write "Full
Redemption").

. Make sure all the account owners sign the request exactly as
their names appear on the account application.

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

. Signature Guarantees are required for mailed redemption requests
over $50,000, or if the address on your account was changed
within the last 30 days. You can get a signature guarantee at
financial institutions such as a bank or brokerage house. We do
not accept notarized signatures.

. Mail to: Wells Fargo Funds
Attn: CCSU-Boston Financial
PO Box 8266
Boston, MA 02266-8266

BY PHONE

. Call Investor Services to request a redemption of at least
$100. Be prepared to provide your account number and Taxpayer
Identification Number. Unless you have instructed us otherwise,
only one account owner needs to call in redemption requests.

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

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

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

. Telephone requests are not accepted if the address on your
account was changed by phone in the last 30 days.

Call: 1-800-222-8222, option 0

50 Money Market Funds Prospectus
<PAGE>

How To Sell Shares
--------------------------------------------------------------------------------

BY CHECK

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

. Call: 1-800-222-8222, option 0, to order checks.

GENERAL NOTES FOR SELLING SHARES

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

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

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

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

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

Money Market Funds Prospectus 51
<PAGE>

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

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

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

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

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

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

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

. In order to discourage excessive fund transaction expenses that must
be borne by other shareholders, we reserve the right to limit or
reject exchange orders.

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

. Exchanges between Class B shares and the Wells Fargo Money Market
Fund Class B shares will not trigger the CDSC. The new shares will
continue to age according to their original schedule while in the
new Fund and will be charged the CDSC applicable to the original
shares upon redemption. Exchanges into Money Market Fund Class B
shares are subject to certain restrictions in addition to those
described above.

Generally, we will notify you up to 60 days in advance of any changes
in your exchange privileges.

52 Money Market Funds Prospectus
<PAGE>

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

Automatic Programs
These programs help you conveniently purchase and/or redeem shares each
month. Once you select a Plan, tell us the day of the month you would
like the transaction to occur. If you do not specify a date, we will
process the transaction on or about the 25th day of the month.
Systematic withdrawal may only be processed on or about the 25th day of
the month. Call Investor Services at 1-800-222-8222, option 0, for more
information.

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

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

. Systematic Withdrawal Plan--With this program, you can regularly
redeem shares and receive the proceeds by check or by transfer to a
linked bank account. Simply specify an amount of at least $100. To
participate in this program, you:

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

. must have your distributions reinvested; and

. may not simultaneously participate in the Systematic Purchase
Plan.

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

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

We offer the following distribution options:

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

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

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

Money Market Funds Prospectus 53
<PAGE>

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

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

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

Taxes
The following discussion regarding federal and state income taxes is
based on laws that were in effect as of the date of this Prospectus and
summarizes only some of the material federal and state income tax
considerations affecting the Funds and their shareholders. It is not
intended as a substitute for careful tax planning. You should consult
your tax advisor with respect to your specific tax situation, including
the federal, state, local and foreign tax consequences to you of an
investment in a Fund. Please see the Statement of Additional
Information for a further discussion of federal and state income tax
considerations.

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

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

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

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

54 Money Market Funds Prospectus
<PAGE>

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

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

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

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

Money Market Funds Prospectus 55
<PAGE>

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

We provide the ACH
following definitions Refers to the "Automated Clearing House" system
to assist you in maintained by the Federal Reserve Bank which allows
reading this banks to process checks, transfer funds and perform
Prospectus. For a other tasks.
more complete
understanding of Asset-Backed Securities
these terms you Securities consisting of an undivided fractional
should consult your interest in pools of consumer loans, such as car loans
financial adviser. or credit card debt, or receivables held in trust.

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

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

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

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

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

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

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's total
assets. A non-diversified fund is not required to
comply with these investment policies.

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

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

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

FNMA
FNMA securities are known as "Fannie Maes" and are
issued by the Federal National Mortgage Association.

56 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

Moody's
A nationally recognized ratings organization.

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

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

Net Asset Value ("NAV")
The value of a single fund share. It is determined by adding together all
of a Fund's assets, subtracting accrued expenses and other liabilities,
then dividing by the total number of shares.

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

Principal Stability
The degree to which shares prices for a fund remain steady. Money market
funds attempt to achieve the highest degree of principal stability by
maintaining a $1.00 per share net asset value.

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

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

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

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

Money Market Funds Prospectus 57
<PAGE>

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

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

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

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

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

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

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

58 Money Market Funds Prospectus
<PAGE>

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--------------------------------------------------------------------------------
<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENTS:

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

ANNUAL/SEMI-ANNUAL REPORTS
provide certain financial and other important information, including a
discussion of the market conditions and investment strategies that
significantly affected Fund performance, for the most recent reporting
period.

THESE DOCUMENTS ARE AVAILABLE FREE OF CHARGE:

Call: 1-800-222-8222; option 1, option 5

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

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

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room
Washington, DC 20549-6009; or
by electronic request at [email protected]
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
Wells Fargo Portfolio Advisor - 1-877-689-7882
<PAGE>

WELLS
FARGO

FUNDS

-------------------------
PROSPECTUS
-------------------------

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

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

Trust
WELLS FARGO MONEY
MARKET TRUST FUNDS

AUGUST 1
2000
<PAGE>

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--------------------------------------------------------------------------------
<PAGE>

Table of Contents Money Market Trusts
--------------------------------------------------------------------------------

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

-----------------------------------------------------------------------------------------------
The Funds California Tax-Free Money Market Trust 16
Money Market Trust 18
This section contains important National Tax-Free Money Market Trust 20
information about the individual General Investment Risks 22
Funds. Organization and Management
of the Funds 26

-----------------------------------------------------------------------------------------------
Your Investment Your Account 28
How to Buy Shares 29
Turn to this section for How to Sell Shares 29
information on how to open an
account and how to buy and sell
Fund shares.

-----------------------------------------------------------------------------------------------
Reference Other Information 30
Table of Predecessors 31
Look here for additional Glossary 32
information and term
definitions.
</TABLE>
<PAGE>

Wells Fargo Money Market Trusts Overview
--------------------------------------------------------------------------------
See the individual Funds descriptions in this Prospectus for further details.
Words appearing in italicized print and highlighted in color are defined in the
Glossary.

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

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

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

4 Money Market Trusts Prospectus
<PAGE>

--------------------------------------------------------------------------------
PRINCIPAL STRATEGY
--------------------------------------------------------------------------------

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

We invest primarily in high-quality money market instruments.

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

Money Market Trust Prospectus 5
<PAGE>

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

. the individual Fund Descriptions later in this Prospectus;
. under the "General Investment Risks" section beginning on page 22; and
. in the Fund's Statement of Additional Information.

The California Tax-Free Money Market Trust is considered to be non-diversified
according to the Investment Company Act of 1940. The majority of the issuers of
the securities in the Fund's portfolio are located within the state of
California. 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 effect than a similar default in a diversified portfolio. All
other Funds in the Prospectus are considered to be diversified.

--------------------------------------------------------------------------------
FUND-SPECIFIC RISKS
--------------------------------------------------------------------------------

California Tax-Free Money Market Trust
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, a
significant portion of California's economic production centers around the
technology industry. A downturn in the technology industry may have a
disproportionate impact on California municipal obligations. In addition, we
may invest up to 25% or more of our assets in California municipal obligations
that are related in such a way that political, economic or business
developments affecting one obligation would affect the others. For example, we
may own different obligations that pay interest based on the revenue of similar
projects.

6 Money Market Trust Prospectus
<PAGE>

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--------------------------------------------------------------------------------
<PAGE>

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

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

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

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

Best Qtr.: Q2 '98 . 0.84% Worst Qtr.: Q1 '99 . 0.62%

* The Trust's year-to-date performance through March 31, 2000 was 0.71%.
To obtain a current 7-day yield for the Trust, call toll-free 1-800-
222-8222.

Average annual total return (%)
for the period ended 12/31/99

<TABLE>
<CAPTION>
Since
1 year Inception
<S> <C> <C>
California Tax-Free Money Market Trust (Incept. 5/5/97) 2.84 3.05
MFR Tax-Free Institutional Money Market Funds Average 2.91 3.12
</TABLE>

8 Money Market Trusts Prospectus
<PAGE>

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

Money Market Trust Calendar Year Returns (%)*

Best Qtr.: Q1 '91 . 1.54% Worst Qtr.: Q2 '93 . 0. 68%

* The Trust's year-to-date performance through March 31, 2000 was 1.45%.
To obtain a current 7-day yield for the Trust, call toll-free 1-800-
222-8222.

Average annual total return (%)
<TABLE>
<CAPTION>
Since
for the period ended 12/31/99 1 year 5 years Inception
<S> <C> <C> <C>
Money Market Trust (Incept. 9/17/90) 5.17 5.50 4.90

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 4.85
</TABLE>

Money Market Trusts Prospectus 9
<PAGE>

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

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

Best Qtr.: Q2 '98 . 0.87% Worst Qtr.: Q1 '99 . 0.67%

* The Trust's year-to-date performance through March 31, 2000 was 0.87%.
To obtain a current 7-day yield for the Trust, call toll-free 1-800-
222-8222.

Average annual total return (%)

<TABLE>
<CAPTION>
Since
for the period ended 12/31/99 1 year Inception
<S> <C> <C>
National Tax-Free Money Market Trust (Incept. 11/10/97) 3.09 3.22
MFR Tax-Free Institutional Money Market Funds Average 2.91 3.05
</TABLE>

10 Money Market Trusts Prospectus
<PAGE>

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--------------------------------------------------------------------------------
<PAGE>

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

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

--------------------------------------------------------------------------------
SHAREHOLDER FEES
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
All Funds
--------------------------------------------------------------------------------
Maximum sales charge (load) imposed on purchases (as a
percentage of offering price) None

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

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
California Tax-Free National Tax-Free
Money Market Trust Money Market Trust Money Market Trust
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.00% 0.00% 0.00%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/1/ 0.23% 0.21% 0.27%
---------------------------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.23% 0.21% 0.27%
---------------------------------------------------------------------------------------------------------------------------
Fee Waivers 0.03% 0.01% 0.07%
---------------------------------------------------------------------------------------------------------------------------
NET EXPENSES/2/ 0.20% 0.20% 0.20%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ Other expenses are based on estimated amounts for the current fiscal year
as a result of various contract changes that became effective on November
8, 1999.
/2/ The Advisor has committed through July 31, 2001 to waive fees and/or
reimburse expenses to the extent necessary to maintain the Fund's net
operating expense ratio shown.

12 Money Market Trusts Prospectus
<PAGE>

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

------------------------------------------------------------------------------
EXAMPLE OF EXPENSES
------------------------------------------------------------------------------

This example is intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The examples assume a fixed
rate of return and that fund operating expenses remain the same. Your actual
costs may be higher or lower than those shown.
You would pay the following expenses on a $10,000 investment assuming a 5%
annual return and that you redeem your shares at the end of each period:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
California Tax-Free National Tax-Free
Money Market Trust Money Market Trust Money Market Trust
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 YEAR $ 20 $ 20 $ 20
3 YEARS $ 71 $ 67 $ 80
5 YEARS $126 $117 $145
10 YEARS $290 $267 $336
---------------------------------------------------------------------------------------------------
</TABLE>

Money Market Trusts Prospectus 13
<PAGE>

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

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

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

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. what makes a Fund different from the other Funds offered in this
Prospectus.

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

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

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

14 Money Market Trusts Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

Important Risk Factors
The Fund is considered to be non-diversified according to the Investment
Company Act of 1940. The majority of the issuers of the securities in the
Fund's portfolio are located within the state of California. 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 effect than a similar default in a diversified portfolio.

Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, a
significant portion of California's economic production centers around the
technology industry. A downturn in the technology industry may have a
disproportionate impact on California municipal obligations. In addition,
we may invest up to 25% or more of our assets in California municipal
obligations that are related in such a way that political, economic or
business developments affecting one obligation would affect the others. For
example, we may own different obligations that pay interest based on the
revenue of similar projects.

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

16 Money Market Trusts Prospectus
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
COMMENCED ON MAY 5, 1997
----------------------------------------
March 31, March 31, March 31,
For the period ended: 2000 1999 1998
----------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00

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

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

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

Total return (not annualized) 2.93% 2.93% 2.94%

Ratios/supplemental data:
Net assets, end of period (000s) $540,704 $549,289 $636,441

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.20% 0.20% 0.20%
Ratio of net investment income (loss) to average net assets 2.89% 2.91% 3.18%

Ratio of expenses to average net assets prior to 0.67% 0.91% 0.85%
waived fees and reimbursed expenses (annualized)/1/
</TABLE>

--------------------------------------------------------------------------------
/1/ During each period, various fees were waived and reimbursed.

Money Market Trusts Prospectus 17
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:
------------------------------------------

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

. more than 25% of total assets in the obligations of banks, broker
----------------------------------------------------------------------
dealers, insurance companies and other financial entities, their
----------------------------------------------------------------
holding companies and their subsidiaries.
----------------------------------------

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

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

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

18 Money Market Trusts Prospectus
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
COMMENCED ON SEPTEMBER 17, 1990
--------------------------------------------------------------------------------
March 31, March 31, March 31, March 31, Sept. 30, Sept. 30 May 31,
For the period ended: 2000 1999 1998 1997 1996 1995/1/ 1995
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

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

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

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

Total return (not annualized) 5.43% 5.35% 5.62% 2.66% 5.43% 1.91% 5.05%

Ratios/supplemental data:
Net assets, end of period (000s) $713,278 $471,923 $630,770 $807,003 $1,143,767 $286,863 $290,483

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.20% 0.20% 0.20% 0.20% 0.18% 0.19% 0.17%

Ratio of net investment income (loss)
to average net assets 5.35% 5.20% 5.46% 5.28% 5.33% 5.70% 5.06%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/2/ 0.48% 0.61% 0.61% 0.61% 0.55% 1.11% 1.07%
</TABLE>

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

/2/ During each period, various fees were waived and reimbursed.

Money Market Trusts Prospectus 19
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

We may also invest up to 25% of total assets in industrial development
bonds and in participation interests in these securities.

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

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

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

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

20 Money Market Trusts Prospectus
<PAGE>

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

FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
COMMENCED ON NOVEMBER 10, 1997
-------------------------------------------
March 31, March 31, March 31,
For the period ended: 2000 1999 1998
-------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00

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

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

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

Total return (not annualized) 3.30% 3.16% 1.30%

Ratios/supplemental data:
Net assets, end of period (000s) $269,943 $233,546 $229,447

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.20% 0.20% 0.20%
Ratio of net investment income (loss) to
average net assets 3.27% 3.09% 3.32%

Ratio of expenses to average net assets prior to waived
fees and reimbursed expenses (annualized)/1/ 0.52% 0.68% 0.63%
</TABLE>

--------------------------------------------------------------------------------
/1/ During each period, various fees were waived and reimbursed.

Money Market Trusts Prospectus 21
<PAGE>

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

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance and
preferences. You should carefully consider the risks common to investing in
all mutual funds, including the Wells Fargo Funds. Certain common risks are
identified in the "Summary of Important Risks" section on page 6. Other
risks of mutual fund investing include the following:

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

. We cannot guarantee that we will meet our investment objectives. In
particular, we cannot guarantee that we will be able to maintain a
$1.00 per share NAV.

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

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

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

. The Funds may invest a portion of their assets in U.S. Government
obligations, such as securities issued or guaranteed by the Government
National Mortgage Association ("GNMAs"), the Federal National Mortgage
Association ("FNMAs") and the Federal Home Loan Mortgage Corporation
("FHLMCs"). Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group
of such mortgages is assembled and, after being approved by the
issuing or guaranteeing entity, is offered to investors through
securities dealers. Mortgage-backed securities are subject to
prepayment and extension risk, which can alter the maturity of the
securities and also reduce the rate of return on the portfolio.

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

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

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

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

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

22 Money Market Trusts Prospectus
<PAGE>

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

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

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.

Money Market Trusts Prospectus 23
<PAGE>

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

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

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

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

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

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

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

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

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

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

24 Money Market Trusts Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

The Trust was created to succeed to the assets and operations of the various
mutual funds in the Stagecoach Family of Funds and the Norwest Advantage Family
of Funds. The holding company of Wells Fargo Bank, the investment advisor to the
Stagecoach Family of Funds, and the holding company of Norwest Investment
Management, Inc., the investment advisor to the Norwest Advantage Family of
Funds, merged in November 1998. Each of the Funds described in this Prospectus
has succeeded to the assets and operations of one Stagecoach Fund. The
performance and financial statement history of each Fund's designated
predecessor Fund has been assumed by the Wells Fargo Funds Trust Fund. The
succession transactions were approved by the shareholders of the Stagecoach
Funds. The Table on page 31 identifies the Stagecoach Fund predecessors to the
Funds.

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

---------------------------------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
---------------------------------------------------------------------------------------------------------
Wells Capital Management, Incorporated
525 Market St.
San Francisco, CA
Manages the Funds' investment activities
---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------
SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

Markets the Funds Manages the Maintains records Provide
and distributes Funds'business of shares and services to
Fund shares activities supervises the payment customers
of dividends
---------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES FIRMS AND SELLING AGENTS
---------------------------------------------------------------------------------------------------------
Advise current and prospective shareholders on their Fund investments
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHAREHOLDERS
---------------------------------------------------------------------------------------------------------
</TABLE>

26 Money Market Trusts Prospectus
<PAGE>

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

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

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security
analysis services as the advisor for each of the Funds. Wells Fargo Bank,
founded in 1852, is the oldest bank in the western United States and is one
of the largest banks in the United States. Wells Fargo Bank is a wholly
owned subsidiary of Wells Fargo & Company, a national bank holding company.
As of March 31, 2000, Wells Fargo Bank and its affiliates managed over $168
billion in assets. Wells Fargo Bank does not receive a fee for providing
these services.

The Administrator
Wells Fargo Bank provides the Funds with administration services, including
general supervision of each Fund's operation, coordination of the other
services provided to each Fund, compilation of information for reports to
the SEC and the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the Trustees
and officers. Wells Fargo Bank also furnishes office space and certain
facilities to conduct each Fund's business. For providing these services,
Wells Fargo Bank is entitled to receive a fee of 0.15% of the average
annual net assets of each Fund.

Money Market Trusts Prospectus 27
<PAGE>

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

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

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

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

. We process requests to buy or sell shares of the funds each business
day.Requests we receive in proper form for each Fund except the Money
Market Trust generally are processed at 9:00 a.m. (Pacific time)/11:00
a.m. (Central time) on the same day. Requests we receive in proper form
for the Money Market Trust generally are processed at 12:00 noon
(Pacific time)/2:00 p.m. (Central time), on the same day. Earlier
purchase and redemption cut off times may be established by your
Institution. If the markets close early, the Funds may close early and
may value their shares at earlier times under these circumstances. Any
request we receive in proper form before these times is processed the
same day. Requests we receive after the cutoff times are processed the
next business day.

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

28 Money Market Trusts Prospectus
<PAGE>

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

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

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

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

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

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

. Institutions may charge their customers account fees and may receive
fees from us with respect to investments their customers have made with
the Funds.

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

---------------------------------------------------------------------------
GENERAL NOTES FOR SELLING SHARES
---------------------------------------------------------------------------

. We will process requests to sell shares at the first NAV calculated
after a request in proper form is received. Requests received before the
cutoff times listed in the "Pricing Fund Shares" section are processed
on the same business day. Redemption proceeds are usually wired to the
redeeming Institution the following business day.

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

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

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

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

Money Market Trusts Prospectus 29
<PAGE>

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

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

Taxes
The following discussion regarding federal income and California personal
income taxes is based on laws that were in effect as of the date of this
Prospectus and summarizes only some of the material federal and state
income tax considerations affecting the Funds and their shareholders. It is
not intended as a substitute for careful tax planning. You should consult
your tax advisor with respect to your specific tax situation, including the
federal, state, local and foreign tax consequences to you of an investment
in a Fund. Please see the Statement of Additional Information for a further
discussion of Federal and California personal income tax considerations.

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

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

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

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

30 Money Market Trusts Prospectus
<PAGE>

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

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

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

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

Money Market Trust Stagecoach Money Market Trust

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

Money Market Trusts Prospectus 31
<PAGE>

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

We provide the ACH
following definitions Refers to the "Automated Clearing House" system
to assist you in maintained by the Federal Reserve Bank which allows
reading this banks to process checks, transfer funds and perform
Prospectus. For a other tasks.
more complete
understanding of Asset-Backed Securities
these terms you Securities consisting of an undivided fractional
should consult your interest in pools of consumer loans, such as car
financial advisor. loans or credit card debt, or receivables held in
trust. Business Day Generally, Monday through Friday
with the exception of any federal bank holiday.

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

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

Derivatives
Securities whose values are derived in part from the
value of another security or index. An example is a
mortgage-backed security. Distributions Dividends
and/or capital gains paid by a Fund on its shares.

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's
total assets. A non-diversified fund is not required
to comply with these investment policies.

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

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

FNMA
FNMA securities are known as "Fannie Maes" and are
issued by the Federal National Mortgage Association.

32 Money Market Trusts Prospectus
<PAGE>

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

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

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

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

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.

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

Principal Stability
The degree to which 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.

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.

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

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

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

Money Market Trusts Prospectus 33
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

YOU MAY WISH TO VIEW THE FOLLOWING DOCUMENT:

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

ANNUAL/SEMI-ANNUAL REPORTS
provide certain financial and other important information, including a
discussion of the market conditions and investment strategies that significantly
affected Fund performance, for the most recent reporting period.

THESE DOCUMENTS ARE AVAILABLE FREE OF CHARGE:
Call: 1-800-222-8222; option 4

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

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

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room Washington, DC 20549-6009; or by electronic request at
[email protected] 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 Wells Fargo Portfolio Advisor - 1-877-689-7882

P012 ICA Reg. No. 811-09253 (updated 8/00)
<PAGE>

[LOGO OF WELLS FARGO FUNDS]

Institutional Class
WELLS FARGO MONEY
MARKET FUNDS

--------------
PROSPECTUS
--------------

Cash Investment Money Market Fund

National Tax-Free Institutional Money Market Fund

Treasury Plus Institutional Money Market Fund

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

AUGUST 1 2000
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

<TABLE>
<CAPTION>
Table of Contents Money Market Funds
--------------------------------------------------------------------------------
<S> <C> <C>
Overview
This section contains important Objectives and Principal Strategies 4
summary information about the Summary of Important Risks 6
Funds. Performance History 7
Summary of Expenses 10
Key Information 12

--------------------------------------------------------------------------------
The Funds Cash Investment Money Market Fund 14
This section contains important National Tax-Free Institutional
information about the individual Money Market Fund 16
Funds. Treasury Plus Institutional
Money Market Fund 18
General Investment Risks 20
Organization and Management
of the Funds 24

--------------------------------------------------------------------------------
Your Investment Your Account 26
Turn to this section for How to Buy Shares 27
information on how to open an How to Sell Shares 28
account and how to buy, sell and How to Exchange Shares 29
exchange Fund shares.

--------------------------------------------------------------------------------
Reference Other Information 30
Look here for additional Table of Predecessors 31
information and term Glossary 32
definitions.
</TABLE>
<PAGE>

Money Market Funds Overview
--------------------------------------------------------------------------------
See the individual Fund descriptions in this Prospectus for further details.
Words appearing in italicized print and highlighted in color are defined in the
Glossary.

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

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

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

4 Money Market Funds Prospectus
<PAGE>

--------------------------------------------------------------------------------
PRINCIPAL STRATEGY
--------------------------------------------------------------------------------

We invest primarily in high-quality money market instruments.

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

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

Money Market Funds Prospectus 5
<PAGE>

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

. the individual Fund Descriptions later in this Prospectus;

. under the "General Investment Risks" section beginning on page 20; and

. in the Funds' Statement of Additional Information.

6 Money Market Funds Prospectus
<PAGE>

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

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

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

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

[GRAPH]

Best Qtr.: Q2 '90 . 1.92% Worst Qtr.: Q2 '93 . 0.69%

* The Fund's year-to-date performance through March 31, 2000 was 1.32%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Institutional Class (Incept. 8/11/95)/1/ 4.78 5.22 4.94

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

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

Money Market Funds Prospectus 7
<PAGE>

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

Cash Investment Money Market Fund Institutional Class Calendar Year Returns
(%)*

[GRAPH]

Best Qtr.: Q2 '90 . 2.01% Worst Qtr.: Q1 '94 . 0.74%

* The Institutional Class has been in operation for less than one calendar
year, therefore performance shown reflects the performance of the Service
Class shares. The Institutional Class shares' year-to-date performance
through March 31, 2000 was 1.46%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Institutional Class (Incept. 11/8/99)/1/ 4.92 5.31 5.15

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

/1/ The Institutional Class has been in operation for less than one
calendar year, therefore performance shown for this class reflects the
performance of the Service Class shares. The Service Class shares are
subject to fees and expenses that do not apply to the Institutional
Class shares. If these expense adjustments were reflected in the
performance calculations, performance shown would be greater.

8 Money Market Funds Prospectus
<PAGE>

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

[GRAPH]

Best Qtr.: Q4 '90 . 1.38% Worst Qtr.: Q1 '93 . 0.47%

* Performance shown reflects the performance of the Service Class shares.
The Institutional Class shares' year-to-date performance through March
31, 2000 was 0.84%.
To obtain a current 7-day yield for the Fund, call toll free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Institutional Class (Incept. 11/8/99)/1/ 2.91 3.30 3.33

MFR Tax-Free Institutional Money
Market Funds Average 2.91 3.22 3.36

/1/ Performance shown for this class reflects the performance of the
Service Class shares. The Service Class shares are subject to fees and
expenses that do not apply to the Institutional Class shares. If these
expense adjustments were reflected in the performance calculations,
performance shown would be greater.

Money Market Funds Prospectus 9
<PAGE>

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

--------------------------------------------------------------------------------
SHAREHOLDER FEES
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
National Tax-Free Treasury Plus
Cash Investment Institutional Money Institutional Money
Money Market Fund Market Fund Market Fund
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Management Fees 0.10% 0.10% 0.10%
Distribution (12b-1) Fees 0.00% 0.00% 0.00%
Other Expenses/1/ 0.20% 0.21% 0.21%
-------------------------------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.30% 0.31% 0.31%
-------------------------------------------------------------------------------------------------------
Fee Waivers 0.05% 0.01% 0.06%
-------------------------------------------------------------------------------------------------------
NET EXPENSES/2/ 0.25% 0.30% 0.25%
-------------------------------------------------------------------------------------------------------
</TABLE>

/1)/ Other expenses are based on estimated amounts for the current fiscal year
as a result of various contract changes that became effective on November
8, 1999.
/2/ The Advisor has committed through July 31, 2001 to waive fees and/or
reimburse expenses to the extent necessary to maintain the Fund's net
operating expense ratio shown.

10 Money Market Funds Prospectus
<PAGE>

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

--------------------------------------------------------------------------------
EXAMPLE OF EXPENSES
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
National Tax-Free Treasury Plus
Cash Investment Institutional Money Institutional Money
Money Market Fund Market Fund Market Fund
-----------------------------------------------------------------
1 YEAR $ 26 $ 31 $ 26
3 YEARS $ 91 $ 99 $ 94
5 YEARS $164 $173 $168
10 YEARS $376 $392 $387
--------------------------------------------------------------------------------

Money Market Funds Prospectus 11
<PAGE>

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

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

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. what makes a Fund different from the other Funds offered in this
Prospectus.

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

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

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

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

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

12 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

. more than 25% of total assets in the obligations of banks, broker
dealers, insurance companies and other financial entities, their holding
companies and their subsidiaries; and

. up to 25% of total assets in foreign investments.

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

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

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 20; and the specific
risks listed here. They are all important to your investment choice.

14 Money Market Funds Prospectus
<PAGE>

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

--------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
--------------------------------------------------------------------------------
March 31,
For the period ended: 2000/1/
-------------
Net asset value, beginning of period $ 1.00

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

Total from investment operations 0.02

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

Total from distributions (0.02)

Net asset value, end of period $ 1 .00

Total return (not annualized) 2.29%

Ratios/supplemental data:
Net assets, end of period (000s) $2,116,276

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.25%
Ratio of net investment income (loss) to
average net assets 5.77%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/2/ 0.30%
--------------------------------------------------------------------------------

/1/ This class of shares commenced operations on November 8, 1999.
/2/ During each period, various fees were waived and reimbursed.

Money Market Funds Prospectus 15
<PAGE>

National Tax-Free Institutional Money Market Fund
--------------------------------------------------------------------------------

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

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

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

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

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

16 Money Market Funds Prospectus
<PAGE>

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

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

Total from investment operations 0.01

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

Total from distributions (0.01)

Net asset value, end of period $ 1.00

Total return (not annualized) 1.36%

Ratios/supplemental data:
Net assets, end of period (000s) $23,141

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.30%
Ratio of net investment income (loss) to
average net assets 3.43%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/2/ 0.31%
--------------------------------------------------------------------------------

/1/ This class of shares commenced operations on November 8, 1999.
/2/ During each period, various fees were waived and reimbursed.

Money Market Funds Prospectus 17
<PAGE>

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

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

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

Investment Policies
We invest in obligations issued or guaranteed by the U.S. Treasury, and in
repurchase agreements and other instruments collateralized or secured by
U.S. Treasury obligations.

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

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

. in U.S.Treasury obligations; and

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

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

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, there is no guarantee
that we will be able to do so. Generally, short-term funds do not earn as
high a level of income as funds that invest in longer-term instruments. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. Investing in shares of other money market funds
with substantially similar objectives and investment policies will subject
the Fund to the fees charged by the other Funds, which will reduce returns
from these investments.

18 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
----------------------------------------------------------------------------------------------------------------------
March 31, March 31, March 31, March 31, Sept. 30, Sept. 30,
For the period ended: 2000 1999 1998 1997/1/ 1996 1995/2/
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

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

Total from investment operations 0.05 0.05 0.05 0.03 0.05 0.01

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

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

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

Total return (not annualized) 4.98% 5.04% 5.41% 2.58% 5.26% 5.51%

Ratios/supplemental data:
Net assets, end of period (000s) $390,592 $493,987 $501,494 $449,647 $540,689 $36,443

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.25% 0.25% 0.25% 0.25% 0.25% 0.26%
Ratio of net investment income (loss) to
average net assets 4.81% 4.92% 5.28% 5.11% 5.21% 5.42%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/3/ 0.40% 0.41% 0.40% 0.39% 0.59% 0.69%
----------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ This class of shares commenced operations on August 11, 1995.
/3/ During each period, various fees were waived and reimbursed.

Money Market Funds Prospectus 19
<PAGE>

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

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance and
preferences. You should carefully consider the risks common to investing in
all mutual funds, including the Wells Fargo Funds. Certain common risks are
identified in the "Summary of Important Risks" section on page 6. Other
risks of mutual fund investing include the following:

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

. We cannot guarantee that we will meet our investment objectives. In
particular, we cannot guarantee that we will be able to maintain a $1.00
per share NAV.

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

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

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

. The Funds may invest a portion of their assets in U.S. Government
obligations, such as securities issued or guaranteed by the Government
National Mortgage Association ("GNMAs"), the Federal National Mortgage
Association ("FNMAs") and the Federal Home Loan Mortgage Corporation
("FHLMCs"). Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group of
such mortgages is assembled and, after being approved by the issuing or
guaranteeing entity, is offered to investors through securities dealers.
Mortgage-backed securities are subject to prepayment and extension risk,
which can alter the maturity of the securities and also reduce the rate
of return on the portfolio.

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

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

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

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

20 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

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

Money Market Funds Prospectus 21
<PAGE>

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

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

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

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

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

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

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

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

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

22 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

The Trust was created to succeed to the assets and operations of the various
mutual funds in the Stagecoach Family of Funds and the Norwest Advantage Family
of Funds. The holding company of Wells Fargo Bank, the investment advisor to the
Stagecoach Family of Funds, and the holding company of Norwest Investment
Management, Inc., the investment advisor to the Norwest Advantage Family of
Funds, merged in November 1998. Each of the Funds described in this Prospectus
has succeeded to the assets and operations of one or more corresponding Funds of
Stagecoach or Norwest Advantage Funds. The performance and financial statement
history of each Fund's designated predecessor Fund has been assumed by the Wells
Fargo Funds Trust Fund. The succession transactions were approved by the
shareholders of the Stagecoach and Norwest Advantage Funds. The Table on page 31
identifies the Stagecoach or Norwest Advantage Fund predecessors to the Funds.

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
BOARD OF TRUSTEES
---------------------------------------------------------------------------------------------------
Supervises the Funds' activities
---------------------------------------------------------------------------------------------------
\/
---------------------------------------------------------------------------------------------------
INVESTMENT ADVISOR CUSTODIAN
---------------------------------------------------------------------------------------------------
<S> <C>
Wells Fargo Bank, N.A. Wells Fargo Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds' investment activities Provides safekeeping for the Funds' assets
---------------------------------------------------------------------------------------------------
\/
</TABLE>
--------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
--------------------------------------------------------------------------------
Wells Capital Management, Incorporated
525 Market St.
San Francisco, CA
Manages the Funds' investment activities
--------------------------------------------------------------------------------
\/
<TABLE>
----------------------------------------------------------------------------------------------------
SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

Markets the Funds Manages the Maintains records Provide
and distributes Funds' business of shares and supervises services to
Fund shares activities the payment of dividends customers
---------------------------------------------------------------------------------------------------
\/
---------------------------------------------------------------------------------------------------
FINANCIAL SERVICES FIRMS AND SELLING AGENTS
---------------------------------------------------------------------------------------------------
Advise current and prospective shareholders on their Fund investments
----------------------------------------------------------------------------------------------------
\/
----------------------------------------------------------------------------------------------------
SHAREHOLDERS
----------------------------------------------------------------------------------------------------
</TABLE>

24 Money Market Funds Prospectus
<PAGE>

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

The Administrator
Wells Fargo Bank provides the Funds with administration services, including
general supervision of each Fund's operation, coordination of the other
services provided to each Fund, compilation of information for reports to
the SEC and the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the Trustees
and officers. Wells Fargo Bank also furnishes office space and certain
facilities to conduct each Fund's business. For providing these services,
Wells Fargo Bank is entitled to receive a fee of 0.15% of the average
annual net assets of each Fund.

Money Market Funds Prospectus 25
<PAGE>

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

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

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

. We process requests to buy or sell shares of the funds each business day.
Requests we receive in proper form for the Cash Investment Money Market
and Treasury Plus Institutional Money Market Funds before 3:00 p.m. (ET)
generally are processed on the same day. Requests we receive in proper
form for the National Tax-Free Institutional Money Market Fund before
12:00 noon (ET) generally are processed on the same day. For certain
institutions with automated arrangements in place, requests we receive in
proper form for the Cash Investment Money Market and Treasury Plus
Institutional Money Market Funds before 5:00 p.m. (ET) and for the
National Tax-Free Institutional Money Market Fund before 12:30 p.m. (ET),
generally are processed on the same day. Earlier purchase and redemption
cutoff times may be established by your institution. If the markets close
early, the Funds may close early and may value their shares at earlier
times under these circumstances. Any request we receive in proper form
before these times is processed the same day. Requests we receive after
the cutoff times or via the automated voice response system by 4:00 p.m.
(ET) are processed the next business day.

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

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

26 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

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

. Institutions may charge their customers account fees and may receive fees
from us with respect to investments their customers have made with the
Funds.

Money Market Funds Prospectus 27
<PAGE>

Your Account How to Sell Shares
--------------------------------------------------------------------------------

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

---------------------------------------------------------------------------
GENERAL NOTES FOR SELLING SHARES
---------------------------------------------------------------------------
. We will process requests to sell shares at the first NAV calculated after
a request in proper form is received. Requests received before the cutoff
times listed in the "Pricing Fund Shares" section are processed on the
same business day. Redemption proceeds are usually wired to the redeeming
Institution the following business day.

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

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

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

28 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

. In order to discourage excessive Fund transaction expenses that must be
borne by other shareholders, we reserve the right to limit or reject
exchange orders.

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

Generally, we will notify you up to 60 days in advance of any changes in
your exchange privileges.

Money Market Funds Prospectus 29
<PAGE>

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

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

Taxes
The following discussion regarding federal income taxes is based on laws
that were in effect as of the date of this Prospectus and summarizes only
some of the material federal income tax considerations affecting the Funds
and their shareholders. It is not intended as a substitute for careful tax
planning. You should consult your tax advisor with respect to your specific
tax situation, including the federal, state, local and foreign tax
consequences to you of an investment in a Fund. Please see the Statement of
Additional Information for a further discussion of federal personal income
tax considerations.

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

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

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

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

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

30 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<S> <C>
Wells Fargo Funds Trust Predecessor Funds

Cash Investment Money Market Fund Norwest Advantage Cash Investment Fund

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

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

Money Market Funds Prospectus 31
<PAGE>

<TABLE>
<CAPTION>
Glossary
--------------------------------------------------------------------------------------------------------------
<S> <C>
We provide the ACH
following definitions Refers to the "Automated Clearing House" system maintained by the Federal
to assist you in Reserve Bank which allows banks to process checks, transfer funds and perform
reading this other tasks.
Prospectus. For a
more complete Asset-Backed Securities
understanding of Securities consisting of an undivided fractional interest in pools of consumer
these terms you loans, such as car loans or credit card debt, or receivables held in trust.
should consult your
financial advisor. Business Day
Generally, Monday through Friday with the exception of any federal bank holiday.

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

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

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

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

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

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

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

FNMA
FNMA securities are known as "Fannie Maes" and are issued by the Federal
National Mortgage Association.

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

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

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

32 Money Market Funds Prospectus
<PAGE>

<TABLE>
<S> <C>
Liquidity
The ability to readily sell a security at a fair price.

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

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

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

Net Asset Value ("NAV")
The value of a single fund share. It is determined by adding together all of a
Fund's assets, subtracting accrued expenses and other liabilities, then dividing
by the total number of shares.

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

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

Stability of Principal
The degree to which share prices for a fund remain steady. Money market funds
attempt to achieve the highest degree of principal stability by maintaining a
$1.00 per share net asset value.

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

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

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

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

Money Market Funds Prospectus 33
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENTS:

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

ANNUAL/SEMI-ANNUAL REPORTS
provide certain financial and other important information, including a
discussion of the market conditions and investment strategies that significantly
affected Fund performance, for the most recent reporting period.

THESE DOCUMENTS ARE AVAILABLE FREE OF CHARGE:

Call: 1-800-222-8222; option 4

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

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

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room
Washington, DC 20549-6009; or
by electronic request at [email protected]
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
Wells Fargo Portfolio Advisor - 1-877-689-7882

<TABLE>
<S> <C> <C>
P010
ICA Reg. No.
811-09253 ------------------------------------------------------- [LOGO]
(updated 8/00) NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE Printed on Recycled Paper
-------------------------------------------------------
</TABLE>
<PAGE>

[LOGO OF WELLS FARGO FUNDS]

Service Class
WELLS FARGO MONEY
MARKET FUNDS

-----------------
PROSPECTUS
-----------------

California Tax-Free Money Market Fund

Cash Investment Money Market Fund

Government Money Market Fund

National Tax-Free Institutional Money Market Fund

Prime Investment Money Market Fund

Treasury Plus Institutional Money Market Fund

100% Treasury Money Market Fund

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

AUGUST 1 2000
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

<TABLE>
<CAPTION>
Table of Contents Money Market Funds
-------------------------------------------------------------------------------------------
<S> <C> <C>
Overview Objectives and Principal Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 8
Funds. Summary of Expenses 16
Key Information 19

-------------------------------------------------------------------------------------------
The Funds California Tax-Free Money Market Fund 20
This section contains important Cash Investment Money Market Fund 22
information about the individual Government Money Market Fund 24
Funds. National Tax-Free Institutional
Money Market Fund 26
Prime Investment Money Market Fund 28
Treasury Plus Institutional
Money Market Fund 30
100% Treasury Money Market Fund 32
General Investment Risks 34
Organization and Management
of the Funds 37

-------------------------------------------------------------------------------------------
Your Investment Your Account 39
Turn to this section for How to Buy Shares 40
information on how to open an How to Sell Shares 43
account and how to buy, sell and How to Exchange Shares 45
exchange Fund shares.

-------------------------------------------------------------------------------------------
Reference Additional Services and
Look here for additional Other Information 46
information and term Table of Predecessors 48
definitions. Glossary 49
</TABLE>
<PAGE>

Money Market Funds Overview
--------------------------------------------------------------------------------
See the individual Funds descriptions in this Prospectus for further details.
Words appearing in italicized print and highlighted in color are defined in the
Glossary.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
FUND OBJECTIVE
------------------------------------------------------------------------------------------------------------
<S> <C>
California Tax-Free Money Seeks current income exempt from federal income tax and California
Market Fund personal income tax, while preserving capital and liquidity.

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

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

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

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

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

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

4 Money Market Funds Prospectus
<PAGE>

--------------------------------------------------------------------------------
PRINCIPAL STRATEGY
--------------------------------------------------------------------------------

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

We invest primarily in high-quality money market instruments.

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

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

We invest primarily in high-quality money market instruments.

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

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

Money Market Funds Prospectus 5
<PAGE>

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

. the individual Fund Descriptions later in this Prospectus;

. under the "General Investment Risks" section beginning on page 34; and

. in the Funds' Statement of Additional Information.

The California Tax-Free Money Market Fund is considered to be non-diversified
according to the Investment Company Act of 1940. The majority of the issuers of
the securities in the Fund's portfolio are located within the state of
California. 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 effect than a similar default in a diversified portfolio. All
other Funds in the Prospectus are considered to be diversified.

--------------------------------------------------------------------------------
FUND-SPECIFIC RISKS
--------------------------------------------------------------------------------
California Tax-Free Money Market Fund
Since we invest heavily in California municipal obligations, events in
California are likely to affect the Fund's investments. For example, a
significant portion of California's economic production centers around the
technology industry. A downturn in the technology industry may have a
disproportionate impact on California municipal obligations. In addition, we
may invest up to 25% or more of our assets in California municipal obligations
that are related in such a way that political, economic or business
developments affecting one obligation would affect the others. For example, we
may own different obligations that pay interest based on the revenue of
similar projects.

6 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

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

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

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

[GRAPH]

1992 1993 1994 1995 1996 1997 1998 1999
2.81 1.89 2.28 3.23 2.76 2.92 2.61 2.42

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

* The performance shown reflects the performance of the A shares. The
Service Class Shares' year-to-date performance through March 31, 2000 was
0.66%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception

Service Class (Incept. 11/8/99)/1/ 2.42 2.79 2.62

MFR Tax-Free Retail Money
Market Funds Average 2.64 2.96 2.70

/1/ Performance shown reflects the performance of the A shares.

8 Money Market Funds Prospectus
<PAGE>

Cash Investment Money Market Fund Service Class Calendar Year Returns (%)*

[GRAPH]

Best Qtr.: Q2 `90 . 2.01% Worst Qtr.: Q1 `94 . 0.74%

* The Fund's year-to-date performance through March 31, 2000 was 1.40%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Service Class (Incept. 10/14/87) 4.92 5.31 5.15

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

Money Market Prospectus 9
<PAGE>

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

Government Money Market Fund Service Class Calendar Year Returns (%)*

[GRAPH]

Best Qtr.: Q2 `90 . 1.94% Worst Qtr.: Q2 `93 . 0.72%

* The Fund's year-to-date performance through March 31, 2000 was 1.34%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Service Class (Incept. 11/16/87) 4.72 5.10 4.93

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

10 Money Market Funds Prospectus
<PAGE>

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

[GRAPH]

Best Qtr.: Q4 `90 . 1.38% Worst Qtr.: Q1 `93 . 0.47%

* The Fund's year-to-date performance through March 31, 2000 was 0.81%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Service Class (Incept. 8/3/93)/1/ 2.91 3.30 3.33

MFR Tax-Free Institutional
Money Market Funds Average 2.91 3.22 3.36

/1/ Performance shown for periods prior to the inception of the Service
Class shares reflects the performance of the predecessor portfolio's
Class A shares, which incepted January 1, 1988.

Money Market Prospectus 11
<PAGE>

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

Prime Investment Money Market Fund Calendar Year Returns (%)*

[GRAPH]

1999
4.85

Best Qtr.: Q4 `99 . 1.30% Worst Qtr.: Q2 `99 . 1.12%

* The Fund's year-to-date performance through March 31, 2000 was 1.37%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

Since
for the period ended 12/31/99 1 year Inception

Service Class (Incept. 9/2/98) 4.85 4.90

MFR Taxable Institutional
Money Market Funds Average 4.81 5.04

12 Money Market Funds Prospectus
<PAGE>

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

[GRAPH]

Best Qtr.: Q2 `90 . 1.92% Worst Qtr.: Q2 `93 . 0.69%

* The Fund's year-to-date performance through March 31, 2000 was 1.27%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

for the period ended 12/31/99 1 year 5 years 10 years

Service Class (Incept. 10/1/85) 4.57 5.06 4.86

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

Money Market Funds Prospectus 13
<PAGE>

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

100% Treasury Money Market Fund Service Class Calendar Year Returns (%)*

[GRAPH]

Best Qtr.: Q1 `91 . 1.60% Worst Qtr.: Q1 `94 . 0.68%

* The Fund's year-to-date performance through March 31, 2000 was 1.27%.
To obtain a current 7-day yield for the Fund, call toll-free
1-800-222-8222.

Average annual total return (%)

Since
for the period ended 12/31/99 1 year 5 years Inception

Service Class (Incept. 12/03/90) 4.43 4.86 4.46

MFR Taxable Institutional
Money Market Funds Average 4.81 5.23 5.08

14 Money Market Funds Prospectus
<PAGE>

This page intentionally left blank
--------------------------------------------------------------------------------
<PAGE>

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
SHAREHOLDER FEES
-----------------------------------------------------------------------------------------------------------
<S> <C>
All Funds

-----------------------------------------------------------------------------------------------------------
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price) None

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

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

California Tax-Free
Money Market Fund
--------------------------------------------------------------------------------
<S> <C> <C>
Management Fees 0.30%
Distribution (12b-1) Fees 0.00%
Other Expenses/1/ 0.21%
--------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.51%
--------------------------------------------------------------------------------
Fee Waivers 0.06%
--------------------------------------------------------------------------------
NET EXPENSES/2/ 0.45%
--------------------------------------------------------------------------------

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

Prime Investment
Money Market Fund
--------------------------------------------------------------------------------
<S> <C> <C>
Management Fees 0.10%
Distribution (12b-1) Fees 0.00%
Other Expenses/1/ 0.56%
--------------------------------------------------------------------------------
TOTAL ANNUAL FUND OPERATING EXPENSES 0.66%
--------------------------------------------------------------------------------
Fee Waivers 0.11%
--------------------------------------------------------------------------------
NET EXPENSES/2/ 0.55%
--------------------------------------------------------------------------------
</TABLE>

/1/ Other expenses are based on estimated amounts for the current fiscal year as
a result of various contract changes that became effective on November 8,
1999.
/2/ The Advisor has committed through July 31, 2001 to waive fees and/or
reimburse expenses to the extent necessary to maintain the Fund's net
operating expense ratio shown.

16 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
National Tax-Free
Cash Investment Government Institutional
Money Market Fund Money Market Fund Money Market Fund
----------------------------------------------------------------------------------
<S> <C> <C> <C>
0.10% 0.35% 0.10%
0.00% 0.00% 0.00%
0.45% 0.22% 0.47%
----------------------------------------------------------------------------------
0.55% 0.57% 0.57%
----------------------------------------------------------------------------------
0.07% 0.07% 0.12%
----------------------------------------------------------------------------------
0.48% 0.50% 0.45%
----------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------------
Treasury Plus
Institutional 100% Treasury
Money Market Fund Money Market Fund
-------------------------------------------------------------
<S> <C> <C>
0.10% 0.35%
0.00% 0.00%
0.46% 0.20%
-------------------------------------------------------------
0.56% 0.55%
-------------------------------------------------------------
0.10% 0.09%
-------------------------------------------------------------
0.46% 0.46%
-------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 17
<PAGE>

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

--------------------------------------------------------------------------------
EXAMPLE OF EXPENSES
--------------------------------------------------------------------------------

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

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

California Tax-Free Cash Investment Government
Money Market Fund Money Market Fund Money Market Fund
--------------------------------------------------------------------------------
1 YEAR $ 46 $ 49 $ 51
3 YEARS $158 $169 $176
5 YEARS $279 $300 $311
10 YEARS $635 $683 $707
--------------------------------------------------------------------------------

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

National Tax-Free Treasury Plus
Institutional Prime Investment Institutional
Money Market Fund Money Market Fund Money Market Fund
--------------------------------------------------------------------------------
1 YEAR $ 46 $ 56 $ 47
3 YEARS $171 $200 $169
5 YEARS $306 $357 $303
10 YEARS $702 $812 $692
--------------------------------------------------------------------------------

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

100% Treasury
Money Market Fund
-----------------------------
1 YEAR $ 47
3 YEARS $167
5 YEARS $298
10 YEARS $681
-----------------------------

18 Money Market Funds Prospectus
<PAGE>

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

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

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. what makes a Fund different from the other Funds offered in this
Prospectus.

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

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

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

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

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

Money Market Funds Prospectus 19
<PAGE>

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

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

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

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of net assets in municipal obligations that provide income
exempt from federal income and alternative minimum taxes; and

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

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

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

20 Money Market Funds Prospectus
<PAGE>

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

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception, if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information which, along with their report and the Fund's financial
statements, is available upon request in the Fund's annual report.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
--------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON
NOVEMBER 8, 1999
----------------------------
May 31,
For the period ended: 2000
----------------------------
<S> <C>
Net asset value, beginning of period $ 1.00

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

Total from investment operations 0.01

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

Total from distributions (0.01)

Net asset value, end of period $ 1.00

Total return (not annualized) 1.10%

Ratios/supplemental data:
Net assets, end of period (000s) $75,697

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.45%
Ratio of net investment income (loss) to average net assets 2.69%

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized) 0.51%
--------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 21
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

. more than 25% of total assets in the obligations of banks, broker
dealers, insurance companies and other financial entities, their holding
companies and their subsidiaries; and

. up to 25% of total assets in foreign investments.

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

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

22 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
------------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON OCTOBER 14, 1987
---------------------------------------------------------------------------------------
March 31, May 31, May 31, May 31, May 31, May 31,
For the period ended: 2000/2/ 1999 1998 1997/1/ 1996 1995
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.04 0.05 0.05 0.05 0.05 0.05
Net realized and unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.04 0.05 0.05 0.05 0.05 0.05

Less distributions:
Dividends from net investment income (0.04) (0.05) (0.05) (0.05) (0.05) (0.05)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.04) (0.05) (0.05) (0.05) (0.05) (0.05)

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

Total return (not annualized) 4.37% 5.04% 5.42% 5.21% 5.50% 4.96%

Ratios/supplemental data:
Net assets, end of period (000s) $9,082,788 $5,481,802 $4,685,818 $2,147,894 $1,739,549 $1,464,304

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.48%/1/ 0.48%/1/ 0.48%/1/ 0.48% 0.48% 0.48%
Ratio of net investment income (loss)
to average net assets 5.23%/1/ 4.91%/1/ 5.29%/1/ 5.07% 5.36% 4.87%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/3/ 0.54%/1/ 0.57%/1/ 0.57%/1/ 0.49% 0.49% 0.50%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ Includes expenses allocated from the affiliated Portfolio(s) in which the
Fund invested prior to November 8, 1999.
/2/ The Fund changed its fiscal year-end from May 31 to March 31.
/3/ During each period, various fees were waived and reimbursed.

Money Market Funds Prospectus 23
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest at least 65% of total assets:

. in U.S.Government obligations; and

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

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

24 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
------------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON NOVEMBER 16, 1987
---------------------------------------------------------------------------------------
March 31, May 31, May 31, May 31, May 31, May 31,
For the period ended: 2000/2/ 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.04 0.05 0.05 0.05 0.05 0.05
Net realized and unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.04 0.05 0.05 0.05 0.05 0.05

Less distributions:
Dividends from net investment income (0.04) (0.05) (0.05) (0.05) (0.05) (0.05)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.04) (0.05) (0.05) (0.05) (0.05) (0.05)

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

Total return (not annualized) 4.18% 4.81% 5.20% 5.04% 5.27% 4.81%

Ratios/supplemental data:
Net assets, end of period (000s) $3,433,956 $3,368,534 $2,260,208 $1,912,574 $1,649,721 $1,159,421

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.50% 0.50% 0.50% 0.49% 0.50% 0.50%
Ratio of net investment income (loss)
to average net assets 4.94% 4.69% 5.08% 4.91% 5.13% 4.68%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/1/ 0.54% 0.52% 0.51% 0.49% 0.51% 0.52%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ During each period, various fees were waived and reimbursed.
/2/ The Fund changed its fiscal year-end from May 31 to March 31.

Money Market Funds Prospectus 25
<PAGE>

National Tax-Free Institutional Money Market Fund
--------------------------------------------------------------------------------

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

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

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

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

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

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

26 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
------------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON AUGUST 3, 1993
---------------------------------------------------------------------------------------
March 31, May 31, May 31, May 31, May 31, May 31,
For the period ended: 2000/2/ 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.03 0.03 0.03 0.03 0.04 0.03
Net realized and unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.03 0.03 0.03 0.03 0.04 0.03

Less distributions:
Dividends from net investment income (0.03) (0.03) (0.03) (0.03) (0.04) (0.03)
Capital contribution from advisor 0.00 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.03) (0.03) (0.03) (0.03) (0.04) (0.03)

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

Total return (not annualized) 2.58% 2.97% 3.39% 3.28% 3.52% 3.33%

Ratios/supplemental data:
Net assets, end of period (000s) $1,124,073 $1,019,589 $977,693 $635,655 $592,436 $278,953

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
Ratio of net investment income (loss)
to average net assets 3.05% 2.91% 3.32% 3.21% 3.41% 3.37%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/1/ 0.57% 0.57% 0.59% 0.70% 0.72% 0.74%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ During each period, various fees were waived and reimbursed.
/2/ The Fund changed its fiscal year-end from May 31 to March 31.

Money Market Funds Prospectus 27
<PAGE>

Prime Investment Money Market Fund
--------------------------------------------------------------------------------

Investment Objective
The Prime Investment Money Market Fund seeks high current income consistent
with the preservation of capital and liquidity.

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

. more than 25% of total assets in the obligations of banks, broker
dealers, insurance companies and other financial entities, their holding
companies and their subsidiaries; and

. up to 25% of total assets in foreign investments.

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

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

28 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
-------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON SEPTEMBER 2, 1998
--------------------------------------------
March 31, May 31,
For the period ended: 2000/2/ 1999
--------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.04 0.04
Net realized gain (loss) on investments 0.00 0.00

Total from investment operations 0.04 0.04

Less distributions:
Dividends from net investment income (0.04) (0.04)
Distributions from net realized gain 0.00 0.00

Total from distributions (0.04) (0.04)

Net asset value, end of period $ 1.00 $ 1.00

Total return (not annualized) 4.30% 3.59%

Ratios/supplemental data:
Net assets, end of period (000s) $222,523 $68,771

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.55%/1/ 0.54%/1/
Ratio of net investment income (loss) to average net assets 5.15%/1/ 4.69%/1/

Ratio of expenses to average net assets prior to
waived fees and reimbursed expenses (annualized)/3/ 0.93%/1/ 0.74%/1/
-------------------------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 29
<PAGE>

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

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

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

Investment Strategies
We invest in obligations issued or guaranteed by the U.S. Treasury, "plus"
we also invest in repurchase agreements and other instruments
collateralized or secured by U.S. Treasury obligations.

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

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

. in U.S. Treasury obligations; and

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

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

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, there is no guarantee
that we will be able to do so. Generally, short-term funds do not earn as
high a level of income as funds that invest in longer-term instruments. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. Investing in shares of other money market funds
with substantially similar objectives and investment strategies will
subject the Fund to the fees charged by the other Funds, which will reduce
returns from these investments.

30 Money Market Funds Prospectus
<PAGE>

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

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception, if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the Fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information subsequent to September 30, 1995, which, along with their
report and the Fund's financial statements, is available upon request in the
Fund's annual report.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
------------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON OCTOBER 1, 1985
---------------------------------------------------------------------------------------
March 31, March 31, March 31, March 31, Sept 30, Sept 30,
For the period ended: 2000 1999 1998 1997/1/ 1996/2/ 1995
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

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

Total from investment operations 0.05 0.05 0.05 0.02 0.05 0.05

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

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

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

Total return (not annualized) 4.76% 4.83% 5.20% 2.47% 5.03% 5.42

Ratios/supplemental data:
Net assets, end of period (000s) $468,150 $447,886 $367,111 $483,401 $1,340,325 $1,001,707

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.45% 0.45% 0.45% 0.45% 0.45% 0.42%
Ratio of net investment income (loss) to
average net assets 5.04% 4.70% 5.07% 4.91% 4.98% 5.32%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/3/ 0.63% 0.70% 0.65% 0.61% 0.60% 0.66%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ The Fund changed its fiscal year-end from September 30 to March 31.
/2/ The Fund changed Investment Advisor during this fiscal year.
/3/ During each period, various fees were waived and reimbursed.

Money Market Funds Prospectus 31
<PAGE>

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

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

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

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

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

Permitted Investments
Under normal market conditions, we invest:

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

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

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV, there is no guarantee
that we will be able to do so. Generally, short-term funds do not earn as
high a level of income as funds that invest in longer-term instruments. The
U.S. Treasury does not directly or indirectly insure or guarantee the
performance of the Fund. Treasury obligations have historically involved
little risk of loss of principal if held to maturity. However, fluctuations
in market interest rates may cause the market value of Treasury obligations
in the Fund's portfolio to fluctuate.

Any capital gains realized by the Fund generally will not be exempt from
state and local taxes. For more information, see "Taxes" on page 47, and
the Statement of Additional Information.

32 Money Market Funds Prospectus
<PAGE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
-----------------------------------------------------------------------------------------------------------------------------------
SERVICE CLASS SHARES--
COMMENCED ON December 3, 1990
--------------------------------------------------------------------------------------
March 31, May 31, May 31, May 31, May 31, May 31,
For the period ended: 2000/2/ 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income from investment operations:
Net investment income (loss) 0.04 0.04 0.05 0.05 0.05 0.05
Net realized gain (loss) on investments 0.00 0.00 0.00 0.00 0.00 0.00

Total from investment operations 0.04 0.04 0.05 0.05 0.05 0.05

Less distributions:
Dividends from net investment income (0.04) (0.04) (0.05) (0.05) (0.05) (0.05)
Distributions from net realized gain 0.00 0.00 0.00 0.00 0.00 0.00

Total from distributions (0.04) (0.04) (0.05) (0.05) (0.05) (0.05)

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

Total return (not annualized) 3.94% 4.49% 5.00% 4.87% 5.04% 4.65%

Ratios/supplemental data:
Net assets, end of period (000s) $1,702,250 $1,548,549 $1,440,515 $1,003,697 $802,270 $661,098

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.46% 0.46% 0.46% 0.46% 0.46% 0.46%
Ratio of net investment income (loss) to
average net assets 4.67% 4.34% 4.89% 4.74% 4.91% 4.62%

Ratio of expenses to average net assets
prior to waived fees and reimbursed
expenses (annualized)/1/ 0.54% 0.53% 0.54% 0.53% 0.56% 0.57%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

/1/ During each period, various fees were waived and reimbursed.
/2/ The Fund changed its fiscal year-end from May 31 to March 31.

Money Market Funds Prospectus 33
<PAGE>

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

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance and
preferences. You should carefully consider the risks common to investing in
all mutual funds, including the Wells Fargo Funds. Certain common risks are
identified in the "Summary of Important Risks" section on page 6. Other
risks of mutual fund investing include the following:

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

. We cannot guarantee that we will meet our investment objectives. In
particular, we cannot guarantee that we will be able to maintain a $1.00
per share NAV.

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

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

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

. The Funds may invest a portion of their assets in U.S.Government
obligations, such as securities issued or guaranteed by the Government
National Mortgage Association ("GNMAs"), the Federal National Mortgage
Association ("FNMAs") and the Federal Home Loan Mortgage Corporation
("FHLMCs"). Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group of
such mortgages is assembled and, after being approved by the issuing or
guaranteeing entity, is offered to investors through securities dealers.
Mortgage-backed securities are subject to prepayment and extension risk,
which can alter the maturity of the securities and also reduce the rate
of return on the portfolio.

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

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

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

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

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

34 Money Market Funds Prospectus
<PAGE>

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

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 a
particular Fund. See the "Important Risk Factors" section in the summary
for each Fund. You should also see the Statement of Additional Information
for additional information about the investment practices and risks
particular to each Fund.

Money Market Funds Prospectus 35
<PAGE>

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

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

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

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

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

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

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

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

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

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

PRIME TREASURY PLUS 100%
INVESTMENT INSTITUTIONAL TREASURY
------------------------------------------------------------------------------------------
INVESTMENT PRACTICE
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks . . .
for temporary purposes to meet
shareholder redemptions.

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

Foreign Securities
Dollar-denominated debt obligations .
of foreign branches of U.S. banks or
U.S. branches of foreign banks.

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

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

Other Mutual Funds
A pro rata portion of the other fund's
expenses, in addition to the expenses paid by . .
the Funds, will be borne by Fund shareholders.

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

36 Money MArket Funds Prospectus
<PAGE>

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

The Trust was created to succeed to the assets and operations of the various
mutual funds in the Stagecoach Family of Funds and the Norwest Advantage Family
of Funds. The holding company of Wells Fargo Bank, the investment advisor to the
Stagecoach Family of Funds, and the holding company of Norwest Investment
Management, Inc., the investment advisor to the Norwest Advantage Family of
Funds, merged in November 1998. Each of the Funds described in this Prospectus
has succeeded to the assets and operations of one or more corresponding Funds of
Stagecoach or Norwest Advantage Funds. The performance and financial statement
history of each Fund's designated predecessor Fund has been assumed by the Wells
Fargo Funds Trust Fund. The succession transactions were approved by the
shareholders of the Stagecoach and Norwest Advantage Funds. The Table on page 48
identifies the Stagecoach or Norwest Advantage Fund predecessors to the Funds.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
BOARD OF TRUSTEES
-----------------------------------------------------------------------------------------------
Supervises the Funds' activities
-----------------------------------------------------------------------------------------------
\/
-----------------------------------------------------------------------------------------------
INVESTMENT ADVISOR CUSTODIAN
-----------------------------------------------------------------------------------------------
<S> <C>
Wells Fargo Bank, N.A. Wells Fargo Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds' investment activities Provides safekeeping for the Funds' assets
-----------------------------------------------------------------------------------------------
\/
</TABLE>
--------------------------------------------------------------------------------
INVESTMENT SUB-ADVISOR
--------------------------------------------------------------------------------
Wells Capital Management Incorporated
525 Market St.
San Francisco, CA
Manages the Funds' investment activities
--------------------------------------------------------------------------------
\/
<TABLE>
-----------------------------------------------------------------------------------------------
SHAREHOLDER
TRANSFER SERVICING
DISTRIBUTOR ADMINISTRATOR AGENT AGENTS
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data Various Agents
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA

Markets the Funds Manages the Maintains records Provide
and distributes Funds' business of shares and services to
Fund shares activities supervises the payment customers
of dividends
-----------------------------------------------------------------------------------------------
\/
-----------------------------------------------------------------------------------------------
FINANCIAL SERVICES FIRMS AND SELLING AGENTS
-----------------------------------------------------------------------------------------------
Advise current and prospective shareholders on their Fund investments
-----------------------------------------------------------------------------------------------
\/
-----------------------------------------------------------------------------------------------
SHAREHOLDERS
-----------------------------------------------------------------------------------------------
</TABLE>

Money Market Funds Prospectus 37
<PAGE>

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

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

The Investment Advisor
Wells Fargo Bank provides portfolio management and fundamental security
analysis services as the advisor for each of the Funds. Wells Fargo Bank,
founded in 1852, is the oldest bank in the western United States and is one
of the largest banks in the United States. Wells Fargo Bank is a wholly-
owned subsidiary of Wells Fargo & Company, a national bank holding company.
As of March 31, 2000, Wells Fargo Bank and its affiliates managed over $168
billion in assets. For providing these services, Wells Fargo Bank is
entitled to receive fees as shown in the table of Annual Fund Operating
Expenses under "Management Fees" in the front of this Prospectus.

The Sub-Advisor
Wells Capital Management, Incorporated ("WCM"), a wholly owned subsidiary
of Wells Fargo Bank, is the sub-advisor for each of the Funds. As of March
31, 2000, WCM provided investment advice for assets aggregating in excess
of $80 billion.

The Administrator
Wells Fargo Bank provides the Funds with administration services, including
general supervision of each Fund's operation, coordination of the other
services provided to each Fund, compilation of information for reports to
the SEC and the state securities commissions, preparation of proxy
statements and shareholder reports, and general supervision of data
compilation in connection with preparing periodic reports to the Trustees
and officers. Wells Fargo Bank also furnishes office space and certain
facilities to conduct each Fund's business. For providing these services,
Wells Fargo Bank is entitled to receive a fee of 0.15% of the average
annual net assets of each Fund.

Shareholder Servicing Plan
We have a shareholder servicing plan for the Cash Investment Money Market,
National Tax-Free Institutional Money Market, Prime Investment Money Market
and the Treasury Plus Institutional Money Market Funds. Under this plan, we
have agreements with various shareholder servicing agents to process
purchase and redemption requests, to service shareholder accounts, and to
provide other related services. For these services, each Fund pays 0.25% of
its average net assets.

38 Money Market Funds Prospectus
<PAGE>

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

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

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

. We process requests to buy or sell shares of the funds each business
day. Requests we receive in proper form for the Cash Investment Money
Market and Treasury Plus Institutional Money Market Funds before 3:00
p.m. (ET) generally are processed on the same day. For certain
institutions with automated arrangements in place, requests we receive in
proper form for the Cash Investment Money Market and Treasury Plus
Institutional Money Market Funds before 5:00 p.m. (ET) generally are
processed on the same day. Requests we receive in proper form for the
Government Money Market and Prime Investment Money Market Funds before
3:00 p.m. (ET) generally are processed on the same day. Requests we
receive in proper form for the 100% Treasury Money Market Fund before
1:00 p.m. (ET) generally are processed on the same day. Requests we
receive in proper form for the remaining money market Funds before 12:00
noon (ET) generally are processed on the same day. Earlier purchase and
redemption cutoff times may be established by your institution. If the
markets close early, the Funds may close early and may value their shares
at earlier times under these circumstances. Any request we receive in
proper form before these times is processed the same day. Requests we
receive after the cutoff times or via the automated voice response system
by 4:00 p.m. (ET) are processed the next business day.

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

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

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

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

Minimum Investments
. $100,000 minimum initial investment.

. No minimum subsequent investment limitation so long as the account
balance does not fall below the minimum initial investment.

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

Money Market Funds Prospectus 39
<PAGE>

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

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

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

. Complete a Wells Fargo Funds Application.Be sure to indicate the Fund
name and the share class into which you intend to invest (If no choice
is indicated, Class A shares will be designated). Your account will be
credited on the business day that the transfer agent receives your
application in proper order. Failure to complete an Application
properly may result in a delay in processing your request.

. Enclose a check for at least $100,000 made out in the full name and
share class of the Fund. For example, "Wells Fargo Treasury Plus
Institutional Money Market Fund."

<TABLE>
<S> <C>
. Mail to: Wells Fargo Funds Overnight Mail Only: Wells Fargo Funds
ATTN: CCSU - Boston Financial ATTN: CCSU - Boston Financial
PO Box 8266 66 Brooks Drive
Boston, MA 02266-8266 Braintree, MA 02184
</TABLE>

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

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

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

. Mail to: Wells Fargo Funds
ATTN: CCSU - Boston Financial
PO Box 8266
Boston, MA 02266-8266

40 Money Market Funds Prospectus
<PAGE>

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

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

. You must first call Investor Services at 1-800-222-8222, option 0, to
notify them of an incoming wire trade.

. If you do not currently have an account, complete a Wells Fargo Funds
Application. You must wire at least $100,000. Be sure to indicate the
Fund name and the share class into which you intend to invest.

. Mail the completed Application. Your account will be credited on the
business day that the transfer agent receives your application and
funding in proper order.

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

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

. Instruct your wiring bank to transmit the amount of your investment
according to the instructions given below. Be sure to have the wiring
bank include your current account number and the name your account is
registered in.
<TABLE>
<S> <C>
. Wire money to: State Street Bank & Trust Attention:
Boston, MA Wells Fargo Funds (Name
of Fund and Share Class)
Bank Routing Number:
ABA 011-000028 Account Name:
(Registration Name
Wire Purchase Account Number: Indicated on Account)
9905-437-1
</TABLE>

Money Market Funds Prospectus 41
<PAGE>

Your Account How to Buy Shares
--------------------------------------------------------------------------------

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

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

Call Investor Services and instruct the representative to either:

. transfer at least $100,000 from a linked settlement account, or

. exchange at least $100,000 worth of shares from an existing Wells Fargo
Fund. Please see the "How to Exchange Shares" section for special
rules.

. Call: 1-800-222-8222, option 0

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

Call Investor Services and instruct the representative to either:

. transfer from a linked settlement account, or

. exchange shares from another Wells Fargo Fund.

. Call: 1-800-222-8222, option 0

42 Money Market Funds Prospectus
<PAGE>

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 of Instruction" stating your name, your account
number, the Fund you wish to redeem and the dollar amount of the
redemption you wish to receive (or write "Full Redemption").

. Make sure all the account owners sign the request exactly as their
names appear on the account application.

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

. Signature Guarantees are required for mailed redemption requests over
$50,000, or if the address on your account was changed within the last
30 days. You can get a signature guarantee at financial institutions
such as a bank or brokerage house. We do not accept notarized
signatures.

. Mail to: Wells Fargo Funds
ATTN: CCSU-Boston Financial
PO Box 8266
Boston, MA 02266-8266

---------------------------------------------------------------------------
BY PHONE
---------------------------------------------------------------------------

. Call Investor Services to request a redemption.Be prepared to provide
your account number and Taxpayer Identification Number. Unless you have
instructed us otherwise, only one account owner needs to call in
redemption requests.

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

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

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

. Telephone requests are not accepted if the address on your account was
changed by phone in the last 30 days.

Call: 1-800-222-8222, option 0

Money Market Funds Prospectus 43
<PAGE>

Your Account How to Sell Shares
--------------------------------------------------------------------------------

---------------------------------------------------------------------------
GENERAL NOTES FOR SELLING SHARES
---------------------------------------------------------------------------

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

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

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

44 Money Market Funds Prospectus
<PAGE>

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

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

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

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

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

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

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

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

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

Money Market Funds Prospectus 45
<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 25/th/ day of the month. Systematic withdrawal
may only be processed on or about the 25/th/ day of the month. Call
Investor Services at 1-800-222-8222 for more information.

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

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

. Systematic Withdrawal Plan--With this program, you can regularly redeem
shares and receive the proceeds by check or by transfer to a linked bank
account. Simply specify an amount of at least $100. To participate in
this program, you:

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

. must have your distributions reinvested; and

. may not simultaneously participate in the Systematic Purchase Plan.

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

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

We offer the following distribution options:

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

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

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

46 Money Market Funds Prospectus
<PAGE>

. Directed Distribution Purchase Option--Lets you buy shares of a different
Well 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.

Taxes
The following discussion regarding federal and state income taxes is based
on laws that were in effect as of the date of this Prospectus and
summarizes only some of the material federal and state income tax
considerations affecting the Funds and their shareholders. It is not
intended as a substitute for careful tax planning. You should consult your
tax advisor with respect to your specific tax situation, including the
federal, state, local and foreign tax consequences to you of an investment
in a Fund. Please see the Statement of Additional Information for a further
discussion of federal and California personal income tax considerations.

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

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

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

Money Market Funds Prospectus 47
<PAGE>

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

<TABLE>
<S> <C>
Wells Fargo Funds Trust Predecessor Fund

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

Cash Investment Money Market Fund Norwest Advantage Cash Investment Fund

Government Money Market Fund Norwest Advantage U.S. Government Fund

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

Prime Investment Norwest Advantage Ready Cash
Money Market Fund Investment Fund (Public Entities Shares)

Treasury Plus Institutional
Money Market Fund Stagecoach Treasury Plus Money Market Fund

100% Treasury Money Market Fund Norwest Advantage Treasury Fund
</TABLE>

48 Money Market Funds Prospectus
<PAGE>

<TABLE>
<CAPTION>
Glossary
----------------------------------------------------------------------------------------------------------------
<S> <C>
We provide the ACH
following definitions Refers to the "Automated Clearing House" system maintained by the Federal
to assist you in Reserve Bank which allows banks to process checks, transfer funds and perform
reading this other tasks.
Prospectus. For a more
complete understanding of Asset-Backed Securities
these terms you Securities consisting of an undivided fractional interest in pools of consumer
should consult your loans, such as car loans or credit card debt, or receivables held in trust.
financial adviser.
Business Day
Generally, Monday through Friday with the exception of any federal bank holiday.

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

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

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

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

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

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's total assets. A non-diversified fund is not required to comply with these
investment policies.

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

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

FNMA
FNMA securities are known as "Fannie Maes" and are issued by the Federal National
Mortgage Association.

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

Money Market Funds Prospectus 49